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Ch. 1

Vocab: Basic Real Estate Concepts

TermDefinition
Bill of Sale An instrument transferring ownership of personal property.
Chattel Personal property.
Free Market An economic condition in which buyer and seller are able to negotiate a purchase and sale without undue pressure, urgency, or outside influences other than the law of supply and demand.
Highest & Best Use The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper rate of interest, best/greatest present value of the land.
Immobility A physical characteristic of land describing the impossibility of relocating land from one place to another.
Improvements Structures, walls, roads, and so on.
Indestructibility A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed.
Non-homogeneity A physical characteristic of land describing that land as a unique commodity.
Personal Property All property that is not land and is not permanently attached to land. Everything that is movable.
Personalty Personal property or chattels.
Real Estate (Interchangeable w/ real property and realty) Land and everything that is permanently attached to land.
Real Property Land and everything permanently attached to land, including all rights and interest in the land.
Realtor A registered trademark of the National Association of Realtors. It's use is limited to members only.
Realty Land and everything permanently attached to land.
Scarcity In short supply in comparison with demand.
Situs Location of land.
Closing The consummation of a real estate contract. Also called settlement.
Land Use Controls Public - city planning & zoning, state & reg. planning, building codes, suitability for occupancy reqs., & envir. control laws. Private-prot./restrictive covenants by developers, private deed restrictions, use restr. (put on lessee in lease contract).
Listing Contract An agreement whereby a property owner employs a real estate broker to look for a buyer for the property described in the contract and promises to compensate the agent.
Offer to Purchase and Contract A bilateral enforceable contract for the sale of real property.
Specific Performance An instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his/her obligations under the contract.
Physical Characteristics of Land U- Uniqueness (nonhomogeneity) P- Permeability (Indestructibility) I- Immobility
Economic Characteristics of Land S- Scarcity L- Location (situs) I- Improvements P- Permanence of Investment
Created by: laurenk1996