Unit 2 - Property Ownership and Interests Flashcards
Bundle of legal rights
- Right of disposition
- Right of enjoyment to use in any legal manner
- Right of exclusion
- Right of Possession
- Right of control
To sell, will, transfer or otherwise dispose of or encumber the property
Right of disposition
Uninterrupted use of the property without interference of any 3rd party claiming superior title
Right of enjoyment to use in any legal manner
To keep others from entering or using the property
Right of exclusion
To use or occupy
Right of Possession
Control of the property and its profits within the framework of the law
Right of control
A right, a privilege, or an improvement belonging to, and passing with, the land.
appurtenance
Ownership rights in a parcel of real estate that do not include the air above it or the minerals below.
surface rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the property.
subsurface rights
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
air rights
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.
riparian rights
(1) a landowner’s claim to use water in large navicable lakes and oceans adjacent to the property. (2) the ownership rights to land bordering these bodies of water up to the average high-water mark,
littoral rights
Followed primarily by Western states, this doctrine contends that water rights are determined by priority of 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.
Doctrine of Prior Appropriation
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
accretion
Gradual recession of water which uncovers land that usually belongs to the riparian owner.
reliction
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.
erosion
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.
avulsion
The support a parcel of land receives from adjacent land; a neighbor’s duty to support adjoining land in its natural state.
lateral support
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.
subjacent support
Plants that do not require annual cultivation and are considered real property.
fructus naturales AKA
fruits of nature
Growing crops, such as grapes and corn, that are produced annually through labor and industry. Usually considered to be personal property.
emblements AKA
fructus industriales
Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
severance
The process of converting personal property into real property.
annexation
An item of personal property that has been converted to real property by being permanently affixed to the realty.
fixture
A method used by judges to determine whether an iteam is a fixture or personal property
Total Circumstances Test
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
trade fixture
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.
agricultural fixture
A North Carolina statute which may protect the buyers from a seller’s unpaid debts; however, if a homeowner purchases an item on credit and gives the creditor a security agreement, that item retains personal property and may be removed by the creditor in the event of default.
North Carolina Uniform Commercial Code (UCC)
