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Real Estate Licensing > ENGRADE Chapter 2 > Flashcards

ENGRADE Chapter 2 Flashcards

1
Q

The concept by which land would decrease automatically along a river or stream is known as

A

AVULSION

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2
Q

Generally considered real property?

A

A perennial shrub planted in the backyard

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3
Q

Bundle of Legal Rights

A

part of the definition of real property

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4
Q

A trade fixture is considered

A

Personalty

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5
Q

Real property can become personal property by

A

severance

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6
Q

A seller is under contract to sell a property using the standard OTP and contract. The elegantly decorated master bedroom has vertical window blinds, hand painted light switches and electrical outlet covers and draperies fashioned from fabric coordinated with the wallpaper. Which of the following items may the seller legally remove before the close of the transaction?

A

The draperies

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7
Q

A business owner rents and empty building to use an ice cream parlor. The tenant subsequently installs large freezer units and several service counters. These additions

A

can be legally removed by the tenant at the termination of the lease

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8
Q

The owner of a house wants to fence the yard for a dog. When the fence is erected the fencing materials are converted to real estate by

A

ANNEXATION

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9
Q

Which of the following has an indefinite ownership period?

A

Fee Simple Estate

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10
Q

A homeowner acquired the ownership of additional land that was deposited by a river running through her property by

A

ACCRETION

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11
Q

A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An Attorney prepares a deed that conveys the ownership of the lot to the hospital “AS LONG AS it is used for medical purposes” After the completion of the gift the hospital will hold a

A

FEE SIMPLE DETERMINABLE ESTATE

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12
Q

The rights of the owner of a property located along the banks of a small stream are called

A

RIPARIAN RIGHTS

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13
Q

A deed that conveys ownership to the grantee “so long as the existing building is not destroyed” creates a

A

DEFEASIBLE FEE ESTATE

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14
Q

A woman conveys a life estate to her son in law and stipulates that upon his death the estate will pass to her grandson. The grandson has an

A

ESTATE IN REMAINDER

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15
Q

A person who acquired ownership that can be inherited with the provision “that the land must always be used for recreational purposes” has

A

A FEE SIMPLE DETERMINABLE

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16
Q

A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building

A

in SEVERALTY

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17
Q

A person currently has the legal right to occupy and use a certain residential structure the Interest in the property could be all of the following

A

FEE SIMPLE
LEASEHOLD
LIFE ESTATE

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18
Q

Co Owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under

A

the right of SURVIVORSHIP

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19
Q

Three joint tenants with rights of survivorship own a parcel of land. One owner sells his interest to a long time friend. After the conveyance, the remaining original owners

A

remain JOINT TENANTS with each other

20
Q

One of two owners holds and undivided 60 percent interest and the other holds and undivided 40 percent interest. The two owners probably hold their interest as

A

TENANTS IN COMMON

21
Q

The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If the neighbor does NOT pay the taxes;

A

A lien can be filed against the neighbors unit

22
Q

In order to create a joint tenancy relationship in the ownership of real estate, there must be unities of

A

POSSESSION
TIME
INTEREST
TITLE

23
Q

The severalty owner of a parcel of land sells it. The buyer insists that the owners wife also sign the deed. The purpose of obtaining the wifes signature is to

A

Terminate any rights the wife may have in the property

24
Q

A homestead estate is one that

A

Protects land that includes the family home from some creditors

25
Q

Total Circumstances Test

A

IRMA

26
Q

Trees, perenial bushes, and grasses that do not require annual cultivation are classified as

A

Fructus Naturales

27
Q

Crissy owns property that borders a large, navigable lake that has tides. Her property ends at

A

at the mean high water mark of the lake

28
Q

A perennial shrub planted in the ground

A

APPURTENANCE

29
Q

In NC what is the rescission period for the purchase of a new condo?

A

7 calendar days

30
Q

In NC what is the rescission period for the purchase of a NEW timeshare?

A

5 calendar days

31
Q

In real estate, its possible to change personal property into real property. If a landowner buys cement, stones and sand, then constructs a concrete walk on the land, the component parts of the concrete which were originally personal property are converted into real property. They have become a permanent improvement on the land. This process is called.

A

ANNEXATION

32
Q

Jack is not married and buys a vacant lot as his sole and separate property. Jack later married Jill and they buy a house together. How is the ownership of the vacant lot now classified?

A

Jack owns the lot in SEVERALTY

33
Q

TENANCY in COMMON

A 
TENANCY IN COMMON
Owners
        Owned by two or more people
Title
       Each co owner has separate legal title to     
       that co-owners undivided interest
Interest
       Shares may be unequal.  Law will interpret   
       them as equal unless stipulated otherwise
Conveyance
       Yes without the consent of the other 
        owners
Right to Partition
       YES
Status on DEATH
      Passes to Hears or Devisees
Probate Necesssary
      YES
UNITIES
      Possession
Termination
     By sale or death of the owner
34
Q

TENANCY IN SEVERALTY

A

TENANCY IN SEVERALTY

Number of Owners
     One person or Entity
Title
     One Title
Interest
     100% ownership
Conveyance
     Yes, to whomever the owner stipulates
Right to Partition
     Not necessary; there are no co- owners
Status on Death
     Passes to Heirs or Devisees
Probate Necessary
    YES
Unities
    Possession
    Interest
    Time 
    Title
Termination
     By sale or death of the owner
35
Q

JOINT TENANCY

A

JOINT TENANCY

Number of owners
     two ore more people with right of  
     survivorship
Title
     One Title
Interest
     Shares must be EQUAL
Conveyance
     Yes, without the consent of the other 
     owners
Right to Partition
     YES
Status on Death
     Passes to surviving owners
Probate Necessary
     NO
Unities
     Possession
     Interest
     Time
     Title
Termination
    When any of the unities are broken
36
Q

TENANCY BY THE ENTIRETY

A

TENANCY BY THE ENTIRETY

Number of owners
     Husband and wife only; law presumes they 
      are one
Title
    one title 
Interest
    Each holds 100% of the property
Conveyance
    When both owners agree
Right to Partition
    NO
Status on Death 
    When one spouse dies, the other spouse   
     owns it in severalty
Probate Necessary
    NO
Unities
    Possession
    Interest
    Time
    Title
    PERSON
Termination
    By consent of the parties; death of either 
    party; or on divorce ownership
37
Q

Vonda Lee and William purchased a home together in 2003 with the deed simply listing both of them as Grantees without specifying how they were to hold title. They married each other in early 2004. How do they hold title to the house they purchased in 2003 if they have not made any other adjustments to their deed.

A

TENANCY IN COMMON

38
Q

When two people who own property under tenancy by the entirety sign a formal separation agreement, which of the following statements is correct?

A

There is no change in the form of ownership at this time, (separation is NOT divorce)

39
Q

NCREC Can do what regarding Timeshares

A

Fine a DEVELOPER $500 for each violation

Revoke projects registration certificate.

40
Q

Life Estate

A

Freehold Estate

41
Q

Freehold estate

Non freehold Estate

A

Possible to have on the same property at the same time.

42
Q

The right to occupy a property for five or more periods of time involving five or more years is considered a

A

Time share

Interest in real property

43
Q

Five days after signing a contract to purchase a new time share, the buyer backs out of the deal. How long does the developer have to refund the purchasers money?

A

30 days from the date of purchase contract

44
Q

Which would be considered real property?

A

Electrical switch plate covers

Gas Logs attached to the fireplace

45
Q

Which would be considered an improvement?

A

FENCE

46
Q

What defines the ownership in condominium?

A

Divided fee simple interest in the unit and an undivided tenant in common interest in the common areas

Real Estate Licensing (42 decks)

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