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Study sets matching "estate nc real simplified"

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Study sets matching "estate nc real simplified"

338 terms
NC Real Estate
Law of Agency
Subagency
fiduciary
Working With Real Estate Brochure
aka common law; body of law that governs the relationship tha…
the fiduciary relationship between the subagent and the princ…
Relationship that is based on trust that exists between the a…
a brochure to be presented to consumer at first substantial c…
Law of Agency
aka common law; body of law that governs the relationship tha…
Subagency
the fiduciary relationship between the subagent and the princ…
77 terms
NC Real Estate Finance
mortgage
mortgagor
mortgagee
lien theory state
a two-party instrument used to finance real estate. the borro…
the borrower in a mortgage Y65
the lender in a mortgage Y65
a state that use a mortgage as the primary financing instrume…
mortgage
a two-party instrument used to finance real estate. the borro…
mortgagor
the borrower in a mortgage Y65
14 terms
NC Real Estate Terms
Servient tenement
Lis pendens
Deed restrictions
Writ of attachment
The tract over which the easement runs is known as the
Latin for litigation pending is when any suit is filed that a…
Also referred to as covenants, conditions and restrictions or…
At the request of a credit tour, the court retains custody of…
Servient tenement
The tract over which the easement runs is known as the
Lis pendens
Latin for litigation pending is when any suit is filed that a…
51 terms
NC Real Estate
Law of Agency
Subagency
fiduciary
Working With Real Estate Brochure
aka common law; body of law that governs the relationship tha…
the fiduciary relationship between the subagent and the princ…
Relationship that is based on trust that exists between the a…
a brochure to be presented to consumer at first substantial c…
Law of Agency
aka common law; body of law that governs the relationship tha…
Subagency
the fiduciary relationship between the subagent and the princ…
17 terms
Real Estate Onate NC
Base lines
Call
Rectangular or geodetic (government) s…
Legal description
The main imaginary line running east and west and crossing a…
In surve
A system established in 1785 by the federal government, provi…
A description of a specific parcel of real estate complete en…
Base lines
The main imaginary line running east and west and crossing a…
Call
In surve
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
77 terms
NC Real Estate Finance
mortgage
mortgagor
mortgagee
lien theory state
a two-party instrument used to finance real estate. the borro…
the borrower in a mortgage Y65
the lender in a mortgage Y65
a state that use a mortgage as the primary financing instrume…
mortgage
a two-party instrument used to finance real estate. the borro…
mortgagor
the borrower in a mortgage Y65
128 terms
NC Real Estate Review
Riparian Rights
Fixture
Offeror
Offeree
An owner's rights in land that borders on or includes a strea…
An term of personal property that has been converted to real…
The person who makes the offer
The person that receives the offer
Riparian Rights
An owner's rights in land that borders on or includes a strea…
Fixture
An term of personal property that has been converted to real…
NC Real Estate Formulas
Property Taxes(Ch. 3 P. 56)
One Acre(SK P. 6)
Profit, Loss, and Appreciation(SK P. 15)
Excise Tax/Revenue Stamps(SK P. 22)
Annual Taxes=Tax Rate X Assessed Value
43,560 sq. ft.
Amount Paid X %= Profit/Loss Appreciation
Excise Tax=Sales Price(Rounded to next 500)/500
Property Taxes(Ch. 3 P. 56)
Annual Taxes=Tax Rate X Assessed Value
One Acre(SK P. 6)
43,560 sq. ft.
14 terms
NC Real Estate Acronyms
What does an agent owe his client?
4 Principal Truths of Agency Law
Federal Fair Housing Act 1968... e- equal…
Ways 4 the Government can take ownersh…
O- Obedience... L- Loyalty... D- Disclosure of all info... C- Confiden…
C- Communication to agent = communication to principal... A- Any…
F- Familial Status... R- Race... S- Sex... H- Handicap... C- Color... R- Re…
P- Police Power... E- Escheat... T- Taxation... E- Eminent domain
What does an agent owe his client?
O- Obedience... L- Loyalty... D- Disclosure of all info... C- Confiden…
4 Principal Truths of Agency Law
C- Communication to agent = communication to principal... A- Any…
474 terms
NC Real Estate Acronyms
abstract of title
acceleration clause
acknowledgment
acre
The condensed history of a title to a particular parcel of re…
The clause in a mortgage or deed of trust that can be enforce…
A formal declaration made before a duly authorized officer, u…
A measure of land equal to 43,560 square feet. Approximately…
abstract of title
The condensed history of a title to a particular parcel of re…
acceleration clause
The clause in a mortgage or deed of trust that can be enforce…
38 terms
NC Real Estate Math
Rural Development and Farm Service Age…
1 acre
area of rectangle
area of triangle
- No Down... - Low-Income... -Rural/Small Communities (20,000) or f…
43,560 square feet
length * width
1/2 base * height
Rural Development and Farm Service Age…
- No Down... - Low-Income... -Rural/Small Communities (20,000) or f…
1 acre
43,560 square feet
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
14 terms
NC Real Estate Formulas
Property Taxes(Ch. 3 P. 56)
One Acre(SK P. 6)
Profit, Loss, and Appreciation(SK P. 15)
Excise Tax/Revenue Stamps(SK P. 22)
Annual Taxes=Tax Rate X Assessed Value
43,560 sq. ft.
Amount Paid X %= Profit/Loss Appreciation
Excise Tax=Sales Price(Rounded to next 500)/500
Property Taxes(Ch. 3 P. 56)
Annual Taxes=Tax Rate X Assessed Value
One Acre(SK P. 6)
43,560 sq. ft.
117 terms
NC Real Estate School
Who needs a real estate license
Who does not need a real estate license
Active license
Cancelled license
any person or business entity who, for compensation, lists, l…
an owner of a property deal for himself... a crier at an auction…
a license that states you are current on education, fees, and…
if a provisional broker does not complete all 90 hours of pos…
Who needs a real estate license
any person or business entity who, for compensation, lists, l…
Who does not need a real estate license
an owner of a property deal for himself... a crier at an auction…
256 terms
NC real estate terms
Abandonment
Acceleration clause
Access
Accord and satisfaction
The surrender or release of a right, a claim, or an interest…
A provision in a mortgage or deed of trust that permits the l…
Away of approach or entrance onto a property
A new agreement by contracting parties that is satisfied by f…
Abandonment
The surrender or release of a right, a claim, or an interest…
Acceleration clause
A provision in a mortgage or deed of trust that permits the l…
24 terms
NC Real Estate State
First Substantial Contact
LLBEANS
Prov Broker
Firm license
When conversation between broker and a consumer shifts from f…
Acronym: A license is required for any person/business entity…
Must complete 8hrs of cont education each license yr in addit…
Must be obtained by every business entity except a sole propr…
First Substantial Contact
When conversation between broker and a consumer shifts from f…
LLBEANS
Acronym: A license is required for any person/business entity…
188 terms
NC Real Estate Exam
General Lien
Valid Contract
With Reserve
Without Reserve
claim against all property of the owner, both real and person…
contract is binding AND enforceable
seller holds the right to stop bidding and retain the property
seller waives the right to stop the bidding
General Lien
claim against all property of the owner, both real and person…
Valid Contract
contract is binding AND enforceable
77 terms
NC Real Estate Finance
mortgage
mortgagor
mortgagee
lien theory state
a two-party instrument used to finance real estate. the borro…
the borrower in a mortgage Y65
the lender in a mortgage Y65
a state that use a mortgage as the primary financing instrume…
mortgage
a two-party instrument used to finance real estate. the borro…
mortgagor
the borrower in a mortgage Y65
296 terms
NC REAL ESTATE MANUAL
Property
Real property
Land
Tenements
The word "property" is used to define the rights and interest…
Real property... consists of "lands,... tenements, and... hereditament…
Lands... include the ground,... the air above it, all that is below…
Tenements... is... a term that includes "lands," but also certain i…
Property
The word "property" is used to define the rights and interest…
Real property
Real property... consists of "lands,... tenements, and... hereditament…
38 terms
NC Real Estate Math
Rural Development and Farm Service Age…
1 acre
area of rectangle
area of triangle
- No Down... - Low-Income... -Rural/Small Communities (20,000) or f…
43,560 square feet
length * width
1/2 base * height
Rural Development and Farm Service Age…
- No Down... - Low-Income... -Rural/Small Communities (20,000) or f…
1 acre
43,560 square feet
77 terms
NC Real Estate Finance
mortgage
mortgagor
mortgagee
lien theory state
a two-party instrument used to finance real estate. the borro…
the borrower in a mortgage Y65
the lender in a mortgage Y65
a state that use a mortgage as the primary financing instrume…
mortgage
a two-party instrument used to finance real estate. the borro…
mortgagor
the borrower in a mortgage Y65
188 terms
NC Real Estate Exam
General Lien
Valid Contract
With Reserve
Without Reserve
claim against all property of the owner, both real and person…
contract is binding AND enforceable
seller holds the right to stop bidding and retain the property
seller waives the right to stop the bidding
General Lien
claim against all property of the owner, both real and person…
Valid Contract
contract is binding AND enforceable
77 terms
NC Real Estate Finance
mortgage
mortgagor
mortgagee
lien theory state
a two-party instrument used to finance real estate. the borro…
the borrower in a mortgage Y65
the lender in a mortgage Y65
a state that use a mortgage as the primary financing instrume…
mortgage
a two-party instrument used to finance real estate. the borro…
mortgagor
the borrower in a mortgage Y65
73 terms
NC Real Estate
1. earth's surface 2. extends downward…
Land at, above, and below earth's surf…
interests, benefits, and rights that a…
1. Immobility 2. Indestructibility 3.…
Land
Real Estate includes
Real Property includes
Physical characteristics of real estate
1. earth's surface 2. extends downward…
Land
Land at, above, and below earth's surf…
Real Estate includes
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
28 terms
Real Estate NC
Acceleration clause
Acceptance
Accretion
Acre
Clause in the mortgage or deed of trust that can be enforced…
Must be writing, and need to be under contract for real prope…
The increase or addition of land by the deposit of sand or so…
A measure of land equal to 43'560 square feet
Acceleration clause
Clause in the mortgage or deed of trust that can be enforced…
Acceptance
Must be writing, and need to be under contract for real prope…
16 terms
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
248 terms
NC Real Estate Exam
Real Property
Personal Property/Personalty
Test of Personal versus Real Property
Land
the land and everything that is permanently attached to the l…
all property that is not real property; movable; personal pro…
IRMA ... Intent... Relationship... Method of Attachment... Adaptation
Earth's surface extending downward to the center of earth and…
Real Property
the land and everything that is permanently attached to the l…
Personal Property/Personalty
all property that is not real property; movable; personal pro…
NC Real Estate Math
1 acre
area of rectangle
area of triangle
amount of tax on real property
43,560 square feet
length * width
1/2 base * height
amt of ad valorum taxes = assessed value * tax rate
1 acre
43,560 square feet
area of rectangle
length * width
15 terms
NC Real Estate Acronyms (midterm)
What does an agent owe his client?
4 Principal Truths of Agency Law
Federal Fair Housing Act 1968
Land Control... 4 Powers of our Government
L- Loyalty... O- Obedience... A- Accountability... D- Disclosure of al…
C- Communication to agent = communication to principal... A- Any…
F- Familial Status... R- Race... S- Sex... H- Handicap... C- Color... R- Re…
P- Police Power... E- Escheat... T- Taxation... E- Eminent domain
What does an agent owe his client?
L- Loyalty... O- Obedience... A- Accountability... D- Disclosure of al…
4 Principal Truths of Agency Law
C- Communication to agent = communication to principal... A- Any…
NC Real Estate Chapter 1
Broker
Provisional Broker
Land
Personal Property/Personalty
The intermediary that buys, sells, leases property on behalf…
Performs real estate activities under the supervision of a Br…
The earth's surface extending downward to the center of the e…
Also referred to as chattels, is any personal property that i…
Broker
The intermediary that buys, sells, leases property on behalf…
Provisional Broker
Performs real estate activities under the supervision of a Br…
51 terms
NC Real Estate Broker Prelicense
Law of Agency
Subagency
fiduciary
Working With Real Estate Brochure
aka common law; body of law that governs the relationship tha…
the fiduciary relationship between the subagent and the princ…
Relationship that is based on trust that exists between the a…
a brochure to be presented to consumer at first substantial c…
Law of Agency
aka common law; body of law that governs the relationship tha…
Subagency
the fiduciary relationship between the subagent and the princ…
23 terms
NC Real Estate License Law
makeup of commission
powers granted to the NC Real Estate C…
disciplinary actions against licensees…
powers not granted to the NC Real Esta…
consists of nine members - 7 appointed by governor; one by Sp…
1. licensing real estate brokers in NC... 2. approving schools t…
a. reprimand - slap on the wrist... b. censure - harder slap on…
1. cannot practice law... 2. cannot declare sales contracts, lis…
makeup of commission
consists of nine members - 7 appointed by governor; one by Sp…
powers granted to the NC Real Estate C…
1. licensing real estate brokers in NC... 2. approving schools t…
NC Real Estate Chapter 2
Bundle of Legal Rights
Livery of Seisin
Appurtenance
Subsurface Rights
Rights received with real property. DEEPC disposition,exclusi…
Process of handing over ownership from the seller to the buye…
The rights that go with ownership of land. Includes subsurfac…
The right to use the space below the land and extract natural…
Bundle of Legal Rights
Rights received with real property. DEEPC disposition,exclusi…
Livery of Seisin
Process of handing over ownership from the seller to the buye…
NC Real Estate Chapter 4
Legal Description
Metes and Bounds
Monuments
Rectangular Survey System
An exact way to describe real estate in a contract, deed, or…
A legal description of land that has a POB and follows the bo…
Fixed objects used to establish the boundaries of land for a…
Passed by Congress in 1785 to standardize the description of…
Legal Description
An exact way to describe real estate in a contract, deed, or…
Metes and Bounds
A legal description of land that has a POB and follows the bo…
NC real estate Chapter 8
Express contract
Implied Contract
Bilateral Contract
unilateral Contract
the parties state the terms and show their intentions in word…
the agreement of the parties is demonstrated by their actions…
A contract in which a promise is given for the promise of ano…
A one-sided contract wherein one party makes a promise so as…
Express contract
the parties state the terms and show their intentions in word…
Implied Contract
the agreement of the parties is demonstrated by their actions…
NC Real Estate Chapter 3
Judgement
Encumbrance
Lien
Specific Lien
A decree issued by a court.
A claim, charge, or liability that is binding on real estate.
A nonpossessory judgement against property to reclaim a monet…
A judgment that affects one specific piece of property.
Judgement
A decree issued by a court.
Encumbrance
A claim, charge, or liability that is binding on real estate.
NC Real Estate Chapter 13
Lien Theory
Title Theory
Promissory Note
Mortgage/Deed of Trust
A 2-party instrument between mortgagee/mortgagor where the bo…
A 3-party instrument involving grantor/beneficiary/trustee. B…
Financing instrument for a promise to repay a debt or loan.
A security instrument to put up property as collateral in cas…
Lien Theory
A 2-party instrument between mortgagee/mortgagor where the bo…
Title Theory
A 3-party instrument involving grantor/beneficiary/trustee. B…
86 terms
NC Real Estate Misc Topics
ranch-style
split-level
story and a half
Residential Property Disclosure Act
everything on one floor; most expensive to build per square f…
aka tri-level, a house where two or more floors are located d…
the upper level's ceiling is the underside of the roofline an…
requires sellers to provide purchasers with a disclosure stat…
ranch-style
everything on one floor; most expensive to build per square f…
split-level
aka tri-level, a house where two or more floors are located d…
NC Real Estate Chapter 11
Lease
Essential Provisions for a Lease
NC Residential Rental Agreement Act
Landlord's Statutory Duties
Bilateral contract between landlord and tenant whereby the te…
1)Mutual Agreement... 2)Consideration... 3)Capacity to contract... 4)L…
Act that ensures only habitable residential units are rented.
To provide a habitable place for the tenant.
Lease
Bilateral contract between landlord and tenant whereby the te…
Essential Provisions for a Lease
1)Mutual Agreement... 2)Consideration... 3)Capacity to contract... 4)L…
47 terms
NC Real Estate Valuation (Appraisal)
appraisal
CMA
valuation
evaluation
an opinion of property's value, marketability, usefulness, su…
Comparative Market Analysis
the process used by the appraisers to determine market value…
a broad term representing other types of appraisal assignment…
appraisal
an opinion of property's value, marketability, usefulness, su…
CMA
Comparative Market Analysis
NC Real Estate Practice Exam
Method of describing land which is NOT…
In NC, the last day that real estate t…
A description of property that reads "…
To be valid in NC, a deed must include
Government rectangular survey
By January 5th of the next year
Legal desritiopn that could be used in NC & metes and bounds…
Words of Conveyance
Method of describing land which is NOT…
Government rectangular survey
In NC, the last day that real estate t…
By January 5th of the next year
NC Real Estate Chapter 14
Federal Reserve System
Primary Market
Secondary Market
Role of the FED
The banking system that regulates money and interest rates.
Where mortgage loans originate.
Where mortgage loans are purchased, serviced, and sometimes r…
1)Maintain sound credit conditions... 2)Counteract inflationary…
Federal Reserve System
The banking system that regulates money and interest rates.
Primary Market
Where mortgage loans originate.
NC Real Estate Chapter 10
Contract of Sale
Offer
Offeror
Offeree
Sets the terms of the agreement between buyer and seller and…
A promise made by one person if the promise of another is pre…
The person making the offer.
The person receiving the offer.
Contract of Sale
Sets the terms of the agreement between buyer and seller and…
Offer
A promise made by one person if the promise of another is pre…
248 terms
NC Real Estate Exam Practice
Real Property
Personal Property/Personalty
Test of Personal versus Real Property
Land
the land and everything that is permanently attached to the l…
all property that is not real property; movable; personal pro…
"IRMA"... Intent... Relationship... Method of Attachment... Adaptation
Earth's surface extending downward to the center of earth and…
Real Property
the land and everything that is permanently attached to the l…
Personal Property/Personalty
all property that is not real property; movable; personal pro…
NC Real Estate Chapter 6
Police Power
Public Land-Use Controls
Master Plan
Master Plan Uses
The government's right to instill regulations to protect the…
1)Planning... 2)Zoning... 3)Subdivision Regulations... 4)Building Code…
A comprehensive plan that shows the long-term physical develo…
1)Land use... 2)Public facilities... 3)Circulation... 4)Conservation... 5…
Police Power
The government's right to instill regulations to protect the…
Public Land-Use Controls
1)Planning... 2)Zoning... 3)Subdivision Regulations... 4)Building Code…
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