Real Estate Chp 1-2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
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| What is an example of emblements? | show 🗑
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| show | (Fruits of Nature) Trees and shrubs
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| show | Yes, because he sold his subsurface rights to the oil company before he sold the house. Essentially he is selling just surface rights.
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| What are examples of an appurtenance? | show 🗑
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| The rights of ownership include: | show 🗑
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| What are the physical characteristics of real property? | show 🗑
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| What is another term for personal property? What is the definition? | show 🗑
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| Define: Community Property | show 🗑
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| How many days does a developer have from execution of the contract to refund or return your deposit? | show 🗑
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| show | the occupant/owner of each unit holds a fee simple title to the unit and also a specific area of the indivisible parts of the building and land. A.k.a. Condominium laws
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| show | Freehold Estate
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| show | 1.) Owners must be husband and wife when title is received
2.) Owners have the right of survivorship
3.) During the owners lives, title can be conveyed only by a deed signed by both parties
4.) there is generally no right to partition
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| What does PITT stand for? | show 🗑
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| What are the 3 forms of co-ownership recognized in NC? | show 🗑
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| What is the ownership interest in tenancy in common? | show 🗑
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| What is another term for severalty? | show 🗑
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| What is the amount that NC provides a limited exemption for individuals from claims of creditors against personal residence? | show 🗑
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| show | Provides for the distribution of the property of an intestate person, one who dies without a valid will
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| Define: Escheat | show 🗑
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| show | Alienation
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| show | "so long as", "while" and "during"
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| show | (Those involving ownership) Estates of indeterminable length, such as those exsisting for a lifetime or forever
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| Define: Estate | show 🗑
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| show | Intention of the annexor
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| show | Something that is bolted, nailed, glued or screwed
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| show | The land plus permanent improvements and the interests, benefits and rights inherent in real estate ownership
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| Define: Real Estate | show 🗑
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| show | Scarcity, location, improvements and permance of investment
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| What is another term for improvements? | show 🗑
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| Improvement to a property are ______ improvements. | show 🗑
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| Improvements on a property are _____ improvements? | show 🗑
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| The term heterogeneity refers to ______. | show 🗑
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| Situs refers to ____. | show 🗑
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| Define: Littorial Rights | show 🗑
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| show | An owner's right in land that borders on or includes a stream, river or lake. These rights include access to and use of the water. Ownership is to the exact center of that stream, river or lake.
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| show | 1957
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| show | anything of value in exchange for a service
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| The Real Estate Commission consist of ___ members | show 🗑
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| show | 7 members
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| show | 2 members
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| show | 3 members
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| How many member CAN NOT be licensed real estate brokers? | show 🗑
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| The job of the commission is to | show 🗑
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| show | reprimand, revoke, suspend and deny
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| All licenses renew on _______ of EVERY year. | show 🗑
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| Real Estate commission CAN NOT | show 🗑
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| show | The anniversary date of when you got your licensure
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| show | 8 hrs. 4 hrs of mandatory updates and 4 hrs of electives
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| When do you have to take your continuing education classes by? | show 🗑
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| What happens if you don't take your continuing classes in time? | show 🗑
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| show | Bill of Sale
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| show | The interest, benefits and rights when owning real estate. It is also, the “legal relationship” between the owner and the property.
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| show | “DEEP C”
Disposition, Enjoyment, Exclusion, Possess/profit, Control
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| Define: Appurtenance | show 🗑
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| show | 1st come, 1st serve. Used in states with scarce water supply
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| Define: Alluvium | show 🗑
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| show | Real Property and conveys with the land
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| Is Fructus Industriales real or personal property? | show 🗑
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| show | Tenant grown crops, produced annually and personal property. The previous owner can come back and get their crops.
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| show | Servance = Real to Personal
Annexation = Personal to Real
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| show | Aunt IRMA: Intention, Relationship, Method and Adaption
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| What is the highest form of land ownership? | show 🗑
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| In a fee simple determinable, it’s about the | show 🗑
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| show | PERSON….not the property.
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| Pur Autre Vie | show 🗑
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| show | - 2 or more owners
- Unmarried owners
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| What are characteristics of joint tenancy? | show 🗑
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| What are characteristics tenancy by the entirety? | show 🗑
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| show | Gradual change in course of a river or stream.
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea.
+ or - changes to property actions
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| show | Water receding (as lake is drying us)
+ changes to property actions
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| show | Gradual wearing away
- changes to property actions
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| show | Sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
+ or - changes to property actions
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| Which of the follow is an example of an emblement? a stand of walnut trees, an apple orchard, a vineyard or a field of corn? | show 🗑
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| Define: Chattel | show 🗑
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| show | The uniqueness of the land. A.K.A. nonhomogeneity
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| Define: Highest and Best Use | show 🗑
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| Define: Emblements | show 🗑
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| show | area preference
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| In regard to real estate's role in economic cycles, which of the following statements is correct? | show 🗑
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| All of the following factors would affect supply EXCEPT: population construction costs government controls the labor force | show 🗑
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| All of the following are required of a candidate to obtain a NC Real Estate Brokers License, EXCEPT: minimum age of 18 high school diploma good character formal background check | show 🗑
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| Define: Erosion | show 🗑
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| show | An item of personal property that has been converted to real property by being permanently affixed to the realty.
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| show | The max possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
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| Define: Fee Simple Defeasible | show 🗑
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| show | Land at the coast between average high tide and average low tide. This is owned by the state of NC.
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| Define: Freehold Estate | show 🗑
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| show | An interest in real or personal property that is limited in duration to the lifetime of its owner or some designated person or persons.
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| Define: Life Tenant | show 🗑
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| show | 1.) A landowners's claim to use water in large navigable lakes and ocean adjacent to the property
2.) The ownership rights to land bordering these bodies of water up to the average high water mark
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| show | A real estate licensee who performs real estate activities under the supervision of a licensed real estate BIC. They must complete post-licensing classes to have provisional status removed.
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| Define: Appurtenance | show 🗑
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| show | A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.
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| Define: Riparian Rights | show 🗑
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| Define: Trade Fixture | show 🗑
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