Unit 2 - Property Ownership and Interests Flashcards Preview

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Flashcards in Unit 2 - Property Ownership and Interests Deck (71)
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1
Q

Bundle of legal rights

A
  1. Right of disposition
  2. Right of enjoyment to use in any legal manner
  3. Right of exclusion
  4. Right of Possession
  5. Right of control
2
Q

To sell, will, transfer or otherwise dispose of or encumber the property

A

Right of disposition

3
Q

Uninterrupted use of the property without interference of any 3rd party claiming superior title

A

Right of enjoyment to use in any legal manner

4
Q

To keep others from entering or using the property

A

Right of exclusion

5
Q

To use or occupy

A

Right of Possession

6
Q

Control of the property and its profits within the framework of the law

A

Right of control

7
Q

A right, a privilege, or an improvement belonging to, and passing with, the land.

A

appurtenance

8
Q

Ownership rights in a parcel of real estate that do not include the air above it or the minerals below.

A

surface rights

9
Q

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

A

subsurface rights

10
Q

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

A

air rights

11
Q

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

A

riparian rights

12
Q

(1) a landowner’s claim to use water in large navicable lakes and oceans adjacent to the property. (2) the ownership rights to land bordering these bodies of water up to the average high-water mark,

A

littoral rights

13
Q

Followed primarily by Western states, this doctrine contends that water rights are determined by priority of beneficial use or purpose can acquire individual rights to the water. In these states, property owners may have land that borders water but no rights to use that water.

A

Doctrine of Prior Appropriation

14
Q

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

A

accretion

15
Q

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

A

reliction

16
Q

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.

A

erosion

17
Q

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. The loss of land may not result in loss of title to the property.

A

avulsion

18
Q

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

A

lateral support

19
Q

The support of the surface of land by the land’s subsurface; duty of the owner of subsurface rights to support the surface of the land.

A

subjacent support

20
Q

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

A

fructus naturales AKA

fruits of nature

21
Q

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

A

emblements AKA

fructus industriales

22
Q

Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.

A

severance

23
Q

The process of converting personal property into real property.

A

annexation

24
Q

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

A

fixture

25
Q

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

A

Total Circumstances Test

26
Q

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

A

trade fixture

27
Q

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

A

agricultural fixture

28
Q

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

A

North Carolina Uniform Commercial Code (UCC)

29
Q

A dwelling 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 dwelling, and an affidavit attesting to these actions has been filed with the DMV.

A

manufactured home AKA
mobile home AKA
house trailer

30
Q

A dwelling consisting of a series of rooms or units built off site according to the North Carolina State Building Code; is considered real property as soon as it is assembled on land. May be multistoried.

A

modular home

31
Q

An estate in land in which ownership is for an indeterminate length of time, such as for a lifetime or forever.

A

freehold estate

32
Q

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

A

pur autre vie

33
Q

A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest.

A

nonfreehold estate AKA

leasehold estate

34
Q

types of Leasehold Estates (4)

A
  1. estate for years
  2. estate from year to year
  3. estate at will
  4. estate at sufferance
35
Q

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

A

fee simple absolute

36
Q

An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurence of a specified event.

A

fee simple defeasible AKA

defeasible fee estate

37
Q

types of Defeasible Fee Estates (2)

A
  1. fee simple determinable

2. fee simple on condition subsequent

38
Q

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

A

fee simple subject to a condition subsequent

39
Q

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

A

fee simple determinable

40
Q

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

A

future interest

41
Q

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

A

remainderman

42
Q

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.

A

life estate

43
Q

A person in possession of a life estate

A

life tenant

44
Q

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.

A

marital life estate

45
Q

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.

A

remainder interest

46
Q

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

A

reversionary interest

47
Q

An 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. Ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.

A

waste

48
Q

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 from judgments for debts.

A

homestead

49
Q

The ownership of real property by only one person or entity

A

severalty AKA

sole ownership

50
Q

Forms of Concurrent Ownership (3)

A
  1. Tenancy in common
  2. Joint tenancy
  3. Tenancy by the entirety
51
Q

Ownership involving two or more owners

A

concurrent ownership

52
Q

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

A

tenancy in common

53
Q

A concurrent form of ownership of real estate between two or more parties. Ownership interest may be unequal. Right of survivorship is not automatic in North Carolina but can be added by an attorney.

A

joint tenancy

54
Q

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.

A

tenancy by the entirety AKA

right of survivorship

55
Q

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

A

common interest community ownership (or hybrid) ownership

56
Q

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

A

homeowners association (HOA)

57
Q

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

A

Condominium ownership

58
Q

For use by all of the condominium residents. Each condo owner has an undivided ownership interest. Pool, hallways.

A

Common Elements

59
Q

Reserved for the exclusive use of one or more condo units, such as parking spaces or storage areas

A

limited common elements

60
Q

A residential multi-unit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.

A

cooperative ownership

61
Q

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the county 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.

A

North Carolina Condominium Act of 1986

62
Q

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

A

proprietary lease

63
Q

A hybrid form of ownership where the owner holds fee title to their unit and 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.

A

town house ownership

64
Q

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

A

time-share ownership

65
Q

A fiduciary arrangement whereby property is conveyed to a person or an institution, to be held and administered on behalf of another person, called a beneficiary.

A

Trust

66
Q

Person or institution who holds and administers property in trust

A

Trustee

67
Q

The one who conveys property in trust

A

Trustor

68
Q

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

A

probate

69
Q

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

A

improved land

70
Q

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

A

improved lot

71
Q

(1) Any structure, usually privately owned, erected on a site to enhance the value of the property—for example, a fence or a driveway. (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.

A

improvement