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178 Cards in this Set
- Front
- Back
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Acre
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An important measure of land area containing 43,560 square feet.
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Capital market
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The financial sector of the economy that serves to allocate financial resources among households and firms requiring funds.
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Improvements on the land
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Any fixed structures such as buildings, fences, walls, and decks.
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Improvements to the land
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The components necessary to make the land suitable for building construction or other uses and includes infrastructure, such as streets, walkways, utilities, storm water drainage systems, and other systems that may be required for land use.
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Institutional-grade real estate
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Larger, more valuable commercial properties, generally well over $10 million, targeted by institutional investors, such as pension funds and foreign investors. These investments are generally located in the 50 to 60 largest U.S. metropolitan areas.
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Intangible assets
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Nonphysical assets such as patents and copyrights.
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Investment-grade property
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Synonymous with institutional-grade real estate, large, relatively new and fully leased commercial properties located in major metropolitan areas, generally well over $10 million, targeted by institutional investors, such as pension funds and foreign investors.
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Land
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Commonly used to refer to a parcel that does not include any structures but may include some improvements to the land.
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Personal property
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Objects that are moveable and not permanently affixed to the land or structure, including furniture and tenants fixtures that are often purchased in conjunction with real property acquisitions; everything not real property.
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Property
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Anything that can be owned, or possessed. It can be either a tangible asset or an intangible asset.
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Raw land
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Land that does not include structures or any improvements.
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Real estate
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The tangible assets of land and improvements
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Real property
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Rights associated with ownership of land and all permanent attachments to land.
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Tangible assets
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Physical things, such as automobiles, clothing, land, or buildings.
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User markets
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Potential occupants, both owner-occupants and tenants, or renters competing for physical location and space.
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Assessment lien
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Lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share."
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Attach
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To place a lien on real property.
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Community property
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The automatic right of husband and wife in property acquired by their spouse during the marriage.
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Condominium
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An ownership form that combines a fee simple estate for ownership of individual units and tenancy in common for ownership of common areas—describes an ownership form not a type of construction.
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Condominium bylaws
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The official rules and regulations that govern condominium ownership.
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Condominium declaration
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The master deed creating or establishing the condominium corporation.
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Cooperative
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A form of individual ownership of apartments, the property is owned by a corporation, of which each resident is a shareholder entitled to a proprietary lease (no term, no rent) for a particular apartment.
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Deed restrictions
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Limitations imposed on the use of land and structures by clauses in a deed.
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Dominant parcel
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A parcel that benefits from a servient parcel in an easement appurtenant.
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Dower/Curtesy
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A common law provision that grants a surviving spouse a 1/3 life estate in all of the real property of a decedent spouse; surviving spouse gets full life estate of homestead; applies only to real property acquired before the marriage
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Easement
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A right that the owners of another property may have to use one's land for a specific and limited purpose.
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Easement appurtenant
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A right of use that continues from owner to owner ("runs with the land") that involves a relationship between two parcels of land: a dominant parcel that benefits from a servient parcel.
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Easement in gross
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The right to use land for a specific, limited purpose unrelated to any adjacent parcel.
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Elective share
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Provision that gives a surviving spouse a share (typically 1/3) of most of the wealth of the decedent; applies to real and personal property
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Estate
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Interests in real property that include possession.
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Fee simple absolute
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An estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government.
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Fee simple conditional
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Ownership that is subject to a condition or trigger event.
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Fee simple estate
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The complete ownership of a property; may be either absolute or conditional.
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Fixtures
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Personal property that becomes real property by virtue of its permanent attachment to the realty.
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Freehold
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Estate interests in real estate having unlimited duration; titled interests.
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General lien
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A security interest or lien that arises out of actions unrelated to ownership of the property.
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Interest
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Rent or a charge paid for the use of money (e.g., a mortgage loan, a share or right in property). Interest may also refer to the bundle of rights held by owners of real property.
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Joint tenancy
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A form of co-ownership in which two or more owners hold equal shares and have equal rights of possession. The surviving partners divide the interests of a deceased partner.
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Leasehold (estate)
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The interest or rights of a lessee or tenant in a leased property, including the possessory interests that are a temporary conveyance of the rights of exclusion, use, and enjoyment, but not the right of disposition. The tenant receives these rights in exchange for the payment of rent.
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Legal life estate
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A life estate created by the action of law.
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License
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The permission to use another's land for a specific and limited purpose.
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Lien
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An interest in real property that serves as security for a loan obligation. In case of default the holder of the lien is entitled to have the property sold to satisfy the debt.
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Mechanics' liens
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Liens that arise from construction and other improvements to real estate.
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Mineral rights
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Rights to the subsurface, including rights to oil, gas, coal, and other substances that are mined, and can be separated from land ownership.
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Mortgage
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A lien on real property as security for a debt. A special contract by which the borrower conveys to the lender a security interest in the mortgaged property.
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Ordinary life estate
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Estate in which the property owner retains all rights of exclusive possession, use, and enjoyment for life while a subsequent owner holds a remainder interest that follows the life estate.
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Periodic tenancy
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Any lease agreement that has no definite term at the start.
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Personal rights
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Personal freedoms derived primarily from the Bill of Rights and other amendments and clauses of the U. S. Constitution.
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Property rights
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Rights in property that include (exclusive) possession, use (enjoyment), and disposition.
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Property tax lien
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Automatic lien placed by local governments to assure payment of property taxes.
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Proprietary lease
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A lease of indefinite length in which the lessee pays expenses but not rent, associated with a cooperative.
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Remainder estate
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The ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest.
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Restrictive covenants
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See deed restriction.
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Reverter
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An uncertain interest held by the previous owner (or heirs) associated with a conditional fee.
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Right of survivorship
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The rights of surviving partners in a joint tenancy to divide the interests of a deceased partner.
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Rule of capture
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The owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property.
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Separate property
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In community property states, property that the husband or wife acquired prior to the marriage, or gifts or inheritance received during the marriage.
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Servient parcel
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A parcel that is constrained or diminished by an easement appurtenant.
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Specific lien
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An interest that derives directly from events related to a property, such as property tax and assessment liens, mortgages, and mechanics' liens.
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Tenancy at sufferance
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A tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it.
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Tenancy at will
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A tenancy granted by landlords to tenants allowing them to remain in possession without written agreement.
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Tenancy by the entireties
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A form of joint tenancy ownership for husband and wife.
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Tenancy for years
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A leasehold interest for a definite period of time exceeding one year.
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Tenancy in common
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"The ""normal"" form of direct co-ownership, which is as close to the fee simple absolute estate as is possible, subject to the provision that one owner cannot use the property in a manner that infringes on the rights of co-owners."
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Timesharing
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Property occupancy arrangement in which multiple individuals have use of property but, unlike traditional forms of co-ownership, the interests are at different time intervals rather than simultaneous. A timesharing arrangement may involve true co-ownership, leasehold interests, or simply permission to occupy (i.e., license).
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Trade fixtures
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Personal property usually paid for by the tenant that may be removed by the tenant at lease expiration.
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Accretion
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Growth in size by addition or accumulation of soil to land by gradual, natural deposits.
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Acknowledgment
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Confirmation that a deed reflects the intention and action of the grantor.
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Actual notice
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An assertion of real property interests that is open, continuous, and apparent to all who examine the property.
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Adverse possession
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Involuntary conveyance of real property rights by an individual demonstrating a use that is (1) hostile to the interests of the owner, (2) actual, (3) open and notorious, (4) continuous, and (5) exclusive.
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Bargain-and-sale deed
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A deed that conveys the land itself rather than ownership interests through warranties.
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Baseline
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A point of reference that runs east and west and is a feature of government rectangular survey.
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Chain of title
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A set of deeds and other documents that traces the conveyance of the fee, and any interests that could limit it, down from the earliest time to the current owner.
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Checks
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A component of a grid system, defined as an area of 24 miles by 24 miles, used in a government rectangular survey.
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Consideration
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Anything of value given to induce another party to enter into a contract.
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Covenant against encumbrances
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A promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed.
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Covenant of quiet enjoyment
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A promise that the property will not be claimed by someone with a better claim to title.
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Covenant of seizin
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A promise that the grantor truly has good title, and that he or she has the right to convey it to the buyer.
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Covenants
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Legally binding promises for which the grantor becomes liable.
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Dedicate (dedication)
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To convey certain lands of a subdivision to the local government.
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Deed
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A special form of written contract used to convey a permanent ownership interest in real property.
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Deed of bargain and sale
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See bargain-and-sale deed.
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Delivery
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An observable, verifiable intent that the deed is to be given by the grantor to the grantee.
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Devised
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Conveyance or distribution of a decedent's real property through a will.
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Doctrine of constructive notice
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A common law tradition stating that if a person is capable of knowing about a claim or rule, then he or she can be bound by it.
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Easement by estoppel
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The right of use created if a landowner gives an adjacent landowner permission to depend on her land.
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Easement by prescription
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The acquisition of a right of easement by open, notorious, and continuous assertion of the right, hostile to the subservient land owner's interest. The amount of time required to attain the right of easement by prescription varies by state.
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Easement by prior use
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An implied right of use that allows the owner of a landlocked parcel the right to use a previously existing path across another property for access and egress.
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Easement of necessity
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A created implied right of use that allows the owner of a landlocked parcel the right to use a path across another property for access and egress.
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Encroachment
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Unauthorized intrusion of a building or other improvements onto property owned by another.
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Evidence of title
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Substantiation that demonstrates that good and marketable title is being conveyed as part of a real estate transaction.
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Exceptions and reservations clause
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A clause in a deed that can contain a wide variety of limits on the property interest conveyed.
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General warranty deed
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Highest form of deed in which the grantor become liable for all possible covenants, or legal promises, assuring good title.
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Grant deed
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A deed containing an implied promise that the grantor actually has title and that it is not encumbered in any way, except as described in the deed. A grant deed is very similar to a special warrantee deed. It is the predominant form of deed used in California.
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Grantee
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The recipient of a conveyance of a real property interest.
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Grantor
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The person or entity conveying the real property interest to the grantee.
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Habendum clause
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Clause in a deed that defines or limits the type of interest being conveyed.
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Implied easement
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A right of use not created by an explicit deed or explicit clause in a deed. It often is created when a subdivision map is placed in the public records.
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Intestate
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Conveyance of a decedent's property without a will.
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Judicial deed
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A deed issued through a court-ordered proceeding.
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Law of descent
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The laws and procedures controlling how a state will convey a decedent's estate among the heirs if no will exists.
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Marketable title
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Title to real property that is free of reasonable doubt.
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Marketable title laws
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State laws intended to limit the number of years that title search must "reach back" through the title "chain"; 30 years in FL
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Metes and bounds
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Oldest method of describing real estate; in which a mete is a unit of measure (foot, mile) and a bound is a boundary marker. Essentially, a sequence of directed distances that are the boundaries of the property.
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Officer's deed
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Same as definition of executor's deed.
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Patent
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Special type of deed that conveys title to real property owned by government to a private party.
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Plat books
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Register of recorded plat maps maintained by a city or county which shows boundaries, shapes, and sizes of land parcels.
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Plat lot and block number
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An unambiguous means to provide a description of property that identifies each parcel in a surveyed map of a subdivision.
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Principal meridian
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A line of geographic reference that runs north and south in a government rectangular survey.
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Probate
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State law that governs the disposition procedure of the conveyance of real property upon the death of a property owner.
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Quitclaim deed
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Deed that conveys an individual's property rights to another but has none of the covenants of the warranty deed.
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Range line
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A feature of a government rectangular survey that separates townships by east and west.
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Recorded plat map
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See Plat books.
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Recording statutes
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State laws requiring documents that convey an interest in real property to be placed in the public records in order to be binding on the public.
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Reliction
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Receding water line that leaves dry land to be added to an adjacent landowner's property.
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Section
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A specifically surveyed and identified square mile within the framework of the rectangular survey system.
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Sheriff's deed
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Same as definition of executor's deed.
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Special warranty deed
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Identical to a general warranty deed except that the covenant against encumbrances applies only to the time that the grantor owned the property.
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Statute of Frauds
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Provision adopted by all states requiring that all deeds, long-term leases and mortgages must be in writing to be enforceable. Derives from the original Statute of Frauds on 1677.
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Testate
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Conveyance of real property upon the death of a property owner in accordance with a will.
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Tier line
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A feature of a government rectangular survey that serves to number townships south or north from the base line.
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Title abstract
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The compilation of all documents summarizing the chain of title into a chronological volume and then given to an attorney for final interpretation.
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Title abstract with attorney's opinion
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Traditional evidence of title.
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Title insurance
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Insurance paying monetary damages for loss of property from unexpected superior legal claims or for litigation to protect title. Deemed superior to the traditional abstract with opinion since it offers insurance, in addition.
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Title insurance commitment
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A commitment to issue a title insurance policy.
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Title search
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The task of examining the evidence of title in the public records.
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Torrens certificate
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A rarely used means of providing evidence of title.
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Township
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A unit within the government rectangular survey system having an area of six miles by six miles, and containing 36 fully described, one square mile sections.
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Trustee
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In mortgage lending, person who holds the deed on behalf of both the borrower and lender in a deed of trust.
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Trustee's deed
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A deed issued by the trustee in a court-supervised disposition of property, for example by an executor and administrator of an estate, a guardian of a minor, a bankruptcy trustee, or possibly by an attorney in divorce proceedings.
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Words of conveyance
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Early in the deed will be words such as "does hereby grant, bargain, sell, and convey unto. . . ." that serve to assure the grantor clearly intends to convey an interest in real property and indicates the type of deed offered by the grantor.
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“Spaceship earth”
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A perception of the environment as a closed system with limited space, air, water, or other resources
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Ad valorem taxes
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Property taxes that are based on the market value of the property.
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Affordable housing allocation
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A requirement that encourages or mandates a "reasonable and fair" component of new housing construction for lower-income families.
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Assessed value
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The value determined as the basis on which an owner's property tax liability is calculated, usually a percentage of market value.
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Board of adjustment
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In local zoning law, a board of citizens, appointed by the governing body, to hear and make determinations on appeals for zoning variances. The board of adjustment is somewhat unique in that its determinations are final rather than merely recommendations to the governing body. They can be appealed only in court.
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Comprehensive plan (Community land use plan)
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A local government's general guide to a community's growth and development based on the community's goals and objectives. Addresses the community’s future population growth, its requirements for water and other natural respurces, its physical characteristics, its need for public services, and its need for various types of land use.
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Concurrency
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The requirement that public facilities and services, including roads, sewers, and schools, be available at the same time new development is completed.
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Condemnation
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The legal procedure involved with eminent domain, the right of government to acquire private property, without the owner's consent, for public use in exchange for just compensation.
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Dedicated (property)
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The conveyance of property from a private owner to government for public use. Common examples are the dedication of streets, parks, or other areas to local government in the course of subdivision development.
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Economic and environmental impact statements
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Studies of the effect that a new development will have on the economy or the environment of the region.
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Effective tax rate (property taxes)
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The tax liability divided by the property's market value or sale price.
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Eminent domain
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The power of government in the United States to take private property for a public purpose by paying the owner just compensation.
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Equity of redemption
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A period of time allowed by courts in every state that grants delinquent mortgage borrowers the opportunity to make overdue payments and come current on the mortgage before foreclosure begins.
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Exclusionary zoning
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Zoning that tends to exclude lower-income groups and is prohibited.
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Externalities
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The unaccounted effects that a land use imposes on surrounding parcels. E.g., negative: congestion, urban sprawl, smoke and other emissions; positive: vistas, well-kept landscapes, quality architecture
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Extraterritorial jurisdiction
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Control by a community of an area larger than the community or jurisdiction for planning and zoning purposes, granted by the state legislature, which allows local governments to plan and control urban development outside their boundaries until annexation can occur.
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Growth moratorium
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A temporary prohibition of further development in a community or jurisdiction.
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Homestead exemption
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A provision in some states that allows specified taxpayers (usually owners of their principal full-time residences) to apply for a deduction of a certain amount from the property's assessed value in calculating the annual property tax liability.
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Impact fee
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A fee charged by a community and paid by a developer that is commensurate with the externalities created by a development. Intended to cover the development's impact on such things as roads, sewer systems, schools, and police and fire protection.
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Inverse condemnation
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Action, initiated by a property owner against the government, to recover the loss in property value attributed to government activity.
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Just compensation
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Payment to an owner for property taken in condemnation proceedings, usually the market value of the property taken by the government in its exercise of eminent domain.
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Millage rate
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The dollars of tax per $1,000 of property value. For example, a millage rate of 20 means that a person owning a property having an assessed value of $100,000 would pay 20 × 100 = $2,000 in tax.
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Mills
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Units used to state the amount of property tax assessment; the number of dollars per $1,000. Twenty mills means $20 per each $1,000.
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New urbanism
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School of planning thought that seeks to revive residential neighborhood features of the preautomobile era, including sidewalks; houses with front porches located close to streets; narrow, grid pattern streets; and supporting nonresidential services interspersed within neighborhoods.
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Nonconforming use
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A land use inconsistent with current zoning classification, but which is permitted to remain because it predated the current zoning. To be allowed to remain, the use must be uninterrupted, and the property structures cannot be substantially improved.
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Performance standard
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An approach to land use control that addresses concerns for urban systems such as traffic, watershed, green space, air quality or other aspects of the environment through limits to detrimental activities.
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Planned unit development (PUD)
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A development project, often involving a mixture of land uses and densities not permitted by normal zoning. It is allowed because the entire development is viewed as an integrated whole.
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Police power
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Right of government to regulate personal activity and the use of property to protect the health, welfare, and safety of the population.
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Public purpose
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In eminent domain cases, expansion by courts of the public use concept, no longer requiring actual physical use by the condemning agency to take property.
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Public use
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In eminent domain, requirement of actual physical use by the condemning agency to justify condemnation.
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Regulatory taking
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Under precedents of the U.S. Supreme Court, the degree of land regulation that is considered to constitute effective taking of the property. If this degree of regulation is reached, the government must compensate the property owner for loss of value.
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Setback requirements
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How far back, forward, or sideways you're allowed to encroach on the property
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Smart growth
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Planning concept similar to new urbanism, and also emphasizing "compact" urban development.
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Special assessments
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Property taxes levied to finance special improvements to benefit adjacent property owners. For example, property owners in a subdivision could be forced to pay for the installation of sanitary sewers.
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Statutory redemption
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Law in some states that provides time to borrowers of foreclosed properties to regain title after the foreclosure sale.
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Tax assessor
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The local public official in charge of determining the taxable value of property in the jurisdiction as the basis for property taxation. In some states this official is called the county property appraiser.
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Tax base (property tax)
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All of the taxable properties in a jurisdiction.
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Tax rate (property tax)
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The number of dollars of property tax divided by the taxable value of the properties. The percentage that, when multiplied by a property's taxable value, will yield the tax liability.
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Tax-exempt properties
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Properties against which local jurisdictions may not levy taxes, usually including churches, synagogues, public schools, and government property.
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Taxable value
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The assessed value less any applicable exemptions, to determine the amount of property tax owed.
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Toxic waste
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Hazardous materials such as asbestos, fiberglass, lead paint, radon, PCBs, leaking underground storage tanks, and the like.
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Urban service area
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An area delineated around a community within which the local government plans to provide public services and facilities and beyond which urban development is discouraged or prohibited.
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Urban sprawl
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aka leapfrog development; a form of externality, defined as development taking place in rural areas well beyond the urban fringe. This makes the costs of public services (water, sewer, etc.) disproportionately high
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Variance (zoning)
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A permitted deviation for a particular property from the applicable zoning requirements. To be granted only when the zoning ordinance imposes undue hardship to the property owner.
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Zoning
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Regulation of land use, population density, and building size by district. May be viewed as a phase of comprehensive planning in which the plan's implementation is enforced through the police power of local governments.
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Commercial zoning
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Deals with the intensity of use. The higher the intensity, the further away from residential property, unless there is a buffer (e.g., a highway)
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Residential zoning
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Deals with density, the number of people per acre
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