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NC Real Estate Exam > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Co-Ownership

A

Title of real property held by 2 or more ppl. @ the same time.

aka:
1. Tenancy in Common
2. Tenancy by the Entity
3. Joint Tenancy
4. Concurrent Ownership

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2
Q

Survivorship

A

Right of surviving co-owner to receive deceased co-owners title of property w/o going through probate.
It is immediate.

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3
Q

Time Share

A
  1. Occupy 1 or more units
  2. for 5 non consecutive periods
  3. Over at least 5 years

Freehold or Leasehold

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4
Q

Prescription

A

A method of acquiring an easements by continuous & un interrupted use w/o permission

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5
Q

Party Wall

A

A common wall used by two adjoining striations

ex: Townhome adjoining wall

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6
Q

Partition

A

Legal proceeding dividing property of co-owners that each hold title to a specific portion of the property.

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7
Q

Mineral Law

A

A non freehold/leasehold estate in the area below the surface of the land

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8
Q

Marital Life Estates

A

Created by right of:

  1. Dower
  2. Curtsey
    or
  3. Statutory Substitute
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9
Q

Lis Pendens

A

LIS -
Litigation
IS = is
Pendens = pending

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10
Q

Life Tenant

A

One holding a life estate

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11
Q

Life Estate

A

A freehold estate created for the duration of the life of certain name person(s)

A Non-inheritable estate

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12
Q

Lien

A

Chain one person has against the property of another for an unpaid debt.

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13
Q

Estovers

A

Right of a lift tenant or lessee to cut timber on property for fuel or to use in making repairs to the property.

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14
Q

Estate

A

Owners right to possession of Real Property

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15
Q

Encumbrance

A

Attached to & binding upon real property

  1. Claim
  2. Lean
  3. Charge
  4. Liability
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16
Q

Encroachment

A

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

Ex: your shed on your neighbors property

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17
Q

Eminent Domain

A

The power of government to take private property for use.

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18
Q

Easement in Gross

A

The legal right to use another person’s land for as long as the owner owns that land or the holder of the easement dies.

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19
Q

Easement

A

A nonpossessory right of use in the land of another.

The right of way which one landowner A may enjoy over the land of another B.

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20
Q

Dower Rights

A

Common law right of a wife to the estate and property of her deceased husband.

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21
Q

Defeasible Fee

A

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

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22
Q

Declaration of Restrictions

A

Instrument used to record restrictive covenants on public record.

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23
Q

Curtesy

A

Common law right of a husband to the estate and property of his deceased wife.

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24
Q

Co-Op

A

Form of ownership through stock

Stockholder in a corporation occupy property owned by the corporation under a lease.

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25
Condo
Individual ownership of unit + Co-ownership of common areas
26
Condemnation
Exercise of power of eminent domain Taking private property for public use by paying just and fair compensation
27
Alienation
Transfer of title to Real Property
28
Subjacent Support
Right to have your land supported from below Ex: California homes on a hill or Todt hill homes
29
Annexation
Personal property that becomes Real Property by attachment Fixtures Ex: Buying tress from a nursery (personal property) and planting them (real property)
30
Total Circumstances Test
Test to determine if item is a fixture or not. Ask Aunt Irma *I - Intent - Was the intent to make this permanent?* R - Relationship - Owner/Permanent Tenant/Temporary M- Method - Does the method of attachment mean removal will cause damage? A - Adaptation - How is the item being used? Ex: Blinds custom made for a custom window.
31
Wholesaler
Not selling actual property, you are selling the contract! You have not closed on property Make a spread, not a fee If it is for yourself, you do not need a license
32
Lateral Support
Right of land to be supported in its natural state by adjacent land Ex: Your neighbor cannot remove dirt that affects your land
33
Accretion
The gradual, slow deposit of soil, sand or rock onto areas previously covered by water.
34
Improvement
Anything of value or additional to improve property value | Improvement = Appurtance
35
Real Property
1. Immobile 2. Permanence 3. Indestructible 4. Unique (Heterogeneity & Non-homogeneity) Ex: Ponds, Roads
36
Water Rights
Reparian = River Rights TO ACCESS water ex: your dock is on a river Littoral = Lake or Ocean Rights BORDERING large bodies of water to access the water.
37
Tenements
Land & all Corporeal & Incorporeal rights in land ``` Corporeal = Tangible/Visible things (land, house, horses) InCorporeal = Not Tangible (easement) ```
38
Avulsion
Rapid or Sudden change in land from violent forces of nature Ex: Flooding
39
Air Rights
Ownership & rights to the area above the surface of the earth Ex: FAA
40
NC Condominium Act of 1986
Sale of New Condos Developers must provide public offering statements and contain remission dates (rights to cancel) Resale of Condos Property disclosure required (HOA fees, etc.)
41
Bundle of Rights
``` When you purchase a property, you get a "Bundle of Rights" - DEEPC D-Disposition E- Exclusion E- Enjoyment P- Possession C- Control ```
42
Land
Real Property aka Real Estate or Realty Includes structures (fences, pool, retaining wall) placed with the intention they be permanent part of the land.
43
Freehold Estates
Free to hold the property that provides Title. 1. Inheritable: 1a. Fee Simple (Absolute, Determinable & Conditional) 1b. Pur Autre - 3rd party measures life (ex: when MJ dies, the original owner obtains property back) 2. Non Inheritable: 2a. Conventional Life 2b. Marital Life - Spouses right to property (Not in NC)
44
Leasehold Estate
``` Anything less than ownership that provides possession and control but not Title. Estate: A. For a certain amount of years B. From year to year C. At Will D. At Sufferance ```
45
Right in the land of another
Provide a right, but not a title or possession: A. Easements B. Profits
46
NC Joint Tenancy
Does not favor right of survivorship, deed must be specific T - Acquire at the same TIME T - Acquire TITLE on Deed I - INTEREST - equal shares unless otherwise states P - Has the right to POSSESS entire property
47
Relicition
Gradual recession of water leaving land permanently uncovered Ex: Boat was in water, now is surrounded by land
48
Erosion
Natural process of water gradually produces a loss of land Ex: Beach Erosion
49
Herediments
All Corporeal & InCorporeal attributes of Real Estate that CAN be inherited. ``` Corporeal = Buildings InCorporeal = Right of way, rent ```
50
Fructus Naturales
Fruits of Nature that are Rights of the Soil that are Real Property - Grow naturally - Perennials Ex: forest trees or wild berries
51
Fructus Industrials
Fruits of Industry that require planting and cultivation that are Personal Property Emblements - profits from growing crops Ex: Annual crops of the ground, melon or corn
52
Emblements
Personal Property Profit from growing crops that require your cultivation
53
Appurtenance
Rights or privileges that move w/ the title and land Ex: Walkway on an easement to a dock that is technically not a part of your land that you have the right to use.
54
Levy
Imposition of a tax executing a lien
55
Intestate Succession
Distribution of property by descent as provided by statute
56
Foreshore
Land between hight and low water marks
57
Profit or Profit Prendre
The right to participate in the profits of the land of another
58
Pur Autre Vie
For the life of another A life estate is measured by the life of someone other than the tenant. Ex: when MJ dies, the tenant leaves property and you go back.
59
Remainderman
One having a future interest in a life estate
60
Revisionary Interest
The return of title to holder of a future interest
61
Severalty
Only 1 person holds the title to a piece of Real Property Ex: Land
62
Uniform Commercial Code - UCC
Standardized & Comprehensive set of commercial laws & regulating security interests in personal property.

NC Real Estate Exam (3 decks)

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