importan numbers
What is the significance of June 30?
Your renewal fee must be paid by then
NCREC
North Carolina real estate commission
Annexation
Process of changing something from personal to real property
What are three economic characteristics of land?
Scarcity, permanence of investment & location (situs)
What does the word special mean in terms of realty?
Limited
What is the significance of June 10?
must complete 8 hours of updates completed by then. 4 updates , 4 electives.
BIRTH
Benefits, interests, rights, tenements, hereditaments.
Severance
Process of changing something from real to personal property
What are three physical characteristics of land?
Immobility, permanence(indestructibility)& uniqueness (nonhomogeneity)
What is a property survey for ?
Used to determine the properties boundaries.
What do you have to complete in 18 months?
The 3 post licensing courses. 301,302&303 any order.
MOG
Mineral , oil & gas disclosure
Escheat
Transfer of property when someone dies without heirs.
What is title insurance & what does it protect against ?
policy insuring for the buyer & lender that the title is free of defects
Proper parties and owners, forgeries, errors in documents, missing heirs & unrecorded liens.What is the torrens system?
Created out of the old ship registration system
How many days do you have to refund timeshare money from the day the contract was executed?
30 days
IRMA
Intent, relationship, method & adaptation
Eminent Domain
The right of the government to take property for public use . With fair pay and just compensation.
What is OCEAN?
Elmer’s of adverse possession
Open, continuous, exclusive, adverse & notorious
What is marketable title?
Title that is reasonably free from unknown claims, liens & defects.
A mechanic lien MUST be file lawsuit within ____ days. From the last day of the completed job.
180
PETE
Police power, eminent domain, taxation & escheat
What is Encroachment ?
Anything physical which imposes on the property line of another.
What is DREAMOIL?
Deeds, restrictive covenants, easements, assignments, mortgages, options, installment land contracts & lease longer than 3 years
What are the four types of deeds?
General warranty deed. Special warranty deed, bargain and sale deed & quit claim deed.