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Real Estate: Unit 1

TermDefinition
Adaption Adaption concerns fixtures: How an item fits can determine whether the item is personal or real property. -whether or not an item is made for a certain spot
Agreement of Parties The most important test of whether an item is a fixture or not. If unsure on whether an item is considered a fixture, clarify who gets it in the contract.
Air Rights (Air lots) rights to ownership that allow you to use the open vertical space above a property.
Appurtenances The rights, ptiveledges, and improvements that go with a transfer of the land even though they might not be part of it. Example: water rights, rights-of-way, and easements
Monuments Markers used as points of beginning or other corners in metes and bounds descriptions. May be artificial (iron stakes or other man-made) or natural (trees, river centerline)
Attachment The manner in which a fixture is attached can determine whether the item is personal or real property. -Is it attached permanently or can it be moved?
Base Lines East-west imaginary lines, crossing a principal meridian at a specific point, and forming boundaries of Townships in the Governmental Survey System of land description
Benchmark A reference point or marker placed by a surveyor and used to establish elevations and altitudea above sea level.
Bundle of Rights Tell rights if ownership associated with real property. -right of possession -right to control -right of exclusion -right of enjoyment -right of disposition
Chattels Items of tangible personal property.
Check AKA quadrangle. A 24 mile by 24 mile parcel in the Governmental Survey System of land description.
Common Elements The areas in a condominium or PUD where all owners share an undivided interest and full possession, such as common area hallways, swimming pool, and club house.
Common Interest Subdivision A subdivision that has amenities such as a pool or tennis court, that is used by all individual owners.
Community Property Property acquired during a marriage and is considered equally owned. Only used in 10 states.
Condition Subsequent A requirement of a defeasible fee where the grantees title depends on a specific condition. The estate does not automatically terminate upon violation of the condition, the owner must go through court to assert this right.
Contingent Remainder A known future interest in real property, provided some condition specified in deed records.
Cooperatives A form of multi-unit residential ownership in which a trust or corporation owns the property and the shareholders (beneficial owners) own stock and proprietary "leases" to individual units.
Correctional Lines Correction for curvature to the earth back to a full 6 miles made at every 4th Township line in the Governmental Survey System of land description
Curtesy A husbands legal life estate (1/3 interest) in his wife's property upon her death. **only in a few states
Datum A point, line or surface from which a vertical height or depth is measured
Defeasible Fee Estate AKA Qualified Fee. Estate in which the holder has a fee simple title that may be dI've step upon the occurrence or nonoccurrence of a specified event. *2 types: fee simple determinable & fee simple on condition subsequent.
Dower Used in some states to represent the interest the wife receives in property owned by her husband at the time of his death.
Emblements Farm crops (fructus industriales) of a tenant farmer, which are sold separately and considered personal property
Enabling Declaration A statement that commits a property to condiminium ownership. It defines the rights and responsibilities of individual owners in respect to maintenance and financial liabilities.
Estate
Ones legal interest in property-either freehold or non-freehold.
Fee Simple Estate The most complete and absolute ownership of real property. Holder is entitled to all rights to the property and is freely transferable, has an indefinite duration, and may be left to heirs. *All other estates are created from a fee simple estate.
Fee Simple Determinable An estate that may be "defeated" by failure of a condition determined in the deed, whereupon title automatically reverts to grantor.
Permanence of Investment One of four Economic Characteristics of Real Estate. Refers to the long payback period and stable nature of a real estate investment. -requires future projections on usage -zoning can stabilize value as investors can predict future use
Fixture Personal property item that has been converted to real property by being permanently attached to (an improvement) the realty.
Economic Characteristics of Real Estate 1.Scarcity 2.Improvement 3.Location 4.Permanence of Investment
Franchise An independent business that is permitted to use a common trade name after paying a fee and signing a contractual agreement. (e.g. Metro Broker, or Coldwell Banker)
Freehold Estates Real property ownership that is for an indefinite duration. (e.g. fee simple, life estate)
Fructus Natrales Plants, trees, and crops that are considered real property because they are not harvested.
Fructus Industrales Cultivated annual crops that when harvested are personal property.
General Partnership A business organizational form in which all partners actively participate in ownership and management and are liable for all debt and actions. (They share profits and losses)
Governmental Survey System (A.K.A. Rectangular Survey System.) One of 3 major land descriptions. Used for large parcels in non-urban areas. Based on principal meridians and baselines which form Quadrangles, Townships, Sections, and fractions of sections.
Improvements Man made items that are permanently attached to the land, such as buildings, patios, decks, sidewalks, sewers, etc.
Joint Tenancy A form of co-ownership in which one few simple title is undivided and shared equally among 2 or more owners with an automatic right-of-survivorship. *Four unities required to create joint tenancy: time, title, interest, and possesion.
Joint Venture A form of business organization in which two or more individuals come together for a business purpose and share in the profits or losses of the venture. It is treated like a partnership for tax purposes.
Land The surface of the earth from its core center up through the sky. Land includes all natural items permanently attached such as trees, water, and minerals
Legal Description A description of a property more accurate than street addresses and is required in contracts, deeds and other real property transfers. The 3 methods of legal descriptions are metes and bounds, governmental survey system, or subdivision (lot,block & tract)
Life Estate An interest in real property that is limited in duration to the lifetime of its owner or some other designated person or persons.
Limited Common Elements Those areas in a common interest community reserved for exclusive use by a particular owner, such as decks, storage areas, or parking spaces
Limited Liability Company (LLC) A form of business organization that combines the most attractive feature's of limited partnerships and corporations. Members enjoy limited liability and tax advantages.
Limited Partnership A business organizational form in which the general partners are liable for all debts and actions and *limited partners* carry no liability beyond the amount of their investment.
Lot, Block and Tract One of the 3 major land descriptions that identifies a parcel by reference to a recorded Plat map, using a lot number within a specific block which lies within a specific tract.
Master Deed Describes the physical location of the common and individual elements (units) of a condominium.
Metes and Bounds One of 3 major methods of land description. Used most often to describe irregular parcels of land that begins at a well-marked point and follows the property's boundaries, using directions and distance's around the tract, back to the place of beginning.
Mile A distance in a straight line measuring 5,280 feet.
Mineral Rights Rights to subsurface minerals, oil, and gas including the right to remove them.
Non-Freehold Estate Less that freehold. A nin-ownership or leasehold estate, which a tenant possesses real property.
Partition A court action or lawsuit to dissolve co-ownership of property when one (or more) co-owners want to sell a property, but others do not. The court may split or partition the property.
Personal Property Movable property, also known as chattels. All property that is not real property, or permanently attached, is personal property.
Planned Unit Development (PUD)
A community planned with a variety of individual ownership interests such as residential and shared interests of common recreation areas.
Point of Beginning (POB) The starting point, usually a monument, in a metes and bounds land description. For legal description to be complete, it must return to the POB.
Principal Meridian The main imaginary lines that run north and south, crossing a base line at a specific point. There are 36 principal meridians in the US.
Pur Autre Vie "For the life of another" A life estate that is measured by the life of a person or persons other than the grantee.
Quadrangles An area of land measuring 24 miles on each side.
Range A 6 mile wide strip of land or townships which run north and south of a baseline, and numbered east or west of a principal meridian. Used in the Governmental Survey System.
Real Estate Land plus all improvements (things permanently attached to it), running from the center of the earth up through the sky.
Real Estate Investment Trusts (R.E.I.T.S.) Trust ownership of real estate by a group of individuals who purchase certificate's of ownership in the trust, which in turn invests the money in real property and distributes the profits back to the investors free of corporate income tax.
Real Property Land plus all improvements (things permanently attached to it), and it also include's the bundle of rights--interests, benefits and rights inherent of ownership.
Plat The legal description in a map of a subdivision. It contains lot and block numbers and shows dimensions of each parcel. Used mostly in urban/suburban areas. Plat maps are "recorded" by filing with the county clerk and recorder.
Rectangular Survey System Synonym for Governmental Survey System
Remainder Estate A life estate that goes to a named 3rd party when the life tenant dies, also known as a vested remainder interest.
Right of Survivorship A key feature of joint tenancy whereby the deceased joint tenants ownership rights automatically pass to the surviving joint tenant(s).
S Corporation An IRS category of coronation that is treated like a partnership for tax purposes, avoiding taxation of corporate profits and subsequent taxation of dividends to shareholders (double taxation).
Sections One of 36 sub-units within a Township that is one mile square in the Governmental Survey System.
Securities Investments regulated by state and federal law where investors are inactive participants. *Investment condominiums with a mandatory rental pool agreement are regulated by the Securities and Exchange Commission.
State's Rights Concerning Property The legal rights states have concerning all property. These rights are:1.)Protect the health, safety and general welfare of the public (i.e. zoning), 2.)Tax the land, 3.)Escheat, and 4.)Eminent Domain
Subsurface Rights The rights of ownership below the surface, e.g., mineral and water rights--not including surface or air rights.
Surface Rights Rights to ownership that do nit include air rights or subsurface rights. *The ground to which you can attach improvements
Survivorship A feature of joint tenancy or tenancy of entirety whereby upon the death of one tenant, property automatically passes to the remaining tenant(s) rather than to the heirs of the deceased tenant.
Syndication A process for two or more people coming together to operate an investnent, such as partnerships, corporations, etc. *it is not a form of ownership.
Tenancy by the Entirety A form of co-ownership in some states between husband and wife giving both equal, and undivided interest in the property. Upon death of one party, the remaining spouse has a right of survivorship. While living, both parties must sign to sell property
Tenancy in Common A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Tenants in common have the right of inheritance.
Tenancy in Severalty Ownership by a sole person (individual, corporation, partnership).
Testamentary Trust A trust created at time of death by the will.
Tier A 6 mile wide row of townships, extending east and west and numbered north and south of a baseline in the Governmental Survey System.
Timesharing
Ownership or right-to use interest by multiple owners of undivided interests in a single real property for a specified period of time. Usually a resort, condominium, or hotel. The time period may be fixed or variable.
Township A 6 mile parcel of land in the Governmental Survey System. *contains 36 1 mile-square sections.
Trade Fixture Personal property attached by a commercial tenant to assist in a trade or business. If the tenant does not remove trade fixtures within a reasonable time after lease expires, they become property of the landlord.
Testate Having made and left a valid will.
Undivided Interest An ownership interest in a percentage of a property, including use/possession of the total property.
Annexation The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property.
Severance The act of separating real property from attachment to the land causing real property to become personal property. --the termination of a relationship as when a joint tenant transfers their interest; or breakup of 1 parcel of land to 2 or more parcels
Trustor A person or creates a trust.
Trust Fiduciary arrangement where an owner (trustor) conveys property or money to a 3rd party (trustee) who administer's the trust for the benefit of another person (beneficiary).
Living Trust A type of trust created during the lifetime of the owner (trustor).
Beneficiary The party who benefits from a trust; it is the lender in a deed of trust.
Trustee A 3rd party that administers a trust on behalf of the beneficiary and carries out the wishes of the trustor.
Inter Vivos Trust A trust under which property is transferred by a living trust or to a trustee with instructions for management of assets and for distribution of income. *Differs from a testamentary trust created by will and effective upon death
Water Rights
Special common-law right held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.
Condominium Ownership An estate in real property consisting in an individual interest in air space within a unit and an undivided interest in the common areas, such as the land, parking areas, elevators, stairways, etc.
Corporation A legal entity or organization under state law, whose rights of doing business are essentially the same as those of an individual. -managed by a board of directors -the liability of each shareholder is limited to their investment.
Deed Restriction Provisions placed in a deed to control future use of the property.
Easement by Condemnation Government acquisition of an easement for a public purpose through the right of eminent domain. Government must compensate the owner of the servient tenement for any loss in property value.
Homestead A tract of land owned and occupied as the family home. *In many states a portion of the area or value of this land is protected or exempt from judgements for debt.
Leasehold Estate The tenants right to occupy real estate, for a specified term. The landlord (lessor) possesses a right of reversion of the estate at the end of the lease term. *generally considered a personal property interest of the tenant
Revisionary Interest An interest retained by the creator of a life estate if no remainderman is named
Contour Map A topographic map showing the lay of the land of an area (works well for describing hilly terrain.)
Boundary Line
Something that shows where an area ends and another area begins. -if the boundary between 2 properties is a non-navigable stream, the property runs to the "thread" or the center of the main current
Created by: Rissabeth11