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52 Cards in this Set
- Front
- Back
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Bundle of Legal Rights |
Ownership of legal rights to land. Right of disposition Right of enjoyment Right of exclusion Right of possession Right of control |
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Appurtenance |
A right or privilege associated with real property in some way such as parking space in a multi-unit building, an easement, or water rights. Normally conveyed to the new owner when the property is sold.
Subsurface rights; Air rights; Water rights
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Surface rights |
Rights to use the surface of the land |
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Subsurface rights |
Rights to use space below ground level, and to extract the natural resources; ex. minerals, oil, gas, coal, or water. |
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Air Rights |
The right to use the open space above a property, usually allowing the surface to be used for another purpose. |
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Water rights |
NC - determined by common law and statute. |
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Riparian rights |
Common-law rights granted to owners of land along rivers, streams, or similar bodies of water. Appurtenant (attached) to the land, can't be retained when the property is sold. |
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Littoral rights |
Owners whose land borders oceans and large, navigable waters owned adjacent to the water only up to the mean high-water(tide) mark. Appurtenant (attached) to the land, can't be retained when the property is sold. |
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Accretion |
Owner entitled to the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea. |
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Avulsion |
The sudden tearing away of land, as by earth-quake, 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. |
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Erosion |
The gradual wearing away of land caused by flowing water or other natural forces, may cause an owner to lose land. |
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Reliction |
Gradual recession of water which uncovers land that usually belongs to the riparian owner. |
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Foreshore |
The strip of land between high and low tide lines belongs to the state of NC.
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Support Rights Lateral Support
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Right to have adjacent property support the natural boundaries of the land. Ex. Construction or excavation on a neighboring property should not cause the soil on the owner's property to subside. |
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Support Rights Subjacent Support |
The owner of the subsurface rights must assure continued support of the land's surface. |
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Manufactured Homes (Mobile home; House trailer) |
Built according to the US Department of Housing and Urban Development (HUD) construction standards - defined by NC General Statute. Personal property. Has ID # with NC DMV. To become real property: remove hitch, wheels, axles; attached to a permanent foundation. File an affidavit to confirm.
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Modular Homes |
Governed by NC General Statute. Constructed in factories off-site according to state building codes. Label of certifying compliance. Assembled on the home site. Real property |
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Fructus Naturales |
* Fruits of nature * Trees, perennial bushes, and grasses that do not require annual cultivation. * Real property |
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Fructus Industriales (Emblements) |
* Fruits of industry. * Annual crops; wheat, corn, vegetables, and fruit. * Personal Property |
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Total Circumstances Test |
Legal test applied by the courts to determine whether an item is a fixture ( real property or personal property). * Intention - major part of test *Relationship *Method of annexation * Adaptation to real estate. |
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Trade Fixture
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An article owned by a tenant and attached to a rented space or building for use in conducting a business. Chattel fixture. Examples: bowling alleys, store shelves, bars, and restaurant equipment.
If not removed at the end of a lease, becomes real property of landlord, known as (accession). |
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Agricultural Fixtures |
Used in farming. Real property. Ex, Feeding troughs were applied during the tenancy, they are considered real property, can't be removed by tenant at end of lease without special written agreement.
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Uniform Commercial Code (UCC) |
* An item bought on credit remains personal property until paid for (and) *A creditor can repossess the item in event of default. |
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Estate in land |
The amount and kind of interest a person has in real property. Divided into 2 major classifications: - Nonfreehold estates or leasehold estates (involving tenants) - Freehold estates (involving ownership) |
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Freehold Estates |
Indeterminable length, those existing for a lifetime or forever. * fee simple estate (can pass by inheritance) * defeasible fee estate ( can pass by inheritance) * pu autre vie estate (estate for the life of another) with remainder or reversion (can pass with inheritance) * Ordinary conventional life estate with remainder or reversion(doesn't pass by inheritance) |
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(Freehold Estates) Estates of Inheritance |
* Fee Simple Absolute * Fee Simple Defeasible - Fee Simple Determinable - Fee Simple Subject to a Condition Subsequent * Estate for the life of Another (Pur Autre Vie) |
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(Freehold Estates) Estates Not of Inheritance |
* Conventional Life Estate * Marital Life Estate
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Fee Simple Estate |
* Entitled to all rights in the property. * Highest type of interest in real estate, by law * Complete ownership * 2 types: (1) Fee Simple Absolute (2) Fee Simple Defeasible
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Fee Simple Absolute |
* No limitations (other than gov. restrictions) * Can not violate public land use regulations, deed restrictions, or rights of others. * Highest form of land ownership. |
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Fee Simple Defeasible (Qualified fee estate) |
* may be lost (or defeated) on the occurrence or nonoccurrence of a specified event. * 2 Types: (1) fee simple subject to a condition subsequent (2) fee simple determinable |
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Fee Simple Subject to a condition subsequent |
"on the condition that" "provided that"
- dictates some action or activity that the new owner must not perform. - No automatic right of reversion if violated, must settle in court. |
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Fee Simple Determinable |
"so long as" "while" "during the period"
- requires that a specified activity or land use continue. - if violated, automatic reversion back to the original owner or the heir without having to go to court.
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Future Interest |
The right of re-entry and the possibility of reversion. |
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Life Estate |
* freehold estate in land that is limited in duration to the life of the owner or the the life or lives of some other designated person(s). * Partial estate - does not last forever. |
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Life Estate Pur Autre Vie |
* For the life of another * Measured by the life of an person other than the grantee. |
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Conventional life estate |
* Created by the grant from the owner of the fee simple estate. * Limited to the lifetime of the owner of the life estate. |
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Legal Life Estate |
* Created by statute in some states. * Effective by law * Currently used in some states: Dower, Curtesy, and Homestead * Dower - Wife; Curtesy - Husband * Community property states do not use: Dower/Curtesy
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Uniform Probate Code (UPC) |
* Most states abolished the common-law concepts of dower/curtesy in favor of UPC.
* Gives the surviving spouse a right to an elective share on the death of the other spouse. |
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Homestead |
Legal life estate in real estate occupied as the family home. Protected by most creditors during the occupant's lifetime - charge accounts, personal loans. |
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Ownership in Severalty |
* One person or a single entity(corporation or LLC) * Referred to as the "Sole owner". |
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Concurrent Ownership Or Co-owners |
* Two or more persons or entities. * Three forms recognized in NC 1- tenancy in common 2 - joint tenancy 3 - tenancy by the entirety |
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Tenancy in Common |
* Undivided interest (unity of possession) * Each owner holds an undivided interest in severalty and can sell, convey, mortgage, or transfer that interest through the right of partition. *Upon death of co-owner; passes to heirs. * unmarried, people, unless other wise stated, by operation of law co-owners acquire title as tenants in common.
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Joint Tenancy |
* shares are usually equal with undivided possession. * NC = presumed to be equal unless clearly marked unequal. * Right of survivorship * NC does not favor right of survivorship
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Tenancy by the entirety |
* Owners must be husband and wife. * Equal undivided interest (each owns the entire estate. * On the death of one spouse, full title automatically passes to the surviving s spouse(right of survivorship) * Title can be conveyed only by a deed signed by both parties. |
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Condominium |
* Title to airspace(paint to paint, carpet to ceiling) *Own common areas as tenants in common. * Belong to owner's association that manages the common elements of the complex. |
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NC Condominium Act of 1986 |
* Developer, records a declaration of its creation in the county where the property is located. * Included - any covenants, conditions, or restrictions on the use of the property. * file a plat map or plan * prepare a set of bylaws |
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Condominium Consumer protection |
* Developer must disclose ownership & other documents to the purchaser before signing. * Purchaser has a 7 day rescission period - begins after the purchase agreement is signed. - Can cancel sale and receive full refund. * Resale - No right to cancel, certificate detailing the monthly dues assessment and any other fees |
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Cooperative Ownership |
* Title to land and building is held by a corporation (partnership or land trust) * Occupant owns "stock shares" in the corp. - receives a proprietary lease to the unit for life of the corp. * Coop building's real estate taxes are assessed against the corp. as owner. * Monthly Assessments shared by shareholders/tenants ( taxes, mortgage interest & principal, operating & maintenance. |
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Townhouse ownership |
* Row houses. * Individually owned * Membership to HOA *HOA pays the real property taxes on the common areas. |
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Timeshare |
* Any right to occupy a unit of real property - Five or more separated time periods - Five year period - Multiple purchasers to buy interest ( resorts hotel, an apartment, or a condo) - Specific time period every calendar year. |
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NC Time Share Act |
*Regulate the development & sale * Must be registered with the state * Developer must give prospective purchasers public offering statements prior to contract * Five-day cancellation or rescission period w/o penalty * Salespeople must be active real estate brokers operating under a project broker(subject to disciplinary action by the NC Real Estate Commission. $500 for each violation. |
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Planned Unit Development (PUD) |
* Real estate development, not ownership * Flexible zoning * variety of land uses |
