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24 Cards in this Set
- Front
- Back
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anything that makes a property marketable: buildings, roads, sewers, etc.
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improvements
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the monetary price a property would bring in a competative open market under all conditions requisite for a fair sale
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market calue
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proof or evidence of ownership of property
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title
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an area of land divided into parcels or lots which are generally of size suitable for residential use
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subdivision
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an area of land divided into parcels or lots which are generally of size suitable for residential use
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subdivison
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a claim against a property making it less than marketable or less acceptable to a buyer
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encumbrance
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the depositing of money, legal instruments, or valuables with a third party to be held until certain acts are performed or conditions met
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escrow
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a system of listing property for sale through one agent which allows other agents to sell the property also at a reduced rate of commission
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multiple listing
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complete ownership of property subject only to eminent domain
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fee simple
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a system of land description
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metes and bounds
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an imporovement on a parcel of land that intrudes upon or invades a contagious parcel of land
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encroachment
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the monetary price a property would bring in a competative open market under all conditions requisite for a fair sale
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market value
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a capital gain in the sale or exchange of an asset, the amount of which is received in cash and is therefore subject to taxation
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realized gain
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the percent of total market value placed upon property for purposes of taxation
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assessed valuation
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local regulations which prescribe the use of land and the structural design and use of buildings in a designated area
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zoning
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a purchaser acceptable to a seller or capeable of meeting terms
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Ready, Willing, an Able Buyer
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a plan or map of a tract of land which is part of the public record and shows actual and proposed property lines, easements, etc.
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plat
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that which had been added to or become part of the property and is included when the property is sold
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appurtance
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the right of government to take private property for public use after just compensation has been made to the owner
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eminent domain
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a legal instrument whereby the grantor transfers rights in a property to the grantee with no statement of guarantee against claims by others
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quitclaim deed
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a legal instrument that, when properly executed and delivered, transfers or conveys title or interest in realty ("real property")
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deed
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the authorization by local government to build, alter, or remodel property
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building permit
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a downpayment of money or other considerations given as evidence of good faith for binding a contract
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earnest money
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the right to make limited use of real property owned by another
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easement
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