Chapter 2 Flashcards
Bundle of rights
Includes the right to possession of the property; the right to quiet enjoyment of the property, the right to dispose of the property by gift by sale or by will. And the right to control the use of the property within the limits of the law
All transfers of ownership of an interest in real property must be in writing. T/F
True
Land is
The surface of the earth, the area below the surface to the center of the earth; and the area above the surface. Theoretically to the highest heavens.
Annuals
Considered personal property. They are known as fructus industriales.
Perennials
Are considered real property unless in a moveable container. Also called fructus naturales.
All the things that are included in the definition of land + corporeal and incorporeal rights in land.
Tenements
Tangible things, things that can be seen and touched
Corneal rights
Things that are intangible
Incorporeal rights
Tenements Include rights in the land of another such as the right to take minerals soil timber fish or game from that land.
Profit a prendre or simply profit.
Includes everything in the term land + everything in the term tenements that is capable of being inherited
Hereditament
Growing that’s that so not esquire planting or cultivation but that grow naturally and are perennial are considered real property.
Fruits of the soil or fructus naturales
Growing things that require planting and cultivation are
Fruits of industry (fructus industrials) or emblements
Denotes the right of a tenant yo renter the property and harvest the emblements after the termination of the tenancy
Emblements
Any right or privlege which is said to run with the land and transfers with title to the land. Cannot exist by itself.
Apprutances
An interest in real property that allows the owner to take minerals from the earth
Subsurface right or mineral right
Permits the use of land for mineral exploration and mining operation.
Mineral lease
Ownership of land includes ownership of and the rights to the area above the surface if the earth
Air rights
The appurtenant rights of an owner of property bordering a flowing body of water are
Riparian rights
Rights of land owners whose property borders an ocean or a lake
Littoral rights
The state owns the ______ which is the land between the mean high watermark and the low mark
Foreshore
Gradual process in which the boundary of riparian land is extended by natural forces. The acquired land becomes the property of the riparian property owner
Accretion
A gradual process and results from the permenant receding of the water which leaves the ground under it dry and exposed. The acquired land becomes the property of the riparian property owner.
Reliction
The flow of movement of water gradually produces a loss of riparian land like beach erosion. The riparian property loses title to the land.
Erosion
The right of land to be supported from below. EX the neighbors couldn’t excavate the dirt from her land bordering your property.
Lateral support
The right to have ones land supported from below
Subjacent support
Ownership of personal property is conveyed by
A bill of sale
An item of personal property that is attached to the land or a permanent improvement on the land in such a manner that the law deems it to be part of the real property to which it is attached
Fixture
Title to property is held by individuals but are subject to eminent domain, police, taxation and escheat.
Allodial system
Governments power to take private property for public use by paying the owner fair and just compensation.
Eminent domain
Taking of property under the power of eminent domain is called
Condemnation
Two limitations of eminent domain
- The property condemned must be for use and benefit of the general public 2. The property owner must be paid fair market value of the property lost through condemnation.
The power a government has to enable it to fulfill its responsibility to provide for the health, safety and welfare of the public. Examples include: zoning ordinances, subdividing ordinances, building codes and environmental protection laws.
Police power
Taxed are imposed on real property according to value
Ad valorem
If there is no one legally eligible as designated by statue to receive the property it goes to the state.
Escheat
T/F The owner of an estate in land has the right of possession of the land in addition to the right to use it. An easement owner has the use of the land but not the right to posses it.
True
An interest in land of at least a lifetime and is therefore generally identified with the concept of title or ownership. You are free to hold the property because you are the owner of it.
Freehold estates
Confer a rental interest in real property.
Non freehold estates or leasehold estates
When the title to real property is held in the name of only 1 person
Ownership in severalty
Simultaneous ownership of real property by two or more people is called
Concurrent ownership or co-ownership.
Two or more persons holding title to a property at the same time with no right to survivorship
Tenancy in common
Each tenant has a specific portion of the property exclusively.
Partitioned
Have the same interest in the property, must receive their title at the same time from the same source and must have the same degree of undivided ownership and right to possession in the property.
Joint tenancy
Anything that diminishes the bundle of rights of real property. Can effect the value rather positively or negatively.
Encumbrance
A claim or a charge against the property that can result from a contractual agreement or from the operation of law. Creates a cloud on the title.
Lien
Claims against a specific property such a a mortgage, property taxes and mechanics liens. Ties to a particular individual property.
Specific liens
Claims against all assets of a person such as judgement liens, personal property tax liens, income tax liens and estate and inheritance tax liens.
General liens
If a borrower does not pay the debt as promised the lender can foreclose the mortgage
Mortgage lien
If anyone does work or provides material to a property and are not paid according to their contract they can file a ______ lien anytime up to 120 days.
Mechanics liens
Oct 1, 2011 enabled the commercial broker/firm to be able to file a lien in order to protect their claim to sales or leasing commission
Commercial real estate broker lien
List specific liens
Mortgages liens, property tax and mechanics liens
General liens
Judgment liens, personal property tax liens, federal tax liens, state tax liens Inheritance tax liens
A general lien against all real and personal property the judge debtor owns in the county in which the judgment is recorded.
Judgment liens
If taxes are not paid they become a general lien against all of the property the individual owns.
Personal property tax liens
System provides that liens are established in priority by the time they are recorded
Pure race system
Law that serves to protect an amount of interest or equity in the debtors personal residence whether it is real property or personal property from creditors in the event of lawsuits including bankruptcy filings.
The North Carolina homestead exemption law
Private restrictions that limit the way land may be used
Restrictive covenants
Restrictions written in the individual deed or record as a matter of instrument
Declarations of restrictions
