Unit 1 Nature Discription And Use Of Real Estate

Question 1

What is Real Property?

Answer 1

Real property is defined as the land, everything attached to the land, and everything appurtenant to the land.

Question 2

The Bundle of Legal Rights include:

Answer 2

Right of : Disposition
Right of : Enjoyement
Right of : Exclusion
Right of : Posession
Right of : Control

Question 3

Land rights include:

Answer 3

• Surface
• Subsurface
• Air

Question 4

Riparian means:

Answer 4

R= River

Flowing water

Question 5

Littoral:

Answer 5

Standing water

Question 6

Boundary shifts may occur due to the following:

Answer 6

Accretion- addition to land by natural causes.
Reliction- land acquired from receding water.
Erosion-gradual wearing away of land, may cause owner loss of land.
Avulsion-sudden loss of land. Through being washed away or other violent acts.

Question 7

Real Estate is transferred by:

Answer 7

A Deed

Question 8

Chattel

Answer 8

Personal Property

Question 9

All property that is not real property is:

Answer 9

Personal property

Does not transfer with real estate

Question 10

Personal property is transferred by:

Answer 10

A Bill of Sale.

Question 11

An object that was once personal property which has been attached to an improvement so as to become real estate is a :

Answer 11

Fixture.

(Once attached , it becomes an appurtenance and is automatically transferred in the deed).

Question 12

The total circumstances test (IRMA) is:

Answer 12

I ntent of the attacher

R elationship of the attacher to the property

M ethod of attachement

A daptation to real estate

A greement

Question 13

A Trade Fixture is:

Answer 13

tenant installed additions that are a necessary part of the tenants trade or business.

Question 14

True or False

If a tenant does not remove trade fixtures by lease termination they will belong to the landlord.

Answer 14

True

Question 15

Emblements:

Answer 15

(Fructus Industriales) annually cultivated crops that are personal property.
Also fructus naturales.

Transferred by Bill of Sale.

Question 16

To be converted to real property a mobile home or trailer must be:

Answer 16

• Attached to a permanent foundation
• have hitch and axels removed
• ** have a cancelled DMV title.

( must meet state contruction regulations)

Question 17

Physical characteristics of land:

Answer 17

• immobile
• indestructible
• unique

Question 18

Economic characteristics of land:

Answer 18

• scarcity
• improvements
• permanence of investment

Question 19

True or False

Land is a liquid asset.

Answer 19

False

Question 20

Metes and bounds are:

Answer 20

Most accurate method of land description in North Carolina.

Question 21

POB stands for:

Answer 21

Point of Beginning

Question 22

True or False

Description must fully enclose enclose the property; if it does not “close” the legal description is considered incomplete or imperfect.

Answer 22

True

Question 23

An Acre of Land is how many feet?

Answer 23

43,560ft

Remember:
4 grey hairs driving 35 in a 60

Question 24

A survey is used to:

Answer 24

Create or confirm a legal description.

Question 25

Both survey and improvement location certificate (ILC) reveal:

Answer 25

Encroachments

Question 26

Gov land use controls are:

Answer 26

Used to control growth

Question 27

Land use classifications:

Answer 27

• Residential
• Commercial
• Industrial
• Agricultural
• Mixed

Question 28

A buffer zone is used for what purpose?

Answer 28

Land that seperates two significantly different land use zones.

Question 29

First step is new building and many renovations is:

Answer 29

Obtain a building permit

Question 30

A certificate of occupancy shows what?

Answer 30

Shows that buildings are ready and fit for occupancy and provide evidence of compliance with building codes.

Question 31

True or False

Zoning laws are typically set at the Federal level.

Answer 31

False

Zoning laws are set at the local level.

Question 32

True or Flase

Illegal use, building codes or zoning violations do not become legal or acceptable because a certain amount of time has passed. Not grand fathered.

Answer 32

True

Question 33

An amendment is a zoning change for an entire area this could cause:

Answer 33

Non conforming use.

Allows owner to continue a present use that no longer complies with current zoning

Question 34

Brokers and sales persons should explain to buyers the buyers responsibility to verify the following:

Answer 34

Current zoning use and rules meet buyers needs.

Property is not a floodplain

Property had proper access to and from highway streets.

Building permits were pulled and completed if required.

Street status of subdivisions

Access or lack of access to public roads or if access is changing

Question 35

Formula for area of square or rectangle:

Answer 35

Length x Width

Question 36

Area of a triangle:

Answer 36

1/2 (Base x Height)

Question 37

Volume or cubic feet:

Answer 37

Length x Width x Height

Question 38

27 cubic ft=

Answer 38

1 cubic yard

Used in concrete

Question 39

1 mile is how many feet?

Answer 39

5,280 linear ft.

Question 40

A section is how many acres?

Answer 40

640 acres

Question 41

Frontage is :

Answer 41

Street front of property

Question 42

Land its improvements and the rights to own them are collectively called :

Answer 42

Real Estate

Question 43

What are APPURTENANCES?

Answer 43

Are attached to the land. Is defined as a right or privilege that goes with the ownership of land.