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Stack #4695385

QuestionAnswer
fee simple estate you own the property with the greatest ownership rights possible.
Fee simple absolute You own it forever. you can sell it or leave it for your heirs. most common type of ownership.
Fee simple defeasible You own it but only under certain conditions. If the condition is broken, ownership can end. “land must always be used as a park”
Interest a legal right in real estate
Freehold interest ownership of real estate. fee simple. life estate
Non-freehold interest Right to use property, but not own it. renting
Easement right to use someones property for specific thing
Appurtenant easement Benefits another piece of land (runs with the land
In gross easement Benefits a person or company (duke energy)
By necessity esement landlocked property needs access
By perscription easement Someone has used the land openly without permission for many years
Tenancy in common Owners can own different percentages. no right of survivorship
joint tenancy Equal ownership. Has the right to survivorship. Not common in NC
Tenancy by the entirety Married couple. Right of survivorship
exclusive right to sell Broker gets paid no matter who finds the buyer
exclusive agency broker gets paid unless the seller finds the buyer
open listing seller can hire multiple brokers. only the broker who finds the buyer gets paid
net listing seller wants a certain amount, broker keeps anything above it. illegal in NC
universal agent Can do almost everything for the client. someone with power of attorney
general agen handles many ongoing tasks. property manager
special agent Handles one specific task. real estate brokers are special agents
designated agency one real estate firm represents the buyer and seller but one broker represents the buyer, one represents the seller
dual agency Same broker represents the buyer and seller
discount points prepaid interest paid at closing to lower the interest rate on a mortgage. 1 point = 1% of the loan amount
purchase sgreement transfer property ownership
lease agreement long term property use. landlord and tenant.
rental agreement short term property use. landlord and tenant.
listing agreement authorize agent to sell property. seller and agent
assignment contract transfer purchase rights. original buyer and new buyer.
Option contract lock purchase price during due diligence. buyer and seller
power of attorney authorize someone to act on your behalf. principal and attorney in fact.
gross lease one big payment. tenant pays one fixed rent, landlord pays most expenses
net lease tenant pays rent + extra costs
percentage lease used in shopping centers. base rent + percent of sales
ground lease land only.
graduated lease rent increases on a schedule
index lease rent changes with economic index.
leasehold estate you are renting, not owning.
estate for years has a specific start date and end date. lease ends automatically.
estate from year to year lease automtically renews until someone gives proper notice.
estate at will tenant stays with the landlords permission, but there is no definite end date
estate at sufferance tenant stays after the lease has ended without the landlord permissions
exclusive right to sell broker gets paid no matter who finds the buyer.
exclusive agency listing the seller hires one brokerage but keeps the right to find their own buyer. seller can sell = no comission.
net listing Seller wants $300,000. Broker sells for $315,000. Broker keeps $15,000. 🚨 This is illegal in North Carolina
multiple listing a property is shared with other brokers through the Multiple Listing Service
express agency Written or spoken agreement. The client clearly tells the broker to represent them.
implied agency No formal agreement, but actions suggest an agency relationship exists
Created by: user-1987785
 

 



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