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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