Summary Of Important Points Chpt 2 Flashcards
What are annual crops that require planting and cultivation called?
Emblements or fructus industriales
Emblements or fructus industriales
What does ownership in land include?
The surface of the earth and the areas above and below the surface
What is a fixture in real estate?
Personal property that becomes real property when attached to land improvements or the land
What are the four powers of government that private ownership of property is subject to?
- Eminent domain
- Police power
- Taxation
- Escheat
How are estates in land divided?
- Freehold
- Estates of less than freehold (leasehold)
What is the duration of freehold estates?
Lasts at least a lifetime
What are the two types of freehold estates?
- Fee simple estates (inheritable)
- Life estates (not inheritable unless for the life of another)
What is the most comprehensive form of ownership in real property?
Fee simple absolute
What happens to life estates when the life tenant dies?
They revert to the grantor or pass on to a remainderman
What measures the duration of a life estate?
The life of the life tenant
What are conventional life estates created by?
Someone’s intentional act
What rights does a life tenant have?
- Right of alienation
- Right of encumbrance
- Right of estovers
- Rights of possession and enjoyment
- Right to derive income
What is ownership in severalty?
Title held in the name of one person only
What is co-ownership?
Title held concurrently by two or more persons or organizations
What are the forms of co-ownership?
- Tenancy in common
- Joint tenancy
- Tenancy by the entirety
- Certain aspects of condominiums and cooperatives
What are the four unities required for joint tenancy and tenancy by the entirety?
- Time
- Title
- Interest
- Possession
What additional unity is required for tenancy by the entirety?
Marriage (unity of person)
What title does a condominium unit owner hold?
Either in severalty or as a co-owner with others
What is needed for the creation of a condominium?
- Declaration
- Articles of association
- Bylaws
- Construction plans
What does the North Carolina Condominium Act provide?
- Consumer protection for condominium sales
- Seven-day right to cancel purchase
- Disclosure of monthly assessments and fees
- Implied warranty for acceptable construction
How does ownership in a cooperative work?
Results from stock ownership in a corporation that owns the building containing cooperative apartments
What are less-than-freehold estates also called?
Leasehold estates
What types of leasehold estates exist?
- Estate for years
- Estate from year to year
- Estate at will
- Estate at sufferance
What are encumbrances?
Things that diminish the bundle of rights associated with real property
