Pre licensing Final Exam Questions and Answers!

Pre licensing Final Exam QuestionRiparian rights - ANSWER Property owner owns land that borders a navigational river. Fixture - ANSWER Once personal property, but now affixed to land or property permanently. IRMA test. Ex. Blinds, fan, cabinets, heating plants, plumbing, light fixtures. Trade fixture - ANSWER Owned by a tenant and attached to real property to do business. Tenant takes with them when leaves. Tenancy in common - ANSWER A parcel of real estate may be owned by two or more people/entities. Interest is inheritable by descendants. Joint tenancy - ANSWER Ownership shares are equal with right of survivorship until the last owner who holds title in severalty. If one owner sells his interest the new owner is a tenant in common with the other joint tenants. Townhomes - ANSWER Share party walls (row houses). Each unit individually owned; all unit owners have membership in homeowners association that owns common areas. Association pays real property taxes on common areas. Owner owns land on which unit is built. Easement types - ANSWER Appurtenant-passes w/title, easement in gross-right to use land (rr, billboard) terminated on death of easement owner, necessity-landlocked, prescription-use of another's land 20 years without approval. Lien on real property - ANSWER Claim of a creditor or taxing authority against the real property of a debtor that is used as security for repayment of death. Is not an ownership right but an encumbrance that runs with the land and binds future owners until it's cleared. Debtor defaults the lie holder must bring legal action to force sale of property or acquire title. NC machinery act - ANSWER Regulates standards for real property taxation, standards for property tax assessment, prop tax appraisal, and requirements for tax exempt status. Rates determined by local municipalities. Taxation timetable - ANSWER Jan 1- tax lien filed, Jan 5- last years tax must be paid, Jan 31-taxable property listed, july1-new tax rate set, August-tax bills mailed, sept 1 tax due and payable. Townships - ANSWER Township lines ️and range lines⬇️intersect they make a Swuare 6 miles square and contain 36 square miles (24,040 acres). Numbered the same way a field is plowed 1-36 right to left, then left to right etc. Each section is 1 square mile or 640 acres with 43,560 square feet in each acre. 16 is the school section. (Government survey system) Property description methods - ANSWER Metes and bounds, rectangular, reference to a recorded plat (lot and block). NC also uses reference to a recorded document that contains a legal description. Lot and block is the most common in urban areas. Street addresses are only used in listing contracts and rental agreements. Adverse possession - ANSWER Involuntary transfer of land OCEAN (open, continuous, exclusive, adverse, notorious/hostile) With color of title possession is 7 years and 20 without. Gov property not subject to adverse poss. Special warranty deed - ANSWER (Limited warranty deed) A conveyance that carries only two covenants: grantor warrants that he received title to land and that the property was not encumbered during the time he held title except as noted in deed. Title insurance policy - ANSWER A contract by which a title insurance company agrees, ss and Answers!