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Unit 2 Key Terms

Unit 2 Part 1 - Property Ownership & Rights

TermDefinition
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
Created by: REtestprep
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