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Superior 75 Hour Broker Prelicensing Course > Chapter 2 - Property Ownership and Interests > Flashcards

Chapter 2 - Property Ownership and Interests Flashcards

1
Q

air rights

A

Rights in the air space above the surface of land

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2
Q

alienation

A

Transfer of title to real property.

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3
Q

appurtenance

A

All rights or privileges that result from ownership of a particular property and that move with the title. (Considered to ‘run with the land’, an integral part of the property.)

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4
Q

appurtenant easement

A

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement (the dominant tenement.)

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5
Q

bundle of rights

A

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

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6
Q

condemnation

A

The exercise of the power of eminent domain. The taking of private property for public use by paying just compensation.

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7
Q

condominium

A

A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership of other aspects of the property.

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8
Q

cooperative

A

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

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9
Q

co-ownership

A

Title to real property held by two or more persons (co-owners) at the same time. There are many forms of co-ownership, including tenancy in common, tenancy by the entirety, and joint tenancy. Also called concurrent ownership.

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10
Q

curtesy

A

A husband’s interest in the real property of his wife. (NC’s intestate succession statutes abolished dower and curtesy rights - still in use in other states.)

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11
Q

defeasible fee

A

A title that is subject to being lost if certain conditions occur.

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12
Q

easement

A

A nonpossessory right of use in the land of another.

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13
Q

emblements

A

Personal property growing in the soil that requires planting and cultivation. Annual crops. Also, the right of former owners to reenter the property to cultivate and harvest annual crops that were planted by them.

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14
Q

eminent domain

A

The power of government to take private property for public use. (By condemnation.)

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15
Q

encroachment

A

A trespass on the land of another as a result of an intrusion by some structure or other object.

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16
Q

encumbrance

A

A claim, lien, charge, or liability attached to and binding upon real property.

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17
Q

estate

A

An interest in real property sufficient to give the owner of the estate the right to possession of real property.

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18
Q

estovers

A

The right of a life tenant or lessee to cut timber on the property for fuel or to use in making repairs.

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19
Q

fee simple absolute

A

An inheritable freehold estate in land that is the greatest form of real property ownership.

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20
Q

fixture

A

Personal property that has become real property by having been permanently attached to real property.

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21
Q

foreshore

A

The land between high and low water marks.

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22
Q

freehold estate

A

An interest in land of at least a lifetime and is therefore generally identified with the concept of title or ownership. (Two categories are inheritable [fee simple and life estate pur autre vie], and not inheritable [conventional life estate and marital life estate].)

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23
Q

fruits of industry (fructus industriales)

A

Growing things on real estate that require planting each season and cultivation (annuals and crops). These are typically considered personal property and not real property.

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24
Q

fruits of the soil (fructus naturales)

A

Growing things that do not require planting or cultivation but grow naturally and are perennial (trees, native shrubs). They are designated in law as real property as long as they are attached to the soil.

25
Q

hereditament

A

All of the corporeal and incorporeal attributes of real estate that can be inherited.

26
Q

intestate succession

A

Distribution of property by descent as provided by statute.

27
Q

joint tenancy

A

A form of co-ownership that includes the right of survivorship.

28
Q

judgment lien

A

A general lien resulting from a court decree.

29
Q

land

A

The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops.)

30
Q

lateral support

A

The right of land to be supported in its natural state by adjacent land.

31
Q

leasehold estates

A

Nonfreehold estate. leasehold estate is of limited duration and provides the right to possession and control, but not title.

32
Q

levy

A

Imposition of a tax executing a lien.

33
Q

lien

A

A claim that one person has against the property of another for some debt or charge which entitles the lien holder to have the claim satisfied from the property of the debtor.

34
Q

life estate

A

A freehold estate created for the duration of the life or lives of certain named person or persons. A non inheritable estate.

35
Q

life tenant

A

One holding a life estate.

36
Q

lis pendens

A

Literally ‘a lawsuit pending’. Notice of pending litigation whose outcome potentially will affect title to all or part of a new owner’s property.

37
Q

littoral rights

A

The rights of owners bordering large bodies of water such as oceans to access of that water body.

38
Q

marital life states

A

Those created bu the exercise of the right of dower, curtesy, or a statutory substitute (like in NC.)

39
Q

mineral lease

A

A non freehold (leasehold) estate in the area below the surface of land.

40
Q

non freehold estate

A

An estate (interest in land) of less than freehold (lifetime ownership), i.e. rental property.

41
Q

North Carolina Condominium Act

A

Legislation passed in 1986 that set requirements for the sale or resale of condominiums. Requirements include disclosure, right to rescind contract for seven days, special escrow rules, and timely provision of required documents.

42
Q

partition

A

A legal proceeding dividing property of co-owners so that each holds title in severalty to a specific portion of the property (rather than the whole.)

43
Q

party wall

A

A common wall used by two adjoining structures (like a townhouse.)

44
Q

prescription

A

A method of acquiring an easement by using another’s land for a prescribed period of time. The use must be open and well known to others.

45
Q

profit or profit a prendre

A

The right to participate in the profits of the land of another.

46
Q

pur autre vie

A

French meaning “for the life of another.” A life estate measured by the life of someone other than the life tenant.

47
Q

remainderman

A

A future interest in a life estate.

48
Q

reversionary interest

A

A return of title to the holder of a future interest, such as the grantor in a life estate not in remainder.

49
Q

riparian rights

A

The rights of an owner of property adjoining a watercourse such as a river, including access to and use of the water.

50
Q

severalty

A

A type of ownership or estate in which only one person holds title to a piece of real property.

51
Q

subjacent support

A

The right to have one’s land supported from below.

52
Q

survivorship

A

The right of the surviving co-owner(s) to receiver automatically a deceased co-owner’s title or property immediately without probate.

53
Q

tenancy by the entirety

A

A form of co-ownership limited to husband and wife with the right of survivorship.

54
Q

tenancy in common

A

A form of co-ownership that does not include the right of survivorship.

55
Q

tenements

A

Land and all corporeal and incorporeal rights in land.

56
Q

time sharing

A

The right to occupy one unit or one of several units, for at least five non-consecutive periods, over a span of at least 5 years, whether is is deemed a freehold or leasehold estate.

57
Q

town house

A

A dwelling unit in a housing complex in which the owner or owners of an individual unit own the unit and land under the unit, and the homeowners associate owns and maintains the common areas.

58
Q

Uniform Commercial Code (UCC)

A

A standardized and comprehensive set of commercial laws regulating security interest in personal property.

Superior 75 Hour Broker Prelicensing Course (2 decks)

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