LEVEL 1 TERMS Flashcards
Commercial Real Estate
Agents help rent or sell commercial properties or find companies office space to rent.
Investment Real Estate
Helping investors buy properties that will generate income for them.
Property Development
Working with a builder or developer to build new buildings.
Property Management
Helping the owner of a residential or commercial building run and maintain their investment.
Escrow Service
The people who arrange real estate escrows and help with closings.
Title Service
Title companies research real estate titles and provide title commitment, as well as title insurance.
Mortgage Brokering
Serves as an intermediary between the lender and the borrower.
Land
Owns all of the surface of the earth including all permanently attached natural features extending downward to the center of the earth and upwards to infinity.
Bundle of Rights
Ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber.
Real Estate
Land plus improvements
Real property
Land plus improvements plus the bundle of rights
Improvement
Any non-structural built on or affixed to land.
Quiet Enjoyment
The right to use your property without interference.
Title
The actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document.
Fixture
An object that was once personal property but is now firmly attached to the land in such a way that is considered to be real property.
Trade Fixture
Is a fixture such as a display case or a shelf, that is owned by and needed for a tenant’s business. (Chattel fixture)
Chattel
Another word for personal property.
Severance
Is the act of converting real property into personal property.
Fructus Naturales
Things like trees, long-term decorative plants.
Fructus Industriales
CROPS, also called EMBLEMENTS. Cultivated crops planted by farmers that are considered personal property.
MARIA (METHOD OF ATTACHMENT)
Will it damage the home if I remove this ?
MARIA (ADAPTABILITY)
Is this item specifically adapted for this home?
MARIA (RELATIONSHIPS OF THE PARTIES)
Who installed this item?
MARIA (INTENT)
Who bought this item? Were they intending on keeping it?
MARIA (AGREEMENT BETWEEN PARTIES)
What does the contract have to say about this?
Right of Possession
Usually means the owner has ownership of the property.
Right To Use
(Right of Control) it gives the titleholder the right to use the property in anyway that is not illegal.
The Right to Transfer
The right to sell, lease, and/or will a property to anyone you choose.
The Right of Exclusion
Gives an owner the right to kick out anyone off their land.
Right to Encumber
Gives an owner the right to use their property as collateral for debt.
Attachments
Physical objects permanently attached to land.( human made or natural)
Emblements
CROPS grown by a farmer that are considered personal property.
Personal Property
Any moveable, unattached asset on the property that is not considered real estate such as a car.
Accession
The right to use what is on your land.
Accretion
Gradual increase in land from soil deposits.
Erosion
Gradual loss of land over time.
Reliction
Gradual increase in land from water withdrawing.
Avulsion
Sudden loss of land due to water flooding or changing course.
Scarcity
Supply and demand; how scarce is this land?
Situs
Addresses the significance of a propertys location; what makes this property’s location especially valuable?
Modification
Addresses human-made changes and improvements; what nearby modifications affect this land?
Fixity
Addresses the permanence of land; this land cannot be moved- how does this impact investments ?
Illiquidity
Addresses the difficulty of converting an asset to cash without losing value; how fast could this land be sold? At what price?
Appurtenances
Includes air rights, water rights, surface rights, subsurface rights, supporting rights
Air rights
Govern the area above property, and can be sold seperately.
Surface rights
Govern what happens on the surface of the land, and include natural elements and improvements.
Subsurface rights
Also known as mineral rights; they deal with what is beneath the surface of the land.
Supporting rights
A property owner’s right to not have their land slide around because of what a neighbor is getting up to. Lateral support comes from adjacent properties and subjacent support is from below.
Water rights
Either operate under prior appropriation or common law. If a state operates under common law, water rights are broken into riparian rights( for flowing bodies of water) and littoral rights( still bodies of water) REMEMBER, This is all determined by states and even municipalities.
