Property Ownership and Interest Flashcards
accretion
The increase or addition of land by the deposit of sand or soil washed up naturally from a river.
agricultural Fixtures
In North Carolina a fixture attached to leased property by a tenant farmer is considered the landowner’s real property rather than the tenant’s personal property.
air rights
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
appurtenance
A right, a privilege or an improvement belonging to, and passing with, the land.
avulusion
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. The loss of land may not result in loss of title to the property.
Bundle of rights
The concept of land ownership that includes ownership of all legal rights to the land (i.e. disposition, exclusion, enjoyment, possession, and control.).
common elelments
Parts of a prop common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
condominium ownership
The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements which are owned jointly with the other condominium unit owners.
emblements
Growing crops , such as grapes and corn that produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property.
erosion
The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.
fee simple absolute
The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
fee simple defeasible
An estate in which the holder has a fee simple titile that may be terminated upon the occurrence or nonoccurence of a specified event. Two categories of defeasible fee estates exist: fee simple determinable and fee simple on condition subsequent,
fee simple determinable
An estate in real estate that continues “so long as” prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
fee simple subject with condition subsequent
An estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.
fixture
An item of personal property that has been converted to real property by being permanently affixed to the realty.
