National 1 Vocabulary Flashcards
Vocabulary words for National Real Estate Chapter 1
Ownership of personal property is transferred by…
Bill of Sale
The written instrument by which a property owner conveys and transfers an ownership interest in real property
Deed
Gives a deed
Grantor
Receives a deed
Grantee
Water rights next to a lake or ocean
Littorial Rights
Property that is immovable
Real Estate (Real Property)
Something attached to real estate that transfers with it
Appurtenance
Something that was once personal property, but has become real property after being attached.
Fixture
Property that is movable
Personal Property (Chattel)
Gift of private property to a public use
Dedication
The tearing away of land due to natural causes
Erosion (Avulsion)
The right of government to enact laws for the health, safety and welfare of the public
Police Power
The increase in land due to natural causes
Accretion
No two parcels of real estate are identical
Heterogeneity
The process of changing the character of property from real to personal or personal to real
Conversion
Crops or the right of a tenant farmer to harvest crops after lease expiration
Emblements
Water rights next to a river or stream
Riparian Rights
AZ document that causes mobile homes to be taxed as real estate
Affidavit of Affixture
Government right to take private property for public use with compensation
Eminent Domain
Government charge against property to bear the cost of municipal functions.
Taxation
The act of taking property for public use
Condemnation
The passing of property to the state due to a lack of heirs
Escheat
