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realestate terms
Kamienski realestate terms
| term | definition |
|---|---|
| Real Property | consists of the land plus whatever is affixed to the land |
| Personal Property | anything that is not real property |
| trade fixture | a fixture that is attached to the real estate as part of of the tenant's trade or business |
| 3 characteristics of real property | land is immobile, indistructible, and unique |
| Economic Characteristics of Real Property | Scarcity, Improvements, Long term investment, and Location |
| 5 major property rights | Control, possession, enjoyment, disposition, and exclusion |
| Chattel | an article of personal property |
| Chattel Real | stays with the property such as a lease |
| Emblements | crops that are produced annually are personal property |
| Fixture | personal property that becomes real property |
| Severance | the process of changing from real property to personal property (cutting down a tree for firewood) |
| Annexation | the process of changing from personal property to real property( installing a wall to wall carpet) |
| 3 factors for fixture determination | The intent of the parties, method of annexation, agreement of parties |
| 4 rights of government to our property | eminent domain, police power, taxation, escheat |
| police power | laws that are enforced on our property such as zoning ordinaces and building codes |
| Variance | permission to build, convert, or otherwise use a parcel of property in violation of zoning ordinances |
| Local Board of Appeals | the place where variances are granted or denied |
| Building Codes | a set of standards various trades must adhere to when renovating or building property |
| A Valorem Taxation | the right of a city or town to levy and collect taxes based on the assessed value of property |
| Escheat | if a person dies without a will disposing of his property the ownership transfers to the state |
| Corporeal | tangible rights of property ownership such as improvement on or to the land |
| Incorporeal | intangible rights such as "right of way" over adjoining land |
| Estate | bundle of rights and interests that an individaul has in land |
| Freehold estate | last for an indefinate period of time, 4 types fee simple, fee simple determinable, fee simple of condition subsequent, and life estate |
| Non-freehold estate | exist for a definate period of time |
| Fee Simple | The highest form of estate possible, the owner has all the rights and the estate may be given away, sold or inherited, has no time limit |
| Fee Simple determinable | a qualified estate where a condition is attached where if violated the estate automatically reverts back to the person who created the estate or the heirs |
| Fee simple on condition subsequent | a qualified estate where if a condition is violated the prior owner has a right to reclaim the estate but the process is not automatic |
| Life estate | an estate given by the grantor (seller) to the grantee ( buyer) for life, when the buyer dies the property is passed to a third party callled the remainderman |
| Reversionary | when the grantor names himself as a remainderman in a life estate |
| Homestead | an estate that protects the occupants of the family home from personal debt |
| Concurrent estate | when 2 or more individuals hold an estate together, 3 types: Tenancy by the entirety, Joint Tenancy, or Tenancy in Common |
| Tenancy by the entirety | reserved for husbands and wives, has right of survivorship |
| Joint Tenancy | a form of ownership where 2 or more people own the same land with right of survivorship |
| Tenancy in Common | when 2 or more people have shares in the same property with no right of survivorship |
| Easement | the right one person has ( Dominant Estate) in the land of another ( servient estate) |
| Easement Appurtenant | 2 peices of property, adjacent or not, ex. common driveway, the right to travel over other land is stated witht he deed |
| Easement in Gross | held by an individual or company, personal in nature and runs with the user of the land, when the user dies , so does the easement |
| Easement by necessity | created when land is sold that can only be reached by crossing abutting land owned by the seller (Owner must be granted access over the land of another) |
| Easement by prescription | established by 20 yrs of open, notorious use |
| License | use that is permitted by an owner of a peice of property for a specific purpose |
| Curtesy | the husbands right to 1/3 of the wifes estate |
Created by:
bkamienski
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