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NE Real Estate
NE Real Estate Unit 1-5 A
| Term | Definition |
|---|---|
| taxation | primary source of revenue for cities and counties |
| situs | place where something is located |
| police power | power of gov't to control use of real estate |
| encumbrance | a burden, that reduces a property's value or use |
| license | right as opposed to an ownership interest |
| condemnation | gov't exercises right of eminent domain; unfit for human habit |
| appurtenant easement | attaches to and benefits the adjacent land |
| fee simple estate | most complete and absolute ownership of RP |
| condition subsequent | requirement of a defeasible fee, the grantee's title depends on a specific condition |
| government check | area bounded by 2 guide meridians and 2 correction lines; 24 sq miles |
| fee simple determinable | failure of a condition; automatically reverts to the grantor |
| defeasible fee (qualified fee) | ownership estate in which fee simple title may be "defeated" by either |
| fructus industriales (emblements) | cultivated annual crops; are PP |
| homestead protection | protecting against the forced sale of a person's home |
| appurtenance | rights, privileges and improvements |
| master deed | describes the physical location of the common and individual elements of a condo |
| easement of condemation | gov't acquisition of an easement for a public purpose through its right of eminent domain |
| annexation | attaching PP to the RP so it becomes a fixture |
| deed restrictions (deed covenants) | provisions placed in a deed to control future use of the property |
| fructus naturales | plants, trees and crops, considered RP |
| economic characteristics of real Estate | Scarcity, improvements, location, permanence of investment, assembalge |
| contingent remainder | future interest in RP |
| rectangular survey system | 1 of 3 major methods of land description; based on principle mer/baselines which form quad/townships/sections |
| metes and bounds | describe irregular parcels; metes: measure length; bounds: boundaries |
| benchmark | point or marker; to establish elevations and altitudes above sea-level |
| emblements | farm corps of a tenant farmer |
| agreement of parties | nature of an item to be utilized with realty |
| erosion | a gradual loss of soil due to nature |
| encroachment | protrusion on the adjacent |
| littoral rights | use the water of a lake of sea boarding land |
| lien | debt or charge satisfied our of the property |
| partnership | 2 or more individuals continue business for profit as co-owners |
| co-ownership | title ownership held by 2 or more person's |
| separate property | property owned solely before marriage, gift or inheritance during the marriage, or funds after the marriage |
| PITT | Possession, interest, time, and title |
| townhouse | 2 floors connected to one or more dwellings by a common wall/walls; title to unit and rest shares fractional interest |
| severalty | ownership of RP by on person only |
| states rights concerning property | protect the health, safety and general welfare of the public; tax the land; escheat; eminent domain |
| securities | regulated by state and federal law where investors are inactive participants |
| reversionary interest | RP interest retained by a landlord during term of lease |
| permanence of investment | long payback period and stable nature; requires future projections on usage |
| datum | a point; a vertical height or depth is measured |
| plat | form of a subdivision; lots/block #'s of each parcel |
| cooperative (cooperative ownership or COOP) | form of ownership in which each owner owns shares in a corporations which owns the entire property |
| common elements | property owned by either spouse; equally owned by both |
| corporation | legal entity; association of one or more individuals but existing separately from such individuals |
| legal description | more accurate than street address; has 3 methods of description (look what 3) |
| boundary line | something that shows where an area ends and another begins |
Created by:
SevitaM
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