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NC Real Estate Principles & Practices > Key Terms - Chapter 2 > Flashcards

Key Terms - Chapter 2 Flashcards

1
Q

appurtenance

A

Any right or privilege that is said to “run with the land. It transfers with title to the land.

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2
Q

air rights

A

ownership of and the rights to the area above the surface of the earth

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3
Q

alienation

A

Transfer of title to real property.

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4
Q

appurtenant easement

A

something that has been added to something else and, as a result, becomes an inherent part of that to which it has been added

runs with the land

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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 actual process used to take property by eminent domain

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7
Q

condominium

A

ownership of the airspace of the individual unit as well as co-ownership in the common areas

co-ownership is as a tenant in common in the common areas

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8
Q

cooperative

A

ownership of shares of stock in a corporation that owns a building containing cooperative apartments

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9
Q

co-ownership

A

Simultaneous ownership of real property by two or more people

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10
Q

curtesy

A

the husband’s right to a life estate in the property owned by a deceased spouse during the marriage

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11
Q

declaration of restrictions

A

restrictions may be written in the individual deed or recorded as a master instrument

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12
Q

defeasible fee

A

an inheritable freehold estate in the form of a fee simple estate; however, the grantor can terminate the title under certain conditions

Also known as qualified fee or
fee simple determinable

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13
Q

dower

A

the wife’s right to a life estate in the property

owned by a deceased spouse during the marriage

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14
Q

easement

A

nonpossessory right or interest in land owned by another

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15
Q

easement in gross

A

are not dependent upon ownership of an adjoining property

usually held by utility companies

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16
Q

emblements

A

things that require planting and cultivation

also known as fruits of industry

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17
Q

eminent domain

A

This power enables the government to take private land for the benefit of the general public

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18
Q

encroachment

A

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

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19
Q

encumbrance

A

anything that diminishes the bundle of rights of real property

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20
Q

estate

A

an interest in the property sufficient to give the owner of the estate the right to possession of the property

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21
Q

estovers

A

to cut and use a reasonable amount of timber from the land to repair buildings or to use it for fuel, but does not allow the tenant to cut and sell the timber for profit

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22
Q

fee simple absolute

A

provides the greatest form of ownership available in real property

also known as fee simple or
ownership in fee

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23
Q

fixture

A

an item of personal property that is attached to the land or a permanent improvement on the land in such a manner that the law deems it to be part of the real property

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24
Q

foreshore

A

the land between the mean high watermark and low watermark

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25
Q

freehold estate

A

an interest in land of at least a lifetime and therefore generally is identified with the concept of title or ownership

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26
Q

fruits of industry

fructus industriales

A

things that require planting and cultivation

also known as emblements

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27
Q

fruits of the soil

fructus naturales

A

things that do not require planting or cultivation but that grow naturally and are perennial

28
Q

hereditament

A

includes everything in the term land and everything in

the term tenements that is capable of being inherited

29
Q

intestate succession

A

statutes governing the distribution of property of one who dies intestate, that is, dies without leaving a valid will

30
Q

joint tenancy

A

form of co-ownership that requires these four unities

  1. must have the same interest in the property
  2. must receive their title at the same time from the same source
  3. must have the same degree of undivided ownership
  4. right to possession in the property
31
Q

judgment lien

A

a court decree establishing that one person is indebted to another and specifying the amount of that indebtedness

a general lien against all real and personal property the judgment debtor owns

32
Q

land

A

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

33
Q

lateral support

A

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

34
Q

leasehold estates

A

confers a rental interest in real property

estate for years
estate from year to year
estate at will
estate at sufferance

35
Q

levy

A

a tax against a property for payment of a share of the cost of improvements made to areas adjoining the property

36
Q

lien

A

a claim or a charge against the property that can result from a contractual agreement or from the operation of law

37
Q

life estate

A

A life estate is a noninheritable freehold estate created only for the life of the named life tenant

38
Q

life tenant

A

One holding a life estate

39
Q

lis pendens

A

notice of pending litigation

40
Q

littoral rights

A

the rights of landowners whose property borders an ocean or a lake

41
Q

marital life estates

A

created in North Carolina by the intestate succession statutes governing the distribution of property of one who dies intestate, that is, dies without leaving a valid will

42
Q

mineral lease

A

permits the use of land for mineral exploration
and mining operations

The Statute of Frauds requires that such a lease be in writing to be enforceable.

43
Q

nonfreehold estate

A

confers a rental interest in real property

estate for years
estate from year to year
estate at will
estate at sufferance

44
Q

North Carolina Condominium Act

A

sets specific requirements on offering for sale or resale a condominium created on or after October 1, 1986

Public offering statement
Purchaser’s right to cancel
Escrow of deposit
Resale certificates
Warranties
45
Q

partition

A

A tenant in common may bring legal action to have the property partitioned so each tenant has a specific portion of the property exclusively. If this can be done fairly with a piece of land, each tenant receives title to a tract according to his share of interest. If the land cannot be divided to the satisfaction of the co-owners, the court may order its sale, with appropriate shares of the proceeds distributed to the tenants.

46
Q

party wall

A

used by two adjoining neighbors to support the sidewall of each unit

47
Q

prescription

A

using another’s land for a prescribed period of time

The use must be open and well known to others (notorious)
must be continued and uninterrupted for the period of time required by laws of the state

48
Q

profit or profit à prendre

A

intangible rights in the land of another, such as the right to take minerals, soils, timber, fish, or game from that land

49
Q

pur autre vie

A

for the life of another

The pur autre vie is an inheritable right, should the life interest person die before the measuring life person deceases.

50
Q

remainderman

A

the conveyance of the life estate could specify that the estate pass on to someone other than the grantor or his heirs

has a remainder, or future, interest in the property

51
Q

reversionary interest

A

If nothing else is specified in the conveyance of the life estate, it will revert to the grantor or to his heirs at the death of the life tenant.

52
Q

riparian rights

A

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

accretion - soil deposited
reliction - land gained by receding water
erosion - gradual loss of land by moving water
avulsion - rapid loss by natural disaster

53
Q

severalty

A

title to real property is held in the name of only one person or entity

54
Q

subjacent support

A

the right to have one’s land supported from below

55
Q

survivorship

A

surviving partners automatically take over the share of a deceased partner

56
Q

tenancy by the entirety

A

limited to husband and wife

there must be a legal marriage at the time that the husband and wife receive title to the property

57
Q

tenancy in common

A

two or more persons holding title to a property

at the same time, with no right of survivorship

58
Q

tenements

A

all those things that are included in the definition of land and include both corporeal and incorporeal rights in land

Corporeal rights are tangible things—things that can be touched and seen.

Incorporeal rights are things that are intangible.

59
Q

time sharing

A

any right to occupy a property for five or more separated time periods over a span of five or more years

All time-shares are considered real property

see page 40-41 for full list

60
Q

townhouse

A

provides for the ownership of the unit as well as the specific portion of land upon which the individual unit is located

61
Q

Uniform Commercial Code (UCC)

A

The Uniform Commercial Code provides for the lender to retain a security interest in a chattel (personal property) until the lender is paid in full. An instrument called a security agreement, which is put on the public record by the filing of a notice called a financing statement, creates the security interest. This notice is filed in the office of the Register of Deeds.

62
Q

prior appropriation

A

the theory that the first person to use the water has a continued right to do so and the later owners can make reasonable use of what is left

63
Q

Total circumstance test

A

composed of four criteria or factors, may be used to determine an item’s identification as a fixture in the absence of a contractual agreement by the parties

Intention
Relation of the attacher
Method
Adaptation

64
Q

trade fixtures

A

A special category of fixtures is recognized for the items of personal property that are used in the course of a business operating in a leased property.

65
Q

agricultural fixtures

A

Agricultural fixtures are those fixtures installed by a property owner for the purposes of agricultural use. Although historically treated differently, they are now treated the same as trade fixtures.

66
Q

mechanic’s lien

A

a lien filed by anyone (such as carpenters, lumber companies, appraisers, and surveyors) who provides labor or material to a property or property improvement

has 120 days after work ended to make claim
has 180 days after work ended to file suit
lien goes back to the date work started

67
Q

homestead exemption

A

the amount excluded from a lien on a personal home

less than 65 = $35,000 (70,000 for married couples)
65+ = 65,000 if spouse is deceased & they owned jointly

NC Real Estate Principles & Practices (43 decks)

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