Real Property

Question 1

appurtenances

Answer 1

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

Question 2

PETE

Answer 2

police power
eminent domain
taxation
escheat

Question 3

Accretions

Answer 3

additional to land by gradual accumulation through natural cause

Question 4

reliction

Answer 4

land acquired from receding water

Question 5

erosion

Answer 5

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

Question 6

avulsion

Answer 6

sudden loss of land - earthquakes

Question 7

Personal property - CHATTEL

Answer 7

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

Question 8

metes and bounds

Answer 8

most common in NC POB

Question 9

monuments

Answer 9

fixed objects that serve as reference point

Question 10

Rectangular survey government survey

Answer 10

townships - 36 sections
section 640
43560

Question 11

Appraisal

Answer 11

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

Question 12

CMA

Answer 12

COMPARATIVE MARKET ANALYSIS BPO

Question 13

VALUE

Answer 13

best way is to get a appraisal

Question 14

MARKET VALUE1

Answer 14

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

Question 15

MARKET PRICE

Answer 15

THE ACTUAL PRICE PAID IN TRANSACTION

Question 16

ESSENTIAL CHARACTERS OF VALUE

Answer 16

DUST
DEMAND
UTILITY - USEFLNESS
SCARCITY
TRANSFERABILITY

Question 17

force of factors PEGS

Answer 17

DUE TO VALUE

Question 18

Physical and environmental forces

Answer 18

natural resources, climate topography, flood conditions

Question 19

economic forces

Answer 19

employment trends, wage levels interest rates lot premiums

Question 20

government activities

Answer 20

zoning laws, building codes rent controls

Question 21

social forces

Answer 21

population trends

Question 22

PRINCIPLES OF VALUE

Answer 22

highest and best use

Question 23

sales comparison approach

Answer 23

primarily residential - comparable and subject

Question 24

cost approach

Answer 24

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

Question 25

ADVERSE POSSESION

Answer 25

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.

Question 26

Leases - Nonfreehold

Answer 26

leasehold estates have a definite duration and may be terminated

Question 27

Estate Tenacy for years

Answer 27

definite period with no notice

Question 28

Periodic estate tenancy -

Answer 28

period to period - such as month to month

Question 29

Estate/tenancy at will

Answer 29

continues indefinitey until terminated by owner or tenant or tenants consent

Question 30

Estate Tenancy at sufferance

Answer 30

holdover -lowest estate

Question 31

PHYSICAL OBSOLESCENCE

Answer 31

WEAR AND TEAR SUCH AS PEELING PAINT OR WORN CARPET | CURABLE

Question 32

FUNCTIONAL OBSOLESCENE

Answer 32

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

Question 33

ECONOMIC OBSOLESCENCE OR EXTERNAL

Answer 33

PROPERTY IN A FLIGHT PATH FROM THE NEARBY AIRPORT OR POWER PLANT - ANYTHING OUTSIDE HOUSE

Question 34

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

Answer 34

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

Question 35

LIMITED SPECAIL WARRANTY DEED

Answer 35

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

Question 36

BRAGIN AND SALE DEEDS

Answer 36

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

Question 37

QUITCLAIM DEED (BEST FROM GRANTOR AKA SELLER)

Answer 37

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

Question 38

JUDICIAL FORECLOSURE

Answer 38

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

Question 39

NONJUDCIAL FORECLOSURE

Answer 39

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

Question 40

EQUITABLE REDEMPTION

Answer 40

RIGHT TO STOP FORECLOSURE | BORROWE PAYS BACK PAYMENTS INTEREST AND PENALATIES

Question 41

STATUATORY REDEMPTION

Answer 41

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

Question 42

SHORT SALE OF FORCLOSURE THE LENDER CAN FILE

Answer 42

FILE DEFICIENCY JUDGEMENT.

Question 43

ESCROW CLOSING PROCEDURES

Answer 43

PARTIES TO CONTRACT CARRY OUT TERMS OF THEIR AGGREEMTN TERMS OF ESCRO OR CLOSING ARE SEN IN THE PURCHAS AGREEMENT

Question 44

CLOSING OR SETTLEMENT SATEMENT

Answer 44

HUD!! DEBITS AND CREDITS TO BOTH BUYERS AND SELLER