Real estate Re-fresh Flashcards

Real estate Re-fresh Flashcards Both condos and town houses have common spaces that all residents can use. What controls those spaces?The HOA.When a new property owner acquires land subject to an easement, they will also acquire the rights or limitations of

that easement. The phrase that describes this best is:

Easements...?run with the land Real property includes the land and all the improvements made to it, which include what?Houses, wells, and fences.When an owner of property held as joint tenants with rights of survivorship dies, what happens to the deceased owner's share?It passes automatically to the remaining joint owner(s) Bob and Cindy, a married couple, own their home. They have an equal, undivided right to sell, mortgage, transfer, or encumber their property. Which of the following describes how they own the home?As joint tenants and Chris own a home together as joint tenants with rights of survivorship. Pat signs a Will to leave ownership of her share of the house to her friend, rather than to Chris. What will likely happen at Pat's death?That provision of the Will will not take effect. Property owned as joint tenants passes by law to the other named joint tenant(s) at death.If a North Carolina real property tax bill remains unpaid, on what date will it officially attach to real property in North Carolina as a lien on the property?January 1.On January 1, a North Carolina tax lien officially attaches to the property's title.Which of the following are cooperative residents usually responsible for?Both their own utility costs and maintaining the interior of their individual units.Which of the following events will impact lien priority for North Carolina properties?The full payment and discharge of an existing lien on the property.Liens that are placed for nonpayment of personal or real property taxes attach to real property in North Carolina. Certain events do not impact lien priority for North Carolina properties. They include the real property's title transfer, the death or bankruptcy of the property owner, and the implementation of receivership for property owners.When does a lien that is attached to a North Carolina property become an actionable lien In January of the following year, if real property taxes remain unpaid.Any tax lien that has been imposed and attached to real property as required, on January 1, does not become actionable until the January of the following year if real property taxes remain unpaid What is a type of trust that springs into being after the grantor's death?Testamentary trustA testamentary trust is defined as a trust which arises upon the death of the testator, and which is specified in his or her will.By definition, non-business property does not include which of the following items?A mobile home

What will the tax value of real property in North Carolina ultimately be used for?To determine ad valorem taxes with millage rates for each property.Which of the following is not a power that an owner in severalty has over their real estate?These are all powers owners in severalty enjoy If a tenant puts up agricultural fixtures and then moves out later, what should the tenant do?Leave the fixtures behind, as they belong to the landlord now.The exemption to construction jobs that need a lien agent is for?Single-family residences that are owner-occupied.What does an extended coverage title insurance policy cover?Matters not found in a search of the written title records.Extended coverage includes standard exceptions not included in a standard title insurance policy. These exceptions may include any encroachments, encumbrances, violations, etc.Which of the following real property is ARE exempt from taxation by the state of North Carolina?Real property owned by a religious organization.Real property owned by a nonprofit company or organization.Real property owned by an institution of higher education When two property owners join together to create a written agreement transferring an easement to another party, what is the easement called...?An easement by grantThis question refers to the definition of an easement by grant.What are the three legal components that must be present in a real estate deed?Offer, consideration, and acceptance.Which warranties does a quitclaim deed include? It does not include any warranties.A quitclaim deed comes with no warranties. It is the most barebones type of property deed. With a quitclaim deed, even if the title is defective, the grantee has no guarantee against the grantor.What is the purpose of title insurance?To cover losses that result from problems with real estate title after closing.Attaching the manufactured home to land, removing the wheels, axles, and hitch, and filing an affidavit of affixture means that the home can be declared what?Real property.How is real property conveyed to heirs when a person dies without a will?By administrator's deed according to state law.Which of the following real property is NOT exempt from taxation by the state of North Carolina?Real property owned by a lawyer licensed in North Carolina.Jim owns a house and land. He wants his daughter Sally to get the property when he dies. What should he do?Draft a will that instructs the property to go to Sally.The real estate term "fruits of the soil" refers to?Everything that the land produces.The fruits of the soil include anything produced in that soil, which means the crops that are grown in it and the plants that are naturally occurring, too. There are trees, bushes, flowers, and all kinds of other plants grown there, and they all count. A lot of the fruits of the soil happen naturally, and those that are cultivated depend on the soil conditions and other factors.

Do laws for deed restrictions exist?Yes, there are some limits on the restrictions that grantors and grantees can add to a deed.There are some laws on deed restrictions. For the most part, grantors and grantees can add the restrictions they like to a deed, but the law establishes some limits. For example, a deed may say that a developer can only build single-family homes on a piece of property, but the deed cannot say that the developer can only sell the homes to people of a certain race. That type of deed restriction is illegal.What does a habendum clause describe?Restrictions on the transfer of a property.Also called the "to have and to hold" clause, the habendum clause describes the restrictions on the transfer of a property. For example, if someone is selling a piece of property to multiple people, the habendum clause details the percentage of the property owned by each party.Each of these could be considered an encroachment, except...?Cement patio that extends up to the property lineAn encroachment only occurs when something crosses the neighbor's property line.What are financed fixtures considered, even though they're installed in a home?Personal property.If real property in North Carolina is acquired after January 1, but July 1 of the same year and the property acquired was under a tax-exempt status from the previous, when will the property be re-appraised for the new owner's status?On January 1, following the purchase of the property.By what date must each North Carolina county set its yearly tax rate for the properties located within that county's boundaries?By July 1.Each year there are significant dates to know regarding North Carolina property taxes. On January 1, a North Carolina tax lien officially attaches to the property's title. By January 31, all taxable property must be listed, or improvements disclosed to the county assessor's office. By July 1, each North Carolina county must set their yearly tax rate for its county-wide properties. On September 1, a property owner's real estate tax bill is due and payable.According to the Machinery Act in North Carolina, at a minimum, how often must North Carolina counties reappraise property values in each county?Every eight years, although they have the option of reappraising more often if the county so chooses.Which of the following could be structured as a cooperative?Apartment-style building Which of the following items must be included on a deed?The type of ownership, information about consideration, and a legal description of the property.For most properties in the State of North Carolina, the date for the tax lien is?January 1 of each year.When is a late penalty levied for an unpaid property tax bill in North Carolina?January 5 of the following year.t is noted that the last day to pay a property tax bill in North Carolina without a late penalty is January 5 of the following year.

What is a consideration in a deed?What the grantor receives in exchange for the property.What is the first step the county board of assessors must take when considering financing (all or part of) a public works project through taxation by special assessments?Create and adopt a preliminary assessment resolution.Before a county board of commissioners may finance all or part of a proposed project by special assessments, it must first create and adopt a preliminary assessment resolution, including pertinent information regarding the proposed project.What legislation sets forth the regulations regarding North Carolina Property liens?The Machinery Act Property tax assessments differ from special assessments in what way?A special assessment is an explicit taxation charge levied against parcels of real property that will benefit from a public works project. In contrast, property tax assessments are levied against all property.Cooperatives are usually managed by...?Board of directors Which of the following is a requirement to create an easement by prescription?All of the answer choices provided are correct Which of the following is NOT one of the ways state authorities use property tax revenue?To fund the creation and maintenance of federal highways.A new sidewalk project is planned for the southeast portion of a North Carolina town. Those properties that abut the sidewalk will be required to pay a special assessment of $1.20/foot for this planned project. If Mr. Smith's property frontage is 200 feet, what will be Mr. Smith's special assessment amount be for this planned project?240 What types of fees are condo owners with mortgages generally responsible for paying, in addition to their mortgage payments and utility costs?Property taxes and dues to pay maintenance and upkeep.Which of the following could be structured as a condominium?All of the answer choices provided are correct North Carolina has three primary revenue sources. Which of the following is not a North Carolina revenue source?State Income Tax.Which of the following is the least common type of real estate ownership when a married couple owns property together?Tenancy in common In real estate, how do you define a fixture? Physical property that has been permanently attached to real property.Which of the following could own real estate as tenants by the entirety?Karen and Rick, a married couple What type of ownership describes apartment-style living where residents own shares in a corporation that entitles them to occupy a specific unit?Cooperative What is the most common way to buy property? As a freehold estate.Under which type of ownership do individual residents have a deed for their property in fee simple?Condominiums