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Real Estate > Chapter 2 Property and interest > Flashcards

Chapter 2 Property and interest Flashcards

1
Q

Bundle of rights

A 
Disposition 
Control 
Enjoyment 
Possession 
Exclusion 
DEEPC
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2
Q

Tenements

A

All of the rights and interest that go with land

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3
Q

Hereditaments

A

Land and all of the tenements that can be inherited

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4
Q

Fructus Industriales

A

Personal property

Annual crops
Fruits of the tree

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5
Q

Emblements

A

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

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6
Q

Appurtenance

A

A right interest or privilege that goes with the land

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7
Q

When you buy a piece of real estate you get…

A

The land and all appurtenances.

Air rights

Some water rights

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8
Q

Fructus naturales

A

Trees, Forrest, bushes.

Transferred with property

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9
Q

THE MOG

A

Mineral, oil, gas disclosure

Seller must disclose to buyer

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10
Q

Homeowner owns to the

A

Mean high watermark

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11
Q

The foreshore is owned by..

A

The state of North Carolina

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12
Q

Erosion

Avulsion

A

Gradual

Sudden.

Both decreases

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13
Q

Accretion

A

Increases

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14
Q

Reliction

A

The increase of land around a lake

Must be permanent

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15
Q

Lateral support

A

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

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16
Q

Subjacent support

A

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

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17
Q

What sales personal property

A

Bill of sale

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18
Q

Annexation

A

Changing items from personal property to real property

19
Q

Severance

A

Making something personal property

Timber

20
Q

Feudal system

Allodial system

A

Royalty own real estate

ownership vested in individuals

21
Q

What are the four government right

A

Eminent domain
Police power
Taxation
Escheat

22
Q

Freehold estate

Leasehold estate

A

Ownership

Less than ownership

23
Q

Three types of freehold estates

A

Fee simple

Fee defensible

Life estate

24
Q

Four types of leasehold estates

A

Estate for years

Estate for year to year

Estate at will

Estate at sufferance

25
Q

Fee simple

A

Everything in the bundle of rights forever no conditions

No strings

26
Q

Fee defeasible

A

“To the state for use as a park”

27
Q

Life estate

A

Conventional life estate

Life estate pur autre vie

Life estate with remainder interest

When you die it goes back to owner

28
Q

Estovers

A

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

29
Q

Title in severity

A

One person holds title

30
Q

Tenancy in common

A

Each owns parts

Different percents

Passes to heirs at death

Most common

31
Q

How do you end coownership

A

Suit for partition

32
Q

Joint tenancy

A

Time title interest possession

Equal shares

Right of survivorship

33
Q

Tenancy by the entireties

A

What you get when you get married

5050

Don’t get a right to partition

Terminated by death, divorce, agreement

34
Q

Condominium

A

Fee simple

Shared ownership of common areas

Owned just airspace

35
Q

NC condominium act

A

Seven day right of rescission

36
Q

Co-operatives

A

Do you not own real estate I own stock

37
Q

Timeshares

A

5×5

38
Q

Encumbrances

A

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

39
Q

Real property taxation

A

Always the number one lien

40
Q

Mechanics lien

A

Work done on Home

41
Q

Deed restrictions

A

Conditions imposed by the grantor

Last forever and transfer with property

42
Q

Quiet title action

A

Hey courts action to establish disputed rights

43
Q

Easement in gross

A

Benefits third-party use

Usually for utilities

Real Estate (20 decks)

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