Unit 2: Property Ownership Interest Flashcards
the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea
accretion
in NC, a fixture attached to leased property by a tenant farmer is considered the landowner’s real property rather than the tenant’s personal property
agricultural fixtures
the right to use the open space above a property, usually allowing the surface to be used for another purpose
air rights
a right or privilege that goes with the ownership of the land
appurtenance
the sudden tearing away of land, as by earthquake, flood, volcanic action or the sudden change in the course of a stream
avulsion
the concept of land ownership that includes ownership of all legal rights to the land (i.e. disposition, exclusion, enjoyment, possession and control)
bundle of legal rights
parts of a prop common use by all of the condominium residents
common elements
ownership that contains elements of both ownership in severalty and concurrent ownership
common interest community (hybrid) ownership
ownership involving two or more owners
concurrent ownership
the absolute ownership of a unit in a multiunit 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
condominium ownership
a residential multiunit building whose title is held by a trust or corporation that is owned 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
cooperative ownership
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 individual rights to the water.
doctrine of prior appropriation
growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus naturales
emblements
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
erosion
the maximum possible estate in real property; most complete and
absolute ownership; indefinite in duration, freely transferable and
inheritable
fee simple absolute
an estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event
fee simple defeasible
an estate in real estate that continues “so long as” a prescribed land use continues
fee simple determinable
an estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings
fee simple with condition subsequent
an item of personal property that has been converted to real property by being permanently to the realty
fixture
an estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate
freehold estates
growing crops, such as grapes and corn, that are produced annually through labor and industry; also called emblements
fructus industriales
plants that do not require annual cultivation and are considered
real property
fructus naturales
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 of right of reentry
future interests
an organization of property owners in a subdivision, planned
community, or condominium that makes and enforces rules for
the properties within its jurisdiction
homeowners association (HOA)
