Unit1&2 Intro To Real Estate Business& Real Property& The Law Flashcards
Associate licensee
A licensed real estate person who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker
Broker
One who acts as an intermediary on behalf of others for a fee or commission
Code of ethics
A written system of standards for ethical conduct
A place where goods can be bought and sold and a price established
Market
In real estate practice a person who has the skills and knowledge to be licensed as a real estate broker or salesperson
Real estate licensee
A person who performs real estate activities while employed by a licensed real estate broker
Sales associate
The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity ….
Supply and demand
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
Accession
The increase or addition of land by the deposit of sand or soil washed up naturally from a river lake or sea
Accretion
The right to use the open space above a property , usually allowing the surface to be used for another purpose
Air rights
Process of converting personal property into real property
Annexation
People’s desire for one area over another
Area preference
A right, a privilege, or improvement belonging to and passing with the land
“Runs with the land”
Appurtenance
The sudden tearing away of land , as by a earth quake flood volcanic action or the sudden change in the course of a stream
Avulsion
The concept of land ownership that includes ownership of all legal rights to the land … possession control within the law , enjoyment , exclusion and disposition .
Bundle of legal rights
Includes the rights of possession , control, enjoyment, exclusion, and disposition.
Bundle of legal rights
Is the right to ownership of real property and the evidence of ownership provided by a written document, called a deed, by which title is transferred.
Title
Determined by common law and statue and include riparian rights, which belong to owners of land along a a flowing body of water (river) littoral rights belong to owners of land that borders commercially navigable lake or ocean. PRIOR APPROPRIATION - some states provide that water use aside from limited domestic use,
Is controlled by the state rather than the landowner adjacent to the water
Water rights
Moveable items , such as a chair or a sofa . Factory built homes including manufactured homes unless permanently affixed to the land .
Personal property (chattel)
Annual planting’s, or crops of grains , vegetables and fruit
Emblements (fructus industrials)
Changing an item of real estate to personal property by detaching it from the land (cutting down a tree)
Severance
Is personal property that has been affixed to the land or to a building so that by law it becomes part of the real property.
Fixture
The Method of annexation , adaptability of the thing for the lands ordinary use, relationship of the parties intent in placing the item on the land, and agreement of the parties.
Maria
Property attached to the structure but used in the course of business, and can be personal property if removed by the tenant and the premises are returned to original condition before the lease expires , or real property if left behind the tenant.
Trade fixtures
