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NC Real Estate Principles & Practices > Key Terms - Chapter 2 > Flashcards

Key Terms - Chapter 2 Flashcards

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1
Q

appurtenance

A

Any right or privilege that is said to “run with the land. It transfers with title to the land.

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2
Q

air rights

A

ownership of and the rights to the area above the surface of the earth

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3
Q

alienation

A

Transfer of title to real property.

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4
Q

appurtenant easement

A

something that has been added to something else and, as a result, becomes an inherent part of that to which it has been added

runs with the land

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5
Q

bundle of rights

A

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

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6
Q

condemnation

A

the actual process used to take property by eminent domain

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7
Q

condominium

A

ownership of the airspace of the individual unit as well as co-ownership in the common areas

co-ownership is as a tenant in common in the common areas

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8
Q

cooperative

A

ownership of shares of stock in a corporation that owns a building containing cooperative apartments

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9
Q

co-ownership

A

Simultaneous ownership of real property by two or more people

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10
Q

curtesy

A

the husband’s right to a life estate in the property owned by a deceased spouse during the marriage

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11
Q

declaration of restrictions

A

restrictions may be written in the individual deed or recorded as a master instrument

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12
Q

defeasible fee

A

an inheritable freehold estate in the form of a fee simple estate; however, the grantor can terminate the title under certain conditions

Also known as qualified fee or
fee simple determinable

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13
Q

dower

A

the wife’s right to a life estate in the property

owned by a deceased spouse during the marriage

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14
Q

easement

A

nonpossessory right or interest in land owned by another

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15
Q

easement in gross

A

are not dependent upon ownership of an adjoining property

usually held by utility companies

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16
Q

emblements

A

things that require planting and cultivation

also known as fruits of industry

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17
Q

eminent domain

A

This power enables the government to take private land for the benefit of the general public

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18
Q

encroachment

A

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

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19
Q

encumbrance

A

anything that diminishes the bundle of rights of real property

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20
Q

estate

A

an interest in the property sufficient to give the owner of the estate the right to possession of the property

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21
Q

estovers

A

to cut and use a reasonable amount of timber from the land to repair buildings or to use it for fuel, but does not allow the tenant to cut and sell the timber for profit

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22
Q

fee simple absolute

A

provides the greatest form of ownership available in real property

also known as fee simple or
ownership in fee

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23
Q

fixture

A

an item of personal property that is attached to the land or a permanent improvement on the land in such a manner that the law deems it to be part of the real property

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24
Q

foreshore

A

the land between the mean high watermark and low watermark

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25
freehold estate
an interest in land of at least a lifetime and therefore generally is identified with the concept of title or ownership
26
fruits of industry | fructus industriales
things that require planting and cultivation also known as emblements
27
fruits of the soil | fructus naturales
things that do not require planting or cultivation but that grow naturally and are perennial
28
hereditament
includes everything in the term land and everything in | the term tenements that is capable of being inherited
29
intestate succession
statutes governing the distribution of property of one who dies intestate, that is, dies without leaving a valid will
30
joint tenancy
form of co-ownership that requires these four unities 1. must have the same interest in the property 2. must receive their title at the same time from the same source 3. must have the same degree of undivided ownership 4. right to possession in the property
31
judgment lien
a court decree establishing that one person is indebted to another and specifying the amount of that indebtedness a general lien against all real and personal property the judgment debtor owns
32
land
The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto.
33
lateral support
the right of land to be supported in its natural state by adjacent land
34
leasehold estates
confers a rental interest in real property estate for years estate from year to year estate at will estate at sufferance
35
levy
a tax against a property for payment of a share of the cost of improvements made to areas adjoining the property
36
lien
a claim or a charge against the property that can result from a contractual agreement or from the operation of law
37
life estate
A life estate is a noninheritable freehold estate created only for the life of the named life tenant
38
life tenant
One holding a life estate
39
lis pendens
notice of pending litigation
40
littoral rights
the rights of landowners whose property borders an ocean or a lake
41
marital life estates
created in North Carolina by the intestate succession statutes governing the distribution of property of one who dies intestate, that is, dies without leaving a valid will
42
mineral lease
permits the use of land for mineral exploration and mining operations The Statute of Frauds requires that such a lease be in writing to be enforceable.
43
nonfreehold estate
confers a rental interest in real property estate for years estate from year to year estate at will estate at sufferance
44
North Carolina Condominium Act
sets specific requirements on offering for sale or resale a condominium created on or after October 1, 1986 ``` Public offering statement Purchaser’s right to cancel Escrow of deposit Resale certificates Warranties ```
45
partition
A tenant in common may bring legal action to have the property partitioned so each tenant has a specific portion of the property exclusively. If this can be done fairly with a piece of land, each tenant receives title to a tract according to his share of interest. If the land cannot be divided to the satisfaction of the co-owners, the court may order its sale, with appropriate shares of the proceeds distributed to the tenants.
46
party wall
used by two adjoining neighbors to support the sidewall of each unit
47
prescription
using another’s land for a prescribed period of time The use must be open and well known to others (notorious) must be continued and uninterrupted for the period of time required by laws of the state
48
profit or profit à prendre
intangible rights in the land of another, such as the right to take minerals, soils, timber, fish, or game from that land
49
pur autre vie
for the life of another The pur autre vie is an inheritable right, should the life interest person die before the measuring life person deceases.
50
remainderman
the conveyance of the life estate could specify that the estate pass on to someone other than the grantor or his heirs has a remainder, or future, interest in the property
51
reversionary interest
If nothing else is specified in the conveyance of the life estate, it will revert to the grantor or to his heirs at the death of the life tenant.
52
riparian rights
appurtenant rights of an owner of property bordering a flowing body of water accretion - soil deposited reliction - land gained by receding water erosion - gradual loss of land by moving water avulsion - rapid loss by natural disaster
53
severalty
title to real property is held in the name of only one person or entity
54
subjacent support
the right to have one’s land supported from below
55
survivorship
surviving partners automatically take over the share of a deceased partner
56
tenancy by the entirety
limited to husband and wife there must be a legal marriage at the time that the husband and wife receive title to the property
57
tenancy in common
two or more persons holding title to a property | at the same time, with no right of survivorship
58
tenements
all those things that are included in the definition of land and include both corporeal and incorporeal rights in land Corporeal rights are tangible things—things that can be touched and seen. Incorporeal rights are things that are intangible.
59
time sharing
any right to occupy a property for five or more separated time periods over a span of five or more years All time-shares are considered real property see page 40-41 for full list
60
townhouse
provides for the ownership of the unit as well as the specific portion of land upon which the individual unit is located
61
Uniform Commercial Code (UCC)
The Uniform Commercial Code provides for the lender to retain a security interest in a chattel (personal property) until the lender is paid in full. An instrument called a security agreement, which is put on the public record by the filing of a notice called a financing statement, creates the security interest. This notice is filed in the office of the Register of Deeds.
62
prior appropriation
the theory that the first person to use the water has a continued right to do so and the later owners can make reasonable use of what is left
63
Total circumstance test
composed of four criteria or factors, may be used to determine an item’s identification as a fixture in the absence of a contractual agreement by the parties Intention Relation of the attacher Method Adaptation
64
trade fixtures
A special category of fixtures is recognized for the items of personal property that are used in the course of a business operating in a leased property.
65
agricultural fixtures
Agricultural fixtures are those fixtures installed by a property owner for the purposes of agricultural use. Although historically treated differently, they are now treated the same as trade fixtures.
66
mechanic's lien
a lien filed by anyone (such as carpenters, lumber companies, appraisers, and surveyors) who provides labor or material to a property or property improvement has 120 days after work ended to make claim has 180 days after work ended to file suit lien goes back to the date work started
67
homestead exemption
the amount excluded from a lien on a personal home less than 65 = $35,000 (70,000 for married couples) 65+ = 65,000 if spouse is deceased & they owned jointly

NC Real Estate Principles & Practices (43 decks)

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