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