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NC Real Estate License > Unit 1: Nature, Description, and Use of Real Estate > Flashcards

Unit 1: Nature, Description, and Use of Real Estate Flashcards

0
Q

Improvements

A

Attached to the land with the intent of being permanent

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1
Q

Appurtenances

A

Attached to and run with the land

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2
Q

Real estate rights

A

1) rights in land -air, water, and mineral rights
2) rights of ownership- right to process, transfer, and control property
3) governmental rights- give gov right to determine land use, set taxes, and take back property thru eminent domain or escheat

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3
Q

Rights in land : Air Rights

A
  • extend as high as can be reasonably reached

- government controls air space

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4
Q

Water rights

A
  • government controls and grants permits
  • right of access not included. Can not cross another owner’s property and would need to obtain an easement
  • attached to the land and can not be retained when property is sold
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5
Q

Boundary shifts

A

Accretion: additions of land, gradual accumulation thru natural causes

Reliction: land acquired from receding water

Erosion: gradual wearing away of land, may cause owner loss of land

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6
Q

Avulsion

A

Sudden loss of land through being washed away or other violent acts. (Flooding)

*Property line is maintained even if land is no longer there

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7
Q

Rights to support

A

Right to have property supported.

Owners of adjacent property can not excavate in a manner that will cause loss of support of owner’s property

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8
Q

Lateral Support

A

Support to the property sides by neighboring property. (Rock wall or sea wall)

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9
Q

Subjacent support

A

Support of surface from below

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10
Q

Riparian

A

Flowing Water: river,streams, tides

Property line is edge of water if navigable. Property line is center of river or stream if non-navigable

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11
Q

Littoral

A

Standing Water: Lakes

Property line is average high water mark

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12
Q

Mineral rights

A

Natural gas, oil, coal, gold, water

May be transferred or reserved by original owner when property is sold

Often held by a 3rd party

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13
Q

Chattel

A 
Personal property 
Movable 
Not permanently attached to the land 
Typically does not transfer with real estate 
Transferred with a bill of sale
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14
Q

Fixture

A

An object that was once personal property which has been attached to an improvement so as to become real estate.

Once attached it becomes an appurtenance and transfers in the deed.

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15
Q

IRMA (total circumstance test)

A

Intent: installed with intent of improving the land?

Relationship: owner=fixture , tenant=personal property

Method of attachment: built in (nailed,screwed or glued)=fixture
Free standing=personal property
Adaptation: specific to individual property. (AC unit in window is personal, AC Unit in wall is real property)

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16
Q

Fixture Exceptions (transferred with a bill of sale)

A

Trade fixtures- May be removed before lease termination

Emblements (fructus industrials)- annually cultivated crops. Previous owner can come back to harvest.

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17
Q

Manufactured Housing

A

To be converted to real property:

1) must be on land owned by person placing home
2) must be attached to a permanent foundation
3) must have the hitch and axels removed
4) must have a cancelled DMV title
5) must meet the HUD building requirements

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18
Q

Modular homes

A

Real property once assembled and attached to foundation

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19
Q

Physical characteristics of land

A

1) immobile
2) indestructible
3) unique -all parcels differ geographically

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20
Q

Economic characteristics of land

A

Scarcity- supply in a given location can be limited

Improvements- placement on land affects value and use of neighboring parcels

Permanence of investment- sale may take considerable time. Land is not liquid

Area preference- people’s choices and desires

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21
Q

Legal/formal methods of land description

A

1) Metes and bounds
2) Rectangular government survey
3) Recorded plat

  • legal descriptions do not describe improvements, only land
  • improvements and appurtenances are automatically included
  • street addresses not adequate legal description but can be used in a lease
  • real estate is bought/sold on basis of legal description
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22
Q

Metes and Bounds

A
  • Most accurate method of land description in NC
  • Monuments serve as reference points for surveyor
  • Must begin and end at point of beginning. If not it is ‘incomplete’ or ‘imperfect’

Metes= measures in feet, commas degrees

Bounds= shape or boundaries or directions

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23
Q

Rectangular Government Survey

A

System developed by US gov that locates parcel of land within a grid system based on its location with reference to meridians and ranges (north to south) and baselines and tiers (east to west)

Used in states west of the Mississippi

24
Q

Township

A

Square formed by the meeting of ranges and tiers (6x6 miles)

36 square miles

36 sections per

25
Q

1 section in a Township

A

1 mile x 1 mile = 640 acres

26
Q

Square footage in 1 acre

A

43,560 square feet

27
Q

Recorded Map Plat

A

Also called ‘lot, block, subdivision system, or lot and block system’

Common in urban residential areas

Recording a subdivision plat is the common way for streets in developments to become dedicated for public use

28
Q

Plat

A

Map showing the location and boundaries of individual lots in a land subdivision

29
Q

Reference to prior deed

A

Metes and bounds description would appear in prior recorded deed

30
Q

Survey and Improvement Certificate (ILC)

A
  • Measurement of property lines, location of houses, easements, encroachments etc
  • Uses monuments
  • Locates improvements
  • Not used to legally set property boundaries
  • reveals encroachments and zoning violations
31
Q

Survey

A
  • More detailed then ILC
  • Uses monuments
  • Used to create or confirm legal description, legally sets boundaries
  • reveals encroachments
  • does NOT reveal illegal zoning use
32
Q

Government Land a Use Controls

A

1) Master development plan
2) Land-use classifications
3) Land-use restrictions tied to police power
4) Zoning changes/deviations
5) Interstate Land Sales Full Disclosure Act
6) Disclosure

33
Q

Master Development Plan

A
  • Land Survey- shows present and future use of property
  • Economic Survey- shows present and future economic base of the area
  • Used to control growth
34
Q

Land Use Classifications

A

1) Residential
2) Commercial
3) Industrial/manufacturing
4) Agriculture
5) Mixed

35
Q

Land Use Restrictions- tied to police power

A
  • Purpose is to protect against uncontrolled growth, protect public health, and preserve compatibility
  • Building permit- ensures property owners are in compliance with building codes (concerned w/ structural integrity and public safety)
  • Poposed building must comply with zoning ordinance
36
Q

Certificate of Occupancy (C.O.)

A

Shows that building is fit for occupancy and provides evidence of compliance with building codes

37
Q

Setback/side yard/ rear yard restrictions

A

Specify the location of improvements in relation to boundaries

38
Q

Federal Emergency Management Agency (FEMA)

A

Administers flood insurance and provides flood maps that determine where flood insurance is required

39
Q

Zoning Changes/Deviations

A

Zoning laws: set at local level.

  • Specifies types of construction allowed.
  • Establishes setbacks for placement of improvements
40
Q

Spot Zoning

A

Gives special zoning treatment to one or a group of properties that is inconsistent with the master plan

41
Q

Amendment

A

Zoning change for an entire area.

Could cause non-conforming use

42
Q

Non confirming use

A

Allows owner to continue present use that no longer complies with current zoning

43
Q

Variances

A

Allows individual owners to vary or deviate from struct compliance with zoning in order to relieve or prevent economic hardship .

Does not change regulation

44
Q

Conditional or special use permits

A

Allows a particular property to be used for special purposes that are in the public’s best interest. (Daycare center)

45
Q

Cluster zoning

A

Typical in a planned unit development (PUD).

Uses flexible zoning to maximize open space

46
Q

Overlay zoning

A

In addition to underlying zoning (residential or commercial).

Created at the city,county, or regional level

  • school, tax or utility districts
  • airport or flight paths
  • aesthetic or historical preservation
47
Q

Interstate Land Sales Full Disclosure Act

A

Federal law that regulates sale or lease of 25 or more lots of unimproved land across state lines

Developer required to provide property report to buyers 3 days prior to accepting offer

48
Q

Disclosure

A

Brokers explain to buyers their responsibility to verify:

  • current zoning meets needs
  • property not in flood plain
  • proper access to highways and streets
  • proper building permits
  • public or private streets
  • proper access to public roads , or if access is changing
49
Q

Square Footage - square or rectangle

A

Length x Width

50
Q

Square Footage- triangle

A

1/2 (base x height)

51
Q

Volume or cubic feet

A

Length x width x height

52
Q

27 cubic feet

A

Is 1 cubic yard (used in concrete)

53
Q

One mile (in linear feet)

A

5280 linear feet

54
Q

Frontage

A

First number used in W x L description

The side of the property that most improves property value

55
Q

Front Foot

A

Refers to water frontage such as oceanfront or lakefront

56
Q

Real estate consists of 3 things:

A

1) Land
2) Improvements
3) Rights

57
Q

Prior Appropriation

A

Water rights principal states whoever first makes beneficial use of the water has priority

NC Real Estate License (12 decks)

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