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National Real Estate Terms > Short Simple Terms > Flashcards

Short Simple Terms Flashcards

Real Estate Terms

1
Q

Chattel Real

A

Personal Property

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2
Q

Fixture

A

Was Personal now real through

MARIA (Method, Adaptability, Relationship, Intention, Agreement)

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3
Q

Trade Fixture

A

Personal property used to conduct business

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4
Q

Reliction

A

Gradual recession of water leaving land permanently uncovered

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5
Q

Free Simple Estate

A

Infinite duration, no limitations, highest form of ownership

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6
Q

Less than Freehold Estate

A

Personal, limited, rental, leasehold estates

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7
Q

Estate from Year to Year (Periodic Tenancy)

A

Month to month lease; notice required to terminate

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8
Q

Estate at Will

A

End at anytime

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9
Q

Estates at Sufferance

A

Landlord is suffering as tenant is in possession passed agreed upon time

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10
Q

Lease

A

Personal property goes with the person; possession not ownership from lessor to lessee

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11
Q

Net Lease

A

Tenant pays taxes, insurance, and maintenance

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12
Q

Gross Lease

A

Tenant pays fixed amount

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13
Q

Sandwich Lease

A

Owner is lessee and lessor

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14
Q

Tenant Improvement Allowance

A

Money to customize usually for business

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15
Q

Abandonment

A

Leave with no notice

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16
Q

Subleases

A

Possession but not responsibility

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17
Q

Assignment

A

Possession AND responsibility

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18
Q

Surrender

A

Return property to landlord before end of lease

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19
Q

Constructive Eviction

A

Landlord fails to provide something they have a legal duty to provide (ex. heat)

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20
Q

Deeds

A

Evidence of transfer

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21
Q

Grant Deed

A

Transfer of real property to another person/entity

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22
Q

Quitclaim Deed

A

Deed releasing a person’s interest with no warranties; usually non-sale of property

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23
Q

Warranty Deed

A

Deed warrants a clear title to buyer of real property

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24
Q

Special Warranty Deed

A

Seller only warrants the title against defects that may have come up during the period of ownership of the property

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25
Q

General Warranty Deed

A

Seller warrants the title against defects that may have come up during the ENTIRE LIFE of the property

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26
Q

Quiet Title Action

A

Lawsuit in order to establish a party’s title

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27
Q

Title Insurance

A

Ensure clear and marketable title

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28
Q

Standard Policy of Title Insurance

A

Standard Coverage: Defects found in public records, forged documents, incompetent grantors, incorrect marital statements, improper delivery of deeds

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29
Q

ALTA Policy of TItle Insurance

A

Protects real property owners & mortgage lenders against losses from defects in titles

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30
Q

Extended Policy of Title Insurance

A

Includes everything in a standard policy plus defects found in a property inspection…including unrecorded rights of parties in possession, examination of survey, unrecorded liens, not known by a policyholder.

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31
Q

Severalty

A

One-Owner

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32
Q

Concurrent Estate

A

Ownership with Others

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33
Q

Joint Tenancy

A

Right of Survivorship; No Wills; PITT -possession, interest, time, title, interest

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34
Q

Tenancy in Common

A

Unity of Possession

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35
Q

Encumbrances

A

Limitations

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36
Q

Dominant Tenement

A

Gaining the benefit of the easement

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37
Q

Servient Tenement

A

Suffers the burden of the easement

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38
Q

Easement by Prescription

A

Granted after hostile, continuous and open use for a statutorily period

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39
Q

Appurtenant Easement

A

Right to use adjoining property that runs with the land

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40
Q

Easement in Gross

A

No dominant tenement

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41
Q

Government Powers

A

PETE- Police, Escheat, Taxation, Eminent Domain

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42
Q

Variance

A

Exception to the rule

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43
Q

Grandfather Clause

A

Exempt from new rule

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44
Q

Building Codes

A

Protect public health, safety, and general welfare

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45
Q

Probate

A

Executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries

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46
Q

Marginal Tax Rate

A

Percentage taken from your next dollar of taxable income

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47
Q

1031 Tax Deferred Exchange

A

Defer taxes; Identify 45 days, acquire in 180 days of closing previous property

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48
Q

Boot

A

Fair market value of other property received in an exchange

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49
Q

Inverse Condemnation

A

Suing the government for money when property is taken

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50
Q

General Liens

A

Lien against ALL person property

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51
Q

Specific Liens

A

Liens against one single property

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52
Q

Voluntary Liens

A

Liens that exists because of actions taken by debtor

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53
Q

Involuntary Liens

A

Liens that were imposed on an individual (taxes, judgment)

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54
Q

Mechanics Lien

A

Lien on behalf of those who have supplied labor or materials that improve the property

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55
Q

Judgment Liens

A

Lien placed by the court

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56
Q

Injunctions

A

Court order that compels a party to do or refrain from specific acts

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57
Q

Escrow

A

Neutral third party

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58
Q

Debit

A

Money owed

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59
Q

Credit

A

Money received

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60
Q

Short Rate

A

Higher periodic rate for a shorter term than what was originally contracted

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61
Q

Impounds

A

Money set aside by a lender to pay for reoccurring costs that take priority over the loan such as taxes and insurance

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62
Q

RESPA

A

Elimination kickbacks and referral fees which add unnecessary costs to settlement services

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63
Q

TILA

A

Inform use of consumer credit; Require disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

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64
Q

Fed Fair Housing Act of 1968

A

Can’t discriminate: race, color, religion, sex, national origin

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65
Q

Americans w/Disabilities Act

A

1990 act prohibiting discrimination against people with disabilities in employment transportation, public accommodation, communications, and government activities

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66
Q

Material Fact

A

a fact that if known might have caused a buyer or seller of real estate to make a different decision

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67
Q

Steering

A

Buyers- You should live by “those” people

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68
Q

Blockbusting

A

Sellers- You better sell because you don’t want to live by “those” people

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69
Q

Panic Selling

A

Sellers- You better sell because you don’t want to live by “those” people

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70
Q

Panic Peddling

A

Sellers- You better sell because you don’t want to live by “those” people

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71
Q

Redlining

A

Denying loans or raising prices to residents of certain areas based on race and ethnicity.

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72
Q

Misrepresentation

A

The action or offense of giving a false or misleading account of the nature of something

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73
Q

Actual Fraud

A

Committed with the intent to deceive and thereby injure another

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74
Q

Constructive Fraud

A

Person gained an unfair advantage over another by unfair methods; intent does not need to be shown

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75
Q

Commingling

A

Mixing of funds

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76
Q

Caveat Emptor

A

Latin: Buyer Beware

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77
Q

Bilateral Contract

A

Promise for a promise (exclusive listing)

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78
Q

Unilateral Contract

A

Promise for an act (open listing or option contract)

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79
Q

Executed Contract

A

Contract fully performed

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80
Q

Executory Contract

A

a contract that has not yet been fully performed

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81
Q

Statute of Frauds

A

Contracts must be in writing

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82
Q

Statute of Limitations

A

States time frames for certain contracts

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83
Q

Novations

A

Latin: New as in certain contracts

84
Q

Codicil

85
Q

Fiduciary

A

Position of trust, good faith, and honesty

86
Q

Actual Authority

A

Expressly confirmed by a principal to an agent to act on the principal’s behalf

87
Q

Ostensible Authority

A

Authority granted by acceptance of action on the principle’s behalf

88
Q

Dual Agent

A

Buyer & seller has the same BROKER

89
Q

General Agent

A

Authorized to perform any and all acts associated w/the job

Real Estate licensee acting in the capacity of a property manager

90
Q

Special Agent

A

Limited authority granted to him or her through a principal

91
Q

Estoppel

A

Prevents asserting something contrary to what is implied by a previous action or statement

92
Q

Listing

A

Bilateral employment contract

93
Q

Exclusive Listing

A

One Broker to be paid

No need to show procuring cause in order to be paid

94
Q

Exclusive Agency Listing

A

Owner sells agent doesn’t get anything

Agent must show you’re the procuring cause in order to be paid

95
Q

Exclusive Authorization and Right to Sell Listing

A

Broker gets paid if property sold regardless of procuring cause

96
Q

Open Listing

A

Seller can hire multiple brokers

Broker that proves procuring cause would be compensated

97
Q

Net Listing

A

Money received above and beyond a designated amount

98
Q

Protection Period Clause (Safety Clause)

A

Compensated after the listing expires if agent proves to be procuring cause

99
Q

Contingency Clause

A

Condition or action that must be met in order for a real estate contract to become binding

100
Q

Hold Harmless Clause (Liability Waiver)

A

Parties agree not to hold the other party responsible for any loss, damage, or legal liability that may arise under the agreement

101
Q

Interim Occupancy Agreement

A

Staying after the sale

102
Q

Deposit

A

Something of value to show that you are serious about your offer

103
Q

Value

A

What a willing and able buyer will pay on an open market

104
Q

Essentials Elements of Value (STUD)

A

STUD- Scarcity, Transferability, Utility, Demand

105
Q

Principle of Substitution

A

No one would pay very much for a property when another one readily available that has the same use, design, and income and is less.

106
Q

Principle of Contribution

A

How much does an item contribute to the net income of a property?

107
Q

Principle of Regression

A

Value of a more expensive home in a neighborhood of less expensive homes will drop in value

108
Q

Principle of Progression

A

Value of less expensive properties will increase when placed in the area of more expensive properties

109
Q

Principle of Highest & Best Use

A

How much of a net return you can get while building on a property?
If the use is temporary it would then be considered the interim use

110
Q

Plottage

A

Joining of several parcels to make a larger better one together (1+1=3)

111
Q

Appraisal

A

Estimate of value

112
Q

Narrative Appraisal

A

Comprehensive report is a “complete” apprasal

113
Q

Market Data (Comparison) Approach

A

Examination and comparison of actual sales of comparable properties.
Best used to find values of houses and vacant lots.

114
Q

Cost (Replacement) Approach

A

How much would it cost to replace a brand new building (libraries, government offices)

115
Q

Capitalization (Income) Approach

A

Converts income into value

Property that can prove to bring in more income will increase the value. (Shopping center)

116
Q

Gross Multipliers

A

Price➗Rent

117
Q

Cap Rate

A

Higher cap rate represents higher risk

118
Q

Acre

119
Q

Commercial Acre

A

acre minus streets, curbs and sidewalks

120
Q

Depreciation

A

Loss in value to any cause

121
Q

Physical Deterioration

A

Wear and tear

122
Q

Functional Obsolescence

A

Poor planning (1 bath 5 beds)

123
Q

Economic Obsolescence

A

Outside causes

124
Q

Mortgage Brokers

A

Intermediary between consumers and lenders

Originates loans while mortgage lender funds loans

125
Q

Mortgage Banker

A

Direct mortgage lender

126
Q

Interest

A

Rent on money

127
Q

Leverage

A

Borrowed capi/

128
Q

Injunction

A

Deed restriction; Enforcement thru the courts

129
Q

Fructus Naturales

A

Trees, bushes, flowers, planed items that will be permanent (real property)

130
Q

Easement

A

The right to cross another’s property

131
Q

Permanence of Improvement

A

Permanent commercial development of land and construction of improvements

132
Q

Freehold Estates(Fee Simple)

A 
Qualified Fee Estate
Life Estate
Estate in Remainder
Life Estate pur autre vie
Reversion Estate
Statutory Estate
133
Q

Termination of Contract

A 
Performance
Abandonment
Lapse of Time
Permissible revocation
Breach
Recession
134
Q

Qualified Fee Estate (Fee Simple Defeasible)

A

Unless…or as long as

Must be used under conditions

135
Q

Defeasance Clause

A

Lender must release the lien upon repayment

136
Q

Lis Pendens

A

Legal notice of a pending lawsuit

137
Q

Life Estate

A

When a person owns a property for the rest of their life and property reverts back to the original owner when he/she dies

138
Q

Appurtenances

A

All right, privileges and improvements belong to the land

Described in the deed

139
Q

Marketable Title

A

Reasonably free from doubt

140
Q

Legal Title

A

Ownership with rights of possession and use

141
Q

Chain of Title

A

History of conveyances and encumbrances

142
Q

Abstract of Title

A

Summary of chain of title

143
Q

Cloud on Title

A

Problem with the title (lien or forged deed)

144
Q

Percentage Lease

A

Tenant pays lease plus % of sales (mall tenant)

145
Q

(Agency) Agent Duties

A

ACOLD: Accounting, Confidentiality, Obedience, Loyalty. Disclosure

146
Q

1 Mile

147
Q

Inquiry Notice

A

Should have investigated

148
Q

Deed of Trust

A

Used instead of a mortgage

149
Q

Sherman Anti-Trust

A

Prohibits monopolies, price-fixing, boycotts, market allocation, tie-in arrangement

150
Q

Government Survey (Rectangular Survey)

A

Meridian & Baselines; Townships & Sections

151
Q

Lease 1 year or less

A

Doesn’t have to be in writing

152
Q

Granting Clause

A

Grants title and ID’s parties and property

153
Q

Life Estate Pur Autre Vie

A

Giving one person ownership; Based on someone else’s life

154
Q

Torrens System

A

Registration of title with a court (old method)

155
Q

Taxation

A

Government power to levy property taxes

156
Q

3 Types of legal descriptions

A

Metes and Bounds
Rectangular Survey
Recorded Plat

157
Q

Equitable Title

A

Right to legal title upon completion of a contract

158
Q

Tenancy of Entireties

A

Just like joint but married couples only

159
Q

Certificate of Title

A

A written opinion of title

160
Q

Police Power

A

Power of govt. to regulate use through zoning and building codes

161
Q

Escheat

A

Power of govt. to take property when owner dies without a will

162
Q

Eminent Domain

A

Power of govt. to take property for public use

163
Q

Assemblage

A

Combining two or more parcels of land

164
Q

Satisfaction of Lien

A

Documents recorded to release the lien

165
Q

Priority of Liens

A

Determined by the date of recordation

166
Q

Valid Contract

A

Have 5 essential elements & are enforceable

167
Q

Intestate

A

To die without a will

168
Q

Testate

A

To die with a will

169
Q

Patent Deed

A

Deed from government

170
Q

4 Unities of Joint Tenancy

A 
PITT- 
P- All enjoy possession of property
I- All own same interest of property
T- All got title at same time
T- One title (all owners named on deed)
171
Q

Fructus Industriales

A

Crops that need to be seeded (personal property)

172
Q

Annual Interest

A

Loan amount X Interest Rate

173
Q

Deed in Trust

A

Used to create a trust

174
Q

Recorded Plat

A

Blocking off a track of land and each block has plats of land

175
Q

Puffing

A

Harmless statement of exaggeration

176
Q

5 Essential Elements of a Contract

A 
Legally competent parties
Clearly ID property
Meeting of the minds
Contract must include consideration
Lawful purpose
177
Q

Void Contract

A

Missing one or more of essential elements

178
Q

Voidable Contract

A

Appears valid on face but could be voided by either or both parties

179
Q

Property Taxes

A

First priority of all liens

180
Q

Attachment Lien

A

Makes property collateral for lawsuit

181
Q

Economic Characteristics of Land

A

Scarcity, Situs, Permanency of Improvements, Production, Assemblage

182
Q

Situs

A

Another word for location

183
Q

Estate in Remainder

A

Property goes to a third party when life estate has died

184
Q

Township

A

36 Sections

185
Q

Condemnation

A

Process of eminent domain

186
Q

Lien

A

Monetary claim-making property security for payment of debt

187
Q

Constructive Notice

A

Should have known (recorded deed made public)

188
Q

Trusts

A

Title held by a trustee on behalf of a beneficiary

189
Q

Actual Notice

A

Known as a fact

190
Q

Estate for Years

A

Start date and end date
Any definite period
No notice to terminate required

191
Q

Encroachment

A

When an improvement impeeds a neighbor’s land

192
Q

Ad Valorem

A

According to Value

193
Q

Prior Appropriation

A

First in time; First in right

194
Q

Zoning Ordinance

A

Specific ruler regarding types of improvements, lot size, setbacks, etc

195
Q

Special(limited) Warranty

A

Only one promise made which is from the act of grantor (Usually trust or bank owned)

196
Q

Bundle of Rights

A 
Rights that come with ownership:
Possession
Control
Enjoy
Exclude others from entering
Encumber as with a mortgage
Dispose of by selling, will or transfer
197
Q

Alienation

A

To sell or convey (any change of ownership)

198
Q

Personal Easement of Gross

A

Attached to a person
Non-assignable
Servient estate only

199
Q

Down Zoning

A

More density to less (commercial to residental)

200
Q

Holographic Will

A

Written entirely in testator’s handwriting, with date and signature

201
Q

Accretion

A

A natural increase in the land by phenomena

202
Q

Avulsion

A

Natural tearing away of land

203
Q

Littoral Rights

A

Lake/bay rights only to the high watermark

204
Q

Riparian Rights

A

Rights to land at a river

205
Q

Real Estate

A

land and all manmade structures permanently attached to it

206
Q

Personal Property

A

all property not real; except trade fixtures and emblements

National Real Estate Terms (1 decks)

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