NC prelicensing exam

Time share - Answer- A right to occupy a unit during 5 or more separate time periods over a period of at least 5 years, can be freehold or non-freehold estate What are other names for a time share? - Answer- Vacation lease, prepaid hotel reservation, club membership, limited partnership or vacation bond How long does someone have to cancel a time share contract? - Answer- 5 days How long must a time share developer keep money in a trust account? - Answer- 10 days before moving to operating expense account Does a time share developer need a real estate license? - Answer- No How does the real estate commision keep unlicensed developers from committing violations? - Answer- Fines- $500 for each violation or revoke the registration for their project What happens if developer does not show the public offering statement to buyer? - Answer- Can be fined 10% of sales price up to $3,000 What is real estate? - Answer- The land plus anything permanently attached to the land What is the legal bundle of rights concept? - Answer- The right to sell: sell, give away, mortgage, will, enjoy, possess, exclude others profit What is the definition of appurtenances? - Answer- Any improvement made to the land that stays with the land or automatically transfers with the title Give examples of appurtenances - Answer- Fructus naturales, subsurface rights, air rights, easements, riparian rights Are fructus industrials considered appurtenances? - Answer- No What are fructus industrials? - Answer- Fruits of industry ex. Apples pecans etc Do air and subsurface rights transfer with the land? - Answer- Yes What are examples of navigable waters? - Answer- Stream river or lake What are examples of littoral rights? - Answer- Large lakes or oceans What are examples of non navigable waters? - Answer- Small streams or ponds If a pr