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RE Pre-Licensing Exam > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Air Rights

A

Rights in the airspace above the surface of land.

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2
Q

Alienation

A

Transfer of title to real property.

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3
Q

Appurtenant Easement

A

A right to use in the adjoining land of another that moves with the title to the property benefiting from the easement.

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4
Q

Bundle of Rights (DEEPC)

A

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

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5
Q

Bundle of Rights (DEEPC)

A

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

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6
Q

Condemnation

A

The exercise of the power of eminent domain. The taking of private property for public use by paying just compensation.

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7
Q

Condominium

A

A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership of other aspects of the property.

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8
Q

Cooperative

A

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

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9
Q

Co-Ownership

A

Title to real property held by two or more persons (co-owners) at the same time. There are many forms of co-ownership, including tenancy in common, tenancy by the entirety, and joint tenancy also called concurrent ownership.

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10
Q

Curtesy

A

A husband’s interest in the real property of his wife.

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11
Q

Declaration of Restrictions

A

The instrument used to record restrictive covenants on the public record.

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12
Q

Defeasible Fee

A

A title that is subject to being lost if certain conditions occur.

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13
Q

Dower

A

A wife’s interest in the real property of her husband.

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14
Q

Easement

A

A non-possessory right of use in the land of another.

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15
Q

Easement in Gross

A

A personal right of use in the land of another without the requirement that the holder of the right own adjoining land.

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16
Q

Emblements

A

Personal property growing in the soil that requires planting and cultivation. Annual crops. Also, the right of former owners to re-enter property to cultivate and harvest annual crops that were planted by them.

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17
Q

Eminent Domain

A

The power of government to take private property for public use.

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18
Q

Encroachment

A

A trespass on the land of another as a result of an intrusion by some structure or another object.

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19
Q

Encumbrance

A

A claim, lien, charge, or liability attached to and binding upon real property.

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20
Q

Estate

A

An interest in real property sufficient to give the owner of the estate the right to possession of real property.

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21
Q

Estovers

A

The right of a life tenant or lessee to cit timber on the property for fuel or to use in making repairs.

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22
Q

Fee Simple Absolute

A

An inheritable freehold estate in land that is the greatest form of real property ownership.

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23
Q

Fixture

A

Personal property that has become real property by having been permanently attached to real property.

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24
Q

Foreshore

A

The land between high and low watermarks.

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25
Q

Freehold & Freehold Estate

A

Freehold: An interest in land of at least a lifetime and therefore generally is identified with the concept of title or ownership.
Freehold estate: May be fee simple estates or life estates. Fee simple estates are inheritances most life estates are not.

26
Q

Fruits of Industry (fructus naturales)

A

Growing things on real estate that require planting each season and cultivation (e.g. annuals, crops). These are typically considered personal property and not real property.

27
Q

Hereditament

A

All the corporeal and incorporeal attributes of real estate that can be inherited.

28
Q

Intestate Succession

A

Distribution of property by descent as provided by statute.

29
Q

Joint Tenancy

A

A form of co-ownership that includes the right of survivorship.

30
Q

Judgement Lien

A

A general lien resulting from a court decree.

31
Q

Land

A

The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto.

32
Q

Lateral Support

A

The right of land to be supported in its natural state by adjacent land.

33
Q

Leasehold Estates

A

Non freehold estate. A leasehold estate is of limited duration and provides the right to possession and control, but not title.

34
Q

Levy

A

Imposition of a tax executing a lien.

35
Q

Lien

A

A claim that one persona has against the property of another for some debt or charge which entitles the lien holder to have the claim satisfied from the property of the debtor.

36
Q

Life Estate

A

A freehold estate created for the duration of the life of lives of certain name person or persons. A non-inheritable estate.

37
Q

Life Tenant

A

One holding a life estate.

38
Q

Lis Pendens

A

Literally “a lawsuit pending.” Notice of pending litigation whose outcome potentially will affect title to all or part of a new owner’s property.

39
Q

Littoral Rights

A

The rights of owners bordering large bodies of water such as oceans to access to that body of water.

40
Q

Marital Life Estates

A

Those created by the exercise of the right of dower, curtesy, or a statutory substitute.

41
Q

Mineral Lease

A

A non-freehold (leasehold) estate in the area below the surface of land.

42
Q

Nonfreehold Estate

A

An estate (interest in land of less than freehold (lifetime, ownership), ie., rental property.

43
Q

North Carolina Condominium Act

A

Legislation passed in 1986 that set requirements for the sale of resale or resale of condominiums. Right to rescind the contract for seven days, special escrow rules, and timely provision of required documents.

44
Q

Partition

A

A legal proceed dividing property of co-owners so that each holds title in severalty to a specific portion of the property.

45
Q

Party Wall

A

A common wall used by two adjoining structures.

46
Q

Prescription

A

A method of acquiring an easement by continuously and uninterrupted use without permission.

47
Q

Profit or profit à prendre

A

The right to participate in the profits of the land or another.

48
Q

Pur autre vie

A

French meaning “for the life of another”. A life estate measured by the life of someone other than the life tenant.

49
Q

Remainderman

A

One having a future interest in a life estate.

50
Q

Revisionary Interest

A

A return of title to the holder of a future interest such as the grantor in a life estate not in remainder.

51
Q

Riparian Rights

A

The rights of an ownership of property adjoining a water cause such as a river including access to and use of the water.

52
Q

Severalty

A

A type of ownership or estate in which only one person holds title to a piece of real property.

53
Q

Subjacent Support

A

The right to have one’s land supported from below.

54
Q

Survivorship

A

The right of the surviving co-owners to receive automatically a deceased co-owners title of property immediately without probate.

55
Q

Tenancy by the Entirety

A

A form of co-ownership limited to husband and wife with the right of survivorship.

56
Q

Tenancy in Common

A

A form of co-ownership that does not include the right of survivorship.

57
Q

Tenements

A

Land and all corporeal and incorporeal rights in land.

58
Q

Time Sharing

A

As defined by Article IV of the North Carolina Real Estate Law, a time share is the right to occupy one unit or one of several units, for at least five non-consecutive periods, over a span of at least 5 years, whether it is deemed a freehold or leasehold estate. No matter what terminology is used to describe the arrangement, if it meets this definition, it is a time share.

59
Q

Townhouse

A

A dwelling unit in a housing complex of which the owner or owners of an individual unit own the unit and land under the unit, and the homeowners association owns and maintains the common areas.

60
Q

Uniform Commercial Code (UCC)

A

A standardized and comprehensive set of commercial laws, regulating security interests in personal property.

61
Q

DEEPC

A

Disposition, Exclusion, Enjoyment, Possession, and Control.

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

RE Pre-Licensing Exam (20 decks)

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