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Real Estate > Vocabulary > Flashcards

Vocabulary Flashcards

0
Q

Accretion

A

Addition of land by the deposit of sand and soil

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1
Q

Emblements

A

Growing crops, such as corn,grapes that are produced annually through labor
Also called fructus industriales
Personal property.

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2
Q

Avulsion

A

Loss of land
Sudden tearing away of land, as an earthquake.
Per entangle flooded areas

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3
Q

Reliction

A

Addition of land

Due to receding or disappearing of land

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4
Q

Erosion

A

Loss of land

Due to flowing of water or other natural forces

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5
Q

-Tion

A

Add on of land

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6
Q

-Sion

A

Loss of land

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7
Q

Doing business as?

A

Sole proprietorship

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8
Q

Whit of attachment

A

At the request or a creditor,prevents the sale of a property in lawsuit
Recorded whit is an encumbrance.

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9
Q

So long as

A

Fee simple determinable estate

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10
Q

Easement in gross

A

Typically involving one parcel of land

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11
Q

Mechanic Lien

A

Is a type or specific lien, exception to the rule.
Must file 120 of the day work is finished.
180 days to start a law suit.
Not part of the pure race.

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12
Q

What is a Lien?

A

It is an encumbrance, a charge against the property for security of debt.

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13
Q

Specific liens?

A

Voluntary …..mortgage
Involuntary….unpaid real property taxes,
assessment, mechanic liens

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14
Q

General lien?

A

Involuntary lien on all personal and real property owed by debtor

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15
Q

What is the homestead exemption?

A

35k
60k for 65 and older exemption against personal residence……
$ To start over

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16
Q

Qualified fee estate?

A

Is another word for fee simple defeasible estate.(2types)

Fee simple subject to condition subsequent.

Fee simple determinable.

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17
Q

Ad Velorem Taxes?

A

Real estate tax depending on the value of property.

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18
Q

Littoral rights?

A

Large body or water….

Own to average of the high water marks

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19
Q

Riparian Rights?

A

Small body of water…
Navigable …you own to the edge
Unnavigable …own to the center

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20
Q

Foreshore?

A

Land between the high water mark and low water mark…

Owned by the government

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21
Q

Lawsuit of specific performance?

A 
One of the 3 physical characteristics of real property.
Due to uniqueness of real property. 
Immobility
Indestructibility 
Uniqueness
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22
Q

Four economic characteristics of real property?

A

Scarcity
Location
Improvement
Permanence of improvement

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23
Q

Appurtance

A

Rights or privilege associated with real property

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24
Q

Life estate

A

Based on the lifetime of owner.

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25
Q

Easement

A

The right to use the land of another

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26
Q

Easement appurtenances

A

Run with the land….when the title is transferred.

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27
Q

Easement in gross

A

Individual or company interest in right to use another’s land.

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28
Q

Easement of necessity

A

Arises when there is land lock.

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29
Q 
Disposition
Enjoyment
Exclusion
Possess/ profit
Control
A

Bundle of rights…..DEEPC

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30
Q

How many hours of Continuing Ed?

A

8hr by the 2nd renewal

June 30th.

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31
Q

When does the post licensing need to be done by?

A 
Take by your birthday...date of licensing.
30 hour class 1 a year at least for 3 years
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32
Q

Lateral rights?

A

Neighboring construction must not cause soil damage?

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33
Q

Subjacent Support?

A

Owners of subsurface rights must support surface rights of another.

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34
Q

Conditional subsequent

A

“But” if you
Personal condition
Also called the qualified fee estate

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35
Q

Freehold Estate

A

Complete ownership

Right of inheritance

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36
Q

Defensible fee estates?

A

But if…fee simple CONDITION SUBSEQUENT..qualified fee estate.
You personally have to qualify for keeping the estate.

Fee simple DETERMINABLE….”so long as”

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37
Q

Non freehold estate? ….Leasehold estate.

A

A tenants right to occupy real estate during the yer of a lease,
Generally considered a personal property interest; non free hold estate.

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38
Q

Encumbrance ?

A

Claims or charges against real property by the right of another.

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39
Q

What types of encumbrance are there?

A 
Specific liens
General liens
Deed restrictions
Lis pendens
Writ of attachment
Easements
Encroachments
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40
Q

Easement appurtenant?

A

Is when one parcel of land benefits another parcel of land.
Servient tenement- who relinquishes his land for the benefit of another
Dominant tenement- takes the use of another’s land
Easements run with land.

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41
Q

Easement in Gross?

A

Benefits the person or a entity not the parcel of land.
Example…power lines do not benefit the one on the land but a company that needs the land.

Servient estate

42
Q

Deed restriction?

A

Private agreements
Covenant, conditions, and restrictions
Anyone can bring action….

43
Q

Lis Pendens?

A

A lawsuit that affects the title is pending

44
Q

General lien?

A 
Affects all of a debtors property, both real and personal.
Judgements
Estate and inheritance tax
Personal tax
State tax
Federal tax
45
Q

Specific Tax

Voluntary tax?

A

Mortgage

Deed of Trust

46
Q

Specific lien

Involuntary?

A 
Real property tax
Special assessment tax
Mechanics liens..
120 day  once its done...to file
180 days once its done....to sue
Record action effective from the first date on site
First on site gets paid first
47
Q

Ad valorum tax?

A

Tax levied according to the value….real estate tax.

48
Q

Machinery act?

A

Govern ad valorum taxes
Fair Market Value
Regulated by North Carolina
Must be Reappraised every 8 years

49
Q

Metes and Bounds

A

Distance……… metes
and direction…bounds
Call North and South, turns in east and west direction.

50
Q

Township —>
Range :
V

A

Along the Principle meridian a range

Along the base line is the township

51
Q

Each town is how big?

A

6x6 miles
36 square miles
23,040 acres

52
Q

How big is each section?

A

1x1 miles
640 acres
1 acre is 43,560 sq feet

53
Q

License is or is not an encumbrance?

A

It is NOT an encumbrance.

Does not go with the land

54
Q

Condemnation?

A

Government acquires your property.
Power of the government….eminent domain
Process is the suit of condemnation

55
Q

Taxes are paid?

A

September 1st

Lien established January 1st.

56
Q

Marketable Title Act

A

Clean title….Chain of Title for 30 year

57
Q

How many feet are there in an acre?

A

43,560ft/acre

58
Q

Living area criteria?

A

Heated permanently
Finished…has to be at least 7 feet ceiling
Finished over the garage (FROG)
Has to be 1/2 the room has to be 7feet
Anything under 5 feet doesn’t count.
Directly accessible from living area….finished to finished to finshed

59
Q

FROG???

A

Finished over the garage

60
Q

When calculation area….what do you count as living area?

A

Don’t calculate walls….
Stairs is counted twice
Area =interior wall to interior wall
Square footage is exterior wall to 6” of the exterior wall.

61
Q

metes and bounds call

A

N&S distance call

E&W turn calls

62
Q

Front footage…area math?

A

Given depth, or length, or front footage.
Draw it out….area math.
Lot size given in acreage… Change to feet per acre.

63
Q

Title?

A

Proof of ownership.

64
Q

Deed?

A

A deed is used to transfer ownership….title.

65
Q

Why do we have Title search?

A

To make sure you have a clear “chain of title” for 30 years.

66
Q

Abstract of Title?

A

Is made by the attorney….

Just a opinion….not a guarantee.

67
Q

Transfer of title is called ?

A

Alienation

68
Q

What is the conveyance of rights, title, or interest of a parcel of real estate?

A

Deed

69
Q

Deed is not a proof of ownership, what do you need?

A

Title

70
Q

What are the four covenants of a General Warranty Deed?

A

Highest form of warranty
Covenant of seisin….transfer of title
Covenant against encumbrance…free from liens
Covenant of quiet enjoyment….guarantee of title against third party
Covenant of warranty….if future title fails…grantor guarantee

71
Q

Special warranty deed?

A

Only responsible for our part…
Warranty that the rancor received title
Warranty that that the property was in encumbered by the grantor

72
Q

Bargain and sale deed?

A

No express warranty on encumbrance

Implied….Grantor holds title and possession

73
Q

Quitclaim deed?

A

No warranty….least protection of any deed

Cloud on the title.

74
Q

Correction deed?

A

Voluntary Alienation
Special Purpose Deed
Error on a previous deed

75
Q

Deed of Gift?

A

Voluntary Alienation
Special Purpose Deed
Conveys property as a gift

76
Q

Deed of release?

A

Voluntary Alienation
Special Purpose Deed
Release from a mortgage or deed of trust liens.

77
Q

Deed in lieu of foreclosure ?

A

Voluntary Alienation
Special Purpose Deed
Defaulted on the mortgage loan and wants to avoid foreclosure.

78
Q

Trustee deed?

A

Voluntary Alienation
Special Purpose Deed
Trust deed is conveyed to anyone other than the trustor.

79
Q

Timber and mineral deed?

A

Voluntary Alienation
Special Purpose Deed
Ownership rights that can be severed from the parcel of land and transferred by deed.

80
Q

Escheat?

A

Involuntary Alienation
When a person dies intestate….without a will
Real estate is passed to the state.

81
Q

Eminent domain ?

A

Involuntary Alienation

Government’s right to acquires private property for public use

82
Q

Condemnation?

A

Process by which the government exercises their right to take private land for publics use…(eminent domain.)

83
Q

Adverse possession?

A

Involuntary Alienation
Possession of a land of another…
Open
Continuous
Exclusive
Adverse
Notorious
If the land has a color of title….7years
If free from color….For a period of 20 years.
New owner Must then get a action to quiet title

84
Q

Marketable Title Act?

A

Trace back 30 years for a chain of title.

85
Q

Who performs the title search?

A

The attorney

86
Q

Constructive notice?

A

For the title must be filed, be recorded, and give public notice to be enforceable.
The public notice is called constructive notice.

87
Q

Connor Act?

A

Pure race statue….first to record….is the owner.

88
Q

Police Power?

A

Public land use control….
Inherent authority to create and adopt regulations necessary to protect public Heath, safety and general welfare of the citizenry.

89
Q

Local levels of Public Land Use Control?

A 
Planning
Zoning
Subdivision regulations
Building codes
Environmental protection legislation.
90
Q

How long is Master plan/ general plan?

A

Plan for 20 years

91
Q

In NC …what is the zoning powers?

A

Enabling Act.

92
Q

Zoning ordinance in areas adjacent to municipality ?

A

Extra territorial jurisdiction

93
Q

Legal non conforming use?

A

Grandfathered use
Generally no permitted to continue indefinitely
Cannot rebuild or extended
Fire
Dismantled if it does not conform to Current zoning requirements
Improvement

94
Q

Illegal nonconforming use?

A

Opening a gas station in a single family residential zone.

95
Q

Conditional use permit / special use permit?

A

Allowing nonconforming, but related land use…public interest
Ex hospital or churches in residential areas

96
Q

Variance ?

A

Permit of prohibited and uses to avoid undue hardship.

97
Q

Subdivion?

A

All divisions of a tract or parcel of land into two or more lots.

98
Q

DOT…? Responsibility???

A

Department of transportation is not responsible for the maintained of all streets that are dedicated public use.

99
Q

Register of deeds office?

A

Verification of approved subdivision

Deed recordation

100
Q

InterstateLand Sales Full Disclosure Act?

A

Between two states…
Law required those engage in interstate sales or leasing of subdivision lots to file a statement of record and register the details of the land with HUD

101
Q

Exempted in the interstate land sales full disclosure Act?

A

Subdivisions fewer than 25 lots.

102
Q

Another word for restrictive covenant?

A

Protective covenant.

103
Q

Deed restrictions

A

Clauses that limit use of property

Real Estate (5 decks)

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