Chap. 2

Question 0

• Fixture

* What legal test?

Answer 0

• an item that was once personal property but has been so affixed (or attached) to land or a bundling that the law construed it to be part of the real estate
• if an item is a fixture it automatically transfers with the property unless exempted by either part to the contract
• total circumstance test
  
  • Intention
  • Relationship
  • method of annexation
  • adaptation to real estate

Question 1

• Appurtenance

* Ex.

Answer 1

• a right or privilege or improvement that goes with the ownership of land. (Include subsurface rights and mineral rights air rights and water rights
• easement appurtenant; lakes party wall

Question 2

Study Fixture Picture

Answer 2

….

Question 3

Estate

Inheritable and non inheritable examples

Answer 3

-the degree,quantity,nature,and extent of interest one has in real property
-freehold estates (inheritable) include : fee simple estate; defeasible estate; pur autre vie estate;
Freehold estate (non inheritable)
Include: nonfreehold estate (leasehold estate)
4 types
-estate for years(lease ends automatically
-estate from year to year( renews itself; residential lease)
-estate at will( friendly exchange of possession)
-estate at sufferance (lowest estate)

Question 4

Tenants by entirety

How does divorce affect it?

Answer 4

• a special form of tenancy in which the owners must be husband and wife.
• divorce terminates this

Question 5

Joint tenancy

How does sale affect this?

Answer 5

• a concurrent form of ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Ownership may be unequal, right of survivorship is not automatic in nc but may be added by an attorney
• person who bought comes in as tenant in common others stay as joint tenants

Question 6

Condominium ownership

Characteristics?

Answer 6

• 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
• title to airspace; common elements/ common areas( share of indivisible parts) ex.) land,structure,hallways,elevators,stairways,roof,lawns,rec.,pools,clubhouse,tennis counts,