Exam (elaborations)
Concepts of Property Ownership in North Carolina – Q’s And A’s
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- Laws And Regulations
Concepts of Property Ownership in North Carolina – Q’s And A’s
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Concepts of Property Ownership in North Carolina –Q’s And A’s
The inherent or automatic ownership rights that are the natural consequences
of property ownership Correct Ans - Appurtenance
A legal term that means the right to take products out of the soil Correct
Ans - Profit
Permission to do something on another's land without actually possessing any
interest or ownership in the land Correct Ans - License
The interest a landowner has in the air space above his property. It most
cases, owning or renting, land or a building includes the right to use the space
above the land Correct Ans - Air rights
Rights associated with water on a property Correct Ans - Water rights
Right to access and use water for domestic purposes, like bathing, cleaning,
and navigating, as long as it doesn't disturb owners either up- or downstream
Correct Ans - Riparian rights
Provide unrestricted access to water, but only ownership of the land to
median high-water mark Correct Ans - Littoral rights
Soil accumulates on the shoreline of a lake, stream, or ocean to effectively
increase the amount of land a landowner owns Correct Ans - Accretion
Occurs when a stream, river, or sea reduces the amount of land a landowner
owns Correct Ans - Erosion
Sudden removal of land due to water action Correct Ans - Avulsion
Type of property where owners own real estate: the space inside the unit
itself and a share of the ownership of the common elements and/or common
areas Correct Ans - Condominium
, The legal document that creates a condominium building Correct Ans -
Declaration
A statement a condo developer must provide to prospective buyers that
contains details about the development Correct Ans - Public offering
statement
Contains information similar to that of a public offering statement; given to a
subsequent condo buyer Correct Ans - Resale certificate
Property right where a corporation owns the land, buildings, and all rights
and interests in the corporation Correct Ans - Cooperative
A property owner builds on another property owner's property without
permission Correct Ans - Encroachment
One person owns the property, and all other interests are severed Correct
Ans - Estate in severalty
Two or more parties take ownership of a property with undivided interest
Correct Ans - Tenants in common
Creates an equal, undivided interest between the co-owners Correct Ans -
Joint tenancy
Gives spouses equal, undivided interests in the property Correct Ans -
Tenancy by the entirety
Concept based on the idea that the spouses are an integrated legal unit
Correct Ans - Unity of person
Involves considering all relevant factors and appropriately weighing the
importance of the factors as indicated by the circumstances under review
Correct Ans - Total circumstances test
Refers to how and whether an item is attached to property Correct Ans -
Method or degree of attachment
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