Section 2 - Property Ownership Flashcards
Chattel
Personal property (portable)
Fixtures
Anything permanently attached to the land (part of real property)
Bundle of rights
Right of: disposition (to sell), enjoyment, exclusion, possession, control (DEEP-C)
Lateral support
Right for land to be held in place by neighboring land without land slipping, caving in.
Subjacent support
Right for land to remain in natural state free from cave-ins, sink holes caused by owner of land below
Fructus naturales
Fruits of nature (trees, shrubs, grasses)
Fructus industriales
Fruits of industry (fruits, vegetables, wheat, corn)
Emblements
Cultivated crops, count as personal property
Fixture, part of real property - 4 tests
Intention, relationship, method, adaptation (IRMA)
Manufactured home
Built with transportation in mind (post 1976). Classed as personal property.
Mobile home
Name of manufactured homes prior to 1976
Fee Simple Estate
Conveys all rights of ownership (DEEP-C)
Defeasible fee estate
A transfer of real estate with something the new owner can’t do.
Life estates
Property owned by individuals just for their lifetime
Marital life estates
Held by surviving spouse for the length of their life
Pur autre vie
For the life of another (A life estate that lasts for the life of someone other than the life tenant).
Non free-hold estate
Convey rental interest in property
Estate in severalty
One person owns the property
Appurtenance
Automatic/inherent ownership rights that are natural consequences of property ownership
Profit
A legal term that means the right to take products out of the soil
License
Permission to do something on another’s land without any interest or ownership in the land
Air right
The interest a landowner has in the airspace above his property
Water rights
Rights associated with water on a property
Riparian rights
Right to access and use water for domestic purposes (as long as it doesn’t disturb owners up/down stream)
Littoral rights
Provides unrestricted access to water but only ownership of land to median high water mark
Accretion
Soil accumulates to increase amount of land
Erosion
Water reduces amount of land
Avulsion
Sudden removal of land due to water action
Condominium
Type of property where owners own real estate inside the unit (but not the land condo is on) and share ownership of common areas
Declaration
The legal document that creates a condominium building
Public offering statement
Condo developer must provide to prospective buyers with details about development
Resale certificate
Similar to public offering, given to subsequent condo buyer
Cooperative
Property right where corporation owns the land, buildings and all rights and interests
Encroachment
Structures or objects illegally built, planted or grown on another’s land
Tenants in common
Two or more parties take ownership of a property with undivided interest
Joint tenancy
Creates an equal, undivided interest between the co-owners
Tenancy by the entirity
Gives spouses undivided interests
Unity of person
Spouses are integrated legal unit
Trade fixture
Commercial fixtures installed by tenant, remain their personal property
Freehold estate
Estates of inheritance
Non-freehold estate
Rental interest in property
Trust
Fiduciary relationship that allows third party to hold assets on behalf of a beneficiary (avoids probate)
Trustor–trustee–beneficiary
Trustee
Third party fiduciary who holds assets of beneficiary and carries out trustor’s wishes
Trustor
Trust maker, person conveying title to a trustee
Beneficiary
Person benefiting from a trust
Land trust
Formed specifically to hold real estate
Restrictive covenants
What a landowner must or musn’t do in regard to their property
Modular home
Built in sections in factory and assembled on site
Easement
Type of encumbrance
Dominant estate
Party burdening or inconveniencing another property with an easement. (Benefit of easement transfers with property)
Servient estate
Estate allowing an easement (encrumbrance of the easement passes with property)
Easement appurtenant
Attached to a specific parcel of land and runs with the land
Easement by necessity
Implied easement for ingress and egress
Easement by prescription
Operation by law, created by years of use
Statutory cartway
NC law allows landlocked property to access another’s land usually only for mining, forestry, manufacturing.
Express easement
Created with a written document
Implied easement
Created without written document
Easement in gross
Granted to specific individual or business (utility co)
Commercial easement in gross
Like in gross but can be sold, assigned or inherited
Party walls
Walls that separate adjoining properties
Severance
To change an item from real property to personal by removing it from the land
Annexation
To permanently add something to land like a building
Timeshare property
Multiple shared ownership or multiple shared use of a piece of real estate
Townhomes/townhouses
Multi-story individual units that share one or two walls with properties next to them with separate entrances
Specific liens
Placed on property for a specific amount of money owed to creditor, taxing authority or mechanic
Mechanic’s lean
Contractor places on property for payment of work done on property (effective from first day service provided or materials delivered to site)
General lien
Attaches to a debtor and may include all of their assets
Lien priority
Order in which liens may be executed (NC is pure race state–oldest paid first, except taxes supercede)
Lis pendens
Written and recorded notice that a lawsuit has been filed (foreclosure - cloud)
Voluntary lien
Created with the property owners consent (mortgage)
Easement
A right one party acquired to use another party’s land for a specific purpose (non possessory rights) type of encumbrance
Remedies to encroachment
Removal, owner provides written permission, land sold to encroacher, a suit is filed.
Probate
Court determines how a deceased person’s estate should be distributed
