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Real Estate NC > Match the Terms- Through Unit 5 > Flashcards

Match the Terms- Through Unit 5 Flashcards

1
Q

Action for Quiet Title

A

Legal Action intended to establish or settle the title to a particular property.

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2
Q

Special assessments

A

Levees for improvements such as sidewalks & waterlines made to a property.

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3
Q

Lis pendens

A

This notice renders a property unmarketable because it means that litigation is pending.

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4
Q

Adverse Possession

A

The open, notorious, hostile, and continuous use of another’s property for a statutory time, which may allow the squatter to claim the property.

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5
Q

Judgement

A

Court decision on the respective rights and claims of the parties in a lawsuit.

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6
Q

Fee Simple Absolute

A

Highest form of ownership recognized by law; for an indefinite duration, freely transferable and inheritable.

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7
Q

Tenancy in common

A

Form of co-ownership by which each owner holds an undivided interest in real property as if he or she were the sole owner; characterized by unity of possession.

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8
Q

Cooperative

A

Form of ownership in which a corporation holds the title and the owners purchase shares of stock in the corporation and receive a proprietary lease.

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9
Q

Tenancy by the entirety

A

Form of concurrent property ownership held by a husband and wife during marriage; characterized by unities of time, title, interest, possession, and person.

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10
Q

Condominium

A

Form of ownership in which the airspace is owned in severalty, and the land and buildings are owned as tenants in common.

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11
Q

Ad Valorem

A

Tax Levied according to value

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12
Q

Riparian Rights

A

Owner’s rights of land that borders water

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13
Q

Estate

A

Degree, Quantity, nature, and extent of interest in real property

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14
Q

Attachment

A

making personal property real property

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15
Q

Freehold Estate

A

an indeterminable amount of time one has ownership of land

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16
Q

Appurtenance

A

Right or privilege that passes with the land

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17
Q

Intestate Succession

A

Passing of real property to heirs or the state without a will

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18
Q

Public Land Use controls

A

Zoning

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19
Q

Deed of Trust

A

Three way instrument conveying title to a trustee as security for a lien.

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20
Q

Borrower

A

Grantor in a deed of trust

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21
Q

Beneficiary

A

Lender in a deed of trust

22
Q

Market

A

a place where goods can be bought and sold

23
Q

Nonhomogeneity

A

a lack of uniformity that makes real estate unique

24
Q

Offeror

A

The person making the offer

25
Q

Mortgagor

A

the borrower in a loan transaction

26
Q

Deficiency Judgement

A

Taken when a foreclosure sale fails to produce enough funds to cover the debt

27
Q

Enabling Acts

A

State legislation that confers zoning power

28
Q

Easement

A

The right to use the land of another

29
Q

Encumbrance

A

Anything that may cause a diminished value on the use of the land.

30
Q

Novation

A

Substituting a new deal for an old one.

31
Q

Severance

A

Changing an item of real property to personal property

32
Q

Severalty

A

The ownership of real property by one person or entity.

33
Q

Voluntary Lien

A

Lien Placed with the knowledge and consent

34
Q

Vendee

A

Buyer

35
Q

Undivided Interest

A

As if sole owner

36
Q

Rescission

A

The right to terminate or cancel

37
Q

Reversionary Interest

A

Held by the grantor after granting a life estate

38
Q

Protective Covenant

A

Private land use controls

39
Q

Real Property

A

Interests,rights and benefits inherent in ownership

40
Q

For the Life of another

A

Pur Autre Vie

41
Q

Promissory Note

A

Negotiable Instruments stating the financial obligations of signer

42
Q

Chattel

A

personal property

43
Q

offer and acceptance

A

meeting of the minds

44
Q

no exception for race ever

A

Civil Rights Act of 1866

45
Q

Debit

A

a charge against a property

46
Q

Credit

A

An amount paid by or for a party

47
Q

Excise Tax

A

Tax paid by seller based on amount of sale

48
Q

Non Freehold Estate

A

Lessor/Lessee are parties to-

49
Q

Substitution

A

Appraisal Principle

50
Q

Earnest Money Deposit

A

Always a credit to the buyer only

Real Estate NC (1 decks)

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