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100 Cards in this Set

  • Front
  • Back
land and everything that is permanently attached to land
real estate, real property and realty
evidenced by a deed
title to real property
everything that is not land or that is not permanentlyattached to land.
readily movable.
personal property, chattel and personalty
an instrument that may be used to transfer ownershipof personal property.
bill of sale
immobility, permanence,uniqueness
physical charecteristics of land
economic characteristics of land
scarcity, permanence of investment and situs
necessary to protect the vested interests of the general public as well as the interests of surrounding landowners.
land use controls
use which will provide the property owner the best possible return on an investment over a specified time period, resulting in the highest possible present value of land.
highest and best use
exsist in the form of zoning and city planning, state and regional planning, building codes, suitability for occupancy requirements, and environmental control laws.
public land use controls
regulation of land use in the private sector
protective and restrictive covenants
increase in market value during the time the investor holds the property
a contract wherein the property owner employs a real estate broker to market his property
listing contract
the real estate broker contracts with the buyer to act as the buyer's agent.
buyer's agency agreement
an instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his obligation under the contract
specific performance
an economic condition in which a buyer and seller are able to negotiate a purchase and sale without undue pressure, urgency, or outside influences other than the law of supply and demand.
free market
ownership of and the rights to the area above the surface of the earth.
air rights
transfer of title to real property
the system of land ownership in the USA
allodial system
all rights or privleges that result from ownership of a particular property and that move with title.
a right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.
appurtanant easement
the right to possession of the property: the right to quiet enjoyment, the right to dispose of by gift, by sale, or by will: and the right to control the use of the property within the limits of the law.
bundle of rights
the taking of property under the power of eminant domain.
a form of ownership of real property. It consists of individual and co-ownership of the property
ownership of shares of stock in a corporation that owns a building containing cooperative apartments.
title to real property held by two or more people at the same time. Also called concurrent ownership.
a husband's interest in the real property of his wife
the instrument used to record restrictive covenants on the public record
declaration of restrictions
a title that is subject to being lost if certain conditions occur
defeasible fee
a wife's interest in the real property of her husband
a nonpossessory right of use in the land of another
a personal right of use in the land of another without the requirement that the holder of the right own adjoining land.
easement in gross
personal property growing in the soil that requires planting and cultivation and the right of the former owners to reenter the property to cultivate and harvest the annual crops.
a trespass on the land of another as a result of intrusion by some structure or other object
a claim,lein,charge or liability attached to and binding upon real property
the power of the government to take title to property left by a person who has died without leaving a will or qualified heirs
the right of a life tenant or lessee to cut timber on the property for fuel or to use in making repairs
an inheritable freehold estate in land that is the greatest form of real property ownership
fee simple absolute
personal property that has become real property by having been permanently attached to the real property
the land between high and low water marks
a right of title to land
freehold estate
growing things that need require planting each season
fruits of industry
growing things that do not need planting each season. they grow naturally and are perennial.
fruits of the soil
all of the corporeal and incorporeal attributes of real estate that can be inherited.
distribution of property by descent as provided by statute
intestate succession
a form of co-ownership that includes the right of survivorship
joint tenancy
a general lein resulting from a court authorization
judgement lein
the surface of the earth, the area above and below the surface, and everything attached naturally.
the right of land to be supported in it's natural state by adjacent land
lateral support
nonfreehold estate. A leaseshold estate is of limited duration and provides the right to possession ans control but not title.
leasehold estate
imposition of a tax executing a lein
a claim that one person has against the property of another for some debt or charge which entitles them to have the claim satisfied from the the property of the debtor.
a freehold estate created for the duration of the life of another. it is noninheritable
life estate
one holding a life estate
life tenant
a lawsuit pending
lis pendens
the rights of owners bordering large bodies of water such as oceans to access of that body of water
littoral rights
those created by the exercise of the right of husband or wife.
marital life estates
a nonfreehold estate in the area below the surface of land
mineral lease
an estate of less than freehold, ie. rental
nonfreehold estate
legislation passed in 1986 that sets requirements for the sale and resale of condos. Right to recind for 7 days,disclosure,special escrow rules and timely handling of required documents.
north carolina condominium act
a legal proceeding dividing property of co-owners so that each holds title in severalty to a specific portion of the property
a common wall used by two adjoining structures
party wall
the power of government to regulate the use of real property for the benefit of the public interest
police power
a method of aquiring an easement by continuous and uninterrupted use without permission
the right to participate in the profits of the land of another
profit or profit a prendre
for the life of another
pur autre vie
a future interest in a life estate
a return of title to the holder of a future interest, such as a grantor in a life estate not in remainder
reversionary interest
the rights of an owner of property adjoining a body of water such as a river, including access to use
riparian rights
ownership or estate in which only one person holds title to a piece of real property
the right to have one's land supported from below
subjacent support
the right of the surviving co-owner to recieve automatically a deceased co-owner's title of property immediately without probate
a form of co-ownership limited to husband and wife with the right of survivorship
tenancy by the entirety
a form of co-ownership that does not include the right of survivorship
tenancy in common
the right to occupy one unit or one of several units for at least 5 non-consecutive periods over a span of at least 5 years.
time share
a dwelling unit in a housing complex in which the owner of an individual unit owns the unit and the land under the unit and the HOA owns and maintains the common areas
a standardized and comprehensive set of commercial laws regulating security interests in personal property
Uniform Commercial Code UCC
a formal statement before a notary public by a person who executed a deed,contract, or other documentthat it was a free act.
a form of involuntary alienation of title
adverse posession
a gift of personal property by will
the successive conveyances of title
chain of title
a defective claim to a title
color of title
requires certain documents,deeds,,purchase contracts, and leases over 3 years)to be recorded to be enforceable against third parties
Connor Act
notice of a fact that is considered known to everyone. It is on the public record.
constructive notice
a promise in a deed that there are no encumberances against the title except those written in the deed
covenant against encumberances
a promise in the deed that the grantee,owner, will not be disturbed because of a defect in the grantor's title
covenant of quiet enjoyment
a promise in the deed that the grantor has the legal capacity to convey the title
covenant of right to convey
a promise in a deed assuring grsntee that the the grantor has the title being conveyed
covenant of seisin
a promise in the deed that the grantor will guarantee and defend the title against unlawful claimants
covenant of warranty
a written instrumant that transfers interest in real property when signed by the grantor and delivered to the grantee
the distribution of property of one who has died intestate to the legally qualified heirs
a gift of real property by will
the recipient of the gift of real property by will
a state tax that a grantor must affix to a deed.
excise tax
one executed by an official with court authorization
judicial deed
North Carolina legislation designed to ditinquish old defects in the title by providing that when a chain of title can be established for 30 years without conflicts,claims ooutside this chain are extinquished.
Marketable Title Act
a deed that contains no warranty of title. It is used to remove a cloud on a title.
quitclaim deed
It conveys any interest, if any, the grantor has.
quitclaim deed
a deed containing a limited warranty of title limited to the time the seller owned the property
special warranty deed
a law in effect in all states requiring certain contracts to be in writing to be valid
Statute of Frauds
a suit brought before the court to eliminate cloud on a title or to establish title in an adverse possession claim
suit to quiet title