Exam (elaborations)
SUPERIOR SCHOOL OF REAL ESTATE (NC REAL ESTATE PRELICENSING)
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SUPERIOR SCHOOL OF REAL ESTATE (NC REAL ESTATE PRELICENSING)
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SUPERIOR SCHOOL OF REAL ESTATE (NC REALESTATE PRELICENSING)
Bundle of Rights - Answers- Right to possession of the property: the right of quiet
enjoyment of the property; the right to exclude others; the right to dispose of the
property by gift, by sale, or by will; and the right to control the use of the property and
profits within the limits of the law
Tenements - Answers- All corporeal and incorporeal rights in land
Corpreal Rights - Answers- Tangible things
Incorpreal Rights - Answers- Intangible things
Hereditament - Answers- Everything in the term land and everything in the term
tenements that is capable of being inherited
Fruits of the soil - Answers- Growing things that do not require planting or cultivation
but that grow naturally and are perennial
Fructose naturales - Answers- Growing things that do not require planting or cultivation
but that grow naturally and are perennial
Fruits of Industry - Answers- Growing things that require planting and cultivation
Fructus Industriales - Answers- Growing things that require planting and cultivation
Appurtenance - Answers- Any right or privilege that runs with the land Including
subsurface, air, riparian rights, easements, and the benefits of restrictive covenants
Mineral lease - Answers- permits the use of land for mineral exploration and mining
operations
Air rights - Answers- Ownership of it and the rights to the area above the surface of the
earth
Riparian Rights - Answers- appurtenant rights of an owner of property bordering a
FLOWING body of water
Litoral rights - Answers- Rights of landowners whose property borders and ocean or
lake
Foreshore - Answers- Land between the high watermark and low watermark
,Lateral Support - Answers- Right of land to be supported in its natural state by ages
since land. Your neighbor cannot remove any dirt because of your right of support
Subjacent support - Answers- Right to have one's land supported from below
Fixture - Answers- Personal property that is attached to the land or a permanent
improvement on the land
Total circumstance test - Answers- In the absence of contractual agreement by parties,
a fixture can be defined using intention, relation of the attacher, method, and adoption
Trade fixtures - Answers- Personal property that are used in the course of a business
operating in a lease property
Agricultural fixtures - Answers- Fixtures installed by a property owner for the purpose of
agricultural use
Uniform commercial code - Answers- A security agreement put in place and filed on
public record for an item installed in a commercial property that is being released. The
attached item is not legally classified as a fixture or part of the real property until the
security agreement has been satisfied by full payment
Estate - Answers- Interest in a property sufficient to give the owner the right of
possession of the property
Freehold estates - Answers- An interest in land of at least a lifetime and therefore
generally is identified with the concept of title or ownership
Fee simple absolute - Answers- Complete, inheritable ownership of the bundle of rights.
Ownership in fee means that the grantee owns it forever.
Life tenant - Answers- The one who holds a life estate.
Defeasible fee - Answers- Freehold estate in the form of a fee simple estate, the
grantor can terminate the title under certain conditions
Revisionary interest - Answers- Conveyance of the life estate, it will revert to the
grantor or to his heirs at the death of the life tenant
Remainderman - Answers- As a remainder or future interest in the property
Dower - Answers- The wife's right to a life estate in the property owned by a deceased
spouse
Alienation - Answers- Transfer title to another person or pledge the title as security for
debt
, curtsey - Answers- The husbands right to a life estate in the property owned by a
deceased spouse
nonfreehold estate - Answers- Confer a rental interest in real property for years, year to
year, that will, at sufferance
Severalty - Answers- Title to real property is held in the name of the only one person or
entity
Coownership - Answers- Simultaneous ownership of real property by two or more
people
Tenancy in Common - Answers- Two or more persons holding title to a property at the
same time with no right of survivorship
Partitioned - Answers- Each tenant has a specific portion of the property exclusively
Joint Tenancy - Answers- Must have the same interest in the land, must receive their
title at the same time from the same source, and must have the same degree of
undivided ownership and right to possession in the property
Survivorship - Answers- Surviving parties automatically take over the share of a
deceased partner
Tenancy by entirety - Answers- Limited to a husband and wife. Must be a legal
marriage at the time that the husband and wife received title to the property. Contains
right of survivorship and requires the same time, title, interest, possession, and
marriage to be official.
Condominium - Answers- Ownership of the airspace of the individual unit as well as
coownership in the common areas. Tenant owns everything inside the walls floor and
ceiling. No right to partition call ownership in the common areas
North Carolina condominium act - Answers- Requires public offering statement on the
sale of a new condo, purchaser has a right to cancel within the first seven days of the
contract, escrow deposit if canceled is refunded to the buyer
Townhouse - Answers- Provides for the ownership of the unit as well as the specific
portion of land upon which the individual unit is located.
Cooperative - Answers- Ownership of shares of stock in a corporation that owns a
building containing cooperative apartments
Timesharing - Answers- Any right to occupy a property for five or more separated time
periods over a span of five or more years
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