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Unit 2 Key Terms
Unit 2 Part 1 - Property Ownership & Rights
Term | Definition |
---|---|
accretion | The natural addition of land by the deposit of sand or soil washed up by a river, lake, or sea. |
agricultural fixtures | In NC, a fixture attached to leased property by a tenant farmer which is considered the landowner's real property rather than farmer's personal property. |
air rights | The right to use the open space above a property, usually allowing the surface to be used for another purpose. |
avulsion | The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. This loss may not result in loss of title to the property. |
bundle of legal rights | The comprehensive legal rights to the land inherent with ownership: disposition, exclusion, enjoyment, possession, & control. |
emblements | fructus industiales. Crops grown or produced annually through labor and industry, such as grapes and corn, which are typically considered personal property. |
erosion | The gradual wearing away or loss of land by water, wind, or other natural forces that can result in loss of ownership. |
fixture | An item of personal property that has been converted to real property by being permanently affixed to the realty. |
fructus industriales | emblements considered personal property as they are the crops grown annually in the particular labor or industry of the famer and thus belong to the farmer. |
improvement | (1)Any structure, usually provately owned, erected on a site to enhance the value of the property-Ex. fence or driveway. (2) A publicly owned structure added to or benefitting the land - Ex. sidewalk, street, sewer, curb |
improved land | Land that has a building or buildings on it or land that has been prepared for development, such as with grading, installation of utilities, et cetera |
improved lot | When utilities, or other basic services needed to utilize it are available. |
lateral support | The support a parcel of land received from adjacent land; a neighbor's duty to support adjoining land in its natural state. |
littoral rights | Regarding large bodies of water (lakes, oceans), the ownership rights to claim land to high-water mark and right to claim use of water. |
manufactured home | Dwelling built under HUD regulations with a permanent chassis. Considered personal property until removal of hitch, wheels and axles for attachment to a permanent foundation and DMV affidavit attesting to these actions. |
modular home | A dwelling consisting of a series of rooms or units built off site according to NC Building Code. Considered real property once assembled on the land. |
NC Condominium Act of '86 | Requires developer to execute and record declaration including covenants, conditions, or restrictions on use of property. Ensures disclosures and other consumer protection measures in connection with new residentional condo sales. |
NC Uniform Commercial Code (UCC) | Statute which may protect the buyers from a seller's unpaid debts; however, if a homeowner purchases an item on credit and gives the creditor a security agreement, that ITEM remains personal property and may be removed if homeowner defaults. |
proprietary lease | lease given to the shareholder for the shareholder's rights as a tenant to an individual apartment by the corporation owning the cooperative apartment building. |
reliction | Gradual recession of water which uncovers land that usually belongs to the riparian owner. |
riparian rights | An owner's rights in land that borders on or includes a stream, river, or lake. These include access to and us of the water. |
subjacent support | The support of the surface of land by the land's subsurface; duty of the oner of subsurface rights to support the surface of the land. |
subsurface rights | Ownership rights in a parcel of real estate to the water, mineral, gas, oil, or other substances beneath the surface of the property. |
Total Circumstance Test | A method used by judges to determine if an item is a fixture or personal property. |
trade fixture | An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires. |
fructis naturales |