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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

(58 cards)

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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

Study These Flashcards
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
Township
Square formed by the meeting of ranges and tiers (6x6 miles) 36 square miles 36 sections per
25
1 section in a Township
1 mile x 1 mile = 640 acres
26
Square footage in 1 acre
43,560 square feet
27
Recorded Map Plat
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
Plat
Map showing the location and boundaries of individual lots in a land subdivision
29
Reference to prior deed
Metes and bounds description would appear in prior recorded deed
30
Survey and Improvement Certificate (ILC)
* 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
Survey
* 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
Government Land a Use Controls
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
Master Development Plan
* 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
Land Use Classifications
1) Residential 2) Commercial 3) Industrial/manufacturing 4) Agriculture 5) Mixed
35
Land Use Restrictions- tied to police power
* 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
Certificate of Occupancy (C.O.)
Shows that building is fit for occupancy and provides evidence of compliance with building codes
37
Setback/side yard/ rear yard restrictions
Specify the location of improvements in relation to boundaries
38
Federal Emergency Management Agency (FEMA)
Administers flood insurance and provides flood maps that determine where flood insurance is required
39
Zoning Changes/Deviations
Zoning laws: set at local level. * Specifies types of construction allowed. * Establishes setbacks for placement of improvements
40
Spot Zoning
Gives special zoning treatment to one or a group of properties that is inconsistent with the master plan
41
Amendment
Zoning change for an entire area. Could cause non-conforming use
42
Non confirming use
Allows owner to continue present use that no longer complies with current zoning
43
Variances
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
Conditional or special use permits
Allows a particular property to be used for special purposes that are in the public's best interest. (Daycare center)
45
Cluster zoning
Typical in a planned unit development (PUD). Uses flexible zoning to maximize open space
46
Overlay zoning
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
Interstate Land Sales Full Disclosure Act
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
Disclosure
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
Square Footage - square or rectangle
Length x Width
50
Square Footage- triangle
1/2 (base x height)
51
Volume or cubic feet
Length x width x height
52
27 cubic feet
Is 1 cubic yard (used in concrete)
53
One mile (in linear feet)
5280 linear feet
54
Frontage
First number used in W x L description The side of the property that most improves property value
55
Front Foot
Refers to water frontage such as oceanfront or lakefront
56
Real estate consists of 3 things:
1) Land 2) Improvements 3) Rights
57
Prior Appropriation
Water rights principal states whoever first makes beneficial use of the water has priority

NC Real Estate License (12 decks)

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