Basic Real Estate Concepts Flashcards
Real estate, real property, realty or land
A combination of land, improvements, and rights & privileges. Ownership defined by deed.
Personal property, personalty or chattel
Movable property that belongs to a person and is something other than real estate. (i.e. furniture, possessions)
Appurtenance
Runs with the land. (Ie house or any rights that come with land)
Improvements
Anything added or considered improvement to the property.
Tenements
Ownership interest in anything immobile and is considered real property(ie. apartments or housing)
Hereditaments
Any rights capable of being inherited(pensions, rent charges)
Scarcity
Availability or rarity
Modification by improvement
Increased economic supply. (Ie developement and growth in an area) to the land not on the land
Permanence of investment
Level at which investment in the land is gauged. The longevity or long term investment value of investments in improvement
Situs(location)
Where the land is located
Immobility
The distinguishing feature of property that is real and property that is personal (chattel) the location of the property cannot be changed
Permanence (indestructibility)
Land is permanent and cannot be destroyed. Topography can be changed but not the physical location.
Economic obsolescence
The loss of property value due to surrounding elements. (Not to be confused with property depreciation)
Uniqueness (non-homogeneity)
Two properties can seem entirely identical but this never the case with real estate. Connects to the concept of specific performance (factors like family close by)
Highest and best use
Property or land being used to its highest potential of improvements and gain
Land use controls
Governmental regulation on certain properties due to surrounding population(ie. city planning and zoning)
Protective and restrictive covenants
Sub category of land use controls but under the private sector.
IRMA
Used for determining if fixtures are excluded or not Intent Relationship Method Adaptation
Uses “total circumstances test”
Eminent domain
Government takes property for the public good
Lis pendens
A pending legal action effecting the title or deed of a property
Encroachments
(Ie. When a neighbor builds onto your property)
Ingress and egress
Getting in and out of something
Dominant and servient easments
Dominate has the benefit of the deal.