Nc real estate license renewal fee series#

These terms are used by appraisers to describe the increase in value when an owner combines several contiguous or touching parcels into one large parcel. There is nothing in the fact pattern to suggest either parcel of property is near a body of standing water. Littoral has to do with rights of owners who live by standing water, like a lake, a pond, or the ocean. Here, Daniel is gaining additional property through the natural action of the river's water (i.e., accretion). For example, if a tenant had rented Daniel's property, constructed a shed on it, and then left the shed after the lease was over, that would have been an example of accession by attachment.

Answer Choice 'A' is also incorrect because of the word 'attachment.' While attachment is property gained through accession, attachment is created through human intervention. Here, Daniel is acquiring property, not losing it. Alienation can occur either through voluntary means (e.g., sale, gift, dedication, etc.) or involuntary means (e.g., foreclosure, tax sale, adverse possession, etc.). 'Alienation' means to separate real estate from its owner. Finally, 'alluvium' is a technical term for the silt/dirt moved by the river from Ulyanna's shores and deposited on Daniel's shores.ДЄ is incorrect. Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property. 'Accretion' is accession that occurs through natural causes. As it pertains to real estate, 'accession' means to acquire more land, even a small amount of land.

Nc real estate license renewal fee series#

This series of words best describes what has happened on Daniel's property. While topsoil or even a building can be moved, an entire parcel of real estate cannot be moved to a new location. Despite there being a lot of land, land is considered scarce as brand-new parcels of land cannot be created through human labor. Test-Taking Tip: Make sure you remember this rule for your exam: Land does not depreciate. Why not? Because, in contrast to a house or a building, an entire parcel of land does not wear out and need to be replaced. Test-Taking Tip: Because the words 'unique' and 'indestructible' are in each answer choice, you do not need to spend valuable exam time considering them.Д« is incorrect.

Finally, land is considered scarce because entire new parcels of real estate cannot be manufactured. Land is considered unique because, at the very least, each parcel of real estate has its own different and distinct place on the planet. Land is considered indestructible because, in contrast to buildings, an entire parcel of real estate theoretically cannot be destroyed and/or need to be replaced. Land is characterized as immovable because an entire parcel of real estate cannot be moved to another site.