Chapter 2 Property and interest Flashcards
Bundle of rights
Disposition Control Enjoyment Possession Exclusion DEEPC
Tenements
All of the rights and interest that go with land
Hereditaments
Land and all of the tenements that can be inherited
Fructus Industriales
Personal property
Annual crops
Fruits of the tree
Emblements
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
Appurtenance
A right interest or privilege that goes with the land
When you buy a piece of real estate you get…
The land and all appurtenances.
Air rights
Some water rights
Fructus naturales
Trees, Forrest, bushes.
Transferred with property
THE MOG
Mineral, oil, gas disclosure
Seller must disclose to buyer
Homeowner owns to the
Mean high watermark
The foreshore is owned by..
The state of North Carolina
Erosion
Avulsion
Gradual
Sudden.
Both decreases
Accretion
Increases
Reliction
The increase of land around a lake
Must be permanent
Lateral support
The right to have adjacent property support the natural boundaries of your land
Subjacent support
The right of the property owner to have support from owners of the subsurface rights
What sales personal property
Bill of sale
Annexation
Changing items from personal property to real property
Severance
Making something personal property
Timber
Feudal system
Allodial system
Royalty own real estate
ownership vested in individuals
What are the four government right
Eminent domain
Police power
Taxation
Escheat
Freehold estate
Leasehold estate
Ownership
Less than ownership
Three types of freehold estates
Fee simple
Fee defensible
Life estate
Four types of leasehold estates
Estate for years
Estate for year to year
Estate at will
Estate at sufferance
Fee simple
Everything in the bundle of rights forever no conditions
No strings
Fee defeasible
“To the state for use as a park”
Life estate
Conventional life estate
Life estate pur autre vie
Life estate with remainder interest
When you die it goes back to owner
Estovers
Can take reasonable amount of timber and resources to build a structure
Title in severity
One person holds title
Tenancy in common
Each owns parts
Different percents
Passes to heirs at death
Most common
How do you end coownership
Suit for partition
Joint tenancy
Time title interest possession
Equal shares
Right of survivorship
Tenancy by the entireties
What you get when you get married
5050
Don’t get a right to partition
Terminated by death, divorce, agreement
Condominium
Fee simple
Shared ownership of common areas
Owned just airspace
NC condominium act
Seven day right of rescission
Co-operatives
Do you not own real estate I own stock
Timeshares
5×5
Encumbrances
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
Real property taxation
Always the number one lien
Mechanics lien
Work done on Home
Deed restrictions
Conditions imposed by the grantor
Last forever and transfer with property
Quiet title action
Hey courts action to establish disputed rights
Easement in gross
Benefits third-party use
Usually for utilities
