2 - Property Ownership & Interests (4 / 1)

Question 1

Accretion

Answer 1

land increases along a river or stream

Question 2

Emblements

Answer 2

the right of the previous owner to harvest crops through the current growing season

Question 3

Real Property

Answer 3

Land and all appurtenances (everything attached to it), “Bundle of Rights”

Question 4

Annexation / Severance

Answer 4

act of permanently attaching personal property and transforming it into a fixture / act of turning real property into personal property

Question 5

Draperies

Answer 5

Not considered a fixture, seller may remove (Blinds are considered a fixture)

Question 6

Trade Fixtures

Answer 6

Considered personalty, not real property (e.g. large freezer in ice cream parlor, removed by tenant at termination of the lease)

Question 7

Fee Simple Estate

Answer 7

Indefinite ownership period, highest and best form of ownership

Question 8

Defeasible Fee

Answer 8

Property transferred subject to certain condition (e.g. use for medical purposes), if violated will return ownership to original grantor through a REVERSION

Question 9

Riparian Water Rights

Answer 9

Rights along rivers and streams

Question 10

Littoral Rights

Answer 10

Rights along large bodies of water that have tides; extends ownership to the mean high water mark

In NC, the foreshore between high and low tides is public land

Question 11

Reversionary Estate

Answer 11

The original grantor’s right to regain the property if a condition is violated (the grantee holds a defeasible fee)

Question 12

Reversionary Life Estate

Answer 12

interest in the property transferred back to the grantor (if e.g. the grantee dies); If transferred to anyone other than the grantor it is called a remainder interest (aka estate in remainder), a future interest a person will acquire

Question 13

Right of Survivorship

Answer 13

In joint tenancy, if one property owner dies, the remaining joint tenant inherits the deceased’s interest

Question 14

Four Unities of Joint Tenancy

Answer 14

Time, title, interest and possession

Question 15

Total Circumstances Test (IRMA)

Answer 15

To detremine if an item is a fixture: intent, relationship, method and attachment (cost value and size are never factors in detremining if a fixture)

Question 16

Rescission period for purchase of a new condo in NC?

Answer 16

7 calendar days

Question 17

Rescission period for purchase of a new timeshare in NC?

Answer 17

5 calendar days

Timeshare developer has 30 days from the date of the PURCHASE CONTRACT within which to refund the money if rescinded

Question 18

Marriage impact on property owned

Answer 18

If an individual owns a property in severalty and gets married they still own the property in severalty

Question 19

Tenants by the Entirety

Answer 19

Applies to property acquired during marriage, ends with divorce or death or voluntarily choosing to hold tile in another manner

Question 20

Life Estate

Answer 20

Ownership interest in real property

Question 21

Condos

Answer 21

Divided fee simple interest in the unit

Undivided TIC interest in the common areas

Question 22

Dominant / Servient Tenement

Answer 22

Dominant: parcel being accessed
Servient: parcel with appurtenant easement providing access