Unit 1 Review

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Author:
ceg.gibson
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224506
Filename:
Unit 1 Review
Updated:
2013-06-20 17:45:54
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NC Real Estate Unit
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Unit 1 Review
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  1. What is appurtenance mean?
    Attached to and runs with the land
  2. What are the 3 forms of rights in RE
    • Right in land (air, water, mineral)
    • Right in ownership (to own, possess, xfer)
    • Governmental Rights (determine land use, set taxes, condemnation, escheat)
  3. What is prior appropriation?
    System of allocating water rights by giving a permit to those who wish to use a certain river or lake
  4. What is Ripirian Rights
    Water rights of land owner whose property is adjacent or crossed by body of water
  5. What is accretion?
    Adding to of property boundaries by deposit of sediment
  6. What is Reliction?
    Land acquired from receding water
  7. Mineral rights are often held by?
    3rd party
  8. How is real estate typically transferred?
    Deed
  9. What is IRMA?
    • Intent
    • Relation
    • Method
    • Adaptation
  10. What is the UCC. What does it do?
    • The Uniformed Commercial Code
    • Personal Property purchased on credit with a balance remaining is personal property to the current owner even if attached to real property. Must disclose to buyer and agree what will be done with item
  11. What is a trade fixture?
    Fixture used in a business. May be taken with owner of fixture once lease has expired as long as property can be returned to original condition.
  12. Mobile homes that have had axles removed and had the title canceled with DMV, must still meet the ______ building requirements.
    Department of Housing and Urban Development, HUD
  13. What is the most typical land description in NC?
    Metes and Bounds
  14. In a government survey, a 1mile x 1mile section is equal to how many acres?
    640
  15. How many square feet are in an acre?
    43,560
  16. Meridians and Base lines are part of what type of legal description?
    Government Survey
  17. A recorded plat map is also known as...
    Lot and block system
  18. What is a survey or ILC (improvement location certification)?
    Used to set boundaries, find encroachments, and discover zoning violations such as set back requirements.
  19. Brokers should do what before accepting any money or contracts  on lots in subdivisions?
    Ensure that the plat map was recorded
  20. What does the NC street disclosure law do?
    • Requires developer and listing broker selling lots in new subdivisions to disclose if
    • 1. The streets are public or private
    • 1. Who is responsible for maintenance
  21. When should street disclosure be given?
    Before accepting an offer or accepting earnest money
  22. What is the buyers agent responsible for in regards to the street disclosure form?
    That the buyer receives and signs the disclosure form
  23. What are the land use classifications?
    • Residential
    • Commercial
    • Industrial
    • Agricultural
    • Mixed
  24. The first step in new building and most renovations is to?
    Obtain a building permit
  25. What sets the standards for building materials and how they are used?
    Building codes, building permits
  26. What does a setback do?
    Specifies location of improvements in relation to the property boundaries
  27. Flood insurance is typically purchased separately from?
    Homeowners policy
  28. At what level are the zoning laws typically set?
    Local level (city or county)
  29. An amendment in a zoning law is a change for what?
    An entire area
  30. What does Nonconforming use allow?
    An owner to continue present use that no longer complies with current zoning, but may not enlarge or rebuild
  31. What does a variance in zoning law do?
    Allows owners to vary or deviate from strict compliance in order to relieve or prevent economic hardship (IE, building in to set back)
  32. What does a conditional use or special use permit do?
    Allow particular use of an area that is in the best interest of the community, but does not necessarily comply with the zoning restrictions. (Church School)
  33. Brokers and sales people should tell buyers that part of their responsibility is to check that:
    • Zoning use meets their needs
    • property is not in floodplain
    • proper access to and from property
    • Building permits pulled
    • Street status
    • Access or lack of access and if that will be changing
  34. What is the formula for sq ft of a rectangle
    A=LxW
  35. What is the formula for a triangle
    A= 1/2 (bxh)
  36. Formula for volume or cubic feet?
    A = LxWxH
  37. How many cubic feet are in a cubic yard?
    27
  38. How many square feet are in an acre?
    43,560
  39. How many linear feet are in one mile?
    5,280
  40. How many acres are in one section?
    640

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