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Chapter 3
Encumbrances on real property
Question | Answer |
---|---|
Ad valorem taxes | General real estate taxes that are levied for the general support of the government agency authorized to impose the levy. |
Assessment | An official valuation of property for the purpose of establishing assessed value for tax purpose. |
Deed restrictions | Encumbrances on real property. AKA: covenants, conditions, restrictions. A private agreement placed in public record that affect the use of the land. |
Dominant tenement | The tract that benefits from an easement. |
Easement | The right to use the land of another for a particular purpose. |
Easement appurtenant | An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land. The easement "runs with the land" |
Easement by condemnation | An easement acquired for a public purpose through the power of eminent domain. |
Easement by necessity | AKA easement by implication of law, because all owners must have rights of ingress to and egress from their land. |
Easement by prescription | When a claimant has made use of another's land for a certain period of time. Use must be continuous, exclusive, and without the owners approval. (20 years in NC) |
Easement in gross | A personal interest in or right to use the land of another. The right to use is not attached to any ownership. (personal or commercial) |
Encroachment | When an improvement or any portion of an improvement, such as a building, a fence, or a driveway illegally extends beyond the land of its owner and covers some land of an adjoining owner/street/alley. |
Encumbrance | A claim, charge, or liability that attaches to and is binding on real estate. |
General lien | This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real property |
Judgments | A decree issued by a court. |
Lien | A charge against property that provides security for a debt or an obligation of the property owner. |
Lis Pendens | A notice that there is and action or lawsuit pending that may adversely affect the title. |
Machinery Act | Regulates standards for real property taxation, standards for tax assessment and appraisal. |
Mass appraisal | An appraisal technique that determines assessed value for all lands in a given area by applying an overall percentage increase of decrease. |
Mechanics lien | A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others. |
Octennial reappraisal | The reappraisal process based on a statutory schedule of every eight years. |
Priority of liens | Property taxes and special assessments, then in order of time and date files (pure race), except mechanics lien, which dates to date labor began or materials were first provided. |
Restrictive Covenant or Protective Covenant | Private agreements usually imposed by the owner when property is sold limiting real estate use; frequently used by owner/developer to maintain specific standards in a subdivision. The covenants are appurtenant. Protective covenants. |
Servient tenement | The tract over which an easement runs. |
Special assessments | Special taxes levied on real estate for public improvements made to that real estate, such as sidewalks, street lighting. |
Specific lien | A lien that is secured by a specific parcel of property and affects only that particular property |
Tax lien | Lien that is attached to real property as of the listing date. |
Created by:
whitwill