Chapter 1 Keywords Flashcards
Keywords found in chapter 1.
Appurtenance:
Any right or privilege that is considered to run with the land. Consider city sewer lines or utility lines
Bill of Sale:
Title is conveyed by bill of sale
Chattel:
Anything that is not considered to be real property
Deed
Title (ownership is conveyed by the deed.)
Hereditaments:
Any rights capable of being inherited
Highest and Best Use:
The use that will provide the property owner the best possible return on an investment over a specified time period.
Immobility:
Land can not be relocated from one place to another.
Improvements:
Anything used to bettor or improve the use of the land. Considered real property and not personal.
Indestructibility:
Land is a permanent commodity and cannot be destroyed.
Land Use Controls:
Exist in the form of city planning and zoning, state and regional planning building codes, suitability for occupancy requirements, and environmental control laws.
Land:
Consists of three components; surface, subsurface, and airspace.
Non homogeneity:
Uniqueness. No two parcels are alike
Personal Property:
Anything that is not considered to be real property.
Personalty:
Anything that is not considered to be real property.
Real Estate:
Combination of land, improvements, and rights and privileges.
Real Property:
A parcel of land and structures that are permanently attached to the land. Everything below the surface, and the airspace above the land.
Realtor
Identifies licensees who are also members of the local, the state, and the national association.
Realty
Combination of land, improvements, and rights and privileges.
Scarcity
Land is a commodity that has a fixed supply base.
Situs
Location of the land. It has the greatest effect of real estate value.
Specific Performance:
A remedy that a court may give in a breach of contract action.
A contractual remedy in which the court orders a party to actually perform its promise as closely as possible, because monetary damages are somehow inadequate to fix the harm.
Tenements:
Ownership interest in anything immobile and is considered part of the real property. Everything of a permanent nature-associated with a piece of land and ordinarily transferred with the land.
