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MA Real Estate

Property and Property Rights

TermDefinition
Air Rights The rights to the space above a piece of property.
Ad Valorem Taxation The right of a city or town to levy and collect taxes. (Based according to valuation. Property taxes are based on the value of the property being taxed.)
Annexation The process of changing from personal property to real property. (ex. installing a new sink as a fixture).
Board of Appeals Local city or town committee that rules on matters of zoning variances.
Building Codes A set of rules established by state or municipal government to regulate standards in the construction trades.
Bundle of Rights A concept used to describe all the rights that an owner has in the property owned.
Chattel An article of tangible personal property.
Chattel Personal Item of personal property that is movable. for example: furniture - a table.
Chattel Real Item of personal property that is associated with a piece of real estate. for example, a lease.
Corporeal Interest in property that is tangible such as buildings or trees as opposed to intangible such as an easment or a lease.
Emblements Growing crops that are produced annually through labor and industry and are considered personal property. A tenant has the right to such crops, resulting from their labor, even if the harvest occurs after the tenancy ends - aka Fructus Industriales.
Eminent Domain The right of the government (Federal, State, or Municipal) to take title to private property for the common good; through a process known as condemnation.
Escheat Process by which property reverts to the state when no will or heirs exist or when the property is abandoned
Fixture An article of personal property that has become real property by being attached to the realty.
Heterogeneity Physical characteristic of being unique. Used in reference to real property. There is no exact duplicate (aka: non-homogeneity).
Improvements Additions to real property that are intended to increase value (more than maintenance or repair).
Incorporeal Intangible or non-possessory rights. No physical substance. (ex. a right of way).
Intangible Having no physical or material being. (ex. a right of way)
Intestate Property owner dies without a will or with a will that is defective. Property changes ownership through the state laws of descent.
Location Economic characteristic of real property tht indicates that value is affected by what exact site real property occupies including abutters neighborhood and zoning.
Long Term Investment Economic characteristic of real property that indicates real property will last a long time, more than a mortgage, often more than a lifetime as opposed to short time - stocks, bonds, etc.
Mineral Rights Subsurface rights to real property. May be granted separately from surface rights as iin rights to oil, gas, minerals, etc.
Physical Characteristics of Real Property Land is immobile, indestructible and unique.
Personal Property All property that is not real property. An article that is moveable and not attached to the realty. (aka personalty)
Personalty See personal property
Possession Rights The rights to occupy real property. Often granted separately from other rights as in the case of a lease.
Property The rights and interests that an individual has in a thing that is owned. May be real or personal.
Real Estate Land and whatever is attached to the land. Also known as real property or realty.
Real Property Land and whatever is attached to the land. Also known as real estate or realty.
Realty See Real Estate
Scarcity An appraisal principle that a reduction in the availability or supply of a good will increase its value.
Severance The process of changing from real property to personal property (ex. cutting down a tree to make firewood).
Situs Refers to characteristic of location
Subsurface Rights landowners interest in the property below the surace to access oil, gas, or other solid minerals (mineral rights).
Surface Rights Rights to real property on the surface of the property.
Tangible Having physical or material being such as height, width, mass, weight.
Taxation The right of the government to levy charges on a piece of property. One of the government limits to rights of ownership.
Trade Fixture A fixture attached to real propertyas part of a tenant's trade or business. it can be removed by the tenant at the end of the lease.
Variance Permission to build, convert or otherwise use a parcel of property in violation of the zoning ordinances.
Zoning An exercise of police power whereby a city or town limits property rights by determining what can be built within certain sections of a municipality.
Police Power The right of the government to enforce laws, statutes and regulations for the public welfare. includes building codes and zoning ordinances.
Testate An individual who dies with a will.
Testator One who dies testate - with a will.
Condemnation The administration of judicial procedure used when taking land by local, state or federal government for the public good called eminent domain.
Economic Characteristics of Real Property scarcity, improvements, long-term investment and location (situs).
Property Rights Control; Possession; Enjoyment; Disposition; Exclusion (aka bundle of rights)
Control A property right to use at your discretion within the law.
Possession A property right to hold and use or not to use as in a lease
Enjoyment A property right to use without others infringing on your rights
Disposition A property right to sell, convey or will as you choose
Exclusion A property right to limit others from entry as you choose.
Government Limits to Property Rights Eminent Domain; Police Power; Taxation; Escheat
Created by: mkenziemay