Vocabulary Study Cards Ch. 2 Flashcards
Air Rights
Rights in the air space above the surface of land.
Alienation
Transfer of title to real property.
Bundle of Rights
Rights of an owner of a freehold estate to possession, enjoyment, control, dispose (gift, sale, will), and exclusion.
Condemnation
The exercise of the power of eminent domain. The taking private property for public use by paying just compensation.
Condominium
A form of ownership of real property recognized in all states that consists of individual ownership of some aspect and co-ownership of other aspects of the property.
Cooperative
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.
Co-ownership
Title to real property held by two or more persons (co-owners) at the same time. There are many forms of co-ownership, including tenancy in common, tenancy by the entirety, and joint tenancy. Also called concurrent ownership.
Dower
A wife’s interest in the real property of her husbands.
Easement
A nonpossessory right of use in the land of another.
Easement in gross
A personal right of use in the land of another without the requirement that the holder of the right own adjoining land.
Emblements
Personal property growing in the soil that requires planting and cultivation Annual crops. Also the right of former owners to reenter property to cultivate and harvest annual crops that were patented by them.
Encroachment
A trespass on the land of another as a result of an intrusion by some structure or other object.
Encumbrance
A claim, lien, charge, or liability attached to and binding upon real property.
Escheat
The power of government to take title to property left by a person who has died without leaving a will or qualified heirs.
Estate
An interest in real property sufficient to give the owner of estate the right to possession of real property.
Estover
The right of a life tenant or lease to cut timber on the property for fuel or to use in the making repairs.
Fee Simple Absolute
An inheritable freehold estate in land that is the greatest form of real property ownership.
Fixture
Personal property that has become real property by having been permanently attached to real property.
Foreshore
The land between high and low watermarks .
Freehold Estate
Are divided into two categories: estate of inheritance and estate not of inheritance.
Fructus (fruits) Industrials
Growing things on real estate that require plating each season and cultivation (animals, crops) These are typically considered personal property and not real property.
Fructus Naturales
Growing things that do not require planting or cultivation but grow naturally and are perennial (forest, trees, and native scrubs). They are designated in law as real property if they are attached to the soil.
Hereditament
All the corporeal and incorporeal attributes of real estate that can be inherited.
Intestate Succession
Distribution of property by descent as provided by statute.
Joint Tenancy
A form of co-ownership that includes the right of survivorship.
Judgement Lien
A general lien resulting from a court decree.
Lateral Support
The right of land to be supported in its natural state by adjacent land.
Leasehold Estate
Nonfreehold estate. A leasehold estate is of limited duration and provides the right to possession and control, but not title.
Levy
Imposition of a tax executing a lien.
Lien
A claim that one person has against the property of another for some debt or change which entitles lien holder to have the claim satisfied from property of the debtor.
Life Estate
A freehold estate created for the duration of the life or lives of a certain name person or persons. A non inheritable estate.
Life Tenant
One holding a life estate.
Lis Pendens
Literally “a lawsuit pending” Notice pending litigation whose outcome potentially will affect title to all or part of a new owner’s property.
Littoral Rights
The rights of owners bordering large bodies of the mortgaged property.
Marital Life Estates
Those created by exercise of the right of dower, curtesy, or a statutory substitute.
Mineral Lease
A non freehold (leasehold) estate in the area below the surface of land.
Non-feehold estate
An estate (interest in land) of less than freehold (lifetime, ownership) ex: rental property.
NC Condominium Act
Legislation passed 1986 that set requirements for the sale or resale of condominiums. Requirements include disclosure, right to rescind contract for seven days, special escrow rules, and timely provision of required documents.
Partition
A legal proceeding dividing property of co-owners so that each holds title in severalty to a specific portion of the property.
Police Power
The power of government to regulate the use of real property for the benefit of the public interest.
Prescriptive Easement
One obtained by open continued and uninterrupted use without permission.
Pur Autre Vie
French meaning “for the life of another) a life estate measured by the life of someone other than life tenant.
Remainderman
One having a future interest in a life estate.
Reversionary Interest
A return of title to the holder of a future interest, such as the grantor in a life estate not in remainder.
Riparian Rights
The rights of an owner or property adjoining a water course such as a river, including access to and use of the water.
Severalty
A type of ownership or estate in which only one person holds title to a piece of real property.
Survivorship
The right of the surviving co ownership to receive automatically a deceased co-owner’s title of property immediately without probate.
Tenancy by the Entirety
A form of co-ownership limited to husband and wife with the right of survivorship.
Tenancy in Common
A form of co-ownership that does not include the right of survivorship.
Tenements
Land and all corporeal and incorporeal rights in land.
Timeshare
As defined by article IV of NC real estate law, a time share is the right to occupy one unit or one of several units, for at least non-consecutive periods, over a span of at least 5 years, whether it is deemed a freehold or leasehold estate, No matter what terminology is used to describe the arrangement, if it meets his used definition, it is timeshare.
Townhouse
A dwelling unit in housing complex in which the owner or owners of an individual unit owns the unit and land under the unit. And the homeowner’s association owns and maintains the common areas.
Uniform Commercial Code (UCC)
A standardized and comprehensive set of commercial laws regulating security interests in personal property.
