NC Real Estate Vocab Flashcards

NC Real Estate Vocab Flashcards fee simple absolute estate- highest and most expensive estate in real property- no restrictions on time; no restrictions on use and ownership- property is always transferrable- not always free of encumberances appurtanances includesubsurface rights, air rights, water rights, support rights real propertythe interests, improvements, benefits, and rights that are automatically included in the ownership of land and real estate. this includes "bundle of legal rights"; also those items appurtenant (goes with) Appurtancea right or privilege that goes with the ownership of the land real estateLand at, above, and below the earth's surface, including all things permanently attached to it including man made improvements total circumstances testIRMA1. Intent2. relationship3. method4. attached exclusionto keep others from entering or using the property fixturean item which was personal property but has been "attached" to the real property (a process known as annexation) estateThe degree, quantity, nature, and extent of interest a person has in real property.dispositionto sell, will, transfer, or otherwise dispose of encumber the property hereditamentsAny interests in real estate capable of being inherited.possessionThe right to occupy the property personal propertymoveable, everything that is not real property (permanently affixed to the land) controlcontrol of the property and its profits within the bundle of legal rightsThe concept of land ownership that includes ownership of all legal rights to the land-possession, control within the law, enjoyment, exclusion, and disposition.tenementany structure attached to the land non freehold estate- leasehold estate- estate for years- estate from year to year/period to period- estate at will- estate at sufferance enjoymentuninterrupted use of the property without interference of any third party claiming superior title highest and best usemaximizing property value landthe earth's surface extending downward to to the center of the earth and upward to infinity, including permanent natural objects such as trees and water