Unit 3 Review
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Ownership in severalty is ownership by whom?
In concurrent ownership, no owner has a right to?
Any specific part of the property
Tenancy in common is ownership without what?
Right of survivorship to the other owner
In most states, tenancy in common is tenancy with equal shares, however they can also be what?
When a tenant in common dies, what happens to their share?
Goes to their heirs or devisees
Joint tenancy is co-ownership with right of what?
Joint Tenancy survivorship overrides what?
An joint tenants will
In Joint Tenancy ownership shares must be?
Tenancy in the entirety is specifically for what?
Survivorship in tenancy in the entirety overrides what?
In the NC condominium act, a purchaser has how many days to cancel in writing after execution of contract?
7 calendar days
A public offering statement is given by who when?
Given by developers or brokers to buyers before sales contract is signed
A resale certificate is used when?
A condo is being resold
A resale certificate states what?
HOA fees and any other dues
In the NC Time Share act, a purchaser has the right to cancel how many days after signing of contract?
5 calendar days
What rule applies to written termination of time-share purchases?
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
A time share developer who is not in compliance may be fined how much?
$500 per violation
A deed conveys what type of alienation?
What are the 7 essential elements for a valid deed?
- Competent grantor
- Identifiable grantee
- Words of conveyance
- Legal description of land
- Execution by grantor
- Delivery to and acceptance by grantee
What is the habendum clause?
Used to convey freehold estate, "To have and to hold forever"
A deed does not prove or guarantee what?
What is the covenant of seisin?
The grantor owns and has right to convey
What does a special warranty deed do?
Guarantees against defects or encumbrances arising during the grantors ownership
A special warranty deed is frequently used by whom?
Banks with foreclosed properties
A quitclaim deed conveys what?
No covenants or warranties
What deed is typically not used to release interest in a property?
When does a NC Deed of gift have to be recorded before being void
What does OCEAN stand for
- Open (visible)
- Exclusive (distinct)
- Notorious (hostile)
What type of suit is used to grant title to a party claiming rights to property through adverse possession?
Quiet title suit
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
When should a buyer receive a seller disclosure statement?
Before or shortly after making an offer
A listing broker must disclose what?
All material facts
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?
What would you like to do?
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