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85 Cards in this Set

  • Front
  • Back
Buffer Zone
Space of land between 2 zoning districts
Building Permit
A document used to track compliance with codes
Bundle of Sticks
Control, Possesion, Enjoy, Dispose
Chattel
Another name for personal property
Chattel Real
A personal interest in real property (a lease)
Deed
A document that conveys the title
Defeasible Fee
A conditional interest in the land
Dower
A marital interest in property
Easement
The right to use the land of another
Eminent Domain
Goverments right to take property
Encroachment
Extension of an improvement across a boundary
Escheat
Reversion of property to the state
Fee Simple Absolute
An estate without conditions
Fixture
Personal property that is attached to real estate
Freehold
An interest in land that has no time limit
Heterogenity
Uniqueness of land
Land
The surface and subsurface of the Earth
Leverage
The use of borrowed funds
License
Permission
Lien
A claim against a property
Market
A set of arrangements that brings parties together
Mineral Rights
The right to remove minerals from the ground
Non-Conforming
A land use that is differant from present-zoned land
Police Power
Health, Safety, Welfare Regulation
Radon
A natural gas
Real Estate
Land and all it's improvements
Real Property
Includes land and real estate plus a legal bundle of rights (or Sticks)
Scarcity
The usable supply of land in an area
Set Back
Space between a property and a building line
Specific Performance
A law suit to force completion of a contract
Title
The legally recognized interest someone has in land.
Evidence of ownership.
Trade Fixtures
Items owned by and attached to leased property, by a tenant who is conducting a business.
Unities
Time, Title, Interest, Possesion.
(PETE)
Waste
Destruction of property
Weep Hole
An opening that allows for drainage of water
Variance
Relief from the harshness of zoning
MARKET
Aplace where things can be bought or sold.
SUPPLY AND DEMAND
When supplies increase and demand remains stable, prices go down. Or Vice Versa.
UNIQUENESS AND IMMOBILITY
The 2 characteristics of land that have the most impact on the market.
FACTORS AFFECTING SUPPLY
Labor force and construction and material cost, goverment controls and goverment financial policies.
FACTORS AFFECTING DEMAND
Population, demographics, employment and wage levels
BROKARAGE
The business of bringing people together in a real estate transaction
APPRAISAL
The process of estimating a property's market value
PROPERTY MANAGMENT
A person or company hired to maintain and manage property on behalf of it's owner
FINANCING
Is the business of providing the funds that make real estate transactions possible.
SUBDIVISION
Is the splitting of a single property into smaller parcels.
DEVELOPMENT
Involves the construction of improvements on the land.
COUNSELING
Involves providing clients with competent advice based on sound professional judgement
RESIDENTIAL
All property used for single family or muti family housing whether in urban, suburban or rural areas.
COMMERCIAL
Business property, including office space, shopping centers, stores, theaters, hotels etc.
INDUSTRIAL
Warehouses,factories,power plants etc.
AGRICULTURAL
Farms,timberland,ranches,orchards,etc.
SPECIAL PURPOSE
Churches,schools,cemetaries,& goverment-help lands.
LAND
Earth's surface extending downward to the center and upward to infinity, including permanate natural structures. Trees & water.
REAL ESTATE
Land at, above,& below earth's surface, plus all things permately attached to it.
REAL PROPERTY
The interest,benifits,and rights that are automatically included in ownership of the land and real estate.Legal bundle of rights.
BUNDLE OF RIGHTS/STICKS
Possesion,control,enjoyment,exclusion,disposition.
TITLE
Ownership of real property, not a printed document.
APPURTENANCE
A right or priveledge associated with the property,although not neccesarily a part of it.
WATER RIGHTS
Special common-law rights held by owners of land adjacent to rivers,lakes or oceans.
CHATTEL
Personal property
FRUCTUS NATURALES
Trees, shubery,fruits of nature.
FRUTUCS INDUSTRIALES
Crops (Personal Property) Emblements.
SEVERANCE
An item of real property can become personal property. EX: a tree is real property til the owner cuts it down.
ANNEXATION
To change personal property into real property. EX; to make a walkway of cement.
FIXTURES
Personal property that has been afixed to real property.
TRADE FIXTURES
Fixtures used in the course of business. Something owned by the tenant & attached to a rented space.
SCARCITY
The useable supply of land in an area.
IMPROVEMENTS
To improve the value of a property.
PERMANENCE OF INVESTMENTS
The capital & labor used to build an improvement.
SITUS
Location. Area preforance
4 ECONOMIC CHARACTERISTICS OR REAL ESTATE
1.Scarcity 2.Improvements 3.Permanence of investment 4.Location
4 PHYSICAL CHARACTERISTICS OF REAL ESTATE
1.Immobility 2. Indestructibilty 3.Uniqueness 4.Specific Performance
HETEROGENEITY OR NONHOMOGENITY
Uniqueness of the land
LAWS AFFECTING REAL ESTATE
contract law,general property law,agency law,real estate license law,federal,federal,state & local tax,zoning & land use.
REAL ESTATE LICENSE LAWS
To protect the public from fraud,dihonesty and incompetence i transactions.
CHATTEL REAL
A personal interest in real property.
LINKAGE
Supporting land
TEST FOR FIXTURES
1.Intent of the annexor 2.Method of annexation 3.Adaption to the real estate 4.Agreement
FEE SIMPLE ABSOLUTE
INDEFEASIBLE FEE
Ownership without conditions
ECONOMIC FACTORS FOR A PROPERTY TO HAVE VALUE
D.U.S.T.
Demand-must be coupled with purchasing power.Utility- theability of the land to satisfy a want.Scarcity-must be a demand for land.Transferability-land that canot be transfered.
HIGHEST AND BEST USE OF LAND
The use of land that will earn for the owner maximum value-not by zoning.
RESTICTIVE COVENANTS
Land use that may be controlled privately through deed restrictions by developer or land owner.
ENFORCEMENT OF PRIVATE RESTICTIONS
Anyone who may be affected by the violation of a private restriction.
PRIORITY
Where a property is regulated by zoning & private restrictions, whichevere is more restrictive takes precedent.