Exam (elaborations)
Modern Real Estate Table Review Questions and Answers
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Modern Real Estate Table Review Questions and Answers
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NC Real Estate LicenseQuestion Answer
1)the promises made in the sales contract are fulfilled
3 events in closing 2)the mortgage loans funds are distributed to the buyer for
use 3)other settlement costs or funds are dispersed
1)no longer exist 2)easement holder becomes owner
3)release right 4) abandonment 5)non-use of prescription
10 reasons for terminating an easement 6) adverse possession 7)demolition of a party wall
8)nonrecordation 9)lawsuit(quiet title) 10)residential
easement converted to commercial purposes
3 physical characteristics of real property Immobility, indestructibility, uniqueness
Scarcity, Location, Improvements, & Permanence of
4 economic characteristics of real property
investment. aka SLIP
Residential, Commercial, Industrial, Agricultural, Special
5 categories of real property
purpose.
1) One owner only 2) interest 100% 3) one signature only
when sold unless a married person - spouse signs to
5 characteristics of ownership in severalty extinguish elective share rights 4) marriage of an owner
does not automatically change to tenancy by entireties 5)
heir ship rights
a lease is said to have ___ ___ ____ because
it is a contract and it conveys an interest in real dual legal personality
property.
Abstract of Title A condensed history of a title.
the clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the
acceleration clause
borrower defaults on an installment payment or another
covenant.
occurs when the offeree signs the offer without making any
changes to it, thereby evidencing his acceptance and
acceptance
willingness to be bound by and perform all terms of the
offer.
Acquiring title to additions or improvements to real
Accretion property as a result of the annexation of fixtures or the
accretion of alluvial deposits along the banks of streams.
unpaid items to be prorated such as unpaid current real
accrued items estate taxes or interest on an assumed mortgage that are
owed by the seller but will be paid later by the buyer.
General real estate taxes that are levied for the general
Ad valorem taxes support of the government agency authorized to impose
the levy.
a type of mortgage that generally originates at one rate of
adjustable-rate mortgage (ARM) interest, with the rate fluctuating up or down during the
loan term based on the movement of a published index.
, cost of any physical capital improvements that add value
adjusted basis
to the property or prolong its life (added to the cost basis)
The Open, Continuous, Exclusive, Adverse, Notorious
possession of another's land under a claim of title.
Adverse Possession
Possession for a statutory period of 20 years in North
Carolina may be a means of acquiring title.
An area zoned strictly for aesthetic or appearance
Aesthetic Zoning
considerations
The easiest but least precise way to measure depreciation
Age Life Method of Depreciation
that uses the effective age of a building & its economic life.
the fiduciary relationship between the principal and the
Agency
agent.
Agent one who represents the interest of another person.
Agricultural farms, timberland, ranches, and orchards.
In North Carolina, a fixture attached to leased property by
Agricultural Fixtures a tenant farmer is considered the landowner's real
property rather than the tenant's personal property.
The right to use the open space above a property, usually
Air Rights
allowing the surface to be used for another purpose.
Alienation Transfer of title, act of transferring property to another.
Prevents the borrower from letting someone assume the
Alienation Clause
debt without the lender's approval.
Owner's title insurance policy that protects the owner
ALTA Policy
against title defects not found in public records.
A Federal Act that facilitates accessibility and mobility by
Americans with Disabilities Act (ADA) ramp construction, safety rails, wider doors, and other
accommodations.
A loan in which principal as well as interest is payable in
Amortized Loans
periodic installments over the term of the loan.
the relationship of all finance charges to the loan amount;
annual percentage rate (APR)
must be disclosed to borrowers the Truth-in Lending Act.
When value could increase or decrease based on
Anticipation anticipation of some future benefit or detriment affecting
the property.
laws that prohibit monopolies and contracts, combinations,
Antitrust laws
and conspiracies that unreasonable restrain trade.
Appraisal Estimate of the quantity, quality or value of something.
A right, a privilege, or an improvement belonging to , and
Appurtenance
passing with, the land.
When the property does NOT sell for an unusually high or
low price because of a special relationship between a
Arms length transaction
buyer & a seller; parties are dealing from equal bargaining
positions
Mineral used extensively in insulation; inhaling fibers can
asbestos cause sever respiratory diseases; particularly dangerous if
friable, i.e., easily crumbled
An official valuation of property for the purpose of
Assessment
establishing assessed value for tax purpose.
, Refers to a transfer of rights or duties under a contract to a
assignment
third party.
The sudden tearing away of land, as by earthquake, flood,
volcanic action, or the sudden change in the course of a
Avulsion
stream. The loss of land may not result in loss of title to the
property.
an offer submitted to the property owner with knowledge
backup offer
that the owner is already under contract; a secondary offer.
a mortgage loan that includes a final payment that is larger
balloon payment loan than the required periodic payments because the loan
amount was not fully amortized.
a board around the bottom of a wall perpendicular to the
baseboards
floor; covers gap b/w the floor and wall; decorative
story-high space below the first floor; floor is usually
basement
concrete slab
determines the amount of the gain realized from a sale of
basis
real property
A lender in a deed of trust loan transaction; the recipient of
beneficiary
personal property in a will
A type of contract in which both parties promise to do or
bilateral contract refrain from doing something; one promise is exchanged
for another. "I will do this and you will do that"
covers more than one parcel of land and usually is used to
blanket mortgage finance subdivision developments, though it can be used
to finance the purchase of improved properties as well
The act of encouraging people to sell or rent their homes
blockbusting or Panic Peddling by claiming that the entry of a protected class will have a
negative impact on property values.
money or property given to make up any difference in
boot value or equity between two properties in a 1031
exchange
The violation of any terms or conditions in a contract
Breach of Contract without legal excuse; for example, failure to make a
payment when it is due.
A measure of heat used in rating the capacity of heating
British Thermal Unit (BTU)
and cooling systems. (BTU)
An insurance policy covering buildings and personal
property against loss or damage from fire, lighting,
Broad Form (HO-2)
removal, windstorm, hail, explosion, riot, smoke, vandalism
and theft.
One who acts as an intermediary on behalf of others for a
fee or commission; licensed to list, lease, buy, exchange,
Broker
auction, negotiate or sell interest in real estate for others
for a fee
Brokerage the business of bringing buyers and sellers together
Required for each brokerage firm and branch office, the
full broker responsible for displaying all licenses properly,
Broker-in-charge
ensuring advertising is done properly, maintaining the trust
account
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