Property Ownership Flashcards
third party
in an agency relationship, a person (or entity) with whom the agent deals as a representative of the client; can be involved in the transaction but not as one of the principals; referred to nationally as a customer
multiple listing service (MLS)
a service in which member brokers pool their listings and offer cooperation and compensations to the other member brokers usually owned and operated by a local association of REALTORS®
leasehold estate
the temporary right of a tenant to occupy real estate over the term of a lease
tenant
the party who has legal possession and use of real property
abandonment
when a tenant leaves a property before the expiration of the lease agreement
appurtenance
a property right, privilege, or improvement that is permanent and passed along when a property is sold unless a contrary intention is manifested; examples include rights-of-way, easements, water rights, and improvements; also an item that is permanently attached to a property so that it then becomes part of the property, such as an air conditioner
mineral rights
subsurface rights of an owner of real property which extend downward to the center of the earth; these rights are real property
trade fixture
an article of personal property or equipment that a business tenant installs for use in his/her trade that may be removed by the tenant before the lease expires
landlord
the owner of real estate who rents it to another individual
arbitration
two parties in disagreement agree to accept the decision of a third party who acts both as a mediator and a judge; this process avoids the excessive time and high costs of a court action
commission
an agent’s compensation for services performed in a real estate transaction, typically a percentage of the selling price or rent
chattel
a synonym for personal property that is movable; comes from the word “cattle”
interest
the sum paid or accrued in return for the use of money
zoning
a right of state governments to regulate the height, bulk, and use of private property to protect the health, morals, welfare, and safety of the public; usually delegated to the local level
lateral support
the right of a property owner to have his/her land physically supported by both adjoining land and underground structures
legal concept of land ownership
a three-dimensional definition of land as property on the surface as well as the space above it (air) and ground below it (underground)
lease
a contract for a less-than-freehold estate or right in real property; a contract between an owner and tenant setting forth the conditions under which the tenant may occupy and use the property, including the length of occupancy
market
financial environment
air rights
legal authority for an individual to develop and control unused air space or vertical plane above land s/he owns
appurtenant
attached to the land (such as a house) or the deed (such as a recorded easement)
property owner
a person, partnership, or corporation acting as the client or principal in a property management agreement
commercial property
a classification of real estate that includes income-producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels, and motels, parking lots, and stores
agreement
a mutual understanding or arrangement; may or may not be a contract
emblements
crops nurtured in the year of the transfer or sale of the property; considered to be personal property of the tenant, not the land owner
