Chapter 1 Flashcards
Land Use Controls
City-planning, and zoning, state and regional planning, building codes, suitability for occupancy, requirements and environmental control laws.
Note: There is substantial public control of land use as a result of government ownership. Examples of government ownership include: public buildings, public parks, watersheds, streets, and highways.
Bill of Sale
An instrument transferring ownership of personal property.
Chattel
Personal property.
Deed
A written instrument that transfers an interest in real property when signed by grantor and delivered to the grantee.
Hereditaments
All the corporeal and incorporeal attributes of real estate that can be inherited.
Highest and Best Use
The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper value of interest, the highest present value of the land.
Immobility
A physical characteristic of land describing the impossibility of relocating land from one place to another.
Tenements
Land and all corporeal and incorporeal rights in land.
Specific Performance
An instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his or her obligations under the contract.
Situs
Location of land. (What is the site telling us? The site)
Scarcity
A short supply in comparison with demand.
REALTOR®
A registered trademark of the National Association of REALTORS®. Its use is limited to members only.
Realty
Land and everything permanently attached to land.
Real Property
Land and everything permanently attached to land, including any rights and interests in the land.
Real Estate (Real property, realty)
Land and everything that is permanently attached to land. Interchangeable with the terms real property and realty.
Personalty
Personal property or chattel.
Personal Property
All property that is not land and is not permanently attached to land. Everything that is moveable.
Non Homogeneity
A physical characteristic of land describing that land as a unique commodity.
Land
The surface of the earth, the area above and below the surface and everything attached naturally (trees, crops) thereto.
Indestructibility
A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed.
Appurtenance
Any right or privilege that is said to “run with the land”. The concept of runs with the land is that the right or privilege is an integral part of the property, much like structures or other improvements and are conveyed as a normal part of the deed. Transferring title to the real property.
Note: not all rights and privileges are considered to run with the land and may be personal.
Improvements
Anything used to better or “improve” the use of the land. These are artificially attached items and are considered to be real property and not personal.
