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NC RE Midterm Review

Chuck Cosgrove's Real Estate Exam Prep

TermDefinition
Appurtenance Right, privilege, or an improvement belonging to, or passing with, the land (ex. easements, crops, etc.)
Fixture An item of personal property that's been converted to real property by being permanently affixed to the realty. (ex. storm door, chandelier, etc.)
Types of condo's High rise, townhouse, patio homes, garden apts, single detached houses (They're a form of FREEHOLD OWNERSHIP.)
Common elements of condo's Land, courtyards, hallways, lobbies, elevators. Can include pool, rec area, golf/tennis courts.
Condominium Owned in form of "Tenants in common," (no right to partition). Limited common elements (ex. assigned parking or storage space.)
Tenancy-in-Common (TIC) If deed doesn't stipulate tenancy, 2 or more owners become tenants in common.
Tenancy-by-the-Entirety Must be married couple. Owners have rights of survivorship.
Zoning Is local in nature, ordinances are laws regulating control and use of land. Spot zoning is often illegal.
Zoning Varience Conditional-use permit, or special-use permit. Dimensional variance, Use variance.
Do Not Call/Fax/Spam Do not call anyone on the DNC list. Check every 31 days. "Mail" can be sent, no problem.
Broker In Charge No BIC license. Must have 2/5 years exper. Must take 12 hrs BIC course w/in 120 days of designation. Must take 8 hrs (4-BICUP, 4-Elective).
Offer Promise by 1 party requesting something for that promise. Offeror bound by terms if accepted. Terms must be definite and specific.
Acceptance Offeree bound by exact terms proposed. Acceptance must be communicated to offeror. Any changes in terms = rejection.
Due Diligence Issues If a buyer walks away BEFORE due diligence per. expires, buyer will lose due diligence fees + inspection/loan fees. He WILL get back any Earnest money. If buyer walks AFTER, he may lose everything.
Quitclaim Deeds Provides least amount of protection of any deed. Commonly used to "clear a cloud" on a title, like as from a misspelling.
Joint Tenancy Usually divided equally. Has "right of survivorship", If 3 ppl own land, and 1 dies, the other 2 have full ownership. (Right of survivorship)
3 Types of Con-current ownership 1) Tenancy in common, 2) Joint tenancy, 3) Tenancy by the entirety.
Private Powers that Restrict use of Land D-Deed Restrictions // E-Easements // L-Leases // L-Liens
Negligent Misrepresentations Unintentionally misinforming the client.
Willful Misrepresentations Intentionally lying to the client.
Negligent Omission Unintentionally leaving out a material fact (b/c item not known)
Willful Omission Deliberately fails to disclose material face (when item is known.)
Dual Agency When an agent represents both the buyer and the seller. Firm owes fiduciary duties to both parties. Must disclose to both parties and have their OK.
Info about Dual Agency Best time to have the seller agree to D.A. is at signing of listing agreement listing. Must have written disclosure by 1st offer.
Township Square Baseline X Principal Meridian. Makes 36 squares. Count R-L/L-R from top right corner. Each section is 1 square mile, or 640 acres.
Anti-Trust Laws Price fixing is NOT allowed. Neither is group boycotting and allocation of customers or markets. Commissions are NEGOTIABLE between agent and client.
Mold Disclosure Not a material fact since all homes have some mold - only disclose if it's excessive. Find the mold and fix it.
Revocation of an offer Offer can be withdrawn at any time before acceptance. Any change voids the offer and a new one must be drawn. pen/ink/dated can be made on counteroffer.
Remedies for Default Compensatory - make party whole. Liquidated - earnest money. Consequential - may allow injured party to sue for lost profits.
Created by: kitkat82
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