Real Estate Vocab - Chapter 2

Front 1

Accretion

Back 1

Addition to the land through natural causes, usually by a change in water flow (soil washing up onto land)

Front 2

Ad Valorem Tax

Back 2

An assessment on real property according to its market value

Front 3

Adverse Possession

Back 3

Rightful owner loses land to occupant who has taken possession in a hostile, distinct, continuous, visible and actual way for the statutory period.

Front 4

Allodial System

Back 4

The system of landownership that permits individuals to own land in fee simple title; used in the US

Front 5

Avulsion

Back 5

Loss of land due to sudden change in water (opposite of accretion)

Front 6

Bundle of Rights

Back 6

The legal rights an owner of real estate acquires, such as the right of possession, use, enjoyment; including the right to sell, will and mortgage

Front 7

Chattel

Back 7

Personal Property, moveable in nature

Front 8

Codocil

Back 8

An addition to a will that may alter the provisions of the will

Front 9

Color of Title

Back 9

A title that appears to be good but upon the title search is found to be defective; indicates another may have some rights of ownership

Front 10

Descent

Back 10

Property of an intestate passes to heirs by descent

Front 11

Devise

Back 11

A gift of real estate by will

Front 12

Doctrine of Prior Appropriation

Back 12

The first owner or user has the right to divert water for his use

Front 13

Durability

Back 13

An economic characteristic of land that considers improvements made to land that are not as durable as the land

Front 14

Easement by Prescription

Back 14

Rights to the land of another gained through continuous use

Front 15

Eminent Domain

Back 15

Right of government to take private property for public use upon just payment to the owner

Front 16

Escheat

Back 16

Right of the sovereign state to succeed to the property of an intestate without heirs

Front 17

Feudal System

Back 17

System whereby the governing body of the land retains ownership of real property

Front 18

Fixtures

Back 18

Personal Property that becomes real when permanently affixed to real property, such as a light fixture, oven and range, or bookcase

Front 19

Hereditaments

Back 19

Inheritable property, real or personal

Front 20

Immobility

Back 20

Incapable or being removed, fixed in location; an important physical characteristic of land

Front 21

Indestructible

Back 21

A physical characteristic of land describing that land as a permanent commodity that cannot be destroyed

Front 22

Intestate

Back 22

Person who dies without leaving a will

Front 23

Involuntary Alienation

Back 23

Loss of property for nonpayment of debts such as taxes or mortgage foreclosure

Front 24

Land

Back 24

The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto

Front 25

Land Patents

Back 25

A document issued by the government granting fee title in public lands to miners, settlers and war veterans

Front 26

Littoral Rights

Back 26

Rights of a landowner who borders a lake or other nonflowing body of water to use the water

Front 27

Mill

Back 27

A rate of currency used in determining property taxes

Front 28

Nonhomogeneous

Back 28

Characteristic of real property for another; no two are alike

Front 29

Personal Property

Back 29

Movable items not affixed to real property, such as chattels

Front 30

Police Power

Back 30

Right of government to pass legislation protecting

Front 31

Probate

Back 31

A court of law with the authority to verify the legality of a will and carry out its instructions

Front 32

Profit a Prendre

Back 32

The right to remove something for profit from another's land such a minerals, oil, or timber

Front 33

Quiet Title Action

Back 33

Action in court to either establish title or to remove a cloud on a title

Front 34

Real Estate

Back 34

Land and all improvements that are "on" or permanently attached and any improvements "to" the land, such as sidewalks and sewers

Front 35

Real Property

Back 35

The land and all improvements, plus all the rights and privileges the owner of real estate possesses; the "bundle of rights" on has

Front 36

Riparian Rights

Back 36

Rights of a landowner to use waters of an adjacent stream or lake

Front 37

Scarcity

Back 37

In short supply in comparison to demand

Front 38

Situs

Back 38

The location or site of a real property; value is partially based on a property's situs

Front 39

Tenements

Back 39

Term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land

Front 40

Testate

Back 40

A person who dies leaving a will that designates the distribution of his estate

Front 41

Voluntary Alienation

Back 41

The transfer of title freely by the owner