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Ch. 1
Vocab: Basic Real Estate Concepts
| Term | Definition |
|---|---|
| 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
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