NC 2024- real estate broker pre-licensing Exam Latest Update with Verified Solutions

NC 2024- real estate broker pre-licensing Exam Latest Update with Verified Solutions Syndication - Answer -Two or more forms joining together as an entity to own real estate Estate in severalty - Answer -Ownership by one individual Concurrent ownership - Answer -Two or more persons share ownership with undivided interests Tenancy in common - Answer -Co-ownership without right of survivorship to other owners Police power - Answer -The broad right of the government to place reasonable restrictions on the use of privately held land Easement - Answer -A right of use or enjoyment that one person has in the hands of another for a specific purpose Leasehold estate - Answer -A tenant's right to possess real estate for the term of a lease Homestead rights - Answer -Protection of a primary home against certain creditors Deed restrictions - Answer -Private agreements that govern the use of land Lien - Answer -A claim that a party has against the property of another to secure payment of a debt Easement in gross - Answer -An easement given to a utility company in perpetuity Real property tax lien - Answer -A lien that takes property over all others Zoning ordinances - Answer -Enforced by local municipalities as a part of their right to govern land use License - Answer -Revocable in assignable permission granting privilege to use property Writ of attachment - Answer -Used to create encumbrance against real property Encroachment - Answer -Unauthorized use of another persons land Survey - Answer -Administered to reveal encroachments Lien waiver - Answer -Releases an unrecorded lien Methods of terminating easements (3) - Answer -1. Merger 2. Release 3. AbandonmentExpress agreement (easement) - Answer -Easement is real property interest and therefore transferred by deed and typically recordsd Types of specific liens (3) - Answer -1. Government lien 2. Mechanic/construction lien 3. Mortgage Types of general liens (3) - Answer -1. Judgment lien 2. IRS or state lien 3. Personal property tax lien Joint tenancy - Answer -Co-ownership with right of surv