Real Estate Vocabulary Words

Front 1

Buffer Zone

Back 1

Space of land between 2 zoning districts

Front 2

Building Permit

Back 2

A document used to track compliance with codes

Front 3

Bundle of Sticks

Back 3

Control, Possesion, Enjoy, Dispose

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Chattel

Back 4

Another name for personal property

Front 5

Chattel Real

Back 5

A personal interest in real property (a lease)

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Deed

Back 6

A document that conveys the title

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Defeasible Fee

Back 7

A conditional interest in the land

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Dower

Back 8

A marital interest in property

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Easement

Back 9

The right to use the land of another

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Eminent Domain

Back 10

Goverments right to take property

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Encroachment

Back 11

Extension of an improvement across a boundary

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Escheat

Back 12

Reversion of property to the state

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Fee Simple Absolute

Back 13

An estate without conditions

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Fixture

Back 14

Personal property that is attached to real estate

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Freehold

Back 15

An interest in land that has no time limit

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Heterogenity

Back 16

Uniqueness of land

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Land

Back 17

The surface and subsurface of the Earth

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Leverage

Back 18

The use of borrowed funds

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License

Back 19

Permission

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Lien

Back 20

A claim against a property

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Market

Back 21

A set of arrangements that brings parties together

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Mineral Rights

Back 22

The right to remove minerals from the ground

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Non-Conforming

Back 23

A land use that is differant from present-zoned land

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Police Power

Back 24

Health, Safety, Welfare Regulation

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Radon

Back 25

A natural gas

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Real Estate

Back 26

Land and all it's improvements

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Real Property

Back 27

Includes land and real estate plus a legal bundle of rights (or Sticks)

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Scarcity

Back 28

The usable supply of land in an area

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Set Back

Back 29

Space between a property and a building line

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Specific Performance

Back 30

A law suit to force completion of a contract

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Title

Back 31

The legally recognized interest someone has in land.
Evidence of ownership.

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Trade Fixtures

Back 32

Items owned by and attached to leased property, by a tenant who is conducting a business.

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Unities

Back 33

Time, Title, Interest, Possesion.
(PETE)

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Waste

Back 34

Destruction of property

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Weep Hole

Back 35

An opening that allows for drainage of water

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Variance

Back 36

Relief from the harshness of zoning

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MARKET

Back 37

Aplace where things can be bought or sold.

Front 38

SUPPLY AND DEMAND

Back 38

When supplies increase and demand remains stable, prices go down. Or Vice Versa.

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UNIQUENESS AND IMMOBILITY

Back 39

The 2 characteristics of land that have the most impact on the market.

Front 40

FACTORS AFFECTING SUPPLY

Back 40

Labor force and construction and material cost, goverment controls and goverment financial policies.

Front 41

FACTORS AFFECTING DEMAND

Back 41

Population, demographics, employment and wage levels

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BROKARAGE

Back 42

The business of bringing people together in a real estate transaction

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APPRAISAL

Back 43

The process of estimating a property's market value

Front 44

PROPERTY MANAGMENT

Back 44

A person or company hired to maintain and manage property on behalf of it's owner

Front 45

FINANCING

Back 45

Is the business of providing the funds that make real estate transactions possible.

Front 46

SUBDIVISION

Back 46

Is the splitting of a single property into smaller parcels.

Front 47

DEVELOPMENT

Back 47

Involves the construction of improvements on the land.

Front 48

COUNSELING

Back 48

Involves providing clients with competent advice based on sound professional judgement

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RESIDENTIAL

Back 49

All property used for single family or muti family housing whether in urban, suburban or rural areas.

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COMMERCIAL

Back 50

Business property, including office space, shopping centers, stores, theaters, hotels etc.

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INDUSTRIAL

Back 51

Warehouses,factories,power plants etc.

Front 52

AGRICULTURAL

Back 52

Farms,timberland,ranches,orchards,etc.

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SPECIAL PURPOSE

Back 53

Churches,schools,cemetaries,& goverment-help lands.

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LAND

Back 54

Earth's surface extending downward to the center and upward to infinity, including permanate natural structures. Trees & water.

Front 55

REAL ESTATE

Back 55

Land at, above,& below earth's surface, plus all things permately attached to it.

Front 56

REAL PROPERTY

Back 56

The interest,benifits,and rights that are automatically included in ownership of the land and real estate.Legal bundle of rights.

Front 57

BUNDLE OF RIGHTS/STICKS

Back 57

Possesion,control,enjoyment,exclusion,disposition.

Front 58

TITLE

Back 58

Ownership of real property, not a printed document.

Front 59

APPURTENANCE

Back 59

A right or priveledge associated with the property,although not neccesarily a part of it.

Front 60

WATER RIGHTS

Back 60

Special common-law rights held by owners of land adjacent to rivers,lakes or oceans.

Front 61

CHATTEL

Back 61

Personal property

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FRUCTUS NATURALES

Back 62

Trees, shubery,fruits of nature.

Front 63

FRUTUCS INDUSTRIALES

Back 63

Crops (Personal Property) Emblements.

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SEVERANCE

Back 64

An item of real property can become personal property. EX: a tree is real property til the owner cuts it down.

Front 65

ANNEXATION

Back 65

To change personal property into real property. EX; to make a walkway of cement.

Front 66

FIXTURES

Back 66

Personal property that has been afixed to real property.

Front 67

TRADE FIXTURES

Back 67

Fixtures used in the course of business. Something owned by the tenant & attached to a rented space.

Front 68

SCARCITY

Back 68

The useable supply of land in an area.

Front 69

IMPROVEMENTS

Back 69

To improve the value of a property.

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PERMANENCE OF INVESTMENTS

Back 70

The capital & labor used to build an improvement.

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SITUS

Back 71

Location. Area preforance

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4 ECONOMIC CHARACTERISTICS OR REAL ESTATE

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1.Scarcity 2.Improvements 3.Permanence of investment 4.Location

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4 PHYSICAL CHARACTERISTICS OF REAL ESTATE

Back 73

1.Immobility 2. Indestructibilty 3.Uniqueness 4.Specific Performance

Front 74

HETEROGENEITY OR NONHOMOGENITY

Back 74

Uniqueness of the land

Front 75

LAWS AFFECTING REAL ESTATE

Back 75

contract law,general property law,agency law,real estate license law,federal,federal,state & local tax,zoning & land use.

Front 76

REAL ESTATE LICENSE LAWS

Back 76

To protect the public from fraud,dihonesty and incompetence i transactions.

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CHATTEL REAL

Back 77

A personal interest in real property.

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LINKAGE

Back 78

Supporting land

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TEST FOR FIXTURES

Back 79

1.Intent of the annexor 2.Method of annexation 3.Adaption to the real estate 4.Agreement

Front 80

FEE SIMPLE ABSOLUTE
INDEFEASIBLE FEE

Back 80

Ownership without conditions

Front 81

ECONOMIC FACTORS FOR A PROPERTY TO HAVE VALUE
D.U.S.T.

Back 81

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.

Front 82

HIGHEST AND BEST USE OF LAND

Back 82

The use of land that will earn for the owner maximum value-not by zoning.

Front 83

RESTICTIVE COVENANTS

Back 83

Land use that may be controlled privately through deed restrictions by developer or land owner.

Front 84

ENFORCEMENT OF PRIVATE RESTICTIONS

Back 84

Anyone who may be affected by the violation of a private restriction.

Front 85

PRIORITY

Back 85

Where a property is regulated by zoning & private restrictions, whichevere is more restrictive takes precedent.