WHAT IS REAL ESTATE? Flashcards
LAND
the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity.
REAL ESTATE
the land plus improvements
REAL PROPERTY
refers to all that PLUS the bundle of rights associated with real estate ownership
IMPROVEMENT
any non-natural structure built on or affixed to land
BUNDLE OF RIGHTS
rights that turn real estate into real property
The right of exclusion
The right of possession
The right of transfer
The right of quiet enjoyment
The right of control
The right to encumber
EXCLUSION
gives an owner the right to tell trespassers (or anyone!) to get off their land.
QUIET ENJOYMENT
is the right to (legally) use the property for your enjoyment however you (legally) want, no matter what. In other words, this covers a lessee’s right to possess property without interference from a lessor, previous owner, or anyone else with claim to the title
PROPERTY
any item that may be owned, including the rights associated with ownership
ASSET
When someone buys real estate and the real estate is conveyed
EQUITY
is the portion of a property’s total value owned outright by the holder to title, equal to the difference between the market value and all outstanding debts on the property
LEGAL TITLE
s the complete legal ownership of real property and the bundle of rights associated.
COMMON LAW
or the side of law that arises from judgments and decisions made in courts rather than explicit legislation
TENEMENTS
items permanently attached to land that can be both natural or non-natural
POSSESSION
the right to occupy, live, breathe, and do whatever on your property because you own it. This is also known as the right to use
DISPOSITION
the right to sell, lease, or will property to anyone you choose (you have the right to transfer all of your property rights or just some of them). This is also called the right to transfe
