Unit 3

Question 1

ad valorem taxes

Answer 1

a tax levied according to value (example: real estate tax)

Question 2

assessment

Answer 2

the imposition of a tax, charge, or levy usually according to established rates (used to value property for tax purposes)

Question 3

deed restrictions

Answer 3

clause placed in a deed by the owner to control the future uses of the property

Question 4

dominant tenement

Answer 4

a property that includes in its ownership the appurtenant right to use an easement over another person’s adjacent property (also called servient tenenment)

Question 5

easement

Answer 5

a right to limited use and enjoment of the land of another for a specific purpose without ownership; a nonpossessory interest in real estate

Question 6

easement by appurtentant

Answer 6

an easement that runs with the land; the easement is part of both the dominant and the servient tracts and conveys with the title to either tenement

Question 7

easement by necessity

Answer 7

an easement allowed by law as necessary for the full enjoyment of a parcel of real estate

Question 8

easement by prescription

Answer 8

an easement aquired through adverse use of another’s property for a period of 20 or more years in North Carolina

Question 9

easement in gross

Answer 9

an easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner

Question 10

encroachment

Answer 10

an unauthorized intrusion of an improvement, or any part of an improvement, on the real property of another party; can make title to both parcels (lots) unmarketable

Question 11

encumberance

Answer 11

any charge, claim, lien, or liability held by someone other than the owner of the property that may diminish the value or use and enjoyment of a property

Question 12

general lien

Answer 12

the right of a creditor to have all of a debtor’s current and future property for the next 10 years– both real and personal–sold to satisfy a debt

Question 13

judgement

Answer 13

the formal decision of a court upon the respective rights and claim of the parties to an action or a suit.

Question 14

license (definition)

Answer 14

(1) a privilege or right granted to a person by a state to operate as a real estate broker (2) the personal revocable nontransferable right to a temporary use of another’s land

Question 15

lien

Answer 15

a right given by law to a certain creditor to have their debts paid out of the property of a defaulting debtor, usually by means, of a court sale (type of encumberance on real property)

Question 16

lien agent

Answer 16

a title insurance entity that is designated under the NC Mechanic’s Lien Law by a real property owner to receive notifications of possible mechanic’s lien from a construction project vendors

Question 17

lis pendens

Answer 17

a recorded legal document giving constructive notice that an action
potentially affecting title to a particular property has been filed in
either a state or a federal court; title is effectively unmarketable
during the litigation

Question 18

Machinery Act

Answer 18

The NC General Statutes that govern the ad valorem taxation of
property

Question 19

mass appraisal

Answer 19

a valuation technique sometimes used for tax assessment purposes
that applies a standard percentage increase or decrease to all
property in a given location; sometimes referred to as horizontal
adjustment

Question 20

mechanic’s lien

Answer 20

a specific involuntary lien secured by interest in real property to
give security to contractors, laborers, and materialmen who have
performed work or furnished materials in the erection or repair of a
building

Question 21

mill

Answer 21

one=tenth of one cent (used to calculate real estate taxes in some
states, not NC)

Question 22

octennial reappraisal

Answer 22

In NC, the statutory reappraisal of all real property in every county
every eight years for tax purposes

Question 23

priority

Answer 23

the order of position or time

Question 24

sevient tenement

Answer 24

land on which an easement exists in favor of a adjacent property
(also called dominate tenement)

Question 25

special assessments

Answer 25

a tax or levy customarily imposed against only those specific parcels
of real estate that will benefit from a proposed public improvement
like a street or sewe

Question 26

specific lien

Answer 26

a lien affecting or attaching only to a specific parcel of land or piece
of real property (example: mortgage lien

Question 27

tax lien

Answer 27

a statutory lien against real property for nonpayment of taxes

Question 28

writ of attachment

Answer 28

at the request of a creditor, the court retains custody of the
unsecured property during the lawsuit to ensure that the property
remains available to satisfy a judgment ordered as resolution of the
suit by the court (a recorded writ is an encumbrance on the
property

Question 29

writ of execution

Answer 29

a court order directing the county sheriff to sell a defendant’s
property as required by judgment or court decree