NC REAL ESTATE MANUAL EXAM QUESTIONS AND
VERIFIED ACCURATE SOLUTION |GET IT 100%
ACCURATE
gross lease - ANSWER-tenant pays fixed rent; landlord pays taxes, maintenance, insurance, principal and
interest on any mortgage loan Y19
ground lease - ANSWER-tenant pays ground rent plus taxes, maintenance and insurance and builds
his/her own building on the property and pays interest and principal on any building loan Y19
heated living space - ANSWER-adequate heated by permanently installed heating system, finished to
generally acceptable standards, directly accessible from other living areas; stairs count on both levels
and you can walk on it Y37
Hereditaments - ANSWER-The term
hereditaments
is an even broader term and
embraces every interest in real property that can be inherited, whether tangible or intangible.
historic preservation zoning - ANSWER-to preserve historic buildings and sites that are irreplaceable
horizontal adjustement - ANSWER-every 4 years between octennial reappraisial in which ALL property
within a county/city can be adjusted up/down by a percentage. may or may not happen Y11
if not removed by end of lease, it becomes real property of the owner Y4 - ANSWER-
if personal property is purchased on credit, it remains personal property until paid off (ex. new furnace
or kitchen); creditor can still come and remove it if buyer defaults Y4 - ANSWER-
illegal use - ANSWER-a use that is in direct violation of an existing zoning ordinance. Can be detected
and punished at any time Y13
,implied contract - ANSWER-a contract that is suggested from the conduct of the parties showing intent
of contract (ex. neighbor paints a fence for another neighbor, implies payment/consideration) Y29
include (1) the soil, (2) things growing naturally on the soil, (3) the minerals and
waters beneath the surface of the soil, (4) the airspace that is above the soil (so far as it may reasonably
be reduced to possession and so far as it is reasonably necessary for the use or enjoyment of the
surface),
and (5) those things that have been affixed to the soil (such as houses, buildings, barns, or fences) with
the requisite legal intent that they shall become a permanent addition or improvement to the lands -
ANSWER-"Lands"
index lease - ANSWER-aka variable lease rent automatically increases or decreases according to some
index such as the cost-of-living index Y19
Industrial - factories - ANSWER-
informal reference - ANSWER-a type of property description that only uses a street address or house
number to describe the property; acceptable use for a lease but not to convey ownership; should be
combined with a reference to recorded plat Y17
installment land contract - ANSWER-a property is sold with seller financing; seller retains legal title and
the deed to the property until all of the purchase price is paid; buyer doesn't receive deed until the
property is paid for; if buyer defaults, buyer loses property, seller has cloud on title Y41
Intent of person attaching item (is it supposed to be temp?); Relationship of attaching person (owner or
tenant?); Method of attachment (removal causes damage?); Adaptability (has property or item been
altered to work together) Y3,4 - ANSWER-
interstate land sales full disclosure act - ANSWER-a sellor or lessor of 25 or more lots of unimproved land
is required to file a statement of record with HUD and to provide each purchaser or lessee with a printed
property report disclosing pertinent information at least 3 days before contract creation Y15
intestate - ANSWER-a person dies without a last will and testament Y12
, intestate succession law - ANSWER-tells how property will be distributed if you die intestate Y12
involuntary alientation - ANSWER-giving up title to real estate involuntarily Y13
IRMA - ANSWER-Total Circumstances Test - is it real or personal?
IRS lien - ANSWER-a general lien owed to the federal government Y10
joint tenancy - ANSWER-owners have equal undivided interest that they acquired at the same time; can
be joint tenants with the right of survivorship; normally exists for same-sex couples or couples planning
to be married; Y7
judgment lien - ANSWER-a general lien owed as a result of a judgment imposed by a court of law;
becomes valid when judgment is docketed; valid for 10 years; should be attached in the county where
the property is located Y10
laches - ANSWER-the loss of a right through undue delay or failure to assert it B98
land - ANSWER-Earth's surface, below the surface to the center of the Earth, above the surface to
infinity; immobile, indestructable, and unique (uniqueness=heterogeneity) B2
Land - ANSWER-Lands
include the ground,
the air above it, all that is below the surface of the earth, and all that is erected on it.
Land Bordering
Navigable Waters - ANSWER-Where one's land borders upon a
navigable body of water in North Carolina - be it ocean, lake, or stream - the ownership of the land
under the water does not belong to the bordering owner, but belongs to the state of North Carolina
under the public trust doctrine.
VERIFIED ACCURATE SOLUTION |GET IT 100%
ACCURATE
gross lease - ANSWER-tenant pays fixed rent; landlord pays taxes, maintenance, insurance, principal and
interest on any mortgage loan Y19
ground lease - ANSWER-tenant pays ground rent plus taxes, maintenance and insurance and builds
his/her own building on the property and pays interest and principal on any building loan Y19
heated living space - ANSWER-adequate heated by permanently installed heating system, finished to
generally acceptable standards, directly accessible from other living areas; stairs count on both levels
and you can walk on it Y37
Hereditaments - ANSWER-The term
hereditaments
is an even broader term and
embraces every interest in real property that can be inherited, whether tangible or intangible.
historic preservation zoning - ANSWER-to preserve historic buildings and sites that are irreplaceable
horizontal adjustement - ANSWER-every 4 years between octennial reappraisial in which ALL property
within a county/city can be adjusted up/down by a percentage. may or may not happen Y11
if not removed by end of lease, it becomes real property of the owner Y4 - ANSWER-
if personal property is purchased on credit, it remains personal property until paid off (ex. new furnace
or kitchen); creditor can still come and remove it if buyer defaults Y4 - ANSWER-
illegal use - ANSWER-a use that is in direct violation of an existing zoning ordinance. Can be detected
and punished at any time Y13
,implied contract - ANSWER-a contract that is suggested from the conduct of the parties showing intent
of contract (ex. neighbor paints a fence for another neighbor, implies payment/consideration) Y29
include (1) the soil, (2) things growing naturally on the soil, (3) the minerals and
waters beneath the surface of the soil, (4) the airspace that is above the soil (so far as it may reasonably
be reduced to possession and so far as it is reasonably necessary for the use or enjoyment of the
surface),
and (5) those things that have been affixed to the soil (such as houses, buildings, barns, or fences) with
the requisite legal intent that they shall become a permanent addition or improvement to the lands -
ANSWER-"Lands"
index lease - ANSWER-aka variable lease rent automatically increases or decreases according to some
index such as the cost-of-living index Y19
Industrial - factories - ANSWER-
informal reference - ANSWER-a type of property description that only uses a street address or house
number to describe the property; acceptable use for a lease but not to convey ownership; should be
combined with a reference to recorded plat Y17
installment land contract - ANSWER-a property is sold with seller financing; seller retains legal title and
the deed to the property until all of the purchase price is paid; buyer doesn't receive deed until the
property is paid for; if buyer defaults, buyer loses property, seller has cloud on title Y41
Intent of person attaching item (is it supposed to be temp?); Relationship of attaching person (owner or
tenant?); Method of attachment (removal causes damage?); Adaptability (has property or item been
altered to work together) Y3,4 - ANSWER-
interstate land sales full disclosure act - ANSWER-a sellor or lessor of 25 or more lots of unimproved land
is required to file a statement of record with HUD and to provide each purchaser or lessee with a printed
property report disclosing pertinent information at least 3 days before contract creation Y15
intestate - ANSWER-a person dies without a last will and testament Y12
, intestate succession law - ANSWER-tells how property will be distributed if you die intestate Y12
involuntary alientation - ANSWER-giving up title to real estate involuntarily Y13
IRMA - ANSWER-Total Circumstances Test - is it real or personal?
IRS lien - ANSWER-a general lien owed to the federal government Y10
joint tenancy - ANSWER-owners have equal undivided interest that they acquired at the same time; can
be joint tenants with the right of survivorship; normally exists for same-sex couples or couples planning
to be married; Y7
judgment lien - ANSWER-a general lien owed as a result of a judgment imposed by a court of law;
becomes valid when judgment is docketed; valid for 10 years; should be attached in the county where
the property is located Y10
laches - ANSWER-the loss of a right through undue delay or failure to assert it B98
land - ANSWER-Earth's surface, below the surface to the center of the Earth, above the surface to
infinity; immobile, indestructable, and unique (uniqueness=heterogeneity) B2
Land - ANSWER-Lands
include the ground,
the air above it, all that is below the surface of the earth, and all that is erected on it.
Land Bordering
Navigable Waters - ANSWER-Where one's land borders upon a
navigable body of water in North Carolina - be it ocean, lake, or stream - the ownership of the land
under the water does not belong to the bordering owner, but belongs to the state of North Carolina
under the public trust doctrine.
