Unit 3 Review

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Author:
ceg.gibson
ID:
224553
Filename:
Unit 3 Review
Updated:
2013-06-21 09:39:34
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NC Real Estate Unit
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Unit 3
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  1. Ownership in severalty is ownership by whom?
    An individual
  2. In concurrent ownership, no owner has a right to?
    Any specific part of the property
  3. Tenancy in common is ownership without what?
    Right of survivorship to the other owner
  4. In most states, tenancy in common is tenancy with equal shares, however they can also be what?
    Unequal
  5. When a tenant in common dies, what happens to their share?
    Goes to their heirs or devisees
  6. Joint tenancy is co-ownership with right of what?
    Survivorship
  7. Joint Tenancy survivorship overrides what?
    An joint tenants will
  8. In Joint Tenancy ownership shares must be?
    Equal
  9. Tenancy in the entirety is specifically for what?
    Married couples
  10. Survivorship in tenancy in the entirety overrides what?
    a will
  11. In the NC condominium act, a purchaser has how many days to cancel in writing after execution of contract?
    7 calendar days
  12. A public offering statement is given by who when?
    Given by developers or brokers to buyers before sales contract is signed
  13. A resale certificate is used when?
    A condo is being resold
  14. A resale certificate states what?
    HOA fees and any other dues
  15. In the NC Time Share act, a purchaser has the right to cancel how many days after signing of contract?
    5 calendar days
  16. What rule applies to written termination of time-share purchases?
    Mailbox
  17. Under the NC Time Share Act, a developer who does not give a public offering statement to a buyer can be fined what?
    10% of sales price, not to exceed $3,000
  18. A time share developer who is not in compliance may be fined how much?
    $500 per violation
  19. A deed conveys what type of alienation?
    Voluntary
  20. What are the 7 essential elements for a valid deed?
    • Competent grantor
    • Identifiable grantee
    • Words of conveyance
    • Legal description of land
    • Consideration
    • Execution by grantor
    • Delivery to and acceptance by grantee
  21. What is the habendum clause?
    Used to convey freehold estate, "To have and to hold forever"
  22. A deed does not prove or guarantee what?
    Ownership
  23. What is the covenant of seisin?
    The grantor owns and has right to convey
  24. What does a special warranty deed do?
    Guarantees against defects or encumbrances arising during the grantors ownership
  25. A special warranty deed is frequently used by whom?
    Banks with foreclosed properties
  26. A quitclaim deed conveys what?
    No covenants or warranties
  27. What deed is typically not used to release interest in a property?
    Correction deed
  28. When does a NC Deed of gift have to be recorded before being void
    2 years
  29. What does OCEAN stand for
    • Open (visible)
    • Continuous
    • Exclusive (distinct)
    • Actual
    • Notorious (hostile)
  30. What type of suit is used to grant title to a party claiming rights to property through adverse possession?
    Quiet title suit
  31. A seller disclosure statement should cover what?
    • Land/soil and environmental conditions
    • Structural issues
    • Lot size, encroachments, easements
    • Material defects
    • Tax liens or special assessments
  32. When should a buyer receive a seller disclosure statement?
    Before or shortly after making an offer
  33. A listing broker must disclose what?
    All material facts
  34. When a seller misrepresents a latent (hidden) defect, and a broker does not find the defect when performing a visual inspection, who is responsible for the misrepresentation?
    The seller

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