Section 1 - Intro to Real Estate Flashcards
air rights
The rights to use the air above the land.
appurtenance
A right, privilege, or improvement belonging to and passing with the principal property. It is not necessarily a part of the property. Example: a right of way through a neighbor’s land.
assemblage
The combining of adjoining separate parcels of land into a single tract. Assemblage value (plottage value) refers to the increase in value that results when parcels are combined, thereby creating a site that has greater value than the sum of lots individually considered.
attachment
Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgment.
bay window
window that sticks out from the outer wall of a house and usually has three sides.
bequest
a gift of personal property by will.
bundle of rights
Legal rights that go with the ownership of property.
buyer’s market
supply high, price is low.
commercial property
Property that refers to retail and office properties, and industrial real estate.
concrete footers
a base that a foundation sits on.
doctrine of prior appropriation
A legal philosophy that allows a first user to continue diverting water.
Dower Rights
rights a wife has to her husband’s estate upon his death.
emblements
annual crops; farm crops.
errors and omissions insurance
The name used to describe a type of malpractice insurance coverage for real estate professionals. The coverage protects against financial losses from lawsuits filed as a result of your work in the real estate profession.
Et al
a term meaning “and others”.
Et ux
a term meaning “and wife”.
fructus industriales (emblements)
Annual plantings that require cultivation. Considered personal property.
fructus naturales
Trees, perennial plants, and uncultivated vegetation. Considered real property.
furlong
220 yards
gentrification
a process of converting a neighborhood from low-income to middle-class; property revitalization.
government check
The 24-mile-square parcels composed of 16 townships in the rectangular survey system of legal description.
government survey method
A method of land description that utilizes imaginary grid lines.
holographic will
a handwritten will; a will written completely in the maker’s handwriting and then signed and dated.
indemnity
security or protection against a loss or other financial burden.
intestate
to die without a will.
littoral right
The lawful claim of a landowner to use and enjoy the water of a lake or sea bordering his land.
lot, block, and subdivision method
A method of land description utilizing recorded plats.
metes and bounds method
A method of land description utilizing measurements and boundaries.
Multiple Listing Service
a marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own.
National Association of Realtors
A national trade organization of real estate brokers and salesmen. Members are referred to as Realtors, which is a copyright term.
per stripes
method of proportionately dividing an estate between beneficiaries.
plat
A map or survey of a subdivision.
radon gas
Radioactive material that comes up from the ground and can penetrate basements.
real estate
Land, realty, real property.
riparian rights
Legal rights possessed by owners of property that borders a river, stream, or other natural watercourse.
setback
the legal distance that a building must be from property lines.
situs
Location preference of a parcel of land from an economic standpoint.
trade fixtures
Personal property affixed to real property that is essential to a business and that is removable by the lessee.
trade name
An adopted name under which an individual or firm does business.
typical buyer
A buyer that is acting in his or her own best interest, without undue pressure, influence or emotional attachment, and would rationally and readily accept a less expensive substitute if one were available in the marketplace.
vertical land descriptions
Used to describe air rights or subsurface rights.
Plottage
The increase in value that results from assembling small parcels into one larger one
43,560
Number of square feet per acre
