Vocabulary Study Cards Ch. 1 Flashcards
Real estate, real property, realty, and land
These terms often are used to describe the combination of land, improvements, and rights and privileges.
Deed
Title (ownership) is conveyed.
Land
The surface of the earth with boundaries extending downward to the middle of the earth extended back upward to the highest heavens.
Improvements
Anything used to better or “improve” the use of the land.
Appurtenance
Any right or privilege that is considered to run with the land.
Tenements
Ownership interest in anything immobile and is considered part of the real property.
Hereditaments
Any rights capable of being inherited.
Scarcity
Availability of real property.
Situs
Location of land.
Immobility
An essential physical characteristic of land.
Indestructibility
Cannot be destroyed.
Nonhomogeneity
A physical characteristic displaying uniqueness.
Specific Performance
An instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his or her obligations under the contract.
Highest and Best Use
Use that will provide the property owner the best possible return on an investment over a specified time period.
Land Use Controls - Ask Ashley
Regulation for the benefit of all
