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NC Real Estate Pre-Licensing > Section 2 - Property Ownership > Flashcards

Section 2 - Property Ownership Flashcards

1
Q

Chattel

A

Personal property (portable)

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2
Q

Fixtures

A

Anything permanently attached to the land (part of real property)

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3
Q

Bundle of rights

A

Right of: disposition (to sell), enjoyment, exclusion, possession, control (DEEP-C)

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4
Q

Lateral support

A

Right for land to be held in place by neighboring land without land slipping, caving in.

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5
Q

Subjacent support

A

Right for land to remain in natural state free from cave-ins, sink holes caused by owner of land below

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6
Q

Fructus naturales

A

Fruits of nature (trees, shrubs, grasses)

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7
Q

Fructus industriales

A

Fruits of industry (fruits, vegetables, wheat, corn)

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8
Q

Emblements

A

Cultivated crops, count as personal property

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9
Q

Fixture, part of real property - 4 tests

A

Intention, relationship, method, adaptation (IRMA)

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10
Q

Manufactured home

A

Built with transportation in mind (post 1976). Classed as personal property.

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11
Q

Mobile home

A

Name of manufactured homes prior to 1976

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12
Q

Fee Simple Estate

A

Conveys all rights of ownership (DEEP-C)

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13
Q

Defeasible fee estate

A

A transfer of real estate with something the new owner can’t do.

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14
Q

Life estates

A

Property owned by individuals just for their lifetime

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15
Q

Marital life estates

A

Held by surviving spouse for the length of their life

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16
Q

Pur autre vie

A

For the life of another (A life estate that lasts for the life of someone other than the life tenant).

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17
Q

Non free-hold estate

A

Convey rental interest in property

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18
Q

Estate in severalty

A

One person owns the property

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19
Q

Appurtenance

A

Automatic/inherent ownership rights that are natural consequences of property ownership

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20
Q

Profit

A

A legal term that means the right to take products out of the soil

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21
Q

License

A

Permission to do something on another’s land without any interest or ownership in the land

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22
Q

Air right

A

The interest a landowner has in the airspace above his property

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23
Q

Water rights

A

Rights associated with water on a property

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24
Q

Riparian rights

A

Right to access and use water for domestic purposes (as long as it doesn’t disturb owners up/down stream)

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25
Littoral rights
Provides unrestricted access to water but only ownership of land to median high water mark
26
Accretion
Soil accumulates to increase amount of land
27
Erosion
Water reduces amount of land
28
Avulsion
Sudden removal of land due to water action
29
Condominium
Type of property where owners own real estate inside the unit (but not the land condo is on) and share ownership of common areas
30
Declaration
The legal document that creates a condominium building
31
Public offering statement
Condo developer must provide to prospective buyers with details about development
32
Resale certificate
Similar to public offering, given to subsequent condo buyer
33
Cooperative
Property right where corporation owns the land, buildings and all rights and interests
34
Encroachment
Structures or objects illegally built, planted or grown on another's land
35
Tenants in common
Two or more parties take ownership of a property with undivided interest
36
Joint tenancy
Creates an equal, undivided interest between the co-owners
37
Tenancy by the entirity
Gives spouses undivided interests
38
Unity of person
Spouses are integrated legal unit
39
Trade fixture
Commercial fixtures installed by tenant, remain their personal property
40
Freehold estate
Estates of inheritance
41
Non-freehold estate
Rental interest in property
42
Trust
Fiduciary relationship that allows third party to hold assets on behalf of a beneficiary (avoids probate) Trustor--trustee--beneficiary
43
Trustee
Third party fiduciary who holds assets of beneficiary and carries out trustor's wishes
44
Trustor
Trust maker, person conveying title to a trustee
45
Beneficiary
Person benefiting from a trust
46
Land trust
Formed specifically to hold real estate
47
Restrictive covenants
What a landowner must or musn't do in regard to their property
48
Modular home
Built in sections in factory and assembled on site
49
Easement
Type of encumbrance
50
Dominant estate
Party burdening or inconveniencing another property with an easement. (Benefit of easement transfers with property)
51
Servient estate
Estate allowing an easement (encrumbrance of the easement passes with property)
52
Easement appurtenant
Attached to a specific parcel of land and runs with the land
53
Easement by necessity
Implied easement for ingress and egress
54
Easement by prescription
Operation by law, created by years of use
55
Statutory cartway
NC law allows landlocked property to access another's land usually only for mining, forestry, manufacturing.
56
Express easement
Created with a written document
57
Implied easement
Created without written document
58
Easement in gross
Granted to specific individual or business (utility co)
59
Commercial easement in gross
Like in gross but can be sold, assigned or inherited
60
Party walls
Walls that separate adjoining properties
61
Severance
To change an item from real property to personal by removing it from the land
62
Annexation
To permanently add something to land like a building
63
Timeshare property
Multiple shared ownership or multiple shared use of a piece of real estate
64
Townhomes/townhouses
Multi-story individual units that share one or two walls with properties next to them with separate entrances
65
Specific liens
Placed on property for a specific amount of money owed to creditor, taxing authority or mechanic
66
Mechanic's lean
Contractor places on property for payment of work done on property (effective from first day service provided or materials delivered to site)
67
General lien
Attaches to a debtor and may include all of their assets
68
Lien priority
Order in which liens may be executed (NC is pure race state--oldest paid first, except taxes supercede)
69
Lis pendens
Written and recorded notice that a lawsuit has been filed (foreclosure - cloud)
70
Voluntary lien
Created with the property owners consent (mortgage)
71
Easement
A right one party acquired to use another party's land for a specific purpose (non possessory rights) type of encumbrance
72
Remedies to encroachment
Removal, owner provides written permission, land sold to encroacher, a suit is filed.
73
Probate
Court determines how a deceased person's estate should be distributed

NC Real Estate Pre-Licensing (8 decks)

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