Chapter2 Flashcards

Encroachments

Encroachment – An unlawful intrusion onto another’s adjacent property by improvements to real property, e.g., a swimming pool built across a property line.

Servient Estate

Land affected or "burdened" by an easement is called a "servient estate,"

A dominant estate (or dominant premises or dominant tenement) is the parcel of real property that has an easement over another piece of property (the servient estate). ... Estate is a common law concept.

Appurtenant

pertaining to something that attaches. In real property law this describes any right or restriction which goes with that property, such as an easement to gain access across the neighbor's parcel, or a covenant (agreement) against blocking the neighbor's view.

Servient Tenement – A parcel of real property that is encumbered by an easement of a dominant estate.

Easement in Gross – An easement that benefits an individual or legal entity, rather than a dominant estate.

Easement by Prescription – Implied easements granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years.

Easement by Necessity – Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.

Easement by Implication – An easement that is not created by express statements between the parties; but as a result of surrounding circumstances that dictate that an easement must have been intended by the parties.

Easement by Grant – The creation of an easement by one party expressly transferring the easement to another party.

Easement by Condemnation – An easement created by the government or government agency that has exercised its right under eminent domain.

Easement Appurtenant – An easement that benefits the dominant estate and “runs with the land”. In other words, an easement appurtenant generally transfers automatically when the dominant estate is transferred.

Easement – A right, privilege or interest limited to a specific purpose which one party has in the land of another.

Dominant Tenement – A parcel of real property that has an easement over another piece of property (the servient estate).

Easements/Right of way

Lis Pendens

Notice of Pending Litigation -a lawsuit is filed(Property foreclosure, divorce)

Commercial Real Estate Broker Lien

Mechanics Liens-30 K /Appointed Lien Agent-exemption for single family homes

Real Estate Liens

Liens

Assessment Liens

Trustor – A person who conveys title to a trustee.

Trustee – A person who holds title to property for the benefit of another called a beneficiary.

Trust – A legal relationship under which title to property is transferred to a person known as a trustee.

Testamentary Trust – A trust which arises upon the death of the testator, and which is specified in his or her will.(Minor children )

Living Trust – An agreement where the trustee holds the legal possession of an asset (e.g. real estate) that belongs to another person, the beneficiary, and it is created while the person is alive.

Land Trust – A legal agreement where a trustee is appointed to maintain ownership of a piece of real property for the benefit of another party.

Beneficiary – The recipient of a gift of personal property by will.

Probate court is expensive

Trustee-Management of Trust

Trust

Timeshare

A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.

NC Townhouse Ownership

North Carolina Condominium Act of 1986

1) Condo disclosures by Developer 2) Public offering statements 3) New condo-7 day resicisssion period 4) Resale codo need to have a resale certificate

Cooperative

– An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building.

Condominium

– An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan.

Common Elements

– Refers to the spaces in a building shared by residents of the building. These include lobbies, corridors, stairs, elevators, etc.

Cooperatives

Condominums

Tenancy in Common

– Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interest need not be equal.

Tenancy by the Entireties

– Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon death of one spouse it becomes the property of the survivor.

In NC Right of Tenancy is not automatic -need to properly set in title

Right of Survivorship

– The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.

Partition

– A division of real or personal property or the proceeds therefrom among co-owners.

Joint Tenancy

– Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

9 states-AZ, CA, ID, LO,NV,NM, TX, WA, WI

Community Property

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.

Tenancy by entirety

both spouses same rights

Termination of coownership by partition

when property owned jointly

4 unities of ownership unity of possession, interest, time and title

2 types-tenancy in common-unequal share Joint tenancy-equal share

Concurrent Ownership

More than one owner

Quit Claim Deed

Transfer on death and beneficiary deeds

Ownership in Severalty

One owner/Entity, trust , a busness Severalty Ownership – Real property that is owned by only one person. Sole ownership.

Homesteading

ex of legal life estate

Legal Life Estate

created automatically by law

Reversion Estate

reverts to grantor

Remainder estate

Kids get it

Legal-created by grantor

Life estates are 2 types

Conventional-automatically

Life Estate-right until the person lives

FreeHold Estate can be created 2 different ways

Fee Simple/Fee Estate/Fee Simple Absolute Estate

HUD

Housing and Urban Development

2) leasehold or Nonfreehold estates-Fixex periiod of time

estates are 2 types

1) Freehold/FeeSimple Estate/Absolute, Life Estate-Indefinite length of time

Manufactured/Mobile Homes

file affadavit in DMV, Personal Property

Modular Home/Like a site built home

state building codes,Carries state inspection label with serial number

Appurtenant (Improvement)-More Value

An appurtenance is a real property, which has been defined as being immovable or fixed to the land. ... More examples of appurtenances include in-ground swimming pools, a fence, or a shed that are all fixed to the land

UCC-NC Uniform Commercial Code

G.S.25-9-313-security interests in fixtures

MARIA-Detrmine if it's fixture

Method of Attachment, Adaptablity, Realtionship to Properties,Intention of the Properties,Agreeemnt between properties

Chattel Fixtures/Trade Fixtures

Not attached to property

Total Circumstance test

to determine an item is a fixture built in-examples commercial oven , signage

fructus industriales called embellements

cultivated /grown

Fructus Naturales Called embelements

grow naturally examples-ornamental grass, timber, bushes shrubs

Fruits of Soil

everything land produces

Emblements

crops and plants

personal property examples

car port, shed trailer, furniture

personal property

is known as chattel

mobile and Manufactured homes

personal property

Annexture

Annexation is the addition to property by the act of attaching a smaller item to the larger property, as in attaching personal property to real property, thereby creating a fixture.

Severance

Severance is changing an item from real property to personal property by detaching it from the land.

Littoral Rights

land borders to Lake/Sea Shore/Ocean

Riparian Rights

land border to River

Sub Surface Rights

Subsurface right refers to a landowner's right over minerals and other substances found below a property. The assessment of subsurface rights for tax purposes is made on the production of oil and gas from the subsurface.

Surface Rights

this includes any structures on the property, as well as the rights to farm the land or exploit aboveground resources such as trees, plants, or water according to local laws and ordinances.