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Real Estate > Chapter 2 > Flashcards

Chapter 2 Flashcards

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1
Q

Accession

A

The acquisition of title to land by its addition to real estate already owned, through human actions or natural processes.

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2
Q

Accretion

A

A gradual addition to dry land by the forces of nature, as when the tide deposits water-borne sediment on shoreline property.

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3
Q

Air rights

A

The right to undisturbed use and control of airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land.

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4
Q

Alluvion

A

The solid material deposited along a shore by accretion. Also called alluvium.

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5
Q

Appropriative rights

A

Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property beside the body of water to apply for an appropriation permit.

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6
Q

Appurtenance

A

A right that goes along with ownership of real property; usually transferred with the property, but may be sold separately. This is a legal term referring to both physical and non-physical appurtenances

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7
Q

Avulsion

A

A natural process in which land is removed from one person’s property and deposited onto another’s. Avulsion happens very suddenly, as in a flash flood.

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8
Q

Bundle of rights

A

All real property rights that are conferred with ownership, including right of possession, right of quiet enjoyment, right of disposition, right of exclusion, and right of control.

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9
Q

Encroachment

A

A physical object intruding onto neighboring property, often due to a mistake regarding the boundary.

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10
Q

Erosion

A

A gradual loss of soil due to the action of wind, water, or other forces.

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11
Q

Fructus Naturales

A

Naturally occurring plants (“fruits of nature”), generally considered part of real property. Also called natural attachments.

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12
Q

Littoral Rights

A

Water rights of landowners whose land touches a commercial lake, sea, or ocean.

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13
Q

Mineral rights

A

Rights to the minerals located beneath the surface of the land.

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14
Q

Reliction

A

When a body of water gradually recedes, exposing land that was previously underwater.

That land becomes owners real property

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15
Q

Riparian Rights

A

Water rights of landowners whose land touches a natural body of water, such as a stream, a creek, or a river.

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16
Q

Subsurface rights

A

The implication that an owner of land has rights to the land below the surface to the center of the earth, even though this part is not documented.

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17
Q

Agriculture Fixture —

A

An item placed on real property for the purposes of agriculture use; historically, in North Carolina these fixtures became part of the real property once attached and could not be removed without written agreement from landlord; the current trend is to treat these fixtures as trade fixtures–which remain the personal property of the tenant.

Farming fixtures

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18
Q

Annexation

A

Attaching personal property to land so that the law views it as part of the real property.

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19
Q

Annexor—

A

Person who owns an item as personal property and attaches it onto real property, making it a part of the real property.

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20
Q

Bill of Sale—

A

A document used to transfer ownership of personal property from one person to another.

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21
Q

Chattel

A

Piece of personal property

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22
Q

Emblement—

A

A crop that is planted and cultivated through someone’s labor and industry. Emblements are considered to be personal property. Also called Fructus Industriales.

Tenant has them on someone elses land

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23
Q

Fixture

A

A man-made attachment; an item of personal property that has been attached to or closely associated with real property in such a way that it has legally become part of the real property.

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24
Q

Fructus Industriales—

A

Plants planted and cultivated by people (“fruits of industry”), generally considered personal property. Also called Emblements.

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25
Improvement—
Any addition to or change in a condition of real property to increase its value or utility.
26
Leasehold Improvement—
A fixture attached to real property by a landlord for the use of a tenant.
27
Manufactured Housing
Houses built to HUD building codes in a factory, titled and regulated by the North Carolina Department of Motor Vehicles (DMV), and is considered personal property until required steps are taken by the owner to convert to real property.
28
Modular Housing—
Houses built to state building codes in a factory (personal property), transported to the landowner’s site, and assembled by a builder onsite on a permanent foundation, which at that point becomes real property.
29
Personal Property
Tangible items that (usually) are not permanently attached to or part of real estate; any property that is not real property; movable property not affixed to land. Also called Chattel or Personalty.
30
Trade Fixtures
Items of personal property that are annexed to leased property, are necessary to a trade or business, and are removable by the tenant prior to expiration of the lease.
31
Curtesy Rights
An interest held by a married person in the real property owned by a spouse; refers to a husband’s interest in his wife’s property. Not recognized in all states including North Carolina.
32
Defeasible Fee—
A type of freehold estate conveying ownership interest that comes with a condition. Also called Qualified Fee. | You can own land as long as you don't build a bar on the land
33
Dower Rights
The interest held by a married person in the real property owned by a spouse; generally refers to a wife’s interest in her husband’s property. Not recognized in all states including North Carolina.
34
Estate
A possessory interest in real property; either a freehold estate or a leasehold estate. | Possession of real property
35
Estovers—
A life tenant’s right to cut a reasonable amount of timber from the land to repair buildings or use it for fuel, but does not allow the tenant to cut and sell the timber for profit.
36
Fee Simple Absolute
The greatest estate (ownership) one can have in real property because it is freely transferable and inheritable, and of indefinite duration, with no conditions on the title. May be called Fee Simple or Fee Title.
37
Fee Simple Determinable
A defeasible fee that’s terminated automatically if certain conditions occur. The grantor (or his or her heirs) has a possibility of reverter. Also called Determinable Fee. | Type of Defeasible fee. "For as long as" or "unil" a condition occurs
38
Freehold Estate
A possessory interest in real property of uncertain (and often unlimited) duration; an ownership estate in real property; either a fee simple or life estate. The holder of freehold estate has title.
39
Homestead
A statutory or legal life estate recognized in some states that protects the estate belonging to a deceased person for the use of a surviving spouse and minor children. | Protects from creditors or bankrupsy
40
Life Estate
An interest in real property, the duration of which is limited by the life of its owner or another designated person. | An individual or "life tenant" can use property for duration of life
41
Life Estate Pur Autre Vie
A life estate “for another’s life,” where the measuring life is someone other than the life tenant. | Measuring life is someone other than the life tenant.
42
Life Tenant
Someone who owns a life estate; the person entitled to possession of the property during the measuring life. | Own real estate until measuring life dies
43
Measuring Life
A person whose life determines the length of a life estate.
44
Nonfreehold Estate or Leasehold Estate
An estate in which the individual does not have an ownership interest in the property, only the right of possession and use, such as a tenant in a rental property. Also called leasehold estate.
45
Possessory Interest
An interest in property that entitles the holder to possess and occupy the property, now or in the future; an estate, which may be either a freehold or leasehold.
46
Remainder
A future interest that becomes possessory when a life estate terminates, and that is held by someone other than the grantor of the life estate.
47
Remainderman—
A person, other than the grantor, who has a future interest in a life estate. A remainder interest is inheritable.
48
Concurrent Ownership
Any form of ownership in which two or more people share title to a piece of property, holding undivided interests. Also called Co-tenancy or Co-Ownership.
49
Joint Tenancy
A form of co-ownership in which the co-owners have equal undivided interests and the right of survivorship. Requires the unities of time, title, interest, and possession. | If someone dies, the rest of the owners split their ownership
50
Marital Property
Property acquired by either a spouse or a legal partner during the course of a marriage or civil union.
51
Non-marital Property
Any property that was owned prior to the marriage or civil union or that was given or devised by will only to one spouse or legal partner during the term of the marriage or civil union. | property owned before marriage
52
Ownership in Severalty
Ownership by a single person or legal entity, as opposed to co-ownership.
53
Right of Survivorship
A characteristic of joint tenancy, and tenancy by the entirety; surviving co-tenants automatically acquire a deceased co-tenant’s interest in the property.
54
Tenancy by Entirety
A form of property co-ownership by legally married spouses, in which each spouse has an undivided one-half interest without the other’s consent.
55
Tenancy in Common
A form of co-ownership in which two or more persons each have an undivided interest in the entire property (unity of possession), but no right of survivorship. | Condos - people have tenancy in common with pool, sidewalk, etc.
56
Undivided Interest
A co-tenant’s interest, giving him the right to possession of the whole property, rather than a particular section of it. | Right to occupy 100% of property
57
Unity of Interest
Each co-owner having an equal interest (equal share of ownership) in a piece of property.
58
Unity of Person
Both co-owners considered being a single legal entity. Applies only to married couples and is necessary for tenancy by the entirety.
59
Unity of Possession
Each co-owner being equally entitled to possession of the entire property, because the ownership interests are undivided.
60
Unity of Time
Each co-owner acquiring title at the same time.
61
Unity of Title
Each co-owner acquiring title through the same instrument (deed, will, or court order).
62
CC&Rs
A declaration of covenants, conditions, and restrictions; usually recorded by a developer to create a general plan of private restrictions for a subdivision. | Included for condo's. Tells you what you can and cant do with property
63
Common Areas
The land and improvements in a condominium or cooperative that all residents use and own as tenants in common, such as the parking lot, hallways, and recreational facilities.
64
Condominium
A property developed for co-ownership, with each co-owner having a separate interest in an individual unit, combined with an undivided interest in the common areas of the property and air space consisting of the area between the walls, floor, and ceiling. | Pay property taxes on your own unit
65
Condominium Declaration
The document that must be filed in the public record when the property is developed as, or converted to, a condominium. | Developer say what the condo is made for. rights of owners,common expens
66
Cooperative—
A type of property ownership under which residents have the right to occupy a unit by purchasing stock shares in the corporation that owns the property.
67
Land Trust
A trust in which real estate is the only asset. The beneficiary has the right to possess the property as well as receive income or proceeds from its sale. The trustee manages the real estate as directed by the beneficiary.
68
Time-share
A form of property ownership in which several buyers purchase interests in real estate with each party having the right to use the property and facilities for a designated period of time.
69
Townhome
Property developed for co-ownership where each co-owner has a separate fee simple interest in an individual unit, including its roof and basement, as well as the land directly beneath the unit. | Unit owners have fee simple interest in all parts of their unit
70
Trust—
A legal arrangement in which title to property (or funds) is vested in one or more trustees who manage the property (or invest the funds) on behalf of the trust’s beneficiaries, per instructions outlined in the document establishing the trust.
71
Trustee—
A person appointed to manage a trust on behalf of the beneficiaries; in a trust deed, an independent third party that holds the trust instrument.
72
Trustor
The property owner who grants a trust to a third party for the benefit of someone else.
73
Unit Deed
A unique deed held by a unit owner of a condominium that documents the ownership of that specific unit.
74
General Lien
A lien against all property of a debtor, instead of a particular piece of property.
75
Involuntary Lien
A lien that arises by operation of law, without the consent of the property owner.
76
Judgment Lien
A recorded claim against another for a wrongful act, as ordered by a court (often for money owed). The result of a judgment lien can be the forced public sale of real estate.
77
Lien
nonpossessory interest in property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder.
78
Lis Pendens
A recorded notice stating that there is a lawsuit pending that may affect title to the defendant's real estate.
79
Materialman
A person who supplies materials, equipment, or fuel for a construction project.
80
Mechanic’s Lien
A specific lien claimed by someone who performed work on the property (construction, repairs, improvements, etc.) to secure the amount of the charges for services with interest and costs. This term is often used in a general sense, referring to the broker’s liens or materialman's liens as well as actual mechanic’s liens.
81
Restrictive (Protective) Covenants
Private deed restrictions that limit how land may be used often defined by a developer in the declarations of restrictions master deed.
82
Special Assessment
A tax levied only against properties that benefit from a public improvement (e.g., a sewer or street light) to cover the cost of the improvement; creates a special assessment lien (an involuntary lien).
83
Specific Lien—
A lien that attaches only to a particular piece of property.
84
Subordination Agreement
A written agreement between lienholders on a property that changes the priority of mortgages, judgments, and other liens.
85
Voluntary Lien
A lien placed against property with the consent of the owner; a mortgage (or, in other states, a deed of trust).
86
Writ of Attachment or Attachment Lien
In North Carolina, it is a pre-judgment right of a creditor that ensures creditors that the debtor’s property will be available to satisfy the debt once the judgment is finalized; A levy on property under a writ of attachment creates an attachment lien on the subject property, which is a lien intended to prevent property transfer pending the outcome of the litigation.
87
What liens are paid first
1. Property tax 2. Special Assessment 3. In order they were filed
88
Dominant Tenant
A person with easement rights on another's property; either the owner of a dominant tenement, or someone who has an easement in gross.
89
Dominant Tenement
Property that receives the benefit of an appurtenant easement.
90
Easement
A nonpossessory interest and an encumbrance on property that grants the right to use another person’s real property for a particular purpose.
91
Easement Appurtenant
The right acquired by the owner of one parcel of land to use another's adjacent land for a specific purpose. There must be two tracts of land; one becomes the dominant tenement (it benefits from the easement), and the other becomes the servient tenement.
92
Easement by Prescription
An easement created by open and notorious, hostile and adverse use of another person’s land for a specific period of time determined by state law. Prescriptive use does not have to be exclusive (the owner may be using the property, too), and the user does not acquire title to the property. Also called Prescriptive Easement.
93
Easement in Gross
An easement that benefits a person or company, rather than benefiting another parcel of land.
94
Encroachment
A physical object intruding onto neighboring property, often due to a mistake regarding the boundary; examples include a wall, fence, driveway, and an overhanging balcony or eave.
95
Encumbrance
Any claim, lien, charge, or liability that affects or limits the fee simple title to real property.
96
License
Revocable, non-assignable permission to enter another person's land for a particular purpose.
97
Right of Way (ROW)
An easement giving the holder the right to cross another person’s land.
98
Runs with the Land
Rights, conditions, or restrictions that are associated with the property as opposed to the individual who owns the property. They pass from owner to owner when the land is conveyed; an Appurtenance.
99
Servient Tenement
Property burdened by an easement; the owner of the servient tenement (the servient tenant) is required to allow someone who has an easement (the dominant tenant) to use his property.

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