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Real Property Exam 2

QuestionAnswer
What are 3 types of leases (in terms of time frame) Short term leases = 6 months Long term leases = 1 year 3 year leases = 3 years and must be recorded
How much notice is needed to vacate a month to month lease 7 days notice
How much notice is needed to vacate a week to week lease 2 days notice
2 Examples of when a landlord may keep a security deposit 1) If there is damage that is above the normal wear and tear after tenant moves out at the end of the lease term that landlord needs to fix 2) If tenant breaks the lease
List (some but not all) Dirty Dozens housing defects 1. Lack of drinkable water 2. Lack of locks on all exterior doors 3. Broken windows or locks on all exterior windows 4. Lack of working toilet 5. Lack of working tub/shower
Withholding rent in North Carolina You may never withhold rent in North Carolina
Examples of unenforceable lease terms 1. Landlord will not make repairs 2. Excessive late fees 3. Non refundable security deposit
List 4 grounds for eviction in North Carolina 1. Non payment of rent 2. breach of lease 3. holdover (stay after landlord tell you to leave) 4. criminal activity
What is rent abatement When the landlord fails to make necessary repairs, the tenant may seek money damages which must be done through the courts. This is the only time rent can be withhold.
What is the definition of a self help eviction The process of a Landlord retaking possession of a property without going through the courts
What is retaliatory eviction When a landlord evicts a tenant for engaging in protected activities (complaining to landlord who isn't making repairs or a tenant who calls the city to complain about something the landlord isn't doing) or the landlord lies to evict the tenant
Types of Deeds General Warranty Deed Special Warranty Deed Quitclaim Deed
General Warranty Deed Transfers property from one owner to another and will defend and guaranty the title
Special Warranty Deed Only warranties that no title issues have arisen under his/her ownership
Quitclaim Deed Transfers property to someone else with no assurance or warranties
Where to do a title search Register of Deeds Secretary of State Court House/Clerk of Court (Special Proceeding, Estates, Civil Filings) Tax House
Mortgage Triangle Top = Deed (ownership) Bottom Right = Promissory Note (debt) Bottom Left = Deed of Trust (lien)
What gets recorded Deed, Promissory Note and/or Deed of Trust Deed and Deed of Trust
What does NOT get recorded from the Mortgage Triangle Promissory Note
HUD 1 Is the settlement statement that breaks down all numbers (money) and every penny must be accounted for
Types of Insurances in Property Hazard Insurance = Protects home against damages (not intentional damages) Private Mortgage Insurance = Protects the lender if borrower goes in default. Loan is at least 80% of the value of the home
Eminent Domain Take private property for the good of the people in return for fair market compensation (highway or airport)
Subordination The process by which a creditor is placed in a lower priority for the collection of its debt
Annexation The act of attaching, uniting or joining together in the physical sense, only city or county can be annexed
3 types of zoning 1) Residential = where people live 2) Commercial = where people shop 3) Industrial = where people work
2 examples of real property liens 1) Mortgage 2) Stop paying county taxes
Property Tax Rate 1) total revenue needed (county budget) divide by total value of the property 2) value of house times there percent in step 1
Created by: sarag1129
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