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NC Real Estate Exam > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Co-Ownership

A

Title of real property held by 2 or more ppl. @ the same time.

aka:
1. Tenancy in Common
2. Tenancy by the Entity
3. Joint Tenancy
4. Concurrent Ownership

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2
Q

Survivorship

A

Right of surviving co-owner to receive deceased co-owners title of property w/o going through probate.
It is immediate.

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3
Q

Time Share

A
  1. Occupy 1 or more units
  2. for 5 non consecutive periods
  3. Over at least 5 years

Freehold or Leasehold

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4
Q

Prescription

A

A method of acquiring an easements by continuous & un interrupted use w/o permission

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5
Q

Party Wall

A

A common wall used by two adjoining striations

ex: Townhome adjoining wall

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6
Q

Partition

A

Legal proceeding dividing property of co-owners that each hold title to a specific portion of the property.

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7
Q

Mineral Law

A

A non freehold/leasehold estate in the area below the surface of the land

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8
Q

Marital Life Estates

A

Created by right of:

  1. Dower
  2. Curtsey
    or
  3. Statutory Substitute
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9
Q

Lis Pendens

A

LIS -
Litigation
IS = is
Pendens = pending

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10
Q

Life Tenant

A

One holding a life estate

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11
Q

Life Estate

A

A freehold estate created for the duration of the life of certain name person(s)

A Non-inheritable estate

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12
Q

Lien

A

Chain one person has against the property of another for an unpaid debt.

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13
Q

Estovers

A

Right of a lift tenant or lessee to cut timber on property for fuel or to use in making repairs to the property.

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14
Q

Estate

A

Owners right to possession of Real Property

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15
Q

Encumbrance

A

Attached to & binding upon real property

  1. Claim
  2. Lean
  3. Charge
  4. Liability
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16
Q

Encroachment

A

A trespass on the land of another as a result of an intrusion by some structure or object.

Ex: your shed on your neighbors property

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17
Q

Eminent Domain

A

The power of government to take private property for use.

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18
Q

Easement in Gross

A

The legal right to use another person’s land for as long as the owner owns that land or the holder of the easement dies.

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19
Q

Easement

A

A nonpossessory right of use in the land of another.

The right of way which one landowner A may enjoy over the land of another B.

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20
Q

Dower Rights

A

Common law right of a wife to the estate and property of her deceased husband.

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21
Q

Defeasible Fee

A

A title that is subject of being lost if certain conditions occur.

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22
Q

Declaration of Restrictions

A

Instrument used to record restrictive covenants on public record.

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23
Q

Curtesy

A

Common law right of a husband to the estate and property of his deceased wife.

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24
Q

Co-Op

A

Form of ownership through stock

Stockholder in a corporation occupy property owned by the corporation under a lease.

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25
Q

Condo

A

Individual ownership of unit + Co-ownership of common areas

26
Q

Condemnation

A

Exercise of power of eminent domain

Taking private property for public use by paying just and fair compensation

27
Q

Alienation

A

Transfer of title to Real Property

28
Q

Subjacent Support

A

Right to have your land supported from below

Ex: California homes on a hill or Todt hill homes

29
Q

Annexation

A

Personal property that becomes Real Property by attachment
Fixtures
Ex: Buying tress from a nursery (personal property) and planting them (real property)

30
Q

Total Circumstances Test

A

Test to determine if item is a fixture or not.
Ask Aunt Irma
I - Intent - Was the intent to make this permanent?
R - Relationship - Owner/Permanent Tenant/Temporary
M- Method - Does the method of attachment mean removal will cause damage?
A - Adaptation - How is the item being used? Ex: Blinds custom made for a custom window.

31
Q

Wholesaler

A

Not selling actual property, you are selling the contract!

You have not closed on property

Make a spread, not a fee

If it is for yourself, you do not need a license

32
Q

Lateral Support

A

Right of land to be supported in its natural state by adjacent land

Ex: Your neighbor cannot remove dirt that affects your land

33
Q

Accretion

A

The gradual, slow deposit of soil, sand or rock onto areas previously covered by water.

34
Q

Improvement

A

Anything of value or additional to improve property value

Improvement = Appurtance

35
Q

Real Property

A
  1. Immobile
  2. Permanence
  3. Indestructible
  4. Unique (Heterogeneity & Non-homogeneity)

Ex: Ponds, Roads

36
Q

Water Rights

A

Reparian = River
Rights TO ACCESS water ex: your dock is on a river

Littoral = Lake or Ocean
Rights BORDERING large bodies of water to access the water.

37
Q

Tenements

A

Land & all Corporeal & Incorporeal rights in land

Corporeal = Tangible/Visible things (land, house, horses)
InCorporeal = Not Tangible (easement)
38
Q

Avulsion

A

Rapid or Sudden change in land from violent forces of nature
Ex: Flooding

39
Q

Air Rights

A

Ownership & rights to the area above the surface of the earth
Ex: FAA

40
Q

NC Condominium Act of 1986

A

Sale of New Condos
Developers must provide public offering statements and contain remission dates (rights to cancel)

Resale of Condos
Property disclosure required (HOA fees, etc.)

41
Q

Bundle of Rights

A 
When you purchase a property, you get a "Bundle of Rights" - DEEPC
D-Disposition
E- Exclusion
E- Enjoyment
P- Possession
C- Control
42
Q

Land

A

Real Property
aka Real Estate or Realty

Includes structures (fences, pool, retaining wall) placed with the intention they be permanent part of the land.

43
Q

Freehold Estates

A

Free to hold the property that provides Title.

  1. Inheritable:
    1a. Fee Simple (Absolute, Determinable & Conditional)
    1b. Pur Autre - 3rd party measures life (ex: when MJ dies, the original owner obtains property back)
  2. Non Inheritable:
    2a. Conventional Life
    2b. Marital Life - Spouses right to property (Not in NC)
44
Q

Leasehold Estate

A 
Anything less than ownership that provides possession and control but not Title.
Estate:
A. For a certain amount of years
B. From year to year
C. At Will
D. At Sufferance
45
Q

Right in the land of another

A

Provide a right, but not a title or possession:
A. Easements
B. Profits

46
Q

NC Joint Tenancy

A

Does not favor right of survivorship, deed must be specific

T - Acquire at the same TIME
T - Acquire TITLE on Deed
I - INTEREST - equal shares unless otherwise states
P - Has the right to POSSESS entire property

47
Q

Relicition

A

Gradual recession of water leaving land permanently uncovered

Ex: Boat was in water, now is surrounded by land

48
Q

Erosion

A

Natural process of water gradually produces a loss of land

Ex: Beach Erosion

49
Q

Herediments

A

All Corporeal & InCorporeal attributes of Real Estate that CAN be inherited.

Corporeal = Buildings
InCorporeal = Right of way, rent
50
Q

Fructus Naturales

A

Fruits of Nature that are Rights of the Soil that are Real Property

  • Grow naturally
  • Perennials

Ex: forest trees or wild berries

51
Q

Fructus Industrials

A

Fruits of Industry that require planting and cultivation that are Personal Property

Emblements - profits from growing crops

Ex: Annual crops of the ground, melon or corn

52
Q

Emblements

A

Personal Property

Profit from growing crops that require your cultivation

53
Q

Appurtenance

A

Rights or privileges that move w/ the title and land

Ex: Walkway on an easement to a dock that is technically not a part of your land that you have the right to use.

54
Q

Levy

A

Imposition of a tax executing a lien

55
Q

Intestate Succession

A

Distribution of property by descent as provided by statute

56
Q

Foreshore

A

Land between hight and low water marks

57
Q

Profit or Profit Prendre

A

The right to participate in the profits of the land of another

58
Q

Pur Autre Vie

A

For the life of another

A life estate is measured by the life of someone other than the tenant.

Ex: when MJ dies, the tenant leaves property and you go back.

59
Q

Remainderman

A

One having a future interest in a life estate

60
Q

Revisionary Interest

A

The return of title to holder of a future interest

61
Q

Severalty

A

Only 1 person holds the title to a piece of Real Property

Ex: Land

62
Q

Uniform Commercial Code - UCC

A

Standardized & Comprehensive set of commercial laws & regulating security interests in personal property.

NC Real Estate Exam (3 decks)

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