Property Ownership, Land Use Contract Flashcards
appurtenances
a. Anything affixed (attached) to or used with land for its benefit that is transferred with the land. (Real Estate Principlesm, Real Estate Practice). b. Anything used with land for its benefit, either affixed to land or used with it, that will pass with the conveyance of the land. (Fundamentals of Real Estate Appraisal). c. Something that belongs to and goes with property (examples are a structure and easement rights). (Real Estate Law).
appurtenant easement
An easement right that is transferred along with title to the land that benefits from the easement.
building codes
a. Standards for building, planning, and construction established by state law and local ordinance. (Real Estate Principles). b. Standards for building, planning, and construction established by state law and local ordinance. (Real Estate Practice). c. Rules of local, municipal, or state governments specifying minimum building and construction standards for the protection of public safety and health. (Fundamentals of Real Estate Appraisal). d. An ordinance that specifies minimum standards of construction for buildings to protect public safety and health. (Real Estate Economics).
bundle of rights
a. The legal rights of ownership of real property, including the rights of possession, use, disposition, and exclusion of others from the property. (Real Estate Principles, Real Estate Practice). b. All of the ownership rights in real estate. (Real Estate Finance). c. All beneficial rights that go with ownership of real property. (Real Estate Law). d. A term often applied to the rights of ownership of real estate, including the rights of using, renting, selling, or giving away the real estate or not taking any of these actions. (Fundamentals of Real Estate Appraisal).
CC&R’s
Covenants, conditions, and restrictions; limitations on land use imposed by deed, usually when land is subdivided, as a means of regulating building construction, density, and use for the benefit of other property owners; may be referred to simply as restrictions.
concurrent estate
More than one estate interest in a property at the same time (such as a leasehold estate in a fee simple ownership).
down-zoning
A change in zoning to a more restrictive use.
easement
a. The right to a specific use of or the right to travel over the land of another. The land being used or traveled over is the servient tenement; the land that is benefited by the use is the dominant tenement. An easement appurtenant is a property interest that belongs to the owner of the dominant tenement and is transferred with the land; an easement in gross is a personal right that usually is not transferable by its owner. (Real Estate Principles, Real Estate Practice). b. Access rights over someone else’s property. (Real Estate Finance). c. A right the owner of one property has to the land of another. (Real Estate Law). d. A right to use the land of another for a specific purpose, such as a right-of-way or for utilities; a nonpossessory interest in land. An easement appurtenant passes with the land when conveyed. (Fundamentals of Real Estate Appraisal). e. A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. (Real Estate Economics).
easement by prescription
a. Acquiring a specific use of or the right to travel over the land of another by statutory requirements similar to those for adverse possession. (Real Estate Principles, Real Estate Practice) b. An easement obtained through five years’ continuous, open, notorious, and hostile use of the property of another under a claim of right. (Real Estate Law)
encroaching
a. The unlawful intrusion of a property improvement onto adjacent property. (Real Estate Principles, Real Estate Practice). b. Improvements overlapping adjoining property. (Real Estate Finance). c. An intrusion into, over, or under the land of another. (Real Estate Law). d. A building, wall, or fence that extends beyond the land of the owner and illegally intrudes on land of an adjoining owner or a street or an alley. (Fundamentals of Real Estate Appraisal).
encumbrances
a. Anything that affects or limits the fee simple title to or affects the condition or use of real estate. (Real Estate Principles, Real Estate Practice). b. Any lien against a property or any restriction in its use, such as an easement; a right or interest in a property held by one who is not the legal owner. (Real Estate Finance). c. Any lien (such as a mortgage, tax lien, or judgment lien), easement, restriction on the use of land, outstanding dower right, or other interest that may diminish the value of property to its owner. (Fundamentals of Real Estate Appraisal). d. Anything—such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right—that may diminish the value or use and enjoyment of a property. (Real Estate Economics).
estate at sufferance
The occupancy of a tenant after the lease term expires.
estate for years
a. A tenancy for a fixed term. (Real Estate Principles, Real Estate Practice). b. A leasehold estate that continues for a specified period of time. It is not ordinarily terminated by death of either party or by the sale of the property. (Property Management).
fee simple defeasible
a. An interest in land, such as a fee simple conditional or fee simple with special limitation, that may result in the estate of ownership being defeated. (Real Estate Principles, Real Estate Practice). b. Any limitation on property use that could result in loss of the right of ownership. (Fundamentals of Real Estate Appraisal)
fee simple estate
The greatest interest in real property one can own, including the right to use the property at present and for an indeterminate period of time in the future.
fixtures
a. Anything permanently attached to land or improvements so as to become real property. (Real Estate Principles, Real Estate Practice). b. Article of personal property attached permanently to a building or land so that it becomes part of the real property. (Real Estate Finance). c. Items of personal property that have become so attached to realty as to become real property. (Real Estate Law). d. Anything affixed to land, including personal property attached permanently to a building or to land so that it becomes part of the real estate. (Fundamentals of Real Estate Appraisal). e. An item of personal property that has been converted to real property by being permanently affixed to the realty. (Real Estate Economics).
freehold estate
a. An estate in land in which ownership is for an indeterminate length of time, as in a fee simple or life estate. (Real Estate Principles, Real Estate Practice). b. See fee simple absolute title (fee simple). (Real Estate Finance). c. Fee simple or life estates. (Real Estate Law).
general liens
a. Lien on all property of the debtor.(Real Estate Principles). b. A lien against all of the property of the debtor rather than specific property. (Real Estate Law). c. A lien on all property of a debtor, both real and personal. (Real Estate Finance).