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Chapter 2
Vocab
54
Real Estate & Planning
Professional
04/22/2015

Additional Real Estate & Planning Flashcards

 


 

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Term
Accretion
Definition
The increase or addition of land by deposit of sand or soil, washed up naturally from a river, lake or sea.
Term
Agricultural Fixture
Definition
In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner's real property by a tenant farmer is considered the landowner's real property rather than the tenant's personal property.
Term
Air Rights
Definition
The right to use the open space above a property, usually allowing the surface to be used for another purpose.
Term
Appurtenance
Definition
A right, privilege, or an improvement belonging to, and passing with, the land.
Term
Avulsion
Definition
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 tittle.
Term
Bundle of Legal Rights
Definition
The concept of land ownership that includes ownership of all legal rights to the land - i.e. Disposition, Exclusion, Enjoyment, Possession and Control.
Term
Common Elements
Definition
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condo owner had an undivided interest in the common elements
Term
Condominium Ownership
Definition
The absolute ownership of a unit in a multiunit building based on a legal description of the air-space the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condo unit owners.
Term
Cooperative Ownership
Definition
A residential muti-unit 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 wonders of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.
Term
Emblements
Definition
Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructose industrials. Usually considered to be personal property.
Term
Erosion
Definition
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.
Term
Estover
Definition
A necessity allowed by law; for example, the right of a life tenant to use some of the property's resources to provide for needed repair.
Term
Fee Simple Absolute
Definition
The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
Term
Fee Simple Defeasible
Definition
An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurence of a specified event. Two categories include: Determinable and Condition Subsequent.
Term
Fee Simple Determinable
Definition
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.
Term
Fee Simple with Condition Subsequent
Definition
An estate in real estate that prohibits a specific condition not he property. Grantor has the right to re-enter the property and re-claim ownership through legal proceedings.
Term
Fixture
Definition
An item or personal property that has been converted to real property by being permanently affixed to the realty.
Term
Foreshore
Definition
Land at the coast between average high tide and average low tied this is owned by the state of NC.
Term
Freehold Estates
Definition
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
Term
Fructus Industriales
Definition
N/a - see emblements
Term
Fructus Naturales
Definition
Plants that do not require annual cultivation and are considered real property.
Term
Future Interest
Definition
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.
Term
HOA
Definition
Term
Homestead
Definition
Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected for exempt from judgements for debts.
Term
Joint Tenancy
Definition
A concurrent form of ownership or real estate between two or more parties who have been named in one conveyance as joint tenants. ownership interest may be unequal. Right of Survivorship is not automatic in NC but can be added by an attorney.
Term
Lateral Support
Definition
The support a parcel of land receives from adjacent land; a neighbor's duty to support adjoining land in its natural state.
Term
Life Estate
Definition
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
Term
Life Tenant
Definition
A person is possession of a Life Estate
Term
Limited Common Elements
Definition
Common elements of a condo project reserved for the exclusive use of one or more unites, such as parking spaces or storage areas.
Term
Littoral Rights
Definition
A landowner's claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average hight-water mark.
Term
Manufactured Home
Definition
A dwelling, also known as a mobile home or house trailer; built under HUD regulations with a permanent chassis. It is considered personal property until the moving hitch, wheels and axles are removed, the unit is attached to a permanent foundation on land owned by the owner of the manufactured home, and an affidavit attesting to these actions has been filed with the Dept of Motor Vehicles.
Term
Modular Home
Definition
A dwelling consisting of a series of rooms or units built off site according to the NC State Building Code; is considered real property as soon as it is assembled on the land. May be multi-storied.
Term
Non-freehold (leasehold) Estates
Definition
A tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest.
Term
NC Condominium Act or 1986
Definition
State fair housing law containing similar prohibitions to those of the federal fair housing law. Unlike the federal law, however, the NC law does not exempt the rental of a unit in a one-unit to four-unit residential building if the owner or one of the owner's family members lives in one of the units.
Term
NC Uniform Commercial Code
Definition
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattels mortgages and bulk transfers. When chattels are purchased on credit, security interests are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded.
Term
PUD-Planned Unit Development
Definition
A planned combination of diverse land uses, such as housing, recreation, and shipping, in one contained development or subdivision.
Term
Proprietary Lease
Definition
A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.
Term
Pur Autre Vie
Definition
For the life of another. A life estate that is measured by the life of a person other than the grantee.
Term
Reliction
Definition
Gradual recession of water which uncovers land that usually belongs to the riparian owner.
Term
Remainderman
Definition
One entitled to receive a remainder interest in some estate sometime in the future.
Term
Reversionary Interest
Definition
A future estate that the grantor holds while granting a life estate to another person.
Term
Right Of Survivorship
Definition
Tenancy by the entirety-A concurrent form of ownership reserved for property owned by husband and wife. Mandatory; making the surviving spouse wonder in severalty immediately upon the death of the spouse.
Term
Riparian Rights
Definition
An owner's right in land that borders on or includes a stream, river, or lake.
Term
Severalty
Definition
The ownership or real property by only one person or entity; also called sole ownership.
Term
Subjacent Support
Definition
The support of the surface of land by the land's subsurface; duty of the owner of subsurface rights to support the surface of the land.
Term
Subsurface Rights
Definition
Ownership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property.
Term
Surface Rights
Definition
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it or the minerals below it.
Term
Tenancy By the Entirety
Definition
A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
Term
Tenancy In Common
Definition
A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interests can be unequal and the right of survivorship in not allowed.
Term
Time-Share Ownership
Definition
Any right to occupy a unit of real property during five or more separated time periods over a period of at lease 5 years.
Term
Total Circumstances Test
Definition
Term
Town house ownership
Definition
A hybrid form of ownership where the owner holds a fee title to their unity and the ground beneath; horizontal ownership. Frequent use of party walls; row houses. Common areas are usually owned and maintained with other unit owners through a homeowners' association.
Term
Trade Fixture
Definition
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Term
Waste
Definition
An improper use use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.
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