Superior School of Real Estate - Chapter 2 with Correct Solutions 2024

Superior School of Real Estate - Chapter 2 with Correct Solutions 2024 What are the Bundle of Rights? - Answer -Timber Rights, Right to Build Homes, Mineral Rights, Access Rights, and Rights to Sell The Bundle of Rights acronym DEEPC - Answer -Disposition, Enjoyment, Exclusion, Possession, and Control What is the bundle of rights general rule? - Answer -Everything in the bundle gets transferred UNLESS reserved or excepted by the seller Define Tenements - Answer -All of the rights and interests that go with the land Define Hereditaments - Answer -Land and all of the tenements that can be inherited Fructus Industriales Examples - Answer -Annual Crops (emblements), annual flowering plants in the ground or pots, fruits of the tree but not the tree, contracted fruits/vegetables What Fructus is transferred with the property? - Answer -Naturales - trees, bushes, forests, etc. Define Appurtenance - Answer -A right interest or privilege that goes with the land - items in the bundle What items do you get when you buy a piece of real estate? - Answer -The land & all appurtenances, some surface water rights, subsurface rights, and air rights NC GS 47E-2(a) The MOG (Mineral, Oil and Gas Disclosure) - Answer -NC law requires sellers to disclose to buyers if the seller has severed or separately leased mineral oil and gas rights Define Riparian - Answer -Bodies of water w/o tide - ex. River Define Littoral - Answer -Bodies of water w/tide - ex. Lake In Littoral situation, how far do you own? - Answer -To high water mark What are the 2 classifications of riparians? - Answer -Navigable & unnaviagble How far does an owner own in navigable riparians? - Answer -To the shore How far does an owner own in unnavigable riparians? - Answer -To the center What is the Doctrine of Riparian Rights? - Answer -Provides unlimited access to the water Erosion is... - Answer -gradual and decreases