Chapter 2 Property and interest

Question 1

Bundle of rights

Answer 1

Disposition 
Control 
Enjoyment 
Possession 
Exclusion 
DEEPC

Question 2

Tenements

Answer 2

All of the rights and interest that go with land

Question 3

Hereditaments

Answer 3

Land and all of the tenements that can be inherited

Question 4

Fructus Industriales

Answer 4

Personal property

Annual crops
Fruits of the tree

Question 5

Emblements

Answer 5

The right of a tenant to crop that we’re the fruits of their labor

The original tenant has the right to harvest within the current growing year

Question 6

Appurtenance

Answer 6

A right interest or privilege that goes with the land

Question 7

When you buy a piece of real estate you get…

Answer 7

The land and all appurtenances.

Air rights

Some water rights

Question 8

Fructus naturales

Answer 8

Trees, Forrest, bushes.

Transferred with property

Question 9

THE MOG

Answer 9

Mineral, oil, gas disclosure

Seller must disclose to buyer

Question 10

Homeowner owns to the

Answer 10

Mean high watermark

Question 11

The foreshore is owned by..

Answer 11

The state of North Carolina

Question 12

Erosion

Avulsion

Answer 12

Gradual

Sudden.

Both decreases

Question 13

Accretion

Answer 13

Increases

Question 14

Reliction

Answer 14

The increase of land around a lake

Must be permanent

Question 15

Lateral support

Answer 15

The right to have adjacent property support the natural boundaries of your land

Question 16

Subjacent support

Answer 16

The right of the property owner to have support from owners of the subsurface rights

Question 17

What sales personal property

Answer 17

Bill of sale

Question 18

Annexation

Answer 18

Changing items from personal property to real property

Question 19

Severance

Answer 19

Making something personal property

Timber

Question 20

Feudal system

Allodial system

Answer 20

Royalty own real estate

ownership vested in individuals

Question 21

What are the four government right

Answer 21

Eminent domain
Police power
Taxation
Escheat

Question 22

Freehold estate

Leasehold estate

Answer 22

Ownership

Less than ownership

Question 23

Three types of freehold estates

Answer 23

Fee simple

Fee defensible

Life estate

Question 24

Four types of leasehold estates

Answer 24

Estate for years

Estate for year to year

Estate at will

Estate at sufferance

Question 25

Fee simple

Answer 25

Everything in the bundle of rights forever no conditions No strings

Question 26

Fee defeasible

Answer 26

“To the state for use as a park”

Question 27

Life estate

Answer 27

Conventional life estate Life estate pur autre vie Life estate with remainder interest When you die it goes back to owner

Question 28

Estovers

Answer 28

Can take reasonable amount of timber and resources to build a structure

Question 29

Title in severity

Answer 29

One person holds title

Question 30

Tenancy in common

Answer 30

Each owns parts Different percents Passes to heirs at death Most common

Question 31

How do you end coownership

Answer 31

Suit for partition

Question 32

Joint tenancy

Answer 32

Time title interest possession Equal shares Right of survivorship

Question 33

Tenancy by the entireties

Answer 33

What you get when you get married 5050 Don’t get a right to partition Terminated by death, divorce, agreement

Question 34

Condominium

Answer 34

Fee simple Shared ownership of common areas Owned just airspace

Question 35

NC condominium act

Answer 35

Seven day right of rescission

Question 36

Co-operatives

Answer 36

Do you not own real estate I own stock

Question 37

Timeshares

Answer 37

5×5

Question 38

Encumbrances

Answer 38

A right or interest in property by someone other than the owner Liens- ow money Easements- right too use Taxes-gotta pay them Assessments- public assessments

Question 39

Real property taxation

Answer 39

Always the number one lien

Question 40

Mechanics lien

Answer 40

Work done on Home

Question 41

Deed restrictions

Answer 41

Conditions imposed by the grantor Last forever and transfer with property

Question 42

Quiet title action

Answer 42

Hey courts action to establish disputed rights

Question 43

Easement in gross

Answer 43

Benefits third-party use Usually for utilities