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21 Cards in this Set
- Front
- Back
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bill of sale
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An instrument transsferring ownership of personal property
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Chattel
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Personal Property
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Closing
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The consummation of a real estate contract. Also called settlement
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Free market
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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
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Highest and best use
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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
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Immobility
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A physical characteristic of land describing the impossibilty of relocating land from one place to another
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improvements
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structures, walls, roads, etc...
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indestructibility
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A physical characteristic of land meaning land is a permanent commodity and cannot be destroyed
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land use controls
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Governmental controls ( zoning laws, building codes) or private controls (deed restrictions, subdivision covenates) that dicate how land can be used
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listing contract
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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
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nonhomogeneity
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A physicl characteristic of land describing that land as a unique commodity
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offer to purchase and contract
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a bilateral enforceable contract for the sale of real property
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personal property
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all property that is not land and is not permanently attached to land. Everything that is moveable.
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personalty
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Personal property of chattels
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real estate
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Land and everything permanently attached to land
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real property
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Land and everything permanently attached to land, including all rightss and interests in the land
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REALTOR
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a registered trademark of the mnational assocation of REALTORS. Its use is limited members only.
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realty
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Land and everything permanently attached to land
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scarcity
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In short supply in comparison with demand.
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situs
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Location of land
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Specific Performance
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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.
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