Unit 2: Property Ownership Interest Flashcards
the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea
accretion
in NC, 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 fixtures
the right to use the open space above a property, usually allowing the surface to be used for another purpose
air rights
a right or privilege that goes with the ownership of the land
appurtenance
the sudden tearing away of land, as by earthquake, flood, volcanic action or the sudden change in the course of a stream
avulsion
the concept of land ownership that includes ownership of all legal rights to the land (i.e. disposition, exclusion, enjoyment, possession and control)
bundle of legal rights
parts of a prop common use by all of the condominium residents
common elements
ownership that contains elements of both ownership in severalty and concurrent ownership
common interest community (hybrid) ownership
ownership involving two or more owners
concurrent ownership
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
condominium ownership
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
cooperative ownership
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.
doctrine of prior appropriation
growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus naturales
emblements
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 maximum possible estate in real property; most complete and
absolute ownership; indefinite in duration, freely transferable and
inheritable
fee simple absolute
an estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event
fee simple defeasible
an estate in real estate that continues “so long as” a prescribed land use continues
fee simple determinable
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
fee simple with condition subsequent
an item of personal property that has been converted to real property by being permanently to the realty
fixture
an estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate
freehold estates
growing crops, such as grapes and corn, that are produced annually through labor and industry; also called emblements
fructus industriales
plants that do not require annual cultivation and are considered
real property
fructus naturales
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 of right of reentry
future interests
an organization of property owners in a subdivision, planned
community, or condominium that makes and enforces rules for
the properties within its jurisdiction
homeowners association (HOA)
land that is owned and occupied as the family home
homestead
any structure, usually privately owned, erected on the site to enhance the value of the property
improvement
refers to land that has a structure on it
improved land
land that certain basic required services necessary to utilize it are
available, such as electricity, telephone, street access, or water
access
improved lot
a concurrent form of ownership of real estate between two or more parties who have been named in conveyance as joint tenants
joint tenancy
the support a parcel of land receives from adjacent land
life estate
lateral support
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
life estate
a person in possession of a life estate
life tenant
common elements of a condominium project reserved for the exclusive use of one or more units, such as parking spaces or storage areas
limited common elements
(1) a landowner’s claim to use water in large navigable 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
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)
manufactured home (definition)
considered to be personal property until the moving hitch, wheels and axles are removed and it is attached to a permanent foundation on land
manufactured home (key concept)
NC law that permits a surviving spouse to choose “elective share”
of an estate when someone dies without a will or dies with a will
that disinherits the spouse or leaves them with very little.
marital life estate
a dwelling consisting of a series of rooms or units built off site according to the NC State Building Code that is considered real property as soon as it is assembled on the land
modular home
a tenant’s right to occupy real estate during the term of a lease,
generally considered a personal property interest
nonfreehold (leasehold) estate
specifies that a condominium is created and established when the
developer of the property executes and records the declaration of its creation in the county where the property is located
North Carolina Condominium Act of 1986
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.
North Carolina Uniform Commercial Code
(UCC)
a legal process by which a court determines who will inherit a
decedent’s property and what the estate’s assets are
probate
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
proprietary lease
Means “for the life of another”. A life a
estate that is measured by the life of a person other than the grantee.
pur autre vie
gradual recession of water which uncovers land that usually
belongs to the riparian owner
reliction
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
remainder interest
one entitled to receive remainder interest in some estate
sometime in the future
remainderman
a future estate that the grantor holds while granting a life estate to another person
reversionary interest
making the surviving spouse owner in severalty immediately upon the death of a spouse
right of survivorship
an owner’s rights in land that borders on or includes a stream
river, or lake (rights include access and use of the water)
riparian rights
the ownership of real property by only one person or entity (also
called sole ownership)
severalty
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
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
subsurface rights
a concurrent form of ownership reserved for property owner by
spouses
tenancy by the entirety (definition)
right of survivorship is mandatory which makes the surviving spouse owner in severalty immediately upon the death of a spouse
tenancy by the entirety (key concept)
a concurrent form of ownership in which each owner holds an
undivided interest in the real property
tenancy in common (definition)
ownership interests can be unequal and the right of survivorship is not allowed
tenancy in common (key concept)
any right to occupy a unit of real property during 5 or more
separated time periods over a period of at least 5 years
time-share ownership
a method used by judges to determine whether an item is a
fixture or personal property
Total Circumstance Test
a hybrid of ownership where the owner holds fee title to their unit and the ground beneath (also known as horizontal ownership)
town house ownership
an article installed by a tenant under the terms of a lease and
removable by the tenant before the lease expires
trade fixture
a fiduciary arrangement whereby property is conveyed to a
person or an institution (called trustee) to be held and administered on behalf of another person
trust
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 (the waste affects the value of the land)
waste
