Unit 2

Which of the following is generally considered real property?

A perennial shrub planted in t he backyard

Which of the following statements about the North Carolina Timeshare Act are FALSE?

A purchaser of a new timeshare ownership must be given a 10-day rescission period.

A buyer purchases a fee simple estate and has an undivided interest in common elements associated with the property that includes all the land. What form of ownership interest does the buyer hold?

Condominium

Which of the following has an indefinite ownership period?

Freehold estate

Co-owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under which of the following rights?

Survivorship

A seller is under contract to sell a property using the standard offer to purchase and contract. The elegantly decorated master bedroom has vertical window blinds, hand-painted light switches and electrical outlet covers, and draperies fashioned from fabric coordinated with the wallpaper. Which of the following items may the seller legally remove before the close of the transaction?

The draperies

A joint tenant sells her interest to a third party. If the original ownership interests were equal, what is the relationship of the new owner with the remaining original owner?

They are tenants in common.

A person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes, has

a fee simple determinable estate.

Under the condominium form of ownership, the owner's interest in their individual unit would normally be

a fee simple estate.

Condominium owners are responsible for paying a monthly common area maintenance fee. If an owner fails to make this payment,

a lien is filed against that owner's unit.

The owner of a house wants to fence the yard for a dog. When the fence is erected, the fencing materials are converted to real estate by

annexation.

An owner of a fee simple estate sells the property with the condition that he will continue to own the entire property until his death. The seller has a

conventional life estate.

A deed that conveys ownership to the grantee as long as the existing building is not destroyed creates a

defeasible fee estate.

A decedent left a will giving a neighbor the right to use a well on the decedent's land as long as the neighbor was alive. The neighbor's interest in the property is properly called a(n)

easement in gross.

A portion of a building was built on the neighbor's land. This is called an

encroachment.

A woman conveys a life estate to her son-in-law and stipulates that upon his death the estate will pass to her grandson. The grandson has an

estate in remainder.

A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An attorney prepares a deed that conveys the ownership of the lot to the hospital "as long as it is used for medical purposes." After the completion of the gift, the hospital will hold a

fee simple determinable estate.

A person who has complete control over a parcel of real estate is said to own a

fee simple estate.

The most all-inclusive type of real property ownership is a

fee simple estate.

Zoning ordinances generally regulate such things as the

height of buildings. placement of buildings on property. bulk and density of buildings. all of the above.

The phrase, bundle of legal rights

is part of the definition of real property

A property owner conveys the ownership of his apartment building to a nursing home, anticipating that the rental income will help pay for his father's care at the home. When his father dies, the original owner will recapture the ownership of the apartment building. This is an example of a

life estate pur autre vie.

A trade fixture is considered

personalty

Fixtures are

real property

Three joint tenants own a parcel of land. One owner sells his interest to a long-time friend. After the conveyance, the remaining original owners

remain joint tenants with each other.

All of the following statements about manufactured housing in North Carolina are true EXCEPT

removal of the wheels and axles converts a manufactured home to real property.

Real property can become personal property by

severance.

One of two owners holds an undivided 60 percent interest and the other holds an undivided 40 percent interest. The two owners probably hold their interests as

tenants in common.

A property held as tenancy by the entirety in North Carolina requires that

the co-owners must be husband and wife.

Emblements are

the same thing as fructus industriales.

An ownership interest that is based on pre-set occupancy periods occurring over five years or more is called

time-share ownership.

A commercial tenant attaches several items to the rental property during the term of the lease. Those items are considered

trade fixtures and may be removed by the tenant by the end of the lease.

The North Carolina owner of a secluded area adjacent to the Atlantic Ocean noticed that people from town walked along the shore in front of this property. The owner learned that the local citizens had been walking along this beach for years. The owner went to court to try to stop people from walking along the water's edge in front of the property. The owner is likely to be

unsuccessful, because the owner's property extends only to the high-water mark and the public can use the land beyond this point.