ENGRADE Chapter 2 Flashcards
The concept by which land would decrease automatically along a river or stream is known as
AVULSION
Generally considered real property?
A perennial shrub planted in the backyard
Bundle of Legal Rights
part of the definition of real property
A trade fixture is considered
Personalty
Real property can become personal property by
severance
A seller is under contract to sell a property using the standard OTP and contract. The elegantly decorated master bedroom has vertical window blinds, hand painted light switches and electrical outlet covers and draperies fashioned from fabric coordinated with the wallpaper. Which of the following items may the seller legally remove before the close of the transaction?
The draperies
A business owner rents and empty building to use an ice cream parlor. The tenant subsequently installs large freezer units and several service counters. These additions
can be legally removed by the tenant at the termination of the lease
The owner of a house wants to fence the yard for a dog. When the fence is erected the fencing materials are converted to real estate by
ANNEXATION
Which of the following has an indefinite ownership period?
Fee Simple Estate
A homeowner acquired the ownership of additional land that was deposited by a river running through her property by
ACCRETION
A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An Attorney prepares a deed that conveys the ownership of the lot to the hospital “AS LONG AS it is used for medical purposes” After the completion of the gift the hospital will hold a
FEE SIMPLE DETERMINABLE ESTATE
The rights of the owner of a property located along the banks of a small stream are called
RIPARIAN RIGHTS
A deed that conveys ownership to the grantee “so long as the existing building is not destroyed” creates a
DEFEASIBLE FEE ESTATE
A woman conveys a life estate to her son in law and stipulates that upon his death the estate will pass to her grandson. The grandson has an
ESTATE IN REMAINDER
A person who acquired ownership that can be inherited with the provision “that the land must always be used for recreational purposes” has
A FEE SIMPLE DETERMINABLE
A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building
in SEVERALTY
A person currently has the legal right to occupy and use a certain residential structure the Interest in the property could be all of the following
FEE SIMPLE
LEASEHOLD
LIFE ESTATE
Co Owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under
the right of SURVIVORSHIP
Three joint tenants with rights of survivorship own a parcel of land. One owner sells his interest to a long time friend. After the conveyance, the remaining original owners
remain JOINT TENANTS with each other
One of two owners holds and undivided 60 percent interest and the other holds and undivided 40 percent interest. The two owners probably hold their interest as
TENANTS IN COMMON
The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If the neighbor does NOT pay the taxes;
A lien can be filed against the neighbors unit
In order to create a joint tenancy relationship in the ownership of real estate, there must be unities of
POSSESSION
TIME
INTEREST
TITLE
The severalty owner of a parcel of land sells it. The buyer insists that the owners wife also sign the deed. The purpose of obtaining the wifes signature is to
Terminate any rights the wife may have in the property
A homestead estate is one that
Protects land that includes the family home from some creditors
Total Circumstances Test
IRMA
Trees, perenial bushes, and grasses that do not require annual cultivation are classified as
Fructus Naturales
Crissy owns property that borders a large, navigable lake that has tides. Her property ends at
at the mean high water mark of the lake
A perennial shrub planted in the ground
APPURTENANCE
In NC what is the rescission period for the purchase of a new condo?
7 calendar days
In NC what is the rescission period for the purchase of a NEW timeshare?
5 calendar days
In real estate, its possible to change personal property into real property. If a landowner buys cement, stones and sand, then constructs a concrete walk on the land, the component parts of the concrete which were originally personal property are converted into real property. They have become a permanent improvement on the land. This process is called.
ANNEXATION
Jack is not married and buys a vacant lot as his sole and separate property. Jack later married Jill and they buy a house together. How is the ownership of the vacant lot now classified?
Jack owns the lot in SEVERALTY
TENANCY in COMMON
TENANCY IN COMMON
Owners
Owned by two or more people
Title
Each co owner has separate legal title to
that co-owners undivided interest
Interest
Shares may be unequal. Law will interpret
them as equal unless stipulated otherwise
Conveyance
Yes without the consent of the other
owners
Right to Partition
YES
Status on DEATH
Passes to Hears or Devisees
Probate Necesssary
YES
UNITIES
Possession
Termination
By sale or death of the ownerTENANCY IN SEVERALTY
TENANCY IN SEVERALTY
Number of Owners
One person or Entity
Title
One Title
Interest
100% ownership
Conveyance
Yes, to whomever the owner stipulates
Right to Partition
Not necessary; there are no co- owners
Status on Death
Passes to Heirs or Devisees
Probate Necessary
YES
Unities
Possession
Interest
Time
Title
Termination
By sale or death of the owner
JOINT TENANCY
JOINT TENANCY
Number of owners
two ore more people with right of
survivorship
Title
One Title
Interest
Shares must be EQUAL
Conveyance
Yes, without the consent of the other
owners
Right to Partition
YES
Status on Death
Passes to surviving owners
Probate Necessary
NO
Unities
Possession
Interest
Time
Title
Termination
When any of the unities are broken
TENANCY BY THE ENTIRETY
TENANCY BY THE ENTIRETY
Number of owners
Husband and wife only; law presumes they
are one
Title
one title
Interest
Each holds 100% of the property
Conveyance
When both owners agree
Right to Partition
NO
Status on Death
When one spouse dies, the other spouse
owns it in severalty
Probate Necessary
NO
Unities
Possession
Interest
Time
Title
PERSON
Termination
By consent of the parties; death of either
party; or on divorce ownership
Vonda Lee and William purchased a home together in 2003 with the deed simply listing both of them as Grantees without specifying how they were to hold title. They married each other in early 2004. How do they hold title to the house they purchased in 2003 if they have not made any other adjustments to their deed.
TENANCY IN COMMON
When two people who own property under tenancy by the entirety sign a formal separation agreement, which of the following statements is correct?
There is no change in the form of ownership at this time, (separation is NOT divorce)
NCREC Can do what regarding Timeshares
Fine a DEVELOPER $500 for each violation
Revoke projects registration certificate.
Life Estate
Freehold Estate
Freehold estate
Non freehold Estate
Possible to have on the same property at the same time.
The right to occupy a property for five or more periods of time involving five or more years is considered a
Time share
Interest in real property
Five days after signing a contract to purchase a new time share, the buyer backs out of the deal. How long does the developer have to refund the purchasers money?
30 days from the date of purchase contract
Which would be considered real property?
Electrical switch plate covers
Gas Logs attached to the fireplace
Which would be considered an improvement?
FENCE
What defines the ownership in condominium?
Divided fee simple interest in the unit and an undivided tenant in common interest in the common areas
