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NC Real Estate License > Unit 2: Rights and Interests in Land > Flashcards

Unit 2: Rights and Interests in Land Flashcards

0
Q

Police Power

A

Right to enact and enforce laws governing land use

Zoning

Building codes

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1
Q

Governmental and Public Rights in Land (PETE)

A

1) Police Power
2) Eminent Domain
3) Taxation
4) Escheat

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2
Q

Eminent domain

A

Right to take property for public use

Example of ‘involuntary alienation’

Process is called ‘condemnation’

Offers ‘just compensation’

Tenant lease is terminated

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3
Q

Taxation

A

Property taxes - have priority over all other liens

NC property tax liens are specific liens

Property taxes are ‘Ad valorem’ -assessed at value

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4
Q

Tax rate

A

Expressed as dollars per $100 or per $1000 (mill rate)

Tax rate of $4 per $100 =.04

County tax + city tax /100

1.45+ 2.00=3.45/100= 0.345 annual property taxes

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5
Q

Special assessments

A

Charges against specific properties that benefit from a public improvement

Often charged on front footage

If not paid can create a lien

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6
Q

Escheat

A

Government’s reversionary right when a property is abandoned

Exercised when owner dies intestate (no will) and w/o heirs

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7
Q

Annual tax

A

Assessed value x tax rate

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8
Q

Assessed Value

A

Actual value x assessment rate

Actual value is $425.00, state assessment rate is 29%

425,000 x .29 =$ 123,250

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9
Q

Rights of ownership (Freehold estates)

A

1) Fee Simple
2) Fee simple defensible (determinable)
3) Life Estate

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10
Q

Fee Simple Absolute

A

Complete bundle of rights

Maximum or greatest control of property

Last forever

Transferable (alienation) and inheritable

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11
Q

Fee Simple Defeasible (qualified fee)

A

May be a gift

If deed condition is violated, may return to grantor

Transferable and inheritable

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12
Q

Life Estate

A

NOT inheritable

IS transferable

Can NOT give in a will

Life tenant is the owner. May sell property but upon death, buyer/lessee loses interest

Upon death, estate returns to fee smile absolute and goes to the party named in the deed (grantor or 3rd party remainderman who is appointed by grantor)

May be measured by life of grantee or by another life ( pur autre vie)

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13
Q

Life Estate: If Life tenant dies before the person who is the measure life

A

Heirs of the life tenant inherit property

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14
Q

Life Estate:

A

Upon death of person who is the measuring life, estate reverts to the grantor or remainderman

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15
Q

Encumbrances

A

Claim, right or interest held by a party who is not the legal owner

May affect property value

Can cloud title

16
Q

Easement

A

The right to use the land of another for a specific purpose

Crested by express agreement, prescription or necessity

Non revocable

17
Q

Leasehold estates

A

Tenant has right to posses the lands if the lessor

Tenant holds the leasehold estate

Landlord holds the lease fee estate and has reversionary interest

All transfers of an interest in real estate must be in writing to be enforceable except a lease of less then 3 yrs

18
Q

Estate for years

A

Specific termination date

Death of lessor or lessee does not terminate

Sale of property does not terminate

NOT an estate of ownership

19
Q

Periodic estate tenancy

A

Renews automatically

Month to month

Terminated by advance notice of either party

20
Q

Estate tenancy at will

A

Indefinite duration

Terminated by notice or death

21
Q

Estate (tenancy) at sufferance

A

Holdover after legal tenancy expires

Owner may evict tenant or accept rent (if rent accepted, estate becomes periodic estate )

22
Q

Types of easements

A

1) Appurtenant easement
2) Easement in gross
3) Easement by necessity

23
Q

Appurtenant Easement

A

1) Appurtenant easement
* Has dominant tenement and a servant tenement.
* Transfers with the land
* does not increase dominant estate’s size but may increase the value
* could grant pet entrant access to neighbors property

24
Q

Easement in gross

A
  • may be personal or commercial
  • has no dominant property
  • personal easement in gross cannot be assigned or inherited
  • if recorded would transfer to new buyer
25
Q

Commercial Easement in a Gross

A

Given to a business

Period is lengthy or indefinite

26
Q

Easement by necessity

A

Granted by the courts it a private owner to remedy landlocked property. Only available to private owners

27
Q

Termination of an Easement

A

1) merger- holder of dominant interest acquires serving property or vice versa
2) Release- holder of dominant interest releases rights to servient owner (no longer transfers with deed)
3) Abandonment- not automatic, as a process of time . Must be proven in court

28
Q

Deed restrictions

A

Privately created limitations on land use which protect property values and he interest of property owners

Grantor imposes limitations on land use (no RVs in driveway etc

Binding and run with the land

29
Q

Lien

A

A claim on land to secure payment of a debt

1) specific liens
2) general liens
3) writ of attachment
4) homestead rights
5) encroachments
6) licenses

30
Q

Specific lien

A

Attaches to specific real or personal property

Property taxes

Has priority over all other liens

31
Q

General liens

A

Attach to all personal and real property

1) judgement lien (involuntary) -unpaid hospital bills, child support, income taxes . Life is 10 yrs

32
Q

Writ of attachment

A

Used to create encumbrance against real property

Created by court order

Followed by writ of execution to sell the property if needed to satisfy judgement

33
Q

Homestead rights

A

Homestead exemption is created by state statue to protect primary residence

Protects against judgements for personal loans and credit cards

NC standard exemption is $35,000

34
Q

Encroachments

A

Unauthorized use of another persons land; physical object intruding onto neighboring property

Survey or ILC reveals them

35
Q

Licenses

A

Revocable unassignable permission granting privilege to use property

36
Q

Easement by Prescription

A

Right acquired by a non owner thru hostile use of the lands of another

NC Real Estate License (12 decks)

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