Unit 2 Flashcards
Property Ownership and Interests
The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
In North Carolina, a fixture attached to leased proeprty by a tenant farmer is considered the landowner’s real property rather than the tenant’s personal property.
The right to use the open space above a proeprty, usually allowing the suface to be used for another purpose.
A right, a privilege, or an improvement belonging to, and passing with, the land.
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. The loss of land may not result in loss of title to the property.
Bundle of Legal Rights
The concept of land ownership that includes ownership of all leagl rights to the land (i.e. disposition, exclusion, enjoyment, possession and control).
Parts of a prop common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
Common Interest COmmunity Ownership (or hybrid) ownership
Ownership that contains elements of both owernship in severalty and concurrent ownership.
Ownership involving two or more owners.
The absolute ownership of a unit in a mulitunit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.
A residential multiunit building whose title is held by a trust or corporation that isowned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.
Doctrine of Prior Appropriation
Followed primarily by Western States, this doctrine contends that water rights are determined by priority of beneficial use. The first person to use water or divert water for a beneficial use or purpose can acquire indiviual rights to the water. In these states, property owners may have land that borders water but no rights to use that water.
Growing crops, such as grapes or corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property.
The gradual wearing away of land by water, wind, or other natural forces; the diminishing of property by the elements may cause loss of ownership.
Fee Simple Absolute
The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
Fee Simple Defeasible
An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event. Two catergories of defeasible fee estates exisit: fee simple determinable and fee simple on condition subsequent.
Fee Simple Determinable
An estate in real estate that continues “so long as” a prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
Fee Simple Subject to a Condition Subsequent
An estate in real estate that prohibits a sepcific condition on the property. Grantor has the right to re-enter the proeprty and reclaim ownership through legal proceedings.
An item of personal property that has been converted to real property by being permanently afffixed to the realty.
An estate in land in which ownership is for an indeterminable length of time, in contrast to a leasehold estate.
Plants that do not require annual cultivation and are considered real property.
A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.
Homeowners Association (HOA)
An organization of property owners in a subdivision, planned community, or condominium that makes and enforces fules for the properties within its jursidiction.