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Real Estate > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

accretion

A

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

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2
Q

Agricultural Fixtures

A

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.

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3
Q

Air Rights

A

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

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4
Q

appurtenance

A

The right or privilege that goes with the ownership of land.

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5
Q

Avulsion

A

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

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6
Q

Bundle of Legal Rights

A

The concept of land ownership that includes ownership of all legal rights to the land—possession, control within the law, enjoyment, exclusion, and disposition.

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7
Q

Common Elements

A

Parts of a prop common use by all of the condominium residents.

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8
Q

common interest community (hybrid) ownership

A

Ownership that contains elements of both ownership in severalty and concurrent ownership.

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9
Q

Concurrent Ownership

A

Ownership by two or more persons at the same time

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10
Q

Condominum ownership

A

the absolute ownership of a unit in a multiunit 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

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11
Q

Cooperative Ownership

A

A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.

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12
Q

Doctrine of Prior Appropriation

A

Followed primarily by Western states, this doctrine contends that water rights are determined by priority of beneficial use. The first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water. In these states, property owners may have land that borders water but no rights to use that water.

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13
Q

Emblements

A

Growing crops, such as grapes and corn that are produced annually through labor and industry; also called “fructus industrials”.

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14
Q

Erosion

A

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

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15
Q

Fee Simple Absolute

A

The maximum possible estate or right of ownership of real property, continuing forever.

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16
Q

Fee Simple Defeasible

A

an estate in which the holder has a fee simple title that may be terminated upon the occurences or nonoccurrence of a specified event

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17
Q

Fee Simple Determinable

A

An estate in real estate that continues “so long as” a prescribed land use continues.

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18
Q

fee simple with condition subsequent

A

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.

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19
Q

Fixtures

A

an item of personal property that has been converted to real property by being permanently affixed to the realty

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20
Q

Freehold Estate

A

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

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21
Q

Fructus Industriales

A

Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called emblements. Usually considered to be personal property.

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22
Q

Fructus Naturales

A

Plants that do not require annual cultivation and are considered real property.

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23
Q

future interests

A

A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

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24
Q

Homeowner Association (HOA)

A

a organization of property owners in a subdivision, planned community, or condominium that makes and enforces rules for the properties within its jurisdiction.

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25
Q

homestead

A

Land that is owned and occupied as the family home.

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26
Q

improvement

A

Any structure, usually privately owned, erected on a site to enhance the value of the property - for example, building a fence or a driveway. A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer

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27
Q

improved land

A

land that certain basic required services necessary to utilize it are available, such as electricity, telephone, street access, or water access

28
Q

Joint Tenancy

A

A concurrent form of ownership of real estate between two or more parties who have been named in one conveyance as joint tenants.

29
Q

Lateral Support

A

the support a parcel of land recieves from adjacent land

30
Q

Life Estate

A

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

31
Q

Life Tenant

A

The holder of a life estate.

32
Q

Limited Common Elements

A

Common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas.

33
Q

Littoral Rights

A

(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.

34
Q

manufactured homes (definition)

A

a dwelling, also known as a mobile home or house trailer: built under HUD regulations with a permanent chassis (the base frame of a motor vehicle or other wheeled conveyance)

35
Q

manufactured home

A

considered to be personal property until the moving hitch, wheels and axles are removed and it is attached to a permanent foundation on land

36
Q

Marital Life Estate

A

North Carolina law permits that when someone dies without a will, or dies with a will disinheriting a spouse or leaving him or her very little that the surviving spouse may choose an “elective share” of the estate instead.

37
Q

Modular Home

A

A dwelling consisting of a series of rooms or units built off site according to the NC State Building Code; is considered real property as soon as it is assembled on the land. May be multi-storied.

38
Q

nonfreehold (leasehold) estates

A

A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest.

39
Q

north carolina condominium act of 1986

A

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the county where the property is located. The declaration must include any covenants, conditions, or restrictions on the use of the property. Other requirements include disclosure and other consumer protection measures in connection with new residential condominium unit sales.

40
Q

north carolina uniform commercial code (UCC)

A

A NC statute which may protect the buyer from a seller’s unpaid debts; however, if a homeowner purchases an item on credit and gives the creditor a security agreement, the item remains personal property and may be removed by the creditor in the event of default

41
Q

Probate

A

Legal process by which a court determines who will inherit a deceased person’s property and what the assets of the estate are

42
Q

Propietary Lease

A

a lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder’s right as a tenant to an individual apartment

43
Q

pur autre vie

A

“For the life of another.” A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee

44
Q

reliction

A

Gradual recession of water which uncovers land that usually belongs to the riparian owner.

45
Q

remainder interest

A

A future interest in real estate created by the grantor for some third party that will be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

46
Q

remainerderman

A

one entitled to recieve remainder interest in some estates sometime in the future.

47
Q

Reversionary Interest

A

A future estate that the grantor holds while granting a life estate to another person.

48
Q

Right of Survivorship

A

making the surviving spouse owner in severalty immediatly upon the death of a spouse

49
Q

riparian rights

A

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

50
Q

severalty

A

Ownership of real property by one person only, also called sole ownership.

51
Q

Subjacent Support

A

The support of the surface of land by the land’s subsurface; duty of the owner of subsurface rights to support the surface of the land.

52
Q

Subsurface Rights

A

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

53
Q

Tenancy by the Entirety (definition)

A

a concurrent form of ownership reserved for property owner by spouses

54
Q

Tenancy by the Entirety (key concept)

A

right of survivorship is mandatory which makes the surviving spouse owner in severalty immediately upon the death of a spouse

55
Q

Tenancy by the Entirety (key concept)

A

right of survivorship is mandatory which makes the surviving spouse owner in severalty immediately upon the death of a spouse

56
Q

tenancy in common (definition)

A

a concurrent form of ownership in which each owner holds an undivided interest in the real property

57
Q

tenancy in common (key concept)

A

ownership interests can be unequal and the right of survivorship is not allowed

58
Q

Time-Share Ownership

A

Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years.

59
Q

Total Circumstances Test

A

A method used by judges to determine whether an item is a fixture or personal property.

60
Q

town house ownership

A

A hybrid form of ownership where the owner holds fee title to their unit and the ground beneath, (also known as horizontal ownership)

61
Q

Trade Fixtures

A

An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

62
Q

trust

A

A fiduciary arrangement whereby property is conveyed to a person or an institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.

63
Q

waste

A

An improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.

63
Q

tenancy in common (definition)

A

a concurrent form of ownership in which each owner holds an undivided interest in the real property

63
Q
A
64
Q

tenancy in common (key concept)

A

ownership interests can be unequal and the right of survivorship is not allowed

Real Estate (3 decks)

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