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21 Cards in this Set
- Front
- Back
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A claim, charge or liability that attaches to and is binding on real estate... |
encumbrance
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A lien that is secured by a specific parcel of property and affects only that property (examples include mortgage or deed of trust liens, real property taxes or special assessments liens and mechanics' liens) ... |
specific lien |
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The purpose is to give security to those who perform labor or furnish material in the improvement of real property... |
mechanic's lien |
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A person claiming a mechanic's lien must file the lien claim within _____ days after _______________... |
120 days after last furnishing labor or materials
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Even though it must be filed 120 days after LAST furnished labor or materials, the lien takes effect from the day that person ________ furnished labor or materials... |
first |
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The action to enforce a properly filed mechanic's lien must be brought within _____ days after _______________________ ... |
180 days after last furnishing labor or materials |
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Personal property tax is assessed on certain types of personal property, if unpaid, this tax becomes an involuntary lien against... |
all the property owned by the taxpayer |
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Superior liens (property taxes and special assessments generally take _____________ over all other liens... |
priority |
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If property is sold through court-order outstanding real estate taxes, special assessments and unpaid debts will be paid first from the proceeds, the remainder of the proceeds will be used to pay other outstanding liens in what order? |
order of date and time they were recorded (this is called pure race system) |
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One exception to the pure race system is the mechanic's lien, it dates back to ... |
the date the labor began or materials were first provided rather than the date the lien was filed |
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A notice that there is an action or lawsuit pending that may adversely affect the title... |
Lis Pendens |
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An order issued directing the county sheriff to sell the property to satisfy a judgment... |
writ of execution |
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A nonpossessory right to use the land of another for a particular purpose ... |
easement |
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An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land is an... |
easement appurtenant |
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The tract over which the easement runs is called __________ tenement or estate; the tract that benefits is called the ____________ tenement or estate. |
servient
dominant |
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An easement that benefits a person or entity, not a parcel of property (ie railroads, billborads, utilities)... |
easement in gross |
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When a claimant hass made use of another's land for a certain perior of time (20 years in NC), what type of easement is acquired? |
easement by prescription |
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To prevent any property from being landlocked, what type of easement is created? |
easement by necessity |
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Real estate taxes fall into two categories... |
1) general real estate or ad valorem property tax 2) special assessment or improvement property tax |
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In North Carolina there is an Act that regulates standards for real property taxation called... |
machinery act |
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The machinery act mandates that assessed value is ____% of market value. |
100% |
