Chapter 2: Property Ownership and Interests Flashcards
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
accretion
In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner’s real property rather than the tenant’s personal property
agricultural fixtures
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
air rights
A right, a privilege, or an improvement belonging to, and passing with, the land.
appurtenance
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. The loss of land may not result in loss of title to the property.
avulsion
The concept of land ownership that includes ownership of all legal rights to the land–i.e. disposition, exclusion, enjoyment, possession and control.
bundle of legal rights
Parts of a property that are necessary or convenient to the existence, maintenance, and safty of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
common elements
A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.
cooperative ownership
Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property.
emblements
The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.
erosion
A necessity allowed by law; for example, the right of a life tenant to use some of the property’s resources to provide for needed repairs.
estovers
The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
fee simple absolute
Defeasible fee estate: an estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event. Two categories of defeasible fee estates exist: fee simple determinable and fee simple on condition subsequent
fee simple defeasible
An estate in real estae that continues “so long as” a prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
fee simple determinable
An estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.
fee simple with condition subsequent
An item of personal property that has been converted to real property by being permanently affixed to the realty.
fixture
Land at the coast between average high tide and average low tide this is owned by the state of North Carolina.
foreshore
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
freehold estates
aka emblements. Emblements: growing crops, such as grapes and corn, that are produced annually through labor and industry. Usually considered to be personal property.
fructus industriales
Plants that do not require annual cultivation and are considered real property.
fructus naturales
A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.
future interests
Land that is owned and occupied as the family home. In many states, a portion of the area or value of the land is protected for exempt from judgments for debts.
homestead
A concurrent form of ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Ownership interest may be unequal. Right of survivorship is not automatic in North Carolina but an be added by an attorney.
joint tenancy
The support a parcel of land receives from adjacent land; a neighbor’s duty to support adjoining land in its natural state.
lateral support
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
life estate
Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.
limited common elements
(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to the property. (2) The ownership rights to land bordering these bodies of water up to the average high water mark.
littoral rights
A dwelling, also known as a mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until the moving hitch, wheels and axles are removed, the unit is attached to a permanent foundation on land owned by the owner of the manufactured home, and an affidavit attesting to these actions has been filed with the Dept. of Motor Vehicles.
manufactured home
A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest.
nonfreehold (leasehold) estates
Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the county where the property is located. The declaration must include any covenant, conditions, or restrictions on the use of the property. Other requirements include disclosure and other consumer protection measures in connection with new residential condominium unit sales.
North Carolina Condominium Act of 1986
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. When chattels are purchased on credit, security interests are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be reocrded. Article 6 of the code regulates bulk transfers–the sale of a business as a whole, including all fixtures, chattels, and merchandise.
North Carolina Uniform Commercial Code (UCC)
A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.
planned unit development (PUD)
A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder’s right as a tenant to an individual apartment.
proprietary lease
For the life of another. A life estate that is measured by the life of a person other than the grantee.
pur autre vie
Gradual recession of water which uncovers land that usually belongs to the riparian owner.
reliction
A future interest in real estate created by the grantor for some third party that will be enjoyed after the termination of a prior estate, such as when an owner conveys a life state to one party and the remainder to another.
remainder interest
One entitled to receive a remainder interest in some estate sometime in the future.
remainderman
A future estate that the grantor holds while granting a life estate to another person.
reversionary interest
Tenancy by the entirety: A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
right of survivorship
An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.
riparian rights
The ownership of real property by only one person or entity also called sole ownership.
severalty
The support of the surface of land by the land’s subsurface; duty of the owner of subsurface rights to support the surface of the land.
subjacent support
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
subsurface rights
Ownership rights in a parcel of real estae that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
surface rights
A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
tenancy by the entirety
A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interests can be unequal and the right of survivorship is not allowed.
tenancy in common
Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years.
time-share ownership
a legal test applied by the courts to determine whether an item is a ficutre (and, therefore, part of the real property) or personal property. All four parts (IRMA) of the test must be applied, but intention is the major part of the test.
Total Circumstances Test
A hybrid form of ownership where the owner holds fee title to their unit and the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a homeowners’ association.
town house ownership
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
trade fixture
An improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.
waste
