Unit 2 Rights And Interests In Land Flashcards
PETE stands for:
- Police Power
- Eminent Domain
- Taxation
- Escheat
What determines how land can be used, developed and puts forth codes to enhance health and public safety?
Government Police Power.
Through zoning
Eminent Domain is:
Right to take private land for public use.
Real property taxes have priority over :
All other Liens
Property taxes are ad valorem. Ad Valorem means:
At assessed value
Tax rate can be expressed as dollars per $100 or per 1000 which is often called the:
Mill rate
Charges against specific properties that benefit from a public improvement are called:
Special assessments
When an owner dies intestate ( no will) and with out heirs the government takes over the property by:
Escheat
Annual tax =
Assessed value x tax rate
Assessed value =
Actual value x assessment rate
North Carolina tax rate is divisible by:
100
National tax rate is divisible by:
1000
With a mortgage the mortgagor is the:
Borrower
A freehold estate grants ownership for :
Unlimited amount of time
Leasehold (non-freehold) grants:
Possession for a fixed term.
land lord and tenent
Fee simple absolute:
- Complete bundle of rights
- maximum and greatest control of property
- lasts forever
- transferable
Fee simple defeasible:
(Determinable) defeatable or qualified fee
-may be a gift
If deed consition is violated may revert to grantor
Life estate:
Life tenant grantee is the owner.
Upon death of the life tenant estate returns to fee simple absolute and goes to the party names in the deed.
The purchaser of leased property obtains ownership “subject to” what?
The lease
Statute of Frauds is:
All transfers of an interest ( freehold or leasehold) in realestate must be in writing to be enforceable, except a lease of less than three years.
Estate for years:
Has a specific termination date no advance notice required.
Sale of property does not terminate
Buyer of property is subject to lease.
Periodic estate ( period to period):
Renews auotmatically for set period upon payment of rent.
Estate at will:
Indefinite duration tenant occupies at landlords discretion.
Estate at sufferance.
Holdover after legal tenancy expires
- owner may evict tenant or accept rent
- if rent is accepted from tenant at sufferance, estate at sufferance becomes a periodic estate.
An encumberance is:
Any claim, right, or interest held by a party who is not the legal owner of the property.
Define Easement:
The right to use the lands of another for a specific purpose.
(Runs with the land unless released and will transfer with the Deed.)
A Deed restriction is:
Privately created limitations on land use, which protect property values and the interests of property owners.
A claim on land to secure payment of a debt is:
A Lien
True or False
A recording of a satisfaction releases a recorded lien.
True
True or False
Gov. lien for real property taxes or special assessments have priority over all other liens.
True
General Liens:
Attach to all personal and real property.
Life of a judgement in North Carolina is typically:
10 years
What is a Writ of Attachment?
- used to create an encumbrance against real property.
- Created by court order until lawsuit can be settled
What are homestead rights?
A homestead exemption is created by state statute to protect a primary residence against creditors.
(Protect against judgements and debits for personal loans and credit cards.)
an Encroachment is:
unauthorized use of another persons land; physical object intruding onto neighboring property.
A license is:
Revocable, unassignable, permission, granting privilege to use property; usually granted to an individual.
A tenants right to possess real estate for the term of a lease is a:
Lease Hold Estate
An Easement given to the utility company in perpetuity would be an:
Easement in Gross
Which of the following estates usually does NOT terminate on the death of the holder of the estate?
a. Life estate
b. Estate for years
c. Estate at will
d. Estate at sufferance
b. Estate for years
(An Estate for years is a contract and termination the date specified in the lease, not upon the death of the lessor or lessee.)
In North Carolina all property must be reassessed every :
8 years
Lis Pendens means:
Litigation pending
All the following may be inherited EXCEPT:
a. conventional life estate
b. qualified fee
c. fee simple absolute
d. life estate pur autre vie
a. conventional life estate
( conventional life estate can not be inherited because it ceases to exist upon the death of the life tenant and the estate then goes to either the reversionary or remainder interest.)
True or False
Sale of property terminates a tenants lease.
False
What are the 2 ways government can take land?
Eminent Domain and Escheat
An appurtenant easement has a servient tenement and a :
Dominant tenement
