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Unit 3 Key Terms
| Term | Definition |
|---|---|
| ad valorem taxes | A tax levied according to value, generally used to refer to real estate tax. |
| assessment | (1)The imposition of a tax, charge, or levy usually according to established rates. (2) Official valuation of property for the purpose of establishing assessed value for tax purposes. |
| deed restrictions | Clause places in a deed by the owner to control future uses of the property. |
| dominant tenement | A property that includes in its ownership the appurtenant right to use an easement over another person's adjacent property (the servient tenement) for a specific purpose such as access. Easement ownership runs with the land. |
| easement | A right to limited use and enjoyment of the land of another for a specific purpose without ownership; a nonpossessory interest in real estate. |
| easement appurtenant | An easement that runs with the land and is part of both the dominant and servient tracts and conveys with the title to either tenement. |
| easement by necessity | An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; Ex: allowing a landlocked owner a right of ingress and egress over a grantor's land. |
| easement by prescription | An easement acquired through advers use of of another's preoperty. In NC for a period of 20 years or more. |
| easement in gross | An easement that attaches personally to the easement owner of the servient tract and is not for the benefit of the owner of the easement and there is not dominant tract. personal is not assignable, commercial is assignable. |
| encroachment | An unauthorized intrusion of an improvement, or any part of an improvement, on the real property of another party; Most often discovered in survey and can cause title of both properties to be unmarketable. |
| encumbrance | Any charge, claim, line, or liablity held by someone other than the owner of the property. May not prevent the tr that may diminish the value or use and enjoyment of a property. |
| general lien | The right of a creditor to have all (both personal and real)of a debtor's current and future property for the next 10 years sold to satisfy a debt. Ex: judgement lien |
| judgement | Formal decision of a court upon respective rights and claims of the parties to an anction or a suit. It becomes a general, involuntary lien on debtors property for the next 10 years after being entered and recorded |
| license | (1)In RE, a granted privilege or right by a state to a person to operate as a RE broker (2)The personal, revocable, nontransferable right to temporary use of another's land. A personal right that cannot be sold. |
| lien | A right given by law to certrain creditors to have their debts owed them paid out of the property of a defaulting debtor, usually by means of a court sale. Creates an encumbbrance, either general or specific, on real property. |
| lien agent | A title insurance entity, designated under NC Mechanic's Lien Law to receive notification of possible mechanics' liens from construction vendors on behalf of real property owners. |
| lis pendens | A recored legal document giving constructive notice that an action or lawsuit which may affect title to a particular property has been filed in state or fed court; title is effectively unmarketable during any litigation. |
| Machinery Act | NC General Statute that governs the ad valorem taxation of property. |
| mass appraisal | A valuation technique for tax assessment. Applies a standard (horizontal adjustment) percentage increase or decrease to all properties in a given local. |
| mechanic's lien | A specific, involuntary lien secured by interest in real property as security for contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building. |
| mill | One-tenth of on cent. Used by some states to compute taxes as a "mill rate". Ex. 52 mills - $0.052 tax for each dollar of assessed valuation of a property. |
| octennial reappraisal | The NC statutory reappraisal of all real property in every county every 8 years for tax purposes. |
| priority | The order of position or time. The priority of liens generally determined by the chronological order in which liens were documented or recorded. Property tax and assessment liens have priority over all liens, even previously recored. |
| servient tenement | Land on which an easement exists in favor of an adjacent property (dominant tenement); or servient estate or tract. Easement runs with the land. |
| special assessments | A tax or levy customarily imposed against only those specific parcels of real esate that will benefit from a proposed public improvement like a street or sewer. |
| specific lien | A lien affecting or attaching only to a specific parcel of land or piece of real property. Ex: mortgage lien. |
| tax lien | A statuatory lien against real property for nonpayment of taxes. Real and personal property tax liens and assessment talke prioerity overall other liens. Real preoprty tax and assessment liens are general liens. |
| writ of attachment | A recorded writ of encumbrance on the property requested by a creditor to have property is under court custody ensuring it is available to satisfy any resolution judgement rendered custody of unsecured property during a lawsuit |
| writ of execution | A court order directing the county sheriff to sell a defendant's property as required by judgement or court decree. |
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REtestprep
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