Superior Real Estate Highlighted Points in Class Exam Questions And Answers

Superior Real Estate Highlighted Points in Class Exam Questions And Answers Alienation means what referring to a title -Answer-Transfer or means -Answer-Gives ee means -Answer-Receives SC ______ theory state -Answer-Lien Mortgagor. ....... Buyer Mortgagee.........Bank Petition the court to foreclose NC _________ theory state -Answer-Title Deed of trust is the mortgage Trustee...... law firm Trustor.......Buyer Beneficiary. ..... Bank Foreclosure go through probate NC OTPC -Answer-NC offer to purchase & contact 1. Seller must deliver to buyer General Warranty deed 2. Does not have to be notorized or recorded 3. If notorized and recorded then enforceable Special Warranty Deed -Answer-- limited deed with limited promises - limited to the term of my ownership (Life of the current owner only) - usually delivered by builders and developers - special Warranty deed..... conveyance only General Warranty Deed -Answer-1. provides the most protection for buyer (grantee) 2. provides the most liability for seller (Grantor) 3. NC requires this 4. Seisin, no encumbrances, quiet enjoyment, assurance, warranty forever Quit Claim is good for ________ -Answer-1. Color of title to clean up 2. Clear defects on a title 3. Quit Claim, for adverse possession 4. provides the best protection to Grantor, seller NC is an Attorney ___________ -Answer-State...... 1. They prepare deeds 2. They conduct closings 3. They give closing advise NC excise tax -Answer-1. Round up to the nearest 500 2. $1.00 per 500 of the selling price 3. All seller 4. Also known as revenue stamps 5. Transfer tax Condemnation is the Eminent domain is the -Answer-Process Action/power Foreclosure is ______ _________ -Answer-Material fact, once formal action has been filed Adverse possession -Answer-1. Evolved from squatters rights 2. Method of one private owned to take from another private owned 3. Claimant must prove elements from quiet title action 4. Ocean A. Open B. Continuous C. Exclusive D. AdverseE. Notorious Nc Adverse possession rules GS; Art. 4 1-35 -Answer-1. Continuous time frame in NC are A. With color title ..... 7yrs B. Without color title ...........20yrs Will terms -Answer-Bequest, Legacy, Devise, Descent Beneficiary heir of a will Testator the person who wrote the will Executor to execute the wishes in a will Administrator without a will Descent -Answer-gift of real property no will, states makes a will and pass on to heirs. Devise -Answer-gift of real property with a will legacy or bequest -Answer-gift of cash or personal property with a will NC Connor Act -Answer-1. Requires certain documents to be recorded in NC to be enforceable. 2. Notarization or acknowledgement usually required prior to recordation What gets recorded -Answer-DREAM OIL - deeds, restricted covenants, easements, assignments options, Installment land contracts, leases longer 3 yrs Nc enabling act -Answer-- Confers zoning power on municipality - zones outside the incorporated limits but subject to zoning restrictions are .... ETJ Extra-terrorial jurisdiction NC zoning -Answer-- Aesthetic zoning, could be rezoned for appearance -- spot zoning, group of properties is rezoned to permit a different use (Housing next to office building, they all want to get rezoned like the Office buildings get more money for their pro