Real Estate Chp 1-2
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| What is an example of emblements? | (Fructus Industriales/Fruits of Industry) Annual crops, such as wheat, corn, veggies and fruit.
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| What is an example of fructus naturales? | (Fruits of Nature) Trees and shrubs
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| Can someone sell their property that has coal on it without selling the rights to the coal? How? | 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? | Surface Rights, Subsurface rights and air rights
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| The rights of ownership include: | Right of disposition, right of enjoyment, right of exclusion, right of possession and right of control
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| What are the physical characteristics of real property? | Immobility, Industructibility and Uniqueness
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| What is another term for personal property? What is the definition? | “personalty”, “chattel” or “emblements”
Items that are moveable and not defined as real property
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| Define: Community Property | Joint property ownership by spouses as opposed to separate property (acquired before marriage via gift, separate funds or inheritance)
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| How many days does a developer have from execution of the contract to refund or return your deposit? | 30 days
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| Define: Horizontal Property Acts | 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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| What kind of estate is a condo? | Freehold Estate
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| What are the distinguishing characteristics or tenancy by the entirety? | 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? | Possession, Interest, Time and Title
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| What are the 3 forms of co-ownership recognized in NC? | Joint tenancy, tenancy by the entirety, tenancy in common
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| What is the ownership interest in tenancy in common? | Undivided interest
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| What is another term for severalty? | Sole Owner
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| What is the amount that NC provides a limited exemption for individuals from claims of creditors against personal residence? | $35,000 and $60,000 for certain unmarried, age 65 or older
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| Define: Intestate sucession act | Provides for the distribution of the property of an intestate person, one who dies without a valid will
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| Define: Escheat | The reversion of property to the state, as provided by state law, in cases where a decedant dies intestate without heirs capable of inheriting or when the property is abandoned
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| What is another term for transferring property? | Alienation
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| What are key phrases in fee simple determinable? | "so long as", "while" and "during"
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| Define: Freehold estate | (Those involving ownership) Estates of indeterminable length, such as those exsisting for a lifetime or forever
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| Define: Estate | The degree, quantity, nature and extent of interest one has in real property.
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| What is the most important legal test of fixture? | Intention of the annexor
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| What characterizes a fixture? | Something that is bolted, nailed, glued or screwed
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| Define: Real property | The land plus permanent improvements and the interests, benefits and rights inherent in real estate ownership
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| Define: Real Estate | Land; a portion of the earth's surface extending downward to the center of earth and upward infinately into space, including all things permanetly attahced to it, whether naturally or artifically
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| What are the Economic characteristics of real property? | Scarcity, location, improvements and permance of investment
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| What is another term for improvements? | Appurtenance
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| Improvement to a property are ______ improvements. | Public
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| Improvements on a property are _____ improvements? | Private
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| The term heterogeneity refers to ______. | Uniqueness
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| Situs refers to ____. | Societal factors that are related to the location.
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| Define: Littorial Rights | 1.) a landowner's claim to use water in large navigable lakes and oceans 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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| Define: Riparian Rights | 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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| In ______ the real estate commission said that people had to have a real estate license in order to sell real estate. | 1957
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| Define: Compensation | anything of value in exchange for a service
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| The Real Estate Commission consist of ___ members | 9 members
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| How many members of the commission are appointed by the Governor? | 7 members
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| How many members of the commission are appointed by the legislation? | 2 members
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| How many members MUST be licensed real estate brokers? | 3 members
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| How many member CAN NOT be licensed real estate brokers? | 2 members
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| The job of the commission is to | protect the public from real estate brokers
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| The commission can ______________________ your license. | reprimand, revoke, suspend and deny
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| All licenses renew on _______ of EVERY year. | June 30th
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| Real Estate commission CAN NOT | fine you and does not get involved in fee disputes
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| When does your 1st post-licensing class have to done by? | The anniversary date of when you got your licensure
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| How many hrs of continuing education do you have to take each year and what do they consist of? | 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? | June 10th.
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| What happens if you don't take your continuing classes in time? | You license becomes inactive as of July 1st and you must then take the past years CEU class and the current years in order to return back to active.
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| How do you convey personal property? | Bill of Sale
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| What is a bundle of legal rights? | 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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| What does a bundle of legal rights include? | “DEEP C”
Disposition, Enjoyment, Exclusion, Possess/profit, Control
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| Define: Appurtenance | Rights, privileges and/or physical improvements that run, stay or transfer with the land. They can be tangible or intangible
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| Doctrine of Prior Appropriation | 1st come, 1st serve. Used in states with scarce water supply
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| Define: Alluvium | Silty type of soil formed by sediment that was deposited by the flow of water
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| Is Fructus Naturales real or personal property? | Real Property and conveys with the land
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| Is Fructus Industriales real or personal property? | Personal Property and DOES NOT convey with the land
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| Define: Emblements | Tenant grown crops, produced annually and personal property. The previous owner can come back and get their crops.
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| Servance = ______ to ______ Annexation = ______ to ______ | Servance = Real to Personal
Annexation = Personal to Real
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| What is the test to determine whether property is personal or real? | Aunt IRMA: Intention, Relationship, Method and Adaption
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| What is the highest form of land ownership? | Fee Simple Absolute
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| In a fee simple determinable, it’s about the | property…not the person. “so long as, while, during”
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| In a fee simple condition subsequent, it’s about the | PERSON….not the property.
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| Pur Autre Vie | “For the life of another” and not inheritable
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| What are characteristics of tenancy in common? | - 2 or more owners
- Unmarried owners
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| What are characteristics of joint tenancy? | - Has right of survivorship
- Had to acquire all together
- NOT favored in North Carolina
- PITT (Possession, time and title)
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| What are characteristics tenancy by the entirety? | - Has right of survivorship
- Is a subcategory of joint tenancy
- Marriage (where possession and interest is equal)
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| Define: Accretion | 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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| Define: Reliction | Water receding (as lake is drying us)
+ changes to property actions
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| Define: Erosion | Gradual wearing away
- changes to property actions
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| Define: Avulsion | 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? | Field of Corn
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| Define: Chattel | Items, personal property or personalty, that do not fit into the definition of real property; moveable objects.
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| Define: Heterogenity | The uniqueness of the land. A.K.A. nonhomogeneity
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| Define: Highest and Best Use | The use that will give the owners the greatest actual return of their investment.
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| Define: Emblements | Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus indutriales. Usually considered personal property.
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| Which of the following is considered to have the greatest impact on the value of a property? | area preference
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| In regard to real estate's role in economic cycles, which of the following statements is correct? | real estate is a lagging indicator and contains periods of expansion, recession, depression and revival
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| All of the following factors would affect supply EXCEPT: population construction costs government controls the labor force | Population
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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 | high school diploma
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| Define: Erosion | Gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.
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| Define: Fixture | An item of personal property that has been converted to real property by being permanently affixed to the realty.
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| Define: Fee Simple | 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 | An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event. There are 2 categories: fee simple determinable and fee simple condition subsequent
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| Define: Foreshore | 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 | An estate in land in which ownership is for an indeterminable length of time, in contrast to a leasehold estate.
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| Define: Life Estate | 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 | A person in possession of a life estate
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| Define: Littoral Rights | 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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| Define: Provisional Broker | 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 | A right, a privilege, or an improvement belonging to, and passing with the land.
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| Define: Proprietary Lease | 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 | An owner's right in land that borders on or includes a stream, river, or lake. These rights include access to and use of he water.
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| Define: Trade Fixture | An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
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