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24 Cards in this Set
- Front
- Back
Bundle of Legal Rights |
-Legal relationship between buyer and seller; -Purchaser of real estate is buying the rights of ownership -Includes DEEPC (rights of ownership) |
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Legal Rights of Real Estate Ownership |
-Right of Disposition -Right of Enjoyment -Right of Exclusion -Right of Possession -Right of Control |
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Appurtenance |
-A right, privilege or improvement belonging to and passing with the land. |
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Livery of Seisin |
-Delivery of ownership; -symbolized by the transfer of a bundle of sticks taken from a tree on the property; -Came from Old English Law for people who could not read / write. |
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Subsurface Rights |
-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. |
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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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Caissons |
-Small portions of real estate under which air rights have been purchased where foundation supports are built for above ground buildings. -Examples: Pan-Am Building in NYC and Merchandise Mart in Chicago |
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Riparian Rights |
-An owner's rights in land that borders on or includes a stream, river or lake that include access to and use of the water. -Unrestricted right to use the water provided that such use does not harm upstream or downstream owners by altering water flow or by contaminating it. |
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Littoral Rights |
-A landowner's claim to use water in large navigable lakes and oceans adjacent to the property. -Ownership rights to land bordering these bodies of water up to the average high-water mark. -Owners of land adjacent to the water only own up to the mean high water mark. |
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Lateral Support Rights |
-The support a parcel of land receives from adjacent land; -a neighbor's duty to support adjoining land in its natural state. |
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Subjacent Support Rights |
-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. |
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Real Property |
-Land, -Everything attached to the land, -Everything appurtenant to the land. |
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Personal Property |
-Everything that's not real property; -Movable items (chattels, fixtures) -Furniture, clothing, jewelry, etc |
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Manufactured Home |
-Built according to HUD regulations; -Mobile Home, House trailer; -Considered Real Property when the hitch, wheels and axles are removed and it is attached to a permanent foundation on land owned by the owner of the unit and an affidavit is filed with the DMV. |
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Modular Home |
-Built according to NC Building Codes; -Built off site; -Considered Real Property when it is assembled on the land. |
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Fructus Naturales |
-Fruits of nature; -Trees, perennial bushes and grasses that do not require annual cultivation; -Considered Real Property |
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Emblements |
-Fructus Industriales = fruits of industry; -Annual crops such as wheat, corn, vegetables and fruit; -Considered Personal Property; -Tenants may generally re-enter land after lease termination to harvest |
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The Total Circumstances Test (legal tests of a fixture) |
-A four part legal test applied by the courts to determine whether an item is a fixture or personal property:
-Intention of the Annexor -Relationship of the Annexor -Method of Annexation -Adaptation to Real Estate
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Trade Fixture |
-An article owned by a tenant and attached to a rented space or building for use in conducting a business. -Also called a chattel fixture |
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Agricultural Fixture |
-In North Carolina, a fixture attached to leased property by a tenant farmer; -Considered to be the landowner's real property, not the tenant;s personal property |
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Estate in Land (Estate) |
-The degree, quantity, nature and extent of interest one has in real property; |
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2 Classifications of Estates in Land |
-Nonfreehold or Leasehold Estates (tenant rights)
-Freehold Estates (owner rights) |
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Types of Freehold Estates that can be Transferred |
-Fee Simple Estate (can pass by inheritance) -Defeasible Fee Estate (can pass by inheritance) -Pur Autre Vie Estate with Remainder or Reversion (can pass by inheritance) -Ordinary Conventional Life Estate with Remainder or Reversion (does not pass by inheritance)
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Types of Nonfreehold (Leasehold) Estates |
-Estate for Years -Estate from Year to Year -Estate at Will -Estate at Sufferance |