NC Superior Real Estate School - Chapter 2 Exam Questions and Answers

NC Superior Real Estate School - Chapter 2 Exam Questions and Answers Chapter 2 Vocabulary: Property Ownership & Interests -Answer-Chapter 2 Vocabulary: Property Ownership & Interests Air rights -Answer-The right to use the open space above a property, usually allowing the surface to be used for another purpose. (Quizlet) Ailenation -Answer-voluntary act of an owner of some property disposing of the property (Google) Appurtenance -Answer-Any right or privilege which belongs to and passes with land. Appurtenant Easement -Answer-The right in the property of another that results from ownership in a particular parcel of real estate right to use adjoining property that transfers with the land (Quizlet) Bundle of rights -Answer-The rights of an owner to DEEP-C of the property. Disposition Enjoyment Exclusion Possess Control Condemnation -Answer-occurs when a local, state, or federal government seizes private property and compensates the owner the power of the government to do this is called eminent domain, which essentially means the government takes private property for public use (Google) Condominium -Answer-An individually owned housing unit of real property in a building with several such units. Share common areas. Cooperative -Answer-Instead of owning actual real estate, with cooperative housing you own a part of a corporation (stocks) that owns the building. Cooperative housing usually includes an apartment building or buildings seen in cities like NYC. (Google) Co-ownership -Answer- Curtesy -Answer-The rights that a husband acquires in the wife's property upon her death. Declaration of restrictions -Answer- Defeasible fee -Answer-Ownership with conditional restrictions which, if broken, can result in title to the property reverting back to the grantor or his heirs. Also referred to as, fee simple defea