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Real Estate Exam II
| Question | Answer |
|---|---|
| What are the different types of deeds? | General warranty, quit claim, special warranty, gift, Timber, Tax/trustee/sheriff |
| What is the most desired deed? | General Warranty Deed |
| What is the worst type of deed? | Quit Claim Deed |
| What is a General Warranty deed? | Where you warrant that you own the property and will defend the properties name. |
| What is a Quit Claim deed? | Where you transfer property without any warranties or guarantees of condition /owner |
| What is a special warranty deed? | when you own the property but there is an issue and its listed on the deed. |
| What is a Gift deed? | any deed that you just give someone the property but must be recorded within two years. |
| What is a Timber deed? | When you give someone the right to take the trees on your property. |
| What is a Tax/trustee/sheriff deed? | an involuntary deed that when property is taken -ex. foreclosure |
| Where do you do to do a title search? | register of deeds, secretary of state, tax office, clerk of court, and 3 places in the court house: 1) Estates 2) Special Proceedings - foreclosures 3) Civil filings - public section, judgments & misc liens (income taxes, liens, etc..) |
| What are the parts of the mortgage triangle? | Deed, Promissory note, deed of trust. |
| What is a deed? | Ownership of real property. |
| What is a promissory note? | a promise to pay a debt. |
| What is a deed of trust? | a lien on real property. |
| What is a lien? | a claim on a property based on a debt. The right of a creditor to have a debt satisfied by the sale of property owned by the debtor. |
| What is recorded first a deed or deed of trust? | The deed is recorded first because you have to have ownership on a property to incur a debt on a property. |
| What is a HUD-1? | the settlement statement that breaks down all of the money that exchanges hands in a deal - every penny must be accounted for. |
| What is a subordination agreement? | junior security, ranks below other loans or securities with regard to claims on assets or earnings - a legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another. |
| What are the primary types of insurances on a property? | Hazard, PMI and Title. |
| What is hazard ins? | It protects the home against non intentional damage. |
| What is PMI ins? | Private mortgage insurance. You have to have this when your loan is at least 80% of the value of the property. (Paying less than 20% down). |
| What is Title ins? | protects against defaults (issues) with the title - pays for the damage. (not on exam) |
| What is forceplace ins? | Is an insurance that a mortgage company will purchase for you ever lapse on your insurance. - It will pay off the loan but not rebuild your house. |
| What document do we not record in a conveyance of property? | a promissory note |
| What is eminent domain? | the governmental right to take private property for public use upon the payment of just and fair compensation. |
| What two entities can asses real property taxes? | City/local government and county taxes. |
| What is Annexation? | When a city engulfs part of an incorporated area. |
| What is the only entity that can Annex? | Counties - never towns or states. |
| What are the three types of zoning areas? | Residential, industrial and commercial. |
| What classifies a residential zoning? | having or suitable for residence. |
| What classifies an industrial zoning? | relating, or resulting, or used in the manufacturing industry. |
| What classifies a commercial zoning? | relating to commerce. |
| What zone is a hospital in? | Industrial |
| How can you put a lien on a property? | When a debt is not paid by a debtor you can place a lien on the property (to enforce a foreclosure or take ownership of a vehicle in a mechanics lien). |
| How do you calculate how to do property taxes? | Know the total value in the city. Determine the required operating revenue. Calculate the tax rate. Move the decimal to the right twice. Take the value of the property and divide it by 100, multiply that by the tax rate. |
| How do you calculate the tax rate? | Revenue divided by the total value. |
| How is Total Revenue calculated? | by what the county needs in its budget to pay city employees, fix roads, etc... |
| What are three types of leases? | Oral, written and more than 3 years. |
| What is an oral lease? | is verbal and the law implies the terms. |
| What is a written lease? | written down and terms are stated. |
| What is a more than three years lease? | a lease that is for greater than 3 consecutive years and it must be in writing and must be recorded with the register of deeds. |
| How much notice is needed to vacate a month to month lease? | 7 days |
| How much notice is needed to vacate a week to week lease? | 2 days |
| How much notice is needed to vacate a long term lease? | 30 to 60 days |
| What are two ways a landlord can keep a security deposit? | damage and unpaid rent. |
| What are the first six of the dirty dozen? | unsafe wiring, unsafe flooring or steps, unsafe ceiling or roofs, unsafe chimney or flues, lack of potable water, lack of locks on all exterior doors. |
| What are the last six of the dirty dozen? | Broken windows/locks on all exterior windows, lack of heating to sustain 65 degrees when temp is below 20 Nov 1-Mar 31, lack of operable toilet, lack of operable tub/shower, rodent infestation due to structural defects, excessive standing water, sewage/fl |
| What is the process that a tenant must use to withhold rent in NC? | There is none |
| What are unenforceable lease terms? | landlord will not make repairs, late fees that are excessive, non refundable security deposit. |
| What are the four ground for eviction in North Carolina? | non payment, breach of lease, holdover and criminal activity. |
| What is rent abatement? | An action to deal with unfit conditions (tenant sues the landlord) |
| What is the claim in rent abatement? | tenant claims there are unfit conditions and landlord has not repaired them. |
| If the magistrate agrees with the claim of rent abatement what does the tenant then argue? | that the rent should be reduced until repairs are made. |
| What is the ONLY time rent can be withheld or reduced? | If the magistrate agrees. |
| What is the definition of self help eviction? | evicting someone without the use of the courts (like shutting off their utilities, changing the locks or putting their stuff on the curb). |
| What is retaliatory eviction? | tenant engages in protected activity and the landlord uses a - the pretext to evict - the landlord makes up a reason to evict a tenant. |
Created by:
JustaV