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21 Cards in this Set

  • Front
  • Back
bill of sale
An instrument transsferring ownership of personal property
Chattel
Personal Property
Closing
The consummation of a real estate contract. Also called settlement
Free market
An economic condition in buyer and seller are able to negotiate a purchase and sale without undue pressure, urgency,or out side influences other than the law of supply and demand
Highest and best use
The use of land that will preserve it utility and yield a net income in the from of rent that from, when capitalized at the proper rate of interest, the highest present value of the land
Immobility
A physical characteristic of land describing the impossibilty of relocating land from one place to another
improvements
structures, walls, roads, etc...
indestructibility
A physical characteristic of land meaning land is a permanent commodity and cannot be destroyed
land use controls
Governmental controls ( zoning laws, building codes) or private controls (deed restrictions, subdivision covenates) that dicate how land can be used
listing contract
An agreement whereby a property owner employs a real estate broker to look for a buyer for the property described in the contract and promises to compensate the agent
nonhomogeneity
A physicl characteristic of land describing that land as a unique commodity
offer to purchase and contract
a bilateral enforceable contract for the sale of real property
personal property
all property that is not land and is not permanently attached to land. Everything that is moveable.
personalty
Personal property of chattels
real estate
Land and everything permanently attached to land
real property
Land and everything permanently attached to land, including all rightss and interests in the land
REALTOR
a registered trademark of the mnational assocation of REALTORS. Its use is limited members only.
realty
Land and everything permanently attached to land
scarcity
In short supply in comparison with demand.
situs
Location of land
Specific Performance
An instruction of a court requeiring a defaulting party to a contract to buy and sell real property to carry out his or her obligation under contract.