Unit 2- Property Ownership And Interests Flashcards Preview

Modern Real Estate NC 9th Edition > Unit 2- Property Ownership And Interests > Flashcards

Flashcards in Unit 2- Property Ownership And Interests Deck (59)
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1
Q

Accretion

A

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

2
Q

Agricultural fixtures

A

In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner’s of real property rather than the tenants personal property.

3
Q

Air rights

A

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

4
Q

Bundle of legal rights

A

The concept of land ownership that includes ownership of all legal rights to the land (i.e. disposition, exclusion, enjoyment, possession and control)

5
Q

Common elements

A

Parts of a prop commonly used by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

6
Q

Common interest community ownership

A

Ownership that contains elements of both ownership in severalty and concurrent ownership

7
Q

Concurrent ownership

A

Ownership involving two or more owners

8
Q

Condominium ownership

A

The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus in undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners

9
Q

Doctrine of prior appropriation

A

Followed primarily by Western states, this doctoring contends that water rates are determined by priority of beneficial use. The first person to use water or divert water for a beneficial use for purpose can require individual rights to the water. In these states, property owners may have land that borders water but no rights to use the water

10
Q

Emblements

A

Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property

11
Q

Erosion

A

The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.

12
Q

Fee simple absolute

A

The maximum possible estate in real property; most complete and absolute ownership; in definite in duration, freely transferable and inheritable.

13
Q

Fee simple defeasible

A

And a state in which the holder has a fee simple title that may be terminated upon the occurrence or non-occurrence of a specified event. Two categories of defeasible fee estate exist: fee simple determinable and fee simple on condition subsequent

14
Q

Fee simple determinable

A

An estate in real estate that continues “so long as” a prescribed land use continues. Estate into automatically upon the termination of the prescribe use; no lawsuit is necessary for revision

15
Q

Fee simple subject to a condition subsequent

A

An estate in real estate that prohibits in specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.

16
Q

Fixture

A

An item of personal property that has been converted to real property by being permanently affixed to the realty.

17
Q

Freehold estate

A

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate

18
Q

Fructus industriales

A

Crops that are produced annually through labor and industry

19
Q

Fructus naturales

A

Plants that do not require annual cultivation and are considered real property.

20
Q

Future interest

A

A persons present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry

21
Q

Homeowners association

A

An organization of property owners in a subdivision, planned community, or condominium that makes and enforces rules for the properties within its jurisdiction.

22
Q

Homestead

A

Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected for exempt judgments for debt

23
Q

Improvement

A

Any structure, usually privately owned, erected on a site to enhance the value of the property-for example, a fence or a driveway. A publicly owned structure added to or benefiting land, such as a curb, sidewalk, Street, or sewer.

24
Q

Improved land

A

Land that has a building or buildings on it or land that has been prepared for development, such as with grading, installation of utilities etc.

25
Q

Improved lot

A

A lot that certain basic required services this is necessary to utilize it are available, such as electricity, telephone, Street access, or water access.

26
Q

Joint tenancy

A

A concurrent form of ownership of real estate between two or more parties who have been named in one convenience as joint tenants’s. Ownership interest maybe unequal. Right of survivorship is not automatic in North Carolina but can be added by an attorney

27
Q

Lateral support

A

The support of a parcel of land receives from adjacent land; a Neighbors duty to support adjoining land in its natural state.

28
Q

Life estate

A

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

29
Q

Life tenant

A

A person in possession of a life estate

30
Q

Limited common elements

A

Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.

31
Q

Littoral rights

A

A land owners claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average high watermark

32
Q

Manufactured home

A

A dwelling, also known as a mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until the moving hitch, wheels and axles are removed, the unit is attached to a permanent foundation on land owned by the owner of the manufactured home, and an affidavit attesting to these actions has been filed with the department of motor vehicles

33
Q

Marital life estate

A

North Carolina law permits that when someone dies without a will, or dies with a will disinheriting a spouse or leaving him or her very little that the surviving spouse may choose an “elective share” of the estate instead

34
Q

Modular home

A

A dwelling consisting of a series of rooms or units built offsite according to the North Carolina State building code; it’s considered real property as soon as it is assembled on the land. Maybe multistoried

35
Q

Non-freehold estate

A

A tenants rights to occupy real estate during the term of the lease, generally considered a personal property interest

36
Q

North Carolina condominium act of 1986

A

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the country where the property is located. The declaration must include any covenants, conditions, or restrictions on the use of the property. Other requirements include disclosure and other consumer protection measures in connection with new residential condominium unit sales

37
Q

North Carolina uniform commercial code (UCC)

A

A North Carolina statute which may protect the buyers from a sellers unpaid debts; however, if a homeowner purchases an item on credit and gives the creditor is security agreement, that the item remains personal property and may be removed by the creditor in the event of default.

38
Q

Planned unit development PUD

A

A plant combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.

39
Q

Probate

A

A legal process by which a court determines who will inherit a descendants property and what the estate assets are.

40
Q

Property lease

A

At lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholders right as a tenant to an individual apartment.

41
Q

Pur autre vie

A

For the life of another. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee

42
Q

Reliction

A

Gradual recession of water which uncovers land that usually belongs to the riparian owner

43
Q

Remainder interest

A

A future interest in real estate created by the grantor for some third-party that will be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

44
Q

Remainderman

A

One entitled to receive a remainder interest in some estate sometime in the future

45
Q

Reversionary interest

A

A future estate that the grantor holds while granting a life estate to another person.

46
Q

Rights of survivorship

A

A mandatory form of ownership making the surviving spouse owner in severalty immediately upon the death of a spouse

47
Q

Riparian rights

A

An owners rights in land that borders on or includes a stream, River, or a lake. These rights include access to and use of the water.

48
Q

Severalty

A

The ownership of real property by one person or entity; also called sole ownership

49
Q

Subjacent support

A

The support of the surface of land by the lands sub surface; duty of the owner of subsurface rights to support the surface of the land.

50
Q

Subsurface rights

A

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

51
Q

Surface rights

A

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below the surface

52
Q

Tenancy by the entirety

A

A concurrent form of ownership reserved for property owned by spouses. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse

53
Q

Tenancy in common

A

A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interest can be an equal and the right of survivorship is not allowed.

54
Q

Timeshare ownership

A

Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years

55
Q

Total circumstance test

A

A method used by judges to determine whether an item is a fixture or personal property.

56
Q

Townhouse ownership

A

A hybrid form of ownership where the owner holds fee title to their unit in the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a homeowners association.

57
Q

Trade fixture

A

An article installed by a tenant under the terms of the lease and removable by the tenant before the lease expires

58
Q

Trust

A

A fiduciary arrangement whereby property is conveyed to a person or an institution, call the trustee, to be held and administered on behalf of another person, called the beneficiary. The one who conveys the trust is called the trustor

59
Q

Waste

A

And improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee, such a waste ordinarily impairs the value of the land or the interest of the person holding the title or reversionary rights