Intro to Real Estate Flashcards
Appurtenance
A right, privilege, or improvement belonging to and passing with the principal property. Not necessarily a part of the property. Example: an easement or a shed
Assemblage
The combining of adjoining separate parcels of land into a single tract
Assemblage value (Plottage Value)
The increase in value due to assemblage
Bill of sale
An instrument that transfers title to personal property (Chattels)
Bundle of rights
Legal rights that go with the ownership of property
Chattel
Personal property
Datum
Any point, line, or surface from which a distance, vertical height, or depth is measured
Fixture
Personal property that is permanently attached to real property and goes with it when it is sold
Fructus industriales (emblements)
Annual plantings that require cultivation. Considered personal property
Fructus naturales
Trees, perennial plants, and uncultivated vegetation. Considered personal property
Government Survey Method
A method of land description that utilized imaginary grid lines
Littoral Rights
The lawful claim of a landowner to use and enjoy the water of a lake or sea bordering his land
Lot, block, and subdivision method
A method of land description utilizing recorded plats
Meridian Lines
North-South lines in the Government Survey method
Metes and Bounds method
A method of land description utilizing measurements and boundaries
Monument
A boundary marker in a fixed and identifiable position. May be man-made (stake or post) or natural (boulder or tree). Used most commonly in metes and bounds land description
Parallel lines
East-West lines in the government survey method
Plottage
The appraisal principle that holds that merging separately owned pieces of property into one large single lot will increase the value of the separate pieces
Property
That which is legally owned by an individual
Real Estate
Land, realty, real property
Riparian rights
Legal rights possessed by owners of property that borders a river, stream, or other natural watercourse
Situs
Location preference of a parcel of land from an economic standpoint
Trade fixtures
Personal property affixed to real property that is essential to a business and that is removable by the lessee
