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NC Real Estate Pre-Licensing > Section 2 - Property Ownership > Flashcards

Section 2 - Property Ownership Flashcards

1
Q

Chattel

A

Personal property (portable)

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2
Q

Fixtures

A

Anything permanently attached to the land (part of real property)

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3
Q

Bundle of rights

A

Right of: disposition (to sell), enjoyment, exclusion, possession, control (DEEP-C)

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4
Q

Lateral support

A

Right for land to be held in place by neighboring land without land slipping, caving in.

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5
Q

Subjacent support

A

Right for land to remain in natural state free from cave-ins, sink holes caused by owner of land below

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6
Q

Fructus naturales

A

Fruits of nature (trees, shrubs, grasses)

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7
Q

Fructus industriales

A

Fruits of industry (fruits, vegetables, wheat, corn)

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8
Q

Emblements

A

Cultivated crops, count as personal property

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9
Q

Fixture, part of real property - 4 tests

A

Intention, relationship, method, adaptation (IRMA)

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10
Q

Manufactured home

A

Built with transportation in mind (post 1976). Classed as personal property.

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11
Q

Mobile home

A

Name of manufactured homes prior to 1976

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12
Q

Fee Simple Estate

A

Conveys all rights of ownership (DEEP-C)

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13
Q

Defeasible fee estate

A

A transfer of real estate with something the new owner can’t do.

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14
Q

Life estates

A

Property owned by individuals just for their lifetime

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15
Q

Marital life estates

A

Held by surviving spouse for the length of their life

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16
Q

Pur autre vie

A

For the life of another (A life estate that lasts for the life of someone other than the life tenant).

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17
Q

Non free-hold estate

A

Convey rental interest in property

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18
Q

Estate in severalty

A

One person owns the property

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19
Q

Appurtenance

A

Automatic/inherent ownership rights that are natural consequences of property ownership

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20
Q

Profit

A

A legal term that means the right to take products out of the soil

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21
Q

License

A

Permission to do something on another’s land without any interest or ownership in the land

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22
Q

Air right

A

The interest a landowner has in the airspace above his property

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23
Q

Water rights

A

Rights associated with water on a property

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24
Q

Riparian rights

A

Right to access and use water for domestic purposes (as long as it doesn’t disturb owners up/down stream)

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25
Q

Littoral rights

A

Provides unrestricted access to water but only ownership of land to median high water mark

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26
Q

Accretion

A

Soil accumulates to increase amount of land

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27
Q

Erosion

A

Water reduces amount of land

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28
Q

Avulsion

A

Sudden removal of land due to water action

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29
Q

Condominium

A

Type of property where owners own real estate inside the unit (but not the land condo is on) and share ownership of common areas

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30
Q

Declaration

A

The legal document that creates a condominium building

31
Q

Public offering statement

A

Condo developer must provide to prospective buyers with details about development

32
Q

Resale certificate

A

Similar to public offering, given to subsequent condo buyer

33
Q

Cooperative

A

Property right where corporation owns the land, buildings and all rights and interests

34
Q

Encroachment

A

Structures or objects illegally built, planted or grown on another’s land

35
Q

Tenants in common

A

Two or more parties take ownership of a property with undivided interest

36
Q

Joint tenancy

A

Creates an equal, undivided interest between the co-owners

37
Q

Tenancy by the entirity

A

Gives spouses undivided interests

38
Q

Unity of person

A

Spouses are integrated legal unit

39
Q

Trade fixture

A

Commercial fixtures installed by tenant, remain their personal property

40
Q

Freehold estate

A

Estates of inheritance

41
Q

Non-freehold estate

A

Rental interest in property

42
Q

Trust

A

Fiduciary relationship that allows third party to hold assets on behalf of a beneficiary (avoids probate)
Trustor–trustee–beneficiary

43
Q

Trustee

A

Third party fiduciary who holds assets of beneficiary and carries out trustor’s wishes

44
Q

Trustor

A

Trust maker, person conveying title to a trustee

45
Q

Beneficiary

A

Person benefiting from a trust

46
Q

Land trust

A

Formed specifically to hold real estate

47
Q

Restrictive covenants

A

What a landowner must or musn’t do in regard to their property

48
Q

Modular home

A

Built in sections in factory and assembled on site

49
Q

Easement

A

Type of encumbrance

50
Q

Dominant estate

A

Party burdening or inconveniencing another property with an easement. (Benefit of easement transfers with property)

51
Q

Servient estate

A

Estate allowing an easement (encrumbrance of the easement passes with property)

52
Q

Easement appurtenant

A

Attached to a specific parcel of land and runs with the land

53
Q

Easement by necessity

A

Implied easement for ingress and egress

54
Q

Easement by prescription

A

Operation by law, created by years of use

55
Q

Statutory cartway

A

NC law allows landlocked property to access another’s land usually only for mining, forestry, manufacturing.

56
Q

Express easement

A

Created with a written document

57
Q

Implied easement

A

Created without written document

58
Q

Easement in gross

A

Granted to specific individual or business (utility co)

59
Q

Commercial easement in gross

A

Like in gross but can be sold, assigned or inherited

60
Q

Party walls

A

Walls that separate adjoining properties

61
Q

Severance

A

To change an item from real property to personal by removing it from the land

62
Q

Annexation

A

To permanently add something to land like a building

63
Q

Timeshare property

A

Multiple shared ownership or multiple shared use of a piece of real estate

64
Q

Townhomes/townhouses

A

Multi-story individual units that share one or two walls with properties next to them with separate entrances

65
Q

Specific liens

A

Placed on property for a specific amount of money owed to creditor, taxing authority or mechanic

66
Q

Mechanic’s lean

A

Contractor places on property for payment of work done on property (effective from first day service provided or materials delivered to site)

67
Q

General lien

A

Attaches to a debtor and may include all of their assets

68
Q

Lien priority

A

Order in which liens may be executed (NC is pure race state–oldest paid first, except taxes supercede)

69
Q

Lis pendens

A

Written and recorded notice that a lawsuit has been filed (foreclosure - cloud)

70
Q

Voluntary lien

A

Created with the property owners consent (mortgage)

71
Q

Easement

A

A right one party acquired to use another party’s land for a specific purpose (non possessory rights) type of encumbrance

72
Q

Remedies to encroachment

A

Removal, owner provides written permission, land sold to encroacher, a suit is filed.

73
Q

Probate

A

Court determines how a deceased person’s estate should be distributed

NC Real Estate Pre-Licensing (8 decks)

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