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Unit 2 Notes
Part 1 - Property Ownership & Rights
| Question | Answer |
|---|---|
| Legal test of a fixture | IRMA - Intent-was it intended to be permanent?; Relation-was it added by owner or tenant? Method of annexation-how permanently was the item attached? Adaptation -was the item or property adapted to make the addition work? |
| Legal relationship between owner and property. The rights, benefits, interests of ownership | DEEP-C "Bundle of Legal Rights" Dispose, Enjoy, Exclude, Possess, Control |
| What is appurtenance and what is a good example of ones you might want to keep? | Any tangible or intangible thing attached to a piece of land such that it becomes part of that property and so is passed on to a new owner when the property is sold. Riparian and littoral rights cannot be retained by a former owner. |
| Improved land vs improved lot | land with structures as oposed to lot with needed utilities, roads, etc. in order to make it usable. |
| An example of ownership rights that can be separated and sold to diferent parties or "Severed by separate conveyance" | surface, subsurface, and air rights |
| What do courts consider reasonable interference in relation to air rights? | Includes interference made necessary for air craft as long as with the owner's right to use and occupy the land is not hindered unduly. |
| What impact is solar power having on air rights? | Sun rights are being redefined by courts. Large buildings that shade smaller buildings are now being seen as interfering with the sun rights of smaller neighbors. |
| To whom are riparian rights granted and under what conditions? | Owners of land located along river, stream or lakes are greanted unrestricted right to use the water so long as they don't harm owners up or downstream. |
| What are littoral rights and how far do they reach? | Owners of land which borders large bodies of water such as lakes or oceans enjoy unrestricted use of navigable waters. Their land ends at the high-water mark. |
| What is the doctrine of prior appropriation and who can benefit or be hindered? | Says water rights are determined by priority of beneficial use so that the first person to divert or use water for a beneficial use or purpose can acquire individual right to the water. Land owners may have water that they do not have a right to use. |
| In regards to water rights, what does the public trust doctine preserve in NC for the public good? | The foreshore, or strip of land between high and low tide, belongs to the state so that the foreshore of all beaches in NC are public. |
| What are 4 natural actions of water that can affect the boundries of land and which can result in an owner loosing land> | accretion (gradual increase by deposit) reliction (gradual receding of water revealing land) avulsion (sudden loss from flood or like) erosion (gradual wearing away which can result in loss of land that cannot be reclaimed) |
| What is the best way for a RE broker to determine if particular items in a property are real or personal property? | Reviewing the sales contract to see how certain items are characterized. |
| Are plants real property or personal property? | Fructus naturales are plants that do not require cultivation yearly are real property. Fructus industiales are crops that are cultivated, they are emblements and are considered personal property. |
| What is the process of annexation? How does it apply to landscape plants? | When items of personal property become improvements on the land such as buying fertilizer, plants and mulch to landscape the front yard. Once applied, they become part of the real property. |
| Fixture | A once personal item that has been so affixed to the land or building that the law construes it to be part of the real estate and so would transfer with the property to the new owner. |
| What should re brokers ensure is included in a sales contract to protect the personal property of a seller? | List of all articles of personal property and fixtures included in the sale. |
| Trade fixtures | also called chattel fixtures are removable and are personal property unlike fixtures that have become a permanent part of the real property. |
| Agricultural fixtures and emblements | Agricultural fixtures, even though may have been added by a tenant farmer, belong to the property owner and are real property. Emblements are the crops grown by the tenant farmer and are personal property of the farmer. |
| Manufactured home (trailer, mobile home) | Considered personal property and are registered with the DMV. Conversion to real property requires hitch, wheels, and axle be removed, then attachment to permanent foundation on land owned by the mobile home owner, affidavit of above filed with DMV. |
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