Key Terms North Carolina Real Estate Exam Flashcards

Key Terms North Carolina Real Estate Exam Flashcards easement by condemnationeasement in which private property is taken for public use via eminent domain Planned unit development (PUD)a subdivision that includes residential dwellings along with nonresidential real estate departing from normal zoning and subdivision regulations; recreational facilities may be co owned by PUD lot owners as tenants in common Personal property tax liengeneral lien on all real property of the taxpayer located within the city or county; in North Carolina, attaches on the date the property is to be listed and is valid for ten years from the date the unpaid taxes become due Situsthe economic significance of a property's location beneficiarythe recipient of advantage or gain from an act or instrument such as a trust will or insurance policy limited common elementsportions of a shared property owned by everyone as with other common elements but are only used by a few owners or even one owner community propertya system of property co ownership most commonly applied to married couples which describes what is joint property and what is individual property legal life estateany life estate created by a function of law as opposed to the actions or desires of a property owner estoversthe right to use a propertys resources to maintain the property horizontal reappraisalwhen every property in an area is raised or lowered the same percentage based on market changes instead of being individually reassessed Easementan interest in or a right to use another individuals land or property for a specific limited purpose condominiumproperty where each owner has a separate interest in their own unit and undivided interest in the common areas quiet title suita lawsuit brought with the purpose of removing any outstanding ownership claim title defect or encumbrance on a property Avulsionthe sudden loss of land by flood or when a stream or river changes course tax liena lien that is imposed against a property if the property owner becomes delinquent in the payment of taxes specific liena lien that applies to a certain property only pur autre viea life estate characterized by ownership lasting only for the duration of a designated party's lifetime

judgment liengeneral involuntary liens given by courts at the conclusion of lawsuits Proprietary leaselong term and exclusive lease given to resident and stock owner of a cooperative dominant tenementthe parcel of land that benefits from an easement appurtenant by having the right to cross another owners adjacent land; aka dominant estate life estatea type of estate limited to the duration of measuring life tax ratethe percentage of the value that is taxed appurtenancesrights that run with real property ownership; most often transferred with the property but possible to sell separately mechanic's liena type of involuntary, specific lien that a mechanic or materialman can impose upon a property if the property owner fails to pay for materials or work done on the propert Agricultural fixtureitems used for agricultural purposes townhousea type of structure that has more than one story and is usually separated by party walls; owner can either have fee simple ownership or a separate interest in their own unit and undivided interest in the common areas; aka townhome homesteada legal life state that prevents a person primary residence from being forcibly sold to pay certain kinds of debts writ of attachmenta court order in which the court seizes property until it reaches a judgment; aka attachment lien Common elementsportions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, lobbies, fitness centers, elevators, etc.senior liena lien that comes first on the priority of liens often a tax lien; aka a superior lien tax districtan area in which a taxing entity is authorized by the government to levy taxes assessmentthe determination of the value of a property for tax purposes subordination agreementa contract that gives a mortgage recorded at a later date priority over a previously recorded mortgage titlethe actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document Landthe surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity trade fixturepersonal property that is owned by and needed for a tenants business Accretionthe process that results in the gradual increase in land area through deposits of soil by natural forces

tax basethe total assets available in a specific area Fructus Industrialesplants or crops intended for harvest and treated as personal property aka emblements trusta legal entity where control of some asset or property is transferred by a grantor to a third party to be held for the benefit of another reversionary interestthe interest in an estate wherein upon the death of the life estate owner full ownership reverts back to the original fee simple owner state tax lieninvoluntary general lien on the estate that is held against all of the defaulting state taxpayers property RelictionA gradual increase in land area when water gradually withdraws party walla wall shared by two separate properties; the owners on each side share the right of use, often as an easement freehold estatea form of ownership with an indeterminate length AccessionThe right to all that one's own property produces including that which is added either naturally or by human action to the property already owned chattela commonly used terms for personal property general liena lien for which the real estate and personal property may be sold to satisfy the debt erosionthe gradual loss of land over time remainder interestthe interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is based junior liena lien that has another (senior) lien superseding it in priority; aka inferior lien lis pendensa document recording recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property Erosionthe gradual loss of land over time remaindermanthe person who holds the remainder interest in a life estate easement in grossan easement that applies to the person or entity not the specific land Living trusta trust established by a living trustor in order to convey legal title of property to a trustee for the benefit of a named beneficiary fixturean object that was once personal property but is now firmly attached to the land in such a way that is considered to be real property riparian rightsrights that govern the use of flowing water such as rivers and streams that pass through or border a property fructus naturalestrees perennial plants and uncultivated plants Usually treated as real property because of their permeance

encroachmentphysical property that crosses the boundary into a neighboring landowners property mill ratethe mills per dollar of assessed value a property owner pays in property taxes Permanence of investmentthe economic principle that the capital and labor it takes to create improvements to and on land makes real estate a long term investment Right of survivorshipthe statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners cooperativeproperty where each owner owns shares in a corporation that owns a building then has a proprietary lease for their unit special assessment liena lien placed against property to collect taxes for a specific improvement benefiting the property ad valorem taxesa tax calculated according to the assessed value of a piece of real estate Demanda measure of the general desire for an asset or commodity at a given time Marketa theoretical construct that isolates the selling and purchasing of any one particular commodity from the economy as a whole timeshare usea license or contractual or membership right of occupancy in a timeshare project that is not coupled with an estate in the real property Attachmentsphysical objects permanently attached to land (can be human-made or natural) timeshare estatea right of occupancy in a timeshare project which is coupled with an estate in a real property lien prioritythe order in which liens against a property will be settled timesharea form of co ownership where each owner has use of the property at different prescribed periods of time; aka interval ownership Scarcitythe economic characteristic that informs the economic principle of supply and demand Real propertyland from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership Improvement(1)any non-natural structure built on or affixed to land(2) The economic principle that the value of land can be affected by human-made changes to the land also called modications foreshorethe piece of land between the high and low tides littoral rightsrights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering