Vocab Flashcards
Exclusive longer term lease given to a person who lives in a cooperative and own stock in the cooperative
Proprietary lease
 A property developed for co-ownership, where each co-owner has a separate interest in an individual unit, combined with an undivided interest in common areas of the property
Condominium
Professional liability insurance that protects real estate licenses from mistakes or negligence
Errors and omissions insurance
When a landlords act or failure to act interferes with the tenants, quiet enjoyment of the property, or makes the property unfit for its intended, use, such as an extent that the tenant is forced to move out
Constructive eviction
Lease where the landlord pays all property, taxes, insurance, etc.
Gross lease
Lease where the tenant pays a percentage of gross sales, in addition to rent
Percentage lease
A building owned by a cooperation where the residence are shareholders in the corporation. Each shareholder receives a proprietary lease on an individually unit and the right to use common areas.
Cooperative
What tenants are actually paying in rent
Contract rent
In ownership interest that gives the owner a right to possession of the property only for specific limited period each year.
Timeshare
The rent, the property hood currently command on the open market
Economic rent
When a tenant transfers, only part of his or her right of possession, or other interest in least property to another person for part of the remaining lease term, as opposed to an assignment, where the tenant gives up possession for the entire remainder of the least term
Sublease
Lease where tenants pay all taxes, insurance, etc. plus utilities, and rent
Net lease
A gradual addition to dry land by the forces of nature, as when the tide deposits, water borne sediment on Shoreline property.
Accretion
- A government valuation of property for tax purposes. 2. A special assessment.
Assessment
- Taking private property for public use, through the government’s power of eminent domain. Also called appropriation. 2. A declaration that a structure is unfit for occupancy, and must be closed or demolished.
Condemnation
A fee estate in real property that may be defeated or undone if certain events occur or conditions aren’t met. Also: Fee simple, defeasible .
Defeasible fee
An easement granted to another in a deed or other document.
Easement by express Grant
A special kind of easement by implication that occurs when the dominant tenement would be completely useless without an easement, even if it is not a long standing, apparent use.
Easement by necessity
A non-possessory interest in property: a lien, easement, or restrictive covenant, burdening the property owners title.
Encumbrance
A leasehold estate set to last for a definite period, (one week, three years) after which it terminates automatically. Also called a term tenancy.
Estate for years
A future interest that becomes possessory when a temporary estate (such as a life estate, terminates), and that is held by the grantor, (or his, or her successors in interest). also called: reversion.
Estate in Reversion
The greatest estate one can have in a day real property: freely, transferable, and inheritable, and a definite duration, with no conditions on the title. Often called fee the simple or fee title. Also fee simple absolute.
Fee simple
A man-made attachment: an item of personal property that has been attached to, or closely associated with real property in such a way that it has legally become part of the real property
Fixture
A form of co-ownership in which the co-owners have equal undivided interests, and the right of survivorship. Joint tenancy must have the four unities present. see unities, four.
Joint tenancy