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Real Estate > Course Exam Prep > Flashcards

Course Exam Prep Flashcards

1
Q

Bundle of rights

A

Right of possession of the property, right of quiet enjoyment, right to depose of the property by gift, by sale, or by will; the right to control the use of the proerty within the limitits of the law

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2
Q

Fruits of the soil (Fructus Naturales)

A

Growing things that do not require plantin cultivating but grows naturally and are perennial.

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3
Q

Fruits of industry (Fructus industriales)

A

growing things that require planting and cultivation

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4
Q

Emblements

A

right of a tenant to reenter the property and harvest emblements after the termination of the tenancy

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5
Q

Appurtenance

A

any right or privilege which is said to “run with the land” subsurface, air, and riparian

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6
Q

mineral lease

A

permits the use of land fr mineral exploration and mining operations

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7
Q

air rights

A

ownership and the rights to the area above the surface of the earth

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8
Q

riparian rights

A

appurtenant rights of an owner of a property bordering a flowing body of water

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9
Q

Item of personal property that is a attached

A

Fixture

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10
Q

Seller must state intent of attached fixtures they are willing to take

A

True

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11
Q

Expect damage if removed in regard to fixtures

A

Real property (i.e. curtain rods)

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12
Q

Trade Fixtures

A

used in the course of business operating in leased property (it goes with the business if they leave)

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13
Q

Uniform Commercial Code (UCC)

A

Provides for the lender to retain a secuirty interest in a chattle until the lender is paid in full. Lender can remove item in the event the buyer defaults

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14
Q

Private improvement vs public improvement

A

Private: on the land
Public: to the land

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15
Q

Four powers of federal and local government

A

Eminent domain
Police Power
Taxation
Escheat

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16
Q

eminent domain

A

Gov power (right) to take private property

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17
Q

police power

A

power to fullfull safety standard (i.e. bulding codes zoning ordinance)

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18
Q

Escheat

A

if no will or heirs to receive property, the property goes to the state.

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19
Q

Taxes become a lien on any real property when

A

Jan 1

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20
Q

Taxes must be sent out and are payable in

A

September

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21
Q

Condemnation

A

The action the state takes when enforcing eminent domain

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22
Q

Estate Definition

A

in real property, is an interest in the property sufficient to give the owner of the estate the right to possession of the property

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23
Q

Freehold Estate

A

an interest in the land of at least a lifetime and is identifies as ownership

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24
Q

Fee simple absolute (inheritable)

A

Provides the greatest form of ownership available in real property

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25
Q

Fee Simple Determinable (Defeasible fee or qualified fee) (inheritable)

A

inheritable free hold estate but can be terminated if certain conditions are not met by the grantor

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26
Q

Fee simple subject to a condition (inheritable)

A

Can continue fr infinite period of time under conditions (i.e. land may never be used as landfill or church)

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27
Q

Esates Pur autre vie (life of another) (inheritable)

A

measured by the the lifetime of the person other than the person recieving the title. (son keeps land and can pass on to his heirs after his death until widowed mom dies. Then life estate terminates)

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28
Q

Conventional life estate (non-inheritable)

A

Life estate created only for the life of the tenant. reverting back to grantor if tenant dies. The grantor or his heirs will have REVERSIONARY INTEREST

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29
Q

Marital life estate (non-inheritable)

A

living spouse has a free hold estate. A will cannot defeat it,

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30
Q

Tenancy in common

A

type of shared ownership of property, where each owner owns a share of the property. Unlike in a joint tenancy, these shares can be of unequal size. NO RIGHT TO SURVIVORSHIP.

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31
Q

Tenancy By The Entirety

A

type of concurrent estate in real property that is unique in that it occurs where the owners of property are husband and wife. Each spouse has an equal and undivided interest in the property. In essence, each owns the entire estate.

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32
Q

Non-free hold estate or lease hold estate

A

a rental interest in a property.

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33
Q

Estate for years

A

(Non-free hold estate)is for any fixed period of time and automatically terminates at the end of that period

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34
Q

Estate from year to year

A

(Non-free hold estate) periodic estate the renews at the end of its period if the parties do not provide otherwise

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35
Q

Estate At Will

A

(Non-free hold estate) is for an indefinite time and may be terminated by either party instantaneously by giving notice to the other party

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36
Q

Estate at sufferance

A

not truly an estate, but a holdover situation created when the tenants lease has expired and she fails to evacuate the premises

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37
Q

Ownership in severalty

A

When the title to real property is held in the name of only one person

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38
Q

Co-ownership

A

simultaneous ownership of real property by twoor more people (concurrent)

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39
Q

Joint tenancy

A

has the same interest in the property, must receive title at the same time from the same source, and must have the same degree of undivided ownership. As opposed to tenancy in common where multiple parties can have unequal ownership

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40
Q

7 days to get earnest money. owns everything inside. Outside common areas are owned as tenants in common

A

Condominium

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41
Q

North Carolina Condominium act offers the following consumer protections

A
  • Public offering statement
  • Purchasers right to cancel
  • Escrow of deposit (earnest money must be kept for 7 days)
  • Resale certificates
  • Warranties
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42
Q

Townhouse

A

provides ownership of unit and specific portion of the land which the individual is located. Different from condominiums in which townhouse common areas are owned by HOA members and condominium common areas are owned by the owners association

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43
Q

Ownership in a co-operative

A

ownership in shares of stock in a corporation that owns a building containing cooperative apartments

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44
Q

Encumbrances

A

Anything to diminish the bundle of rights in a property (i.e. charges, claims, restrictions

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45
Q

Lien

A

claim or a charge against the property that can reslust from the operation of law

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46
Q

specific liens

A

Mortgage/deed of trust liens
Real property tax liens
Mechanic’s lien

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47
Q

General liens

A

judgment liens
personal property tax liens
Income tax liens

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48
Q

Easements

A

nonpossessory right or interest in land owned by another. (provides a right of use in land and not right of possession

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49
Q

appurtenance

A

is somethine that has been added to something else and becomes an inherent part of the land

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50
Q

easement appurtenant

A

whenever the title holder conveys that title to another, the conveyance includes the easement since the easement is appurtenant to the title

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51
Q

easements in gross

A

usually a commercial easements

Granted to a person or corporation for life

Cannot be assigned or inherited except for commercial easements

52
Q

Form of person, nonassignable, and uninheritable rights to use a property for a particular purpose or for the duration of the recipients life unless stated otherwise

A

Personal easements in gross

53
Q

Creation of easements in transfer of real property must be

A

in writing

54
Q

prescription easement

A

using anothers land for a prescribed period of time

55
Q

Meridians

A

The government rectangular survey system which is based upon the longitude and latitude lines

56
Q

sq ft per acre

A

43,560

57
Q

metes and bounds

A 
metes   = distance 
bounds = direction
58
Q

acres in section

A

640

59
Q

Adverse possession

A

method of acquiring title to real property by conforming to statutory requirement. (use of the land is open and well known to others) ( without permission of owners)

60
Q

Escheat

A

if no heirs property falls back to the state

61
Q

Grantor

A

one conveying title…. Executes

62
Q

Grantee

A

Acknowledges

63
Q

2 things deeds do

A

convey title and convey warranty

64
Q

Excise tax

A

NC law that debits the seller for the consideration of the recieved by the sale of the real property - $1 per $500 OF THE SALAES PRICE

65
Q

Marketable Title Act

A

if a chain in title can be established for 30 years without conflicts, claims outside this chain are extinguished

66
Q

Dangerous form of air born asbestos and how to treat

A

Friable: brakes down into particles and becomes airborne

Encapsulation is easier and more cost effective

67
Q

Radon

A

Colorless odorless gas that occurs naturally from decaying uranium. Rocky areas. No requirement to test.

Levels beyond 4.0 is considered hazardous

Second leading cause of lung cancer

68
Q

Formaldehyde

A

colorless gas emitted from construction materials and consumer products found in a house

69
Q

Wit of attachment

A

issued by a court that seeks a judgment against a property owner to create a lien against the property

70
Q

Lis Pendens

A

A deed Restriction (covenants): A notice to the public that litigation has not been settled and the new owner must accept the outcome

71
Q

Express Easements must be

A

In writing

72
Q

Necessity Easement

A

an implied easement. Seller conveys title that is landlocked or without access to the road

73
Q

Landlocked owner using easement

A

Dominate Estate

74
Q

Prescriptive Easement

A

Aquired through adverse use

75
Q

Rules for prescriptive easement

A

Open use

Continuous use

Exclusive use (not shared)

Actual Use

Notorious (Hostile Intent)

(OCEAN)

76
Q

Termination of easement

A

When purpose or time period ends

upon release by dominant easte

Upon abandonmnet

through purchase of one parcel by the other party

77
Q

Encroachment

A

An improvement that crosses the boundary of the property on the other property… (fences driveway outbuilding)
Can cause the title of both properties to be unmarkable

78
Q

Intestate

A

Die without a will. State decides where property goes

79
Q

Adverse Possession

A

OCEAN

open (20years), continuous, exclusive, actual, notorious

80
Q

Escheat

A

No will or Heirs - gov takes estate

81
Q

Quit claim deed

A

Grantor gives up rights to the property.

No other warranties

82
Q

Opinion of title

A

Attorney rendered - states their opinion of the quality of the title

83
Q

Title insurance

A

a contract that agrees to compensate the insured (lender & buyer) for losses sustained as a result of defects in the title that are existent when the property becomes effective

84
Q

Extraterritorial Juridiction

A

allows control of land use outside city limits

<10000 1 mile
10000 - 25000 - two miles
> 25000 three miles

85
Q

Legal noncomforming use

A

use was in effect prior to the zoning change

86
Q

Variance

A

used when a property owner has an undue hardship or inconvenience due to the zoning

87
Q

Special use/conditional use

A

allow use because it benefits the area in a special way (school, library, church)

88
Q

overlay zoning

A

imposes additional restrictions. (historical area within a commercially zoned area)

89
Q

Subdivision def

A

two or more lots

purpose of sale or dev

includes new streets or change in current streets

90
Q

Subdivision plat approval

A

plat must be approved prior to closing of the sale

Need priliminary approval to begin construction of the land

91
Q

Public or private streets of a subdivision

A

developer must be issued a certificate of approval.

Another process is required to apply for sate maintenance

92
Q

Building Codes

A

specific requirements in bilding standards for the saftey and wellbeing of the public

93
Q

Unpermitted Space

A

is material fact and cannot be included in reported sq ft

94
Q

Flood Insurance

A

Not covered din homeowners policy
Managed by FEMA
all federally related loans must have flood insurance on flood lands
Flood areas subject to land-use restrictions

95
Q

Restrictive covenants

A

Can be for anything not illegal

Runs with the land (an appurtenance)

Private restrictions that are not enforced by the police or zoning boards, but by civil courts

96
Q

Termination of convenants

A

expiration of time period

by vote of property owners

change in subdivision character

ignored violations (laches)

97
Q

Lead based paint

A

used in residential properties prior to 1978

known presence must be disclosed

98
Q

NC leaking petroleum underground storage tank clean up act

A

Owners by held liable of they did not instal tank and did not create the problem

99
Q

Principal

A

Person who hired the agent. Also called the client

100
Q

Sub agent

A

employed by a person already acting as a client.

All agents are sub agents of the seller unless representing the buyer

101
Q

Facilitator/transaction broker

A

brokers the transaction without repping either party

102
Q

Universal Agent

A

Empowered to do anything the principal can. no limitations

103
Q

general agent

A

represents the prinicipal in a broad range of matters in a specific activity.

104
Q

Special agent

A

respresents the principal in one specific area under specific instructions

105
Q

priory to buyer agency, all agents represent the

A

seller in every case

106
Q

Termination of agency

A 
completion of the objective
expiration of the contract
mutual agreement 
breach y one party
operation of the law
death of either party
107
Q

All agency agreement with seller must be in writing and have expiration date

with no auto extensions; with the exceptions of?

A

property management contracts

108
Q

First substantial contact

A

PTM price terms motivation. (when there is a possibility of confidential information being disclosed

109
Q

working with real estate agents brochure

A

Must be given to sellers and buyer at first substantial contact.
must be given to sellers immediately.

110
Q

If first substantial contact takes place other than face to face

A

must make status verbally known. and followup by mail, email, fx within 3 calendar days.

111
Q

Duties of agents to clients

A

LOADS

Loyalty 
Obedience
Accounting
Disclosures
Skill, care, and diligence
112
Q

Information that doesnt have to be disclosed

A

Criminal activity such a such as drug or gang rerlated activity

death on or near the property

Sex offenders

if asked, be truthful

Exceptions is AIDS - In which the agent is not to disclose

113
Q

Buyer must be given RPOAD by

A

No later than the time of the offer

114
Q

If the seller fails to provide buyer with RPOAD the buyer may rescind the contract by

A

3 calendar days after receipt
3 calendar days after contract formed
upon settlement
upon settlement of the lease with a option to purchase

115
Q

Duties owed to agent by the principal

A

Good faith - show the house, open for inspections, ect.

Compensation - pay the agent when provisions are met

116
Q

Discharge of contracts

A 
Agreement of parties
novation
full performance
impossiblility of performance 
operation of law
117
Q

Assignment

A

Release of of contractual respponsibilies to another party

118
Q

Parol evidence rule

A

What is written is bidding

no oral agreement shall overrule

119
Q

Bilateral

A

2 parties mutually exchange of promise upon signing

120
Q

Unilateral

A

Arises when one party makes a promise to the other and the second party returns an action in response to the promise

121
Q

Essential Elements of a contract

A 
Mutual Assent
Offer and acceptance 
Counter Offer
Termination of Offers
Consideration
Capacity of parties
Lawful objective 
Realty of consent 
Auction sales
Performance and dates
122
Q

Contracts that have to be in writing according to the statute of frauds

A

contract to buy and sell real estate, option, land contracts, contracts for the exchange of real estate, and lease contracts exceeding three years

123
Q

Mutual assent is defeated by and void by

A

misrepresentation, fraud, undue influence, and duress

124
Q

elements of valid contract

A 
competent parties
mutual assest
offer and acceptance 
consideration
legality of object
125
Q

Regulation Z

A

Informs borrowers of the true cost of borrowed funds

Real Estate (3 decks)

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