Key Terms - Chapter 2 Flashcards
appurtenance
Any right or privilege that is said to “run with the land. It transfers with title to the land.
air rights
ownership of and the rights to the area above the surface of the earth
alienation
Transfer of title to real property.
appurtenant easement
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
bundle of rights
The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.
condemnation
the actual process used to take property by eminent domain
condominium
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
cooperative
ownership of shares of stock in a corporation that owns a building containing cooperative apartments
co-ownership
Simultaneous ownership of real property by two or more people
curtesy
the husband’s right to a life estate in the property owned by a deceased spouse during the marriage
declaration of restrictions
restrictions may be written in the individual deed or recorded as a master instrument
defeasible fee
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
dower
the wife’s right to a life estate in the property
owned by a deceased spouse during the marriage
easement
nonpossessory right or interest in land owned by another
easement in gross
are not dependent upon ownership of an adjoining property
usually held by utility companies
emblements
things that require planting and cultivation
also known as fruits of industry
eminent domain
This power enables the government to take private land for the benefit of the general public
encroachment
a trespass on the land of another as a result of an intrusion or invasion by some structure or other object
encumbrance
anything that diminishes the bundle of rights of real property
estate
an interest in the property sufficient to give the owner of the estate the right to possession of the property
estovers
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
fee simple absolute
provides the greatest form of ownership available in real property
also known as fee simple or
ownership in fee
fixture
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
foreshore
the land between the mean high watermark and low watermark
freehold estate
an interest in land of at least a lifetime and therefore generally is identified with the concept of title or ownership
fruits of industry
fructus industriales
things that require planting and cultivation
also known as emblements
fruits of the soil
fructus naturales
things that do not require planting or cultivation but that grow naturally and are perennial
hereditament
includes everything in the term land and everything in
the term tenements that is capable of being inherited
intestate succession
statutes governing the distribution of property of one who dies intestate, that is, dies without leaving a valid will
joint tenancy
form of co-ownership that requires these four unities
- must have the same interest in the property
- must receive their title at the same time from the same source
- must have the same degree of undivided ownership
- right to possession in the property
judgment lien
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
land
The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto.
lateral support
the right of land to be supported in its natural state by adjacent land
leasehold estates
confers a rental interest in real property
estate for years
estate from year to year
estate at will
estate at sufferance
levy
a tax against a property for payment of a share of the cost of improvements made to areas adjoining the property
lien
a claim or a charge against the property that can result from a contractual agreement or from the operation of law
life estate
A life estate is a noninheritable freehold estate created only for the life of the named life tenant
life tenant
One holding a life estate
lis pendens
notice of pending litigation
littoral rights
the rights of landowners whose property borders an ocean or a lake
marital life estates
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
mineral lease
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.
nonfreehold estate
confers a rental interest in real property
estate for years
estate from year to year
estate at will
estate at sufferance
North Carolina Condominium Act
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
partition
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.
party wall
used by two adjoining neighbors to support the sidewall of each unit
prescription
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
profit or profit à prendre
intangible rights in the land of another, such as the right to take minerals, soils, timber, fish, or game from that land
pur autre vie
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.
remainderman
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
reversionary interest
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.
riparian rights
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
severalty
title to real property is held in the name of only one person or entity
subjacent support
the right to have one’s land supported from below
survivorship
surviving partners automatically take over the share of a deceased partner
tenancy by the entirety
limited to husband and wife
there must be a legal marriage at the time that the husband and wife receive title to the property
tenancy in common
two or more persons holding title to a property
at the same time, with no right of survivorship
tenements
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.
time sharing
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
townhouse
provides for the ownership of the unit as well as the specific portion of land upon which the individual unit is located
Uniform Commercial Code (UCC)
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.
prior appropriation
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
Total circumstance test
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
trade fixtures
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.
agricultural fixtures
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.
mechanic’s lien
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
homestead exemption
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
