Real estate terms

Oral buyer agency

When a real estate broker and a buyer agree verbally that the broker will represent the buyer, rather than signing a written agreement immediately

NC Residential Property Disclosure Act

a state law that requires most sellers of residential property to provide buyers with information about the property's condition before the buyer makes an offer.

Antitrust laws

they prevent brokers and firms from working together in ways that hurt consumers

Real property

and and everything permanently attached to it, plus the legal rights that come with owning it

Personal property

anything that is movable and not permanently attached to the land.

specific performance

A court order requiring someone to carry out the terms of the contract.

Statute of Frauds

Requires certain contracts to be in writing to be legally enforceable.

Marketable Title Act

Makes it easier to determine who owns property by simplifying old title records.

Machinery Act

Governs property taxation in North Carolina.

Connor Act

Protects purchasers by requiring certain real estate interests to be properly recorded.

Timeshare Act violations in NC

regulates the creation, sale, advertising, and management of timeshares in North Carolina. It is designed to protect consumers from deceptive or unfair timeshare practices.

New license year begins and the continuing education period starts.

July 1

Continuing Education (CE) deadline

June 10

License renewal deadline.

June 30

If you did not renew, your license expires

July 1

common interest community

owners have exclusive ownership of their individual unit or lot while sharing ownership or responsibility for common areas

residential cooperative

a type of housing ownership that is different from owning a condominium or a house.

Specific Liens

Attach to one specific property.

General Liens

Attach to all property owned by the debtor in the jurisdiction.

Special Assessment Lien

Used to pay for local improvements.

Federal Tax Lien

Filed by the federal government for unpaid federal taxes.

Judgment Lien

Created after someone wins a lawsuit.

Mechanics' Lien

Filed by someone who improves property but isn't paid.

which lien is paid first

Property Tax

Lien

a legal claim against property to secure payment of a debt. If the debt isn't paid, the property may be sold to satisfy the debt.

Easement

A legal right to use another person's land for a specific purpose, without owning it.

Easement example

Utility company runs power lines across your property.

Avulsion

A sudden, noticeable change in land caused by water.

Avulsion example

A hurricane causes a river to suddenly change course overnight, washing away part of your land.

Accretion

A slow, gradual increase in land caused by the natural deposit of soil (sediment) from water

Accretion example

Over many years, a river slowly deposits soil along your riverbank, making your property larger.

Easement Appurtenant

a legal right that allows the owner of one piece of land to use a neighboring piece of land for a specific purpose - shared driveway

Easement in Gross

legal right to use another person’s land for a specific purpose - utilities lines

Easement by Necessity

Created when a property has no legal access to a public road.

Easement by Prescription

a legal right to use another person's property, acquired through continuous, open, and hostile use without the owner's permission for a legally mandated period

Foreclosure

The legal process where a lender takes and sells property because the borrower failed to make mortgage payments

Escheat

Property transfers to the State of North Carolina when someone dies without a will and without any legal heirs.

Condemnation

The government takes private property for a public use after paying just compensation

Probate

The legal process of administering a deceased person's estate.

bilateral contract

A contract where both parties make promises to each other.

Tenancy in Common

Two or more people own the same property. j owned 75 s owns 35, j dies, it goes to his heirs.

Joint Tenancy

Two or more people own property together with the right of survivorship.

Willful Misrepresentation

A broker knowingly makes a false statement or lies about a material fact.

Negligent Misrepresentation

A broker gives incorrect information without intending to deceive because they failed to use reasonable care

Willful Omission

A broker intentionally fails to disclose a known material fact.

Negligent Omission

A broker fails to disclose a material fact because they were careless, not because they intended to hide it.