NC RE Study Guide
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| show | Legal right that goes along with the property
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| Riparian | show 🗑
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| Littoral Rights | show 🗑
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| Foreshore | show 🗑
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| Accretion | show 🗑
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| show | water recedes or disappears
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| Erosion | show 🗑
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| show | fixtures total circumstances test items listed in listing agreement that are fixtures
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| IRMA | show 🗑
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| Estates | show 🗑
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| Freehold estates | show 🗑
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| show | inheritable
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| show | inheritable
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| Pur Autur vie | show 🗑
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| Life estate | show 🗑
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| Leasehold | show 🗑
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| Four types of leas house estates | show 🗑
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| show | Automatic termination after a definite period of time
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| show | Automatic renewal after a definite initial period, until terminated by either party with require notice
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| show | Terminated by either party at any time with no required notice
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| show | Landlord must evict illegal holdover tenant
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| show | highest form of ownership, complete ownership, passes to heirs
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| Fee simple absolute | show 🗑
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| show | can be lost if don't obey deed restrictions
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| Fee simple subject to condition subsequent | show 🗑
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| show | requires a specific activity or land use if not ownership automatically reverts back to original owner or their heirs, no lawsuit necessary
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| Life estate | show 🗑
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| Pur autre view | show 🗑
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| Remainder interest | show 🗑
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| show | grantor does not name a remainderman then ownership returns to the grantor when life estate terminates
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| Severalty | show 🗑
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| Tenancy in common | show 🗑
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| Tenancy by the Entirety | show 🗑
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| Joint Tenancy | show 🗑
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| show | Own land underneath (footprint) do not stack vertically, no cancel period, own entire unit and half of party wall, common areas owned by homeowners association
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| Condominium | show 🗑
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| show | 5 or more separated periods, 5 year period (at least), 5 day cancellation (without penalty), 10 days developer keeps money in trust, 30 days to refunds, $500 fine to developer (per violation)
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| show | owns share of stock in the corporation, has a proprietary lease to the unit
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| show | personal use of your land by your neighbor, giving the easement is the servient tenement receiving the easement is dominant tenement
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| Easement in gross | show 🗑
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| show | by implications of law, cannot be landlocked
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| Easement by prescription | show 🗑
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| Easement by condemnation | show 🗑
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| show | reason is gone, holder of easement buys land, release of the right, abandonment, non-use of prescriptive, adverse possession, by destruction, nonrecordation, lawsuit (quite title), excessive use
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| show | Judgments, personal property tax liens, state and federal tax liens
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| Specific Lien | show 🗑
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| Ad Valorem Taxes | show 🗑
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| Mills | show 🗑
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| show | Levied by county or local municipalities to cover cost of public improvements such as new sewers, sidewalks, curbs or paving to the real property that benefits from them, special assessment lien #2 on list of exceptions to Conner act
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| show | ranges, tiers, sections, 36 sections in a Township, each section is 1 sq. mile, 640 acres per section
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| adverse possession | show 🗑
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| show | greater protection than other deeds, best deed for grantee, also greatest liability, bound by basic covenants or warranties; they are legal owner, free of liens, title will be good against third parties, warranty forever
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| show | also called limited warranty deed, warrants received title to land and wasn't encumbered at the time, banks use
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| Quickclaim deed | show 🗑
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| Conner Act | show 🗑
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| show | Know difference between legal and illegal non-conforming use
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| show | Restrictive/Protective covenants, any owner can bring lawsuit, don't need to prove damage
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| show | check zoning and deed restrictive covenants if they want to use for specific reason
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| show | If not gate then public road, but may not mean the government is taking care of maintenance, owners are responsible if government isn't, check with DOT
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| show | property built prior to 1978 lead hazard reduction act lead disclosure signed by everybody
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| Agency Law | show 🗑
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| Open Houses | show 🗑
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| Oral buyer agent contract | show 🗑
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| Fiduciary duties | show 🗑
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| Residential property disclosure act. | show 🗑
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| show | takes place when agents who have actual knowledge of a material fact deliberately misinform
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| show | takes place when agents unintentionally misinform concerning a material fact because they do not have actual knowledge
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| willful omission | show 🗑
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| negligent omission | show 🗑
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| Agency Contracts | show 🗑
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| show | written from beginning, find ready, willing, and able buyer even if no closing you earn comm.
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| Anti trust | show 🗑
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| Married Couples | show 🗑
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| DNC List | show 🗑
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| show | heated, living area, finished, directly assessable to house, must have all 3 to count
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| show | General business situations, employee or independent contract? Depends on degree of control of employer
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| show | Open-ended unless otherwise state, written has to have specific start and end date
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| Contract breaches | show 🗑
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| Contract Law | show 🗑
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| contracts | show 🗑
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| never in offer to purchase | show 🗑
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| show | contract and rules surrounding them
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| show | pick which one isn't in a contract
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| show | must notice by 5 or no earnest money still won't get due diligence fee, if seller breaches or house destroyed can get earnest money back
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| show | must bring up issues that need to be in contract or can be held liable
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| show | Reasonable amount of time, can specify time, counter offer rejects and cancels initial offer
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| show | 3 steps, written offer, written acceptances, and communication of acceptance back to offeror, because of statue of frauds contract has to be in writing
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| show | optionee has no rights yet
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| show | amount of value of property that is free of dept, appreciation, payments made, improvements
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| show | 1 point
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| Promissory note | show 🗑
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| show | Acceleration Clause all due now if late on payments, unpaid property taxes, Subordination clause swap positions
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| show | right of redemption, 10 day upset bid
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| Loans | show 🗑
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| PMI | show 🗑
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| show | high LTV 95-97%, higher loan amount, insuring mortgage, bank/lender sets rate
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| Adjustable-rate mortgages | show 🗑
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| show | on 2 or more properties
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| show | personal and real put up for collateral
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| Wrap around loan | show 🗑
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| regulation Z | show 🗑
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| Closing statement | show 🗑
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| Debit Seller | show 🗑
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| Debit Buyer | show 🗑
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| show | who gets the rent money, property sold on 20th then 21st on the buyer gets rental money, double entry, debit - seller and credit buyer
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| show | attorney puts money in trust account, lender, court house to check title, record deed, release money to all parties
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| show | good for 1 day, certified appraiser
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| show | income capitalization, sales comparison, cost approach
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| show | land, improvements, $110*3,000
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| Depreciation | show 🗑
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| show | IRV circle NOI/Cap rate * value of property
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| show | residential rental agreement must be habitual or fit to live in
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| show | dictates what you can do with the security deposit, what you can spend it on, as well as how much you can charge, accounting done within 30 days, final in 60 days
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| Types of leases | show 🗑
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| Percentage Lease | show 🗑
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| show | Commercial lease, Tenant pays rent plus all or some of the property charges
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| Graduated Lease | show 🗑
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| show | commercial lease, Tenant typically pays rent on land and builds on it, for 99 years
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| show | have to be in writing, responsibilities are to find renters, evaluate them, market the property, deal with maintenance, be familiar with these, need to know what owners do
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| show | before tenant moves in, remodeling
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| Operating expenses | show 🗑
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| Property Manager | show 🗑
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| Fair housing and tenancy | show 🗑
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| show | adjusted basis, amount realized gain or loss
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| show | Chapter 22, equity, cash flow, leverage using dep, appreciated
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| show | Commission rules, trust accounts, who have to be licenses, LLBEANS, and STAPLES
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| show | hiring an unlicensed assistant – difference between sales and property management in sales cannot show property but under property management can show property to rent.
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| show | Provisional, BIC, Post licensing requirements - 90 hours, in 3 years if not inactive
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| RE Commission | show 🗑
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| show | 8 hours per year, is CE goes inactive June 30th, miss post licensing inactive, don't pay expires July 1
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| Reporting | show 🗑
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| Blind ad rule | show 🗑
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| show | must present immediately and all at one time
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| show | disclose terms with competing parties, let others know of terms unless have permission
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| show | if provisional must give to BIC, BIC must put in trust account within 3 banking days
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| BIC | show 🗑
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| show | 5 or more separated periods, 5 year period (at least), 5 day cancellation (without penalty), 10 days developer keeps money in trust, 30 days to refunds, $500 fine to developer (per violation)
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Created by:
ahendrix1977
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