Real Estate Terms Flashcards
Real Property
Is the land plus things permanantly attached either by nature or by man. for example, the lot plus the house, well, fence trees, bushes, etc., would be considered real property.
Real Estate
Refers to any interest in land whether it is freehold, nonfreehold, leasehold, corporeal, or incorporeal.
Land
is best described as the surface of the earth extending downward to the center of the earth and upwards to infinity, including things put there by nature such as trees and water.
Personal property
personal property is said to be all property that does not fit the definition of real property. Real property is ordinarily not moveable and personal property is ordinrily moveable. personal property is sometimes called “personalty” or “chattel” property.
Chattel Real
A personal property interest in real property. This would include documents such as leases, mortgages, and land contracts where the holder of the document has no actual ownership of real property but only an interest in something that attaches to the real property.
emblements
Sometimes called “fractus industrials” or fruits of the industry, are annual growing crops. they must be replanted each year. Corn, Tobacco, Soybeans, and wheat would be examples. emblements are considered to be personal property. For example, the tenant planted wheat and the tenant has the right to reap the wheat. the wheat is now considered to be an emblement or personal property.
Improvements
something added to the property that would increase its value such as a fence or a driveway. An improvement made to one property may not be an improvement to the surrounding properties.
Appurtenances
Would be anything that belongs to the real property. It may actually be part of the real estate such as a building, or it could be something that is not part of the real estate such as an easement, or water rights that run with the land.
Fixtures
An article of personal property that has been permanently attached to the real estate. Examples: light fixtures, plumbing fixtures, air conditioning systems etc.
Trade fixtures
are fixtures used in a trade or business by a tenant and are sometimes called “chattel fixtures” as they are normally considered to be personal property. The tenant normally must remove trade fixtures before the lease expires.
accession
trade fixtures that are not removed by the tenant before the lease expires normally become property of the landlord. This is called an act of accession.
amenities
are features both tangible and intangible that add to the value of the property. it may be part of the real estate such as a swimming pool, or something not part of the real estate like a good view.
Mineral rights
we own the mineral rights below the surface of the earth.
Littoral rights
Refers to ownership of property along large lakes, seas, or oceans that are affected by the tide currents. in this case, ownership of the land i to the mean (avg.) high water mark
Riparian rights
Thw word riparian literally means “river bank”. Therefore, riparian rights are normal associated with ownership of property along bodies of water that flow such as a creek or a river. when dealing with riparian rights, we must often determine if the stream is navigable or non navigable.
Doctrine of prior appropriation
in states such as california and nevada where water is scarce, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than the adjacent landowners.
Reliction
Gaining title to land by the receding of water is said to be a process of reliction. For example, if the ocean moves away from the land; according to littoral rights, we still own to the high water mark.
erosion
is the gradual wearing away of land such as by mobing water.
accretion
that which erodes away may build up somewhere else. this building up process is called accretion.
alluvion (alluvium)
the actual material involved in the erosion and accretion process such as mud and sand is called alluvion/alluvium.
contiguous
the word contiguous means “next to”. if two parties own property along a stream and the stream is the dividing line between the two properties, each property is said to be contiguous to the stream
Avulsion
Is the sudden tearing away of land such as by an earthquake or mudslide.
Air rights
since ownership of land extends upward to infinity, we also own the air space above our land
Bundle of legal rights
owning a piece of property is very much like owning a bundle of sticks. you can take out one stick and sell that stick or you can keep that one stick and sell everything else.
Legal Descriptions
is an exact way of describing real estate in a contract, deed, mortgage or other document in a way it would be accepted by a court of law.
Metes and Bounds
Are sometimes called measurements and directions. It is also called courses and distances. These measurements and directions are often based on monuments. Monuments are fixed objects uesed to establish real estate boundaries.
Lot and block system
we use the lot and block system in this part of the country. if you live in a subdivision, you may live on a lot, which is in a block, which is described on the plat of the subdivision.
Government survey system
this system, sometimes called the rectangular survey system, is not used in this part of the country
Estate
the word estate came from the feudal system where a person’s “status” was determined primarily by the amount of land they owned. today estate refers to the degree, quantity, nature and extent of ownership one has in real property. To have an estate, one must in some way possess the real property. If the possession is by lease, it is called a leasehold estate. if the possession is by ownership, it is a freehold estate.
tenancy
a tenancy may be created by ownership, holding the title to the property, or it may be created by a lease that would give you possession of the property, but not ownership.
interest
An interest in real property involves one’s rights, powers, privileges and or immunities.
fee
the word fee means it can be inherited. Today the word fee is used to indicate the degree of ownership one has in real property.
title
is the right to or ownership of land. if one ownes real property outright, they have the title to it. titles are either original or derivative. original title can only be vested with the state such as title gained by discovery or conquest. all other titles are derivative, such as those held by individuals.
Freehold estates
the two principal elements of a freeehold estate are actual ownership of real property and unpredictable duration
inheritable fee estates
those inheritable by lineal heirs and collateral, such as fee simple absolute. it is the highest degree of interest in real property recognized by law. if you own your own home, you probably own it in fee simple deeded to you, your heirs and assigns. length of ownership is unpredictable.
Life estates
is an estate in land that is limited in duration to the life of the owner or to the life of some other designated individual. a life estate is true ownership of property during its term.
Ordinary life estate
An ordinary life estate is limited to the lifetime of the owner of the life estate and it terminates on the life estate owners death.
Life estate pur autre vie
A life estate pur autre vie is based on the life of some other person.
Future estates
One’s present right to a future interest in real property, which may include reversions, remainders, executory interest, right of re-entry and possibility of reversions and remainders.
Reversionary interest
A future interest in real estate that is created at the same time and with the same instrument as another estate. (i.e. you can deed the property to your mother as long as she lives and when she dies the property reverts back to you.)
Remainder interest
a future interest in real estate that is createrd at the same time and with the same instrument as another estate. (i.e. you can deed the property to your mother for as long as she lives and when she dies the property goes to your son.)
created by lease agreement
a lease creates a leasehold estate. with a leasehold estate the lessor(landlord) holds the title and the lessee(tenant) holds possession of the property.
Tenancy for years
any lease with a definite period of time. the exact period of time could be for 5, 10 or 25 years, or an exact amount of months. (any lease that has an exact period of time is a tenancy for years.)
periodic tenancy
also called an estate from period to period. the most common periodic tenancy is month to month but there is also week to week.
tenancy at will
sometimes called an estate at will, gives the tenant the right to possess the property with the consent of the landlord for an unspecified or uncertain duration. (i.e. a lease has ended and the landlord has decided to sell the property. the tenant may ask the landlord to stay on until the prooperty is sold. such an agreement is a tenancy at will. this type of tenancy would end at the death of either property.)
tenancy at suffrance
also called an estate at suffrance. in this case, the tenant i sholding possesion of the property without consent of the landlord.
tenancy in severalty
also called sole ownership, is property owned by one individual or by one corporation.
tenancy in common
is a form of co-ownership where each owner has a complete possession in the property as if they were the sole owner.
joint tenancy
ownership by two or more persons with right of survivorship built in. thee deed must specifically state joint tenants or right of survivorship.
PITT
Posession Interest Time Title
unity of possession
all joint tenants hold an undivided right to possession
unity of interest
all joint tenants must hold equal interest.
unity of time
all owners must acquire their interest at the exact same time
unity of title
all joint tenants must be named in the dame deed.
police power
enforce laws such as zoning, DHEC, codes
zoning
public control over the usage of private land
ordinance
restrict the use of land
variance
property owner requests an exception from current zoning laws.
non conforming
current zoning changes and pre-existing use grandfathered in
spot zoning/rezoning
actually changes the zoning for one property
eminent domain
power to take for fair market
taxation of real estate
direct and indirect
ad valorem taxes
property taxed according to value
millage or mill rate
taxe computation, 1/10 of one penny
escheat
no will, no heirs, reverts to state
deed restrictions
private control of land cc&r’s
covenants
conditions and restrictions
encubrances
anything that affects the title
lien
charge on property, offers security for debt
specific liens
affects on specific parcel, secured
mortgage lien
specific to the property it was borrowed against
tax lien
takes priority over all other liens
mechanics lien
nonpayment of service or material on impoved property
general liens
affect all real and personal not specific to parcel of property, unsecured
priority of liens
based on time or date of recording
lis pendens
litigation pending
easements
right to use property of another
in gross
utility company gets with no dominant tenement/land
appurtenant
allows owner use of neighbors land
by necessity
landlocked by owners refusal-go to court
