nc real estate

the machinery act requires properties be assessed at least once every __ years

8

Ad valorem taxes are based on ___ of property

value

in NC property tax liens are filed on ___ every ___

jan 1, year

improvement TO the land is of a ___ nature

public

Real estate taxes and special assessments take priority over all over liens including irs
true or false

true

are deed restrictions public or private agreements

private

do trade fixtures stay?

no

the probate process
a. rules on warranty claims
b. is required if the party died testate
c. determines claims under adverse possession
d. settles disputes between co-owners of property

b

littoral rights are for
___ or ___

sea, ocean

a life estate conveys to the life tenant
a. an estate purchase autre vie
b. reversionary interest
c. leasehold for life
d. ownership for life

d

Which is true regarding common interest community ownership

a. a town house individual owns the ground under the unit
b. condo common elements are owned by the hoa
c. a condo owner individually owns only the "airspace" and the ground under unit
d. town house laws are often called horizontal property acts

a

a buyer learns that her ownership rights will continue forever and that no other person has any ownership control over property this person owns a
a. determinable fee estate
b. fee simple interest
c. fee simple subject to a condition subsequent
d. life estate purchase autre vie

b

a person who acquired ownership that be inherited, with the provision that the land must be for recreation purposes has
a. fee simple determinable estate
b. a fee simple to a condition subsequent estate
c. a fee simple absolute estate
d. an estate that cannot be sold

a

oceanfront property ends at the

mean high water mark

A fee simple estate is free of encumbrance true of false

false

Freehold estate that will automatically extinguish upon cessation of a specified condition
a. fee simple unmarketable title
b. fee simple absolute
c. fee simple subject to condition subsequent
d. fee simple determinable

d

The owner of a fee simple estate sells the property with the condition that he will continue to own property until death. Seller has
a. remainder interest
b. reversionary interest
c. conventional life estate
d. dower interest

c

If property is held by 2 or more tenants in common, the interest of a deceased co-owner will pass to
a. state by the law of escheat, regardless of whether the deceased has any heirs
b. trust under which property is owned
c. remaining owner
d. heirs of deceased

d

William, Frank, and Jane are tenants in common. Jane sells to Lloyd and then frank dies. as a results
Franks heirs, Lloyd and William are
a. joint tenants
b. tenants in common

b

property is held in a trust who should re contact before listing
a. bank
b. trustee
c. truster who created trust
d. fiduciary

b

a timeshare buyer has ___ days of cancellation rights after signing contract

5

a timeshare salesperson must provide a public offering state to the buyer before sharing project info. T of F

false

Land acquired that was deposited by a river

accretion

Real estate taxes and special assessments take priority over all over liens including irs
true or false

true

annual taxes formula

tax rate x assessed value

assessed value formula

annual taxes / tax rate

tax rate formula

annual taxes / assessed value

NC taxes are due ___

sept 1

last day to pay taxes without penalty is ___

jan 5

property tax bills are based on property ____

assessment value

in some states where mill rates are used, the tax rate is ____ of a dollar

1/1000

Encumbrance types

Special assessment lien

a. specific

b. general

c. voluntary

d. involuntary

a

Encumbrance types

mechanics lien

a. specific

b. general

c. voluntary

d. involuntary

a

Encumbrance types

Real property taxes

a. specific

b. general

c. voluntary

d. involuntary

a

Encumbrance types

Judgements

a. specific

b. general

c. voluntary

d. involuntary

b

Encumbrance types

deed of trust

a. specific

b. general

c. voluntary

d. involuntary

a

Encumbrance types

state taxes

a. specific

b. general

c. voluntary

d. involuntary

d

Encumbrance types

mortgage

a. specific

b. general

c. voluntary

d. involuntary

a

Encumbrance types

federal taxes

a. specific

b. general

c. voluntary

d. involuntary

b

when a personal judgment is properly recorded in the county in which the defendent resides and owns real property, the judgement becomes

a. specific lien

b, equitable lien

c. involuntary lien

d. voluntary lien

c

a lot is encumbered by a sewer easement that runs where the property owner wishes to put foundation. how will this affect construction

a. the municipality must move the sewer line

b. any easement through the lot will prevent construction

c. it will have no affect because sewer line is deeper than foundation

d. house must be constructed to avoid easement

d

example of general lien

a. real estate tax lien

b. state income tax lien

c. mortgage lien

d. mechanics lien

b

an ___ is any claim, right, or interest held by a party who is not the legal owner of the property

encumberance

when someone holds an interest in another property it is a

a. judgement

b. deed restriction

c. restrictive covenant

d. encumbrance

d

under city contract, a company paved a dirt rd that runs adjacent to your property, as a property owner you would pay for this in the form of

a. ad valorem real property taxes

b. special assessment

c. an invoice

d. personal property taxes

b

_____ are special taxes levied on real estate for public improvements made to that real estate

special assessments

tax amount formula

assessed value x tax rate

a house with a market value of 50k is located in a city where the assessed value is 60% of market value. The county tax rate is $1.45 per hundred and the city tax rate is $2.00 per hundred. What is the annual property tax?

1035

property is appraised at 129k, if property is assessed at 75% of the appraised value, what is the assessed value

96750

What is the assessed value of a house if city tax rate is 0.80 per $100, and county tax rate is .50 per $100 and owners annual taxes are $1,600

$123,077

personal easements in gross can or cannot be inherited

cannot

personal easements in cross terminate upon death of the original holder.

true or false

true

a personal or commercial easement in gross is given to a utility company

commercial

personal easements in gross are not transferred to new buyer

true or false

false

Jennifer has 100 feet of a street on one boundary. the town paves the street and agrees to pay 25% of the cost. The cost per foot is $54. how much is Jennifers special assessment based on road frontage

2025

judgments, personal property property tax liens, state and federal tax liens are ___liens

general

debts that are incurred by an individual and becomes liens against any real or personal property owned by that person are

a. special assessments

b. general liens

c. fiduciary encumbrances

d. specific liens

b

which is a voluntary lien

a. judgement lien

b, real estate tax lien

c. estate tax lien

d. mortgage lien

d

what is the amount of tax payable where the property assessed value is $185,000 and the tax rate is 40 mills in a community in which an equalization factor of 110% is used

8140

when a company furnishes building materials for a house and is NOT paid the company may file

a. a lis pendens

b, estoppel certificate

c. mechanics lien

d. deficiency judgement

c

a state income tax lien would be a

a. equitable lien

b. mechanics lien

c. general lien

d. specific lien

c

ad valorem property tax rates may be adjusted every

a. five years

b, year

c. four years

d. two years

b

a property owner has the legal right to pass over the land of his neighbor to access his property holds

a. easement appurtenant

b. encroachment

c. defeasible fee estate

d. easement in gross

a

a right acquired by a non owner through hostile (no permission) use of the lands of another is an easement

a. by expression

b. appurtenant

c. by prescription

d. by necessity

c

in NC all real property must be reassessed every

a. 10 years

b. 6 years

c. 4 years

d, 8 years

d

by law in NC, the assessed value of property must equal

a. local value

b. appraised value

c. tax value

d. market value

d

which is not a major right tied to real property.

a. governmental

b. land

c. easement

d. ownershup

c

three major rights in real property

land, ownership, governmental

owner of 2 acres sold 1 acre but retained apparent easement for ingress and egress to his retained lot. the retained lot

a. can be cleared of the easement when it is sold to a third party

b. is the dominant tenement

c. is subject to easement in gross

d. serves as a the servant tenement

b

which of the following liens is NOT required to be recorded in order to be valid

a. mortgage lien

b. judgement lien

c. ad valorem tax lien

d. mechanics lien

c

which of the following is a court order attachment to real property

a. writ of attachment

b. escheat

c. mortgage

d. easement

a

what type of easement has both a dominant estate and a servant estate

a. an easement in good standing

b. easement in gross

c, easement appurtenant

d. a prescriptive easement

c

an easement in gross has no dominant estate

true or false

true

the tract over which is easement runs is known as the ___ tenement

servient

the tract that benefits from the easement is known as a____ tenement

dominant

debts that are incurred by an individual and become liens against any real of personal property owned by the person are

a. general liens

b. specific liens

c. special assessments

d. fiduciary encumbrances

a

under which of the following liens can both the real property and the personal property of the debtor be sold to pay the debt

a. judgement lien

b. real estate tax lien

c. assessment lien

d. mechanics lien

a

a ___ is permission to use another land or property

license

the government survey is used in NC `true or false

false

a legal description that refers to angles and points is a ___ description

metes and bounds

How many lots, each measuring 72.5 feet wide and 100 feet deep could be made from a 2 acre parcel of land?

12

in the government survey system, how many acres are in a section

a. 640

b. 320

c. 36

d. 43560

a

a warehouse is 80 ft by 120 ft and has ceilings 14 ft high. if 1200 soft is closed off all the way up the ceiling. how many cubic feet of storage is left

117600

a lot with a depth of 80 ft and an area of 4800 soft was sold for $350 per front foot. what s the total sale price

21000

What type of deed is least likely to incur future liability for the seller

quitclaim

governmental condemnation is an example of voluntary or involuntary alienation

involuntary

a title insurance policy is designed to protect the insured against events that

a. occur in the years following policy issuance

b. occurred before the policy was issued

c. occurred before the time period researched for the title search

d. occur as a result of the policyholders actions

b

In NC the statutory period for adverse possession is an uninterrupted period of how many years when trying to acquire privately owned property

a. 7

b. 3

c. 20

d. 30

c

which of the following should be discoverable in a search of the public records

a. inaccurate surveys

b. easement

c.rights of any party in possession

d. encroachments

b

title to real estate may be estate during a persons lifetime by whoch of the following

a. escheat

b.alienation

c. descent

d. devise

b

which of the following is NOT a necessary condition of eminent domain

a. use benefits the public

b. just compensation is paid to the property owner

c. property owner is protected by due process of law

d. property is to be given to the owner of a quasi-public corporation

d

the recordation of a warranty deed

a. provides defense against adverse possession

b. prevents claims of parties in possession

c. protects the interests of the grantee

d. guarantees ownership

c

a title insurance policy with standard coverage generally covers which of these

a. incorrect marital statements

b. defects and liens listed in the policy

c. forged documents

d. defects known to the buyer

c

the person who examines the chain of title and prepares an opinion of title for a parcel of real estate

a, issues a guarantee as to the quality of the

b. ensures the condition of the title

c. writes a brief history of the record of ownership of the property

d. inspects the physical condition of the property

c

the recording of a deed

a. is required in order to fully transfer the title to real estate

b. warrants the grantees title to real property

c. gives constructive notice of the ownership of real property

d. insures the grantees interest in a parcel of real estate

c

in NC the statutory period of possession is required to acquire title of privately owned property by adverse possession with color of title is how many years

a. 12

b. 20

c.7

d.30

c

if there is no color of title period of possession is ___ years

20

a valid will devises the decedents real estate after the payment of all debts, claims, inheritance taxes and expenses through

a. the administrator of the estate

b. law of interstate succession

c. granting clause established in the will

d. court action known as probate

d

the NCBA/NCR 2-T Offer to purchase and contract form indicates that the seller will deliver which deed to the buyer

a. quit claim

b. bargain and sale

c. general warranty

d. special warranty