Glossary Flashcards
Air rights
Rights in the real property as they apply to the property airspace or all space above the surface with in the parcel’s legal boundaries
Agent
The party and the agency relationship who is hired by the principle to preform certain duties. In so doing the agent must also uphold fiduciary duties owed the principal.
Airspace
The air portion of real property. In a condominium unit, the freehold space enclosed by the units outer walls, floor, and ceiling.
Agency
The fiduciary relationship between an agent and a principal where respective rights and duties are prescribed by law of agency and by the agency agreement executed by the two parties.
Broker
A direct agent of the principal who is hired for compensation to perform a stated service such as procuring a customer.
Bundle of rights
A set of rights associated with ownership of property including the rights to possess, use, transfer, encumber, and exclude
Dower
A widows life estate interest in portions of her deceased spouse’s real property
Emblements
Plants or crops considered personal property, since human labor is required for planting, growing and harvesting.
Estate
- A set of frights to real property that includes the right of possession 2. The totality of one’s personal and real property ownership
Eviction
Removal of a tenant from my property because of a lease default
Fee simple
An estate representing the highest form of legal ownership of real property particularly the fee simple absolute estate.
Grantee
A party who receives a right, interest, or title to real property from another
Grantor
A party who transfers a right, interest, or title to real property to another
Improvement
Any man-made structure or item affixed to land
Interest
- A right to real property 2. A lenders lenders charge for the use of the principal amount of a loan
Intestate
Legal condition of a person who dies without leaving a will
Land
The surface area of the earth all natural things permanently attached to the earth and everything beneath the surface of the earth center and above the surface extending upward to infinity
Lease
A legal contract and instrument of conveyance which transfers to the tenant, or lessee, a leaseholder fee for certain duration. The lease contract sets forth all tenant and landlord Covenants, financial terms, and grounds for default. The landlord is referred to as the lessor.
Life estate
A freehold estate that is limited in duration to the life of the owner or other named person. On the death of this person, legal title passes to the grantor or other named party
Note
In agreement to repay a loan of an indicated amount under certain terms
Notice of title
Actual or recorded public evidence of real property ownership
Personal property
All property that is not considered real property; all property that is not land or permanently attached to land, excepting trade fixtures and enblements
Police power
A state or legal governments legal authority to create, regulate, tax, and condemn real property in the interest of the public’s health safety and welfare
Principal
- The employer in an agency relationship to whom the agent owes fiduciary duties. 2. The loan balance to which interest charges are applied
Property
An item that has a legal owner along with the attendant rights to legal ownership
Real estate
The land and all man-made structures permanently attached to it
Real property
Real estate in the bundle of rights associated with ownership of real estate
Subsurface rights
Rights and interests to what ever is beneath the surface of one’s parcel of real property
Surface rights
Rights to the surface area of a parcel of real estate
Tendency
A freehold or leasehold estate held by a tenant
Trade fixture
A fixture necessary for the conduct of a business. Although affixed to the land it is personal property
Water rights
Rights of property that abuts A body of water to own or use the water
Elective share
A right of a surviving spouse to claim a prescribed portion of the decedent’s real and personal property in place of the provisions of the decedent’s will
Encumbrance
An interest, right or intrusion that limits the freehold interest of an owner or real property or otherwise adversely effected the marketability of title.
Fixture
An item permanently attached to land so as to be defined as real property
Joint tenancy
A form of real property ownership in which coach owners Cheryl all rights in interest equally and indivisibly. Entails write up survivorship. Parties must establish tenancy at the same time and with a single deed
Land trust
A trust in which a trustor conveys a fee estate to a trustee and names himself or herself as beneficiary. The beneficiary in turn controls the property and the actions of the trustee.
Legal life estate
A life estate established by operation law rather than by the actions or wishes of the property owners. Examples are homestead law, dower, curtesy, and elective share
