Vocabulary
Surface, all natural things attached to it, subsurface, and air above the surface.
Right of Disposition
to sell, will, transfer, or otherwise dispose of or encumber the property.
what is a life tenant?
the owner of the life estate
Explain a broker?
a broker acts as an agent who negotiates the sale, purchase, or rental of property on behalf of others for a fee or commission.
The ______ is responsible for real estate licensing.
North Carolina Real Estate Commission (NCREC)
Real estate
Land + manmade permanent attachments
Bundle of legal rights
Possess, Use, Transfer, Exclude, Encumber
(P.U.T.E.E)
If a property owner gives a specific person permission to cross his property, this is a
Easement in gross
Real Estate Brokerage
the business of bringing together people interested in completing a real estate transaction.
Which type of lien provides security to persons that work on real property owned by others?
A. Mortgage lien
B. Mechanic's lien
C. Real estate tax lien
D. State income tax lien
B) Mechanic's lien
This type of lien is typically used to guarantee of payment to builders, contractors, and construction firms
Appurtenance
permanent attachments to the estate /the right to privilege that goes with the ownership of land.
What are the three physical characteristics of real estate?
Immobility, indestructibility, & uniqueness
If a widow inherits an estate by will granting her the right of use and possession of a parcel of land for the rest of her life, with the provision that the estate will go to her children in fee simple upon her death, she has received:
A life estate with remainder
What is highest and best use?
The use that will give the owners the greatest actual return on their investment.
Which of the following is a requirement to become a real estate broker in North Carolina?
A. 18 years of age
B. 75 hours of real estate courses
C. Payment of an application fee
D. All of the above
D. All of the above
Littoral Rights
(Lakes) own to high water mark
Personal property
Chattels, trade fixtures, emblements, and all basically all movable things.
Which of the following types of ownership requires unity of interest, title, time, and possession?
A. cooperative
B. tenancy in common
C. joint tenancy
D. condominium
Joint Tenancy
Uses of Real Property
Residential, Commercial, Industrial, Agricultural, and Special purpose
A _________ is a licensee who has the responsibility of supervision in real estate.
A. Broker in charge
B. Provisional broker
C. Managing broker
D. Broker
A. Broker in charge
A broker in charge has supervision over provisional brokers who are engaged in real estate at a specified office.
Fixture
An item that was once personal property but has been affixed to land or building.
Interests
Possession (Estate)
Non-possession (Encumbrance, Public interest)
Ownership as tenants by the entirety includes which of the following?
A. the right of one owner to convey title to his share of ownership without the participation of the other owner
B. the right of survivorship
C. ownership of an unequal interest in the property with another
D. conversion to ownership as joint tenants if the owners are divorced.
The right of survivorship
All licensees are not ___________________
All realtors are __________________
REALTORS
licensees
Which of the following is a state North Carolina does not have reciprocity with?
A. Arkansas
B. West Virginia
C. South Carolina
D. Virginia
D. Virginia