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NC Real Estate Exam ‘22 > 2 Property Ownership And Interests > Flashcards

2 Property Ownership And Interests Flashcards

1
Q

Bundle of legal rights

A
  1. Disposition
  2. Exclusion
  3. Enjoyment
  4. Possession
  5. Control
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2
Q

Water rights

A
  1. Riparian - Rivers
  2. Littoral - Lakes/Oceans
  3. Doctrine of Prior Appropriation
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3
Q

Riparian Rights

A

An owner‘s rights in land that borders on or includes a stream, river, or lake. These rights include access to an use of the water. If the waterway is non-navigable the owner owns the land under the water to the exact center of the waterway.

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4
Q

Littoral Rights

A

Landowners 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-water mark

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5
Q

Accretion

A

Gradual increase in land resulting from the deposit of soil by water.

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6
Q

Erosion

A

Gradual wearing away of land caused by flowing water or other natural forces.

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7
Q

Reliction

A

Land that shows up in a new place after water recedes. 

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8
Q

Avulsion

A

When a sudden act of nature such as a flood or avalanche removes soil.

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9
Q

True or False

Water rights cannot be retained when the property is transferred.

A

True

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10
Q

Doctrine of appropriation

A

Water rights are determined by priority of beneficial use. The first person to use water or divert water for a beneficial use our purpose can acquire individual rights to the water.

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11
Q

Fructus Naturales

A

Trees, perennial bushes, and grasses that do not require annual cultivation.

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12
Q

Fructus Industriales

A

Annual crops such as wheat, corn, vegetables, and fruit. Also known as emblements.

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13
Q

Fixtures Total circumstance test

IRMA

A
  1. Intent of annexor
  2. Relationship to annexor
  3. Method of annexation
  4. Adaptation to real estate
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14
Q

Chattel Fixture

A

Trade Fixture. Article owned by a tenant and attached to a rented space or building for use in conducting a business.

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15
Q

Accession

A

When trade fixtures are not removed at the end of a lease and become the owner‘s property.

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16
Q

Severance

A

Changing an item of real estate to personal property by detaching it from the land. Cutting down a tree.

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17
Q

Annexation

A

The process of converting personal property into real property. Bushes that were bought by the owner then planted in the ground.

18
Q

Freehold Estate

A

Ownership interest of at least a lifetime.

19
Q

Fee Simple Absolute Estate

A

Highest and best form of ownership. Entitled to all rights in the property.

20
Q

Fee Simple Defeasible Estate

A

Estate that may be lost on the occurrence or non-occurrence of a special event.

21
Q

2 types of Fee Simple Defeasible Estates

A
  1. Fee Simple Subject To The Condition Of

2. Fee Simple Determinable

22
Q

Fee simple subject to a condition of

A

An estate that dictates some action or activity that the new owner must not perform. Not automatically returned to owner if violated. 

23
Q

Fee simple determinable

A

An estate that requires a specified activity or land use continue. I.e. church or school.

24
Q

True or False

Fee Simple determinable estates are not automatically returned to the owner if the special condition ceases to exist.

A

False. They are easily taken back if violated.

25
Q

Which stick of the Bundle of Rights pertains to fee simple determinable estates?

A

Control

26
Q

Estate pur autre vie

A

For the life of another. The life tenant owns the property for the duration of the lifetime of a third-party.

27
Q

Life Estate

A

A freehold estate that is limited in duration to the life of the new owner or to the life or lives of some other designated person or persons

28
Q

Conventional life estate

A

Created by grant from the current owner of the fee simple estate. Current owner retains revisionary interest in the property or names of remainderman.

29
Q

Marital life estate

A

Created by law when a spouse dies without a will.

30
Q

Ownership in severalty

A

When title to real estate is owned by one person or a single entity.

31
Q

Concurrent ownership

A

When title to real estate is vested in or owned by two or more persons or entities. 

32
Q

Forms of Concurrent Ownership 

A
  1. Tenancy in common
  2. Joint tenancy
  3. Tenancy by the entirety
33
Q

Tenancy in common

A

Co-owners that have unity of possession but may have an equal shares. When a co-owner dies their interest is passed to their heirs.

34
Q

Joint tenancy

A

Co-owners have equal shares and the right of survivorship EXCEPT in NC. Must have been acquired all at the same time.

35
Q

Tenancy by entirety

A

Limited to ownership of legally married couples. Must be married at the time of ownership.

36
Q

Condo ownership

A

Ownership of unit or air space and common areas/elements.

37
Q

Townhouse ownership

A

Owns unit, exterior surfaces, and the specific portion of land on which its built.

38
Q

Who owns townhouse common areas?

A

The HOA

39
Q

1986 NC Condo Act

A
  1. Application
  2. Public Offering Statement
  3. Purchaser’s right to cancel
  4. Escrow of deposit
  5. Resale certificates
40
Q

NC Time Share Act

A
  1. 5 day right to rescission
  2. 10 day escrow requirement
  3. Public offering statement
  4. Must be registered with the state
  5. Must renew registration certificate every June
41
Q

True or False

A timeshare sales person must provide a public offering statement to a perspective buyer prior to showing or sharing project info.

A

False

It is provided prior to contract

42
Q

What is a Trust?

A

A fiduciary arrangement that allows a third-party (trustee) to hold assets on behalf of a beneficiary

NC Real Estate Exam ‘22 (6 decks)

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