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North Carolina Real Estate Pre-Licensing 2020 > Chapter 2 - Property Ownership and Interests > Flashcards

Chapter 2 - Property Ownership and Interests Flashcards

1
Q

Bundle of Rights

A 
Possession
Enjoyment
Exclusion
Disposition
Control
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2
Q

Fruits of the Soil/Fructus Naturales

A

Growing things that do not require planting or cultivation on Real Property (Perennial)

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3
Q

Fruits of Industry (Fructus Industriales)

A

Growing things that require planting and cultivation. Personal Property. Usually crops.

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4
Q

Emblements

A

Another word for Fruits of Industry, also refers to the right a tenant farmer has to harvest after termination of tenancy.

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5
Q

Riparian rights

A

Appurtenant rights of an owner of property bordering a flowing body of water

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6
Q

Littoral rights

A

the rights of landowners whose property borders on an ocean or lake. They own to the mean high watermark. The state owns the foreshore (between the high and low watermarks)

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7
Q

4 Natural Processes that Affect Riparian Rights

A

Accretion
Reliction
Erosion
Avulsion

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8
Q

Accretion

A

Depositing of soil, rocks, sand etc. so that the owner gains title to additional land.

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9
Q

Reliction

A

Gain of title to land by receding water.

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10
Q

Erosion

A

Loss of title to land due to gradual loss .

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11
Q

Avulsion

A

Sudden loss due to natural disaster. Owner doesn’t look title pending any environmental laws.

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12
Q

Lateral Support

A

The right of the land to be supported in it’s natural state by adjacent land

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13
Q

Subjacent Support

A

The right to have land supported from below.

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14
Q

Severed/Serevance

A

The process of removing personal property from real property, eg: crops.

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15
Q

Annex/Annexation

A

The process of attaching personal property to real property so that it becomes real property.

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16
Q

Total Circumstances Test

A

IRMA
Intention (Most important test)
Relation of the attacher (Owner v. Tenant)
Method of attachment (hanging a painting v. mounting)
Adaptation (custom blinds)

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17
Q

Fee Simple Estates

A

Fee Simple Absolute
Fee Simple Determinable
Fee Simple Subject to a Condition Subsequent
- All inheritable

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18
Q

Estate pur Autre Vie

A

Estates measured by the life of a third party. Inheritable.

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19
Q

Freehold Estates

A

An interest in land of at least a lifetime & generally identified with concept of title or ownership

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20
Q

Conventional Life Estate

A

Estate for tenants own life. Non-inheritable freehold estate. Reverts to the grantor or to a remainderman.

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21
Q

Life Tenant

A

The one that holds a life estate

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22
Q

Remainderman

A

Has a future interest in the property of a life estate. Must be named in the conveyance to the life tenant, when life tenant passes, the Remainderman gets the title is fee simple absolute.

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23
Q

Fee Simple Absolute

A

Greatest form of ownership in real property. Provides the bundle of rights. Inheritable.

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24
Q

Fee Simple Determinable

A

Pre-determination of what can be done on/with the property. the “can do” title. If property not used for that purpose, it automatically reverts to the grantor. Inheritable.

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25
Q

Fee Simple Subject to a Condition Subsequent

A

Grantor restricts use in some way. The “Can’t Do” title. Termination and reversion when condition is broken is not automatic, the grantor or grantor’s heirs must go to court. Inheritable.

26
Q

Marital Life Estate

A

Created in North Carolina by Intestate Succession Statutes. Allows surviving spouse to claim a life estate in 1/3 of the deceased spouse’s property. Protects the spouse from being written out of the will.

27
Q

Rights and Responsibilities of Life Tenents

A

Alienation
Estovers
Obligation to pay taxes and assessments
Make repairs and improvements, can’t let property deteriorate.

28
Q

Non-Freehold Estates / Leasehold

A

Renters:

  • Estate for years (fixed period of time like a vacay rental)
  • Estate from year to year (residential lease)
  • Estate at will (casual lease)
  • Estate at sufferance
29
Q

Tenancy in Common

A

Two or more people holding title to a property at the same time with no right of survivorship. Undivided interest. This is the fall back tenancy for others that are broken.

30
Q

Joint Tenancy

A

4 unities of Time, Title, Interest and Possession.

31
Q

Rights of Survivorship

A

Survivors in Joint Tenancy inherit the share of the Deceased. Not a thing in North Carolina. In NC, the deed must specifically state the intent of right of survivorship.

32
Q

Tenancy by the Entirety

A

For couples married at the time of conveyance. 5 unities of: Time, Title, Interest, Possession and Marriage. Contains the right of survivorship as an operation of law.

33
Q

Condominium Ownership

A

Ownership of the airspace of a unit and the co-ownership as tenants in common of the common areas

34
Q

Limited Common Areas

A

Areas such as balconies, parking spots or storage units that the Condo owner has exclusive use of.

35
Q

North Carolina Condominium Act (1986)

A

Requires the sale of new Condos to include a public offering statement, Purchaser has the right to cancel within 7 days, escrow deposits must remain the full 7 days; Resale certificate doesn’t require the first two, but does require the monthly assessment cost; Warranties

36
Q

Townhouse

A

Unit and the land it sits on, no separate unit above.

Owners association owns the common areas.

37
Q

Cooperatives

A

Own share in stock of a corporation that provides the tenant with a provisional lease allowing occupancy of a apartment in the coop.

38
Q

Time Sharing

A

Right to occupy a property 5 or more times over 5 or more years.

39
Q

5, 5, 5 and 10

A

5 days over
5 years with
5 days for rescission
10 days of monies in escrow.

40
Q

North Carolina Timeshare Act

A

Must be licensed broker to sell timeshares in NC

41
Q

Trusts

A

A fiduciary arrangement where a trustee or 3td party holds assets on behalf of a beneficiary. Trustee has responsibilities to the trustor, allows for property to pass outside probate.

42
Q

Encumbrance

A

Anything that diminishes the bundle of rights of real property, a burden on the property. It can affect the value positively or negatively.

43
Q

Lien

A

A type of encumbrance. A claim or charge against the property that can result from a contractual agreement or from an operation of law.

44
Q

Specific Liens

A

Claims against property:
Mortgage
Property Taxes (ad valorem)
Mechanic’s Liens

45
Q

General Liens

A

Claims against a person or that person’s property

  • Judgements
  • personal property tax
  • income tax
  • estate and inheritance tax
46
Q

Mechanic’s Lien

A

Can be filed by anyone who provides labor or material for a property or for a property improvement if the labor or material is not paid.
Can be filed up to 120 days after the last day of labor or materials provided.
Up to 180 days after the last day of labor or materials provided to take court action to enforce the lien.

47
Q

Lien Agent

A

A person specified by the owner as the one to whom lien claimants will be required to give notice of intent to file. Notice must be given within 15 days of starting work.

48
Q

Writ of Attachment

A

Obtained by court

Right for creditors (not Mortgage) to ensure satisfaction of debt by use of the debtor’s property.

49
Q

Restrictive or Protective Covenants

A

Private Restrictions that limit the way land can be used, these attach to land (appurtenances)

50
Q

Lis Pendens

A

Notice of pending litigation. Indicates the existence of unresolved lawsuit that effects title of all or part of the property. Appurtenant, Encumberance

51
Q

Easement

A

Non-possessory right or interest in land owned by another.

52
Q

Appurtenant Easement

A

Moves with the title, has a Dominant and Servient Estates.

53
Q

Easement in Gross

A

Not dependent on ownership of adjoining property, only a servient estate/tenament. Commerical or government benefits usually.

54
Q

Fixture

A

An Item of personal property that is attached to the land or a permanent improvement on the land so that the law deems it part of the property. Bathroom mirrors are fixtures.

55
Q

Appurtenances

A

Any right or privilege that runs with the land and transfers with the title. Eg: subsurface and riparian easement and benefits of protective covenants.

56
Q

Statute of Frauds

A

All transfers of real interest must be in writing.

57
Q

Creation of Easements

A 
Express written agreement 
Implied (no documentation)
Created by operation of law
- prescription
- condemnation
58
Q

Express Easement

A

Must be in writing and should be recorded in the deed.

  • grant or reserve (seeing landlocked property)
  • Party wall
  • Dedication (for public use: roadways or rec facilities.)
59
Q

Implied Easments

A

No documentation

  • easement by necessity
  • easements by dedication (implied and express)
60
Q

Easement Obtained by Prescription

A

Using another’s land for an prescribed period of time (20 yrs in NC).

  • Open and Notorious
  • Continued
  • Uninterrupted
  • and must prove in court, not automatic.
61
Q

Termination of Easement

A

Release
Merger
Abandonment
Expiration

62
Q

Encroachments

A

Trespass on land as a result of anintrustion or invasion by some structure or object. eg: wall fence driveway. Is established by a survey.

North Carolina Real Estate Pre-Licensing 2020 (6 decks)

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