Unit 2- Property Ownership And Interests

Question 1

Accretion

Answer 1

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

Question 2

Agricultural fixtures

Answer 2

In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner’s of real property rather than the tenants personal property.

Question 3

Air rights

Answer 3

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

Question 4

Bundle of legal rights

Answer 4

The concept of land ownership that includes ownership of all legal rights to the land (i.e. disposition, exclusion, enjoyment, possession and control)

Question 5

Common elements

Answer 5

Parts of a prop commonly used by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

Question 6

Common interest community ownership

Answer 6

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

Question 7

Concurrent ownership

Answer 7

Ownership involving two or more owners

Question 8

Condominium ownership

Answer 8

The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus in undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners

Question 9

Doctrine of prior appropriation

Answer 9

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

Question 10

Emblements

Answer 10

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

Question 11

Erosion

Answer 11

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.

Question 12

Fee simple absolute

Answer 12

The maximum possible estate in real property; most complete and absolute ownership; in definite in duration, freely transferable and inheritable.

Question 13

Fee simple defeasible

Answer 13

And a state in which the holder has a fee simple title that may be terminated upon the occurrence or non-occurrence of a specified event. Two categories of defeasible fee estate exist: fee simple determinable and fee simple on condition subsequent

Question 14

Fee simple determinable

Answer 14

An estate in real estate that continues “so long as” a prescribed land use continues. Estate into automatically upon the termination of the prescribe use; no lawsuit is necessary for revision

Question 15

Fee simple subject to a condition subsequent

Answer 15

An estate in real estate that prohibits in specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.

Question 16

Fixture

Answer 16

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

Question 17

Freehold estate

Answer 17

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

Question 18

Fructus industriales

Answer 18

Crops that are produced annually through labor and industry

Question 19

Fructus naturales

Answer 19

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

Question 20

Future interest

Answer 20

A persons 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

Question 21

Homeowners association

Answer 21

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

Question 22

Homestead

Answer 22

Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected for exempt judgments for debt

Question 23

Improvement

Answer 23

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

Question 24

Improved land

Answer 24

Land that has a building or buildings on it or land that has been prepared for development, such as with grading, installation of utilities etc.

Question 25

Improved lot

Answer 25

A lot that certain basic required services this is necessary to utilize it are available, such as electricity, telephone, Street access, or water access.

Question 26

Joint tenancy

Answer 26

A concurrent form of ownership of real estate between two or more parties who have been named in one convenience as joint tenants’s. Ownership interest maybe unequal. Right of survivorship is not automatic in North Carolina but can be added by an attorney

Question 27

Lateral support

Answer 27

The support of a parcel of land receives from adjacent land; a Neighbors duty to support adjoining land in its natural state.

Question 28

Life estate

Answer 28

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.

Question 29

Life tenant

Answer 29

A person in possession of a life estate

Question 30

Limited common elements

Answer 30

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

Question 31

Littoral rights

Answer 31

A land owners claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average high watermark

Question 32

Manufactured home

Answer 32

A dwelling, also known as a mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until the moving hitch, wheels and axles are removed, the unit is attached to a permanent foundation on land owned by the owner of the manufactured home, and an affidavit attesting to these actions has been filed with the department of motor vehicles

Question 33

Marital life estate

Answer 33

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

Question 34

Modular home

Answer 34

A dwelling consisting of a series of rooms or units built offsite according to the North Carolina State building code; it’s considered real property as soon as it is assembled on the land. Maybe multistoried

Question 35

Non-freehold estate

Answer 35

A tenants rights to occupy real estate during the term of the lease, generally considered a personal property interest

Question 36

North Carolina condominium act of 1986

Answer 36

Specifies that a condominium is created and established when the developer of the property executes and records a declaration of its creation in the country 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

Question 37

North Carolina uniform commercial code (UCC)

Answer 37

A North Carolina statute which may protect the buyers from a sellers unpaid debts; however, if a homeowner purchases an item on credit and gives the creditor is security agreement, that the item remains personal property and may be removed by the creditor in the event of default.

Question 38

Planned unit development PUD

Answer 38

A plant combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.

Question 39

Probate

Answer 39

A legal process by which a court determines who will inherit a descendants property and what the estate assets are.

Question 40

Property lease

Answer 40

At lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholders right as a tenant to an individual apartment.

Question 41

Pur autre vie

Answer 41

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

Question 42

Reliction

Answer 42

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

Question 43

Remainder interest

Answer 43

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.

Question 44

Remainderman

Answer 44

One entitled to receive a remainder interest in some estate sometime in the future

Question 45

Reversionary interest

Answer 45

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

Question 46

Rights of survivorship

Answer 46

A mandatory form of ownership making the surviving spouse owner in severalty immediately upon the death of a spouse

Question 47

Riparian rights

Answer 47

An owners rights in land that borders on or includes a stream, River, or a lake. These rights include access to and use of the water.

Question 48

Severalty

Answer 48

The ownership of real property by one person or entity; also called sole ownership

Question 49

Subjacent support

Answer 49

The support of the surface of land by the lands sub surface; duty of the owner of subsurface rights to support the surface of the land.

Question 50

Subsurface rights

Answer 50

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.

Question 51

Surface rights

Answer 51

Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below the surface

Question 52

Tenancy by the entirety

Answer 52

A concurrent form of ownership reserved for property owned by spouses. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse

Question 53

Tenancy in common

Answer 53

A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interest can be an equal and the right of survivorship is not allowed.

Question 54

Timeshare ownership

Answer 54

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

Question 55

Total circumstance test

Answer 55

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

Question 56

Townhouse ownership

Answer 56

A hybrid form of ownership where the owner holds fee title to their unit in the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a homeowners association.

Question 57

Trade fixture

Answer 57

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

Question 58

Trust

Answer 58

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

Question 59

Waste

Answer 59

And 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 a waste ordinarily impairs the value of the land or the interest of the person holding the title or reversionary rights