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REAL PROPERTY > Real Property > Flashcards

Real Property Flashcards

1
Q

appurtenances

A

including rights, privileges and fixates that are attached and run with the land

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2
Q

PETE

A

police power
eminent domain
taxation
escheat

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3
Q

Accretions

A

additional to land by gradual accumulation through natural cause

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4
Q

reliction

A

land acquired from receding water

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5
Q

erosion

A

gradual wearing away of land, may cause owner loss of land

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6
Q

avulsion

A

sudden loss of land - earthquakes

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7
Q

Personal property - CHATTEL

A

must be include into purchase agreement NOT REAL ESTATE - ref ridge

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8
Q

metes and bounds

A

most common in NC POB

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9
Q

monuments

A

fixed objects that serve as reference point

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10
Q

Rectangular survey government survey

A

townships - 36 sections
section 640
43560

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11
Q

Appraisal

A

estimate or opine of market value
value as determined by appraisal good only for the day in inpection
URAR - standard form

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12
Q

CMA

A

COMPARATIVE MARKET ANALYSIS BPO

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13
Q

VALUE

A

best way is to get a appraisal

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14
Q

MARKET VALUE1

A

the most probable price in terms of cash or tis equivalent that a property will bring when
is not what the property cost to purchase of the value of a added improvements

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15
Q

MARKET PRICE

A

THE ACTUAL PRICE PAID IN TRANSACTION

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16
Q

ESSENTIAL CHARACTERS OF VALUE

A 
DUST
DEMAND
UTILITY - USEFLNESS
SCARCITY
TRANSFERABILITY
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17
Q

force of factors PEGS

A

DUE TO VALUE

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18
Q

Physical and environmental forces

A

natural resources, climate topography, flood conditions

19
Q

economic forces

A

employment trends, wage levels interest rates lot premiums

20
Q

government activities

A

zoning laws, building codes rent controls

21
Q

social forces

A

population trends

22
Q

PRINCIPLES OF VALUE

A

highest and best use

23
Q

sales comparison approach

A

primarily residential - comparable and subject

24
Q

cost approach

A

most effective method new construction, and special purpose, single purpose building (CHURCH AND SCHOOL)

physical deterioration - wear and tear -curable
function obsolescence - outdating fixtures and plumbing (incurable or curable)

economic obsolescence - outside the property boundary - INCURABLE

25
Q

ADVERSE POSSESION

A

granted by courts due to open continuous exclusive actual and notorious HOSTILE possession of another land for minimum statutory period (OCEAN) - easement by prescription/prescriptive easement is an easement prescribed by courts.

26
Q

Leases - Nonfreehold

A

leasehold estates have a definite duration and may be terminated

27
Q

Estate Tenacy for years

A

definite period with no notice

28
Q

Periodic estate tenancy -

A

period to period - such as month to month

29
Q

Estate/tenancy at will

A

continues indefinitey until terminated by owner or tenant or tenants consent

30
Q

Estate Tenancy at sufferance

A

holdover -lowest estate

31
Q

PHYSICAL OBSOLESCENCE

A

WEAR AND TEAR SUCH AS PEELING PAINT OR WORN CARPET

CURABLE

32
Q

FUNCTIONAL OBSOLESCENE

A

POOR FLOOR PLAN OUTDATED LIGHT FOUR BEDROOM WITH ONE BATHROOM OUTDATED COMMERCIAL PROPERTIES ARE OFTEN

33
Q

ECONOMIC OBSOLESCENCE OR EXTERNAL

A

PROPERTY IN A FLIGHT PATH FROM THE NEARBY AIRPORT

OR POWER PLANT - ANYTHING OUTSIDE HOUSE

34
Q

WARRANTY DEED/ GENERAL DEED (BEST FROM GRANTEE AKA BUYER)

A

FIVE COVENANTS
COVENANT OF SEISIN - GRANTOR HAS THE RIGHT TO CONVEY

COVENANT OF QUIET ENJOYMENT - GRANTEE WILL NOT BE DISTURBED BY CLAIMS FROM OTHERS

COVENANT AGAINST ENCUMBRANCES - THER ARE NO UNSPECIFIED INCUMBRANCES

COVENANT OF FURTHER ASSURANCE - COOPERATION IN SIGNING ADDTIONAL DOCUMENTS

WARRANTY FOREVER - IS GURANTEE OF DEFENSE

35
Q

LIMITED SPECAIL WARRANTY DEED

A

WARRANTS ONLY THOSE DEFECTS AND ENCUMBRANCES THAT OCCUR DURING THE GRANTORS PERIOD OF OWNERSHIP

36
Q

BRAGIN AND SALE DEEDS

A

IMPLIED WARRANTIES THAT THE GRANTOR HOLDS THE TITLE AND PSSESIONS OF THE PROPERTY

37
Q

QUITCLAIM DEED (BEST FROM GRANTOR AKA SELLER)

A

USED AS PROBLEM SOLVER AND TO TERMINATE DEED RESTRICTIONS NO PROMISES NO GUARANTEES - WOULD USE WHEN GRANTOR WANTS NO FUTURE CLAIMS OR LIABILTY AND TO RELASE INTERST IN PROPERTY SUCH AS IN A DIVORCE SETTLEMENT

38
Q

JUDICIAL FORECLOSURE

A

LAWSUIT TOOBRAIN THE POWER OF THE COURT LIS PENENS FILED WITH COUNTY RECORDER

39
Q

NONJUDCIAL FORECLOSURE

A

POWER OF SALE CLAUSE IN MORTGAGES TRUSTEES OR MORTGAGES MAY BE GIVEN AUTHORITY TO HOLD FORECLOSURE AUCTION W/ OUT GOING TO COURT

40
Q

EQUITABLE REDEMPTION

A

RIGHT TO STOP FORECLOSURE

BORROWE PAYS BACK PAYMENTS INTEREST AND PENALATIES

41
Q

STATUATORY REDEMPTION

A

PUBLIC AUCTION - BORROWER MUST BRING FULL PRINCIPAL,INTEREST AND FEES TO REDEEM PROPERTY - HIGHTEST BIDDER RECEIVES A DEED TO THE PROPERTY

NC STATUTORY REDEMPTION PERIOD IS CALLED UPSET BID PERIOD

NC PERIOD LAST 10 DAYS THEN RESTARTED WITH EACH SATISFACTORY BID

42
Q

SHORT SALE OF FORCLOSURE THE LENDER CAN FILE

A

FILE DEFICIENCY JUDGEMENT.

43
Q

ESCROW CLOSING PROCEDURES

A

PARTIES TO CONTRACT CARRY OUT TERMS OF THEIR AGGREEMTN

TERMS OF ESCRO OR CLOSING ARE SEN IN THE PURCHAS AGREEMENT

44
Q

CLOSING OR SETTLEMENT SATEMENT

A

HUD!! DEBITS AND CREDITS TO BOTH BUYERS AND SELLER

REAL PROPERTY (1 decks)

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