California Real Estate Definitions Flashcards
tight money market
Businesses designed to lend money on real or personal property.
bundle of rights
a. The legal rights of ownership of real property, including the rights of possession, use, disposition, and exclusion of others from the property. (Real Estate Principles, Real Estate Practice). b. All of the ownership rights in real estate. (Real Estate Finance). c. All beneficial rights that go with ownership of real property. (Real Estate Law). d. A term often applied to the rights of ownership of real estate, including the rights of using, renting, selling, or giving away the real estate or not taking any of these actions. (Fundamentals of Real Estate Appraisal).
mortgage companies
usinesses designed to lend money on real or personal property.
real property
a. See real estate. (Real Estate Principles, Real Estate Practice, Real Estate Finance). b. The earth’s surface extending downward to the center and upward into space, including all things permanently attached thereto, by nature or by human hands. (Property Management). c. Land and those appurtenances that go with the land. (Real Estate Law). d. The rights of ownership of real estate, often called the bundle of rights; for all practical purposes, synonymous with real estate. (Fundamentals of Real Estate Appraisal). e. Land, things fixed to the land (e.g., buildings, roads, walls, natural and planted vegetation), and appurtenances including incidental rights such as easements. The interests, benefits, and rights inherent in the ownership of real estate. (Real Estate Economics).
personal property
a. All property that is not real property. (Real Estate Principles, Real Estate Practice). b. Movable property that does not fit the definition of realty. (Real Estate Finance). c. Chattels. (Real Estate Law). d. Items that are tangible and movable and do not fit the definition of realty; chattels. (Fundamentals of Real Estate Appraisal).
fixtures
a. Anything permanently attached to land or improvements so as to become real property. (Real Estate Principles, Real Estate Practice). b. Article of personal property attached permanently to a building or land so that it becomes part of the real property. (Real Estate Finance). c. Items of personal property that have become so attached to realty as to become real property. (Real Estate Law). d. Anything affixed to land, including personal property attached permanently to a building or to land so that it becomes part of the real estate. (Fundamentals of Real Estate Appraisal). e. An item of personal property that has been converted to real property by being permanently affixed to the realty. (Real Estate Economics).
trade fixtures
a. Articles of personal property that are attached by a business tenant to real property that are necessary to the carrying on of a trade and are removable by the tenant. (Real Estate Principles, Real Estate Practice). b. A fixture installed by a commercial or industrial tenant under the terms of the lease and removable by the tenant before the lease expires. (Property Management). c. Fixtures installed by a tenant for the purpose of conducting a business or trade. The trade fixture remains personal property and can be removed by the tenant. (Real Estate Law). d. Articles of personal property installed by a commercial tenant under the terms of a lease. Trade fixtures are removable by the tenant before the lease expires and are not true fixtures. (Fundamentals of Real Estate Appraisal).
riparian rights
a. The right of a landowner whose property borders a lake, river, or stream to the use and enjoyment of the water adjacent to or flowing over the property, provided the use does not injure other riparian landowners. (Real Estate Principles, Real Estate Practice). b. Right of a landowner to water flowing through, under, or adjacent to his or her property. (Real Estate Law). c. Rights of an owner of land that borders on or includes a stream, river, lake, or sea. These rights include definition of (and limitations on) access to and use of the water, ownership of streambed, navigable water, and uninterrupted flow and drainage. (See also accretion.) ( Fundamentals of Real Estate Appraisal).
littoral rights
a. Right to use of water from a lake or other body of still water by adjoining property owners. (Real Estate Principles). b. Rights of a landowner to reasonable use of water from lakes, seas, or oceans (nonflowing water) bordering his or her property. (Real Estate Law).
appurtenances
a. Anything affixed (attached) to or used with land for its benefit that is transferred with the land. (Real Estate Principlesm, Real Estate Practice). b. Anything used with land for its benefit, either affixed to land or used with it, that will pass with the conveyance of the land. (Fundamentals of Real Estate Appraisal). c. Something that belongs to and goes with property (examples are a structure and easement rights). (Real Estate Law).
freehold estate
a. An estate in land in which ownership is for an indeterminate length of time, as in a fee simple or life estate. (Real Estate Principles, Real Estate Practice). b. See fee simple absolute title (fee simple). (Real Estate Finance). c. Fee simple or life estates. (Real Estate Law).
fee simple estate
The greatest interest in real property one can own, including the right to use the property at present and for an indeterminate period of time in the future.
fee simple defeasible
a. An interest in land, such as a fee simple conditional or fee simple with special limitation, that may result in the estate of ownership being defeated. (Real Estate Principles, Real Estate Practice). b. Any limitation on property use that could result in loss of the right of ownership. (Fundamentals of Real Estate Appraisal)
life estate
An interest in real property conveying the right to possession and use for a term measured by the life or lives of one or more persons, most often the holder of the life estate.
estate for years
a. A tenancy for a fixed term. (Real Estate Principles, Real Estate Practice). b. A leasehold estate that continues for a specified period of time. It is not ordinarily terminated by death of either party or by the sale of the property. (Property Management).
