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NE Real Estate
NE Real Estate Unit 1-5 B
| Term | Definition |
|---|---|
| base lines | imaginary lines going E/W forming boundaries of townships |
| point of beginning (POB) | starting point, in a metes and bounds land description |
| escheat | gov't right to take title to the land if the owner dies with no heirs and no will |
| riparian right | allocating water among those who posses land along |
| real estate (RE) | land plus all improvements permanently attached |
| subsurface rights | rights to land below the earths surface |
| avulsion | loss of land washed away by nature |
| trustor | a person who created a trust |
| surface rights | rights to ownership, attach improvements |
| Personal Property (PP) | moveable property |
| mile | 5,280 ft |
| land | surface of the earth |
| improvements | man made items permanently attached |
| estate | one's legal interest in property |
| principal meridian | imaginary lines run N/S, crossing a base line |
| timesharing | multiple owners of undivided interests in a single RP for specified period of time |
| condo ownership | individual interest in airspace w/in a unit undivided common interest in the common areas |
| air rights | rights to use the air above a property |
| Attachment (fixture) | the manner in which a fixture is attached |
| bundle of rights | Disposition, exclusion, enjoyment, possession, control (DEEPC) |
| condominium bylaws | rules and structure a condo homeowners association |
| condominium owners association | self governance by owners adoption and enforcement of bylaws |
| Planned unit developments (PUDs) | community's zoning regulations-flexible use |
| non-freehold estate | non-ownership, a tenant possesses in RP |
| monuments | markers used as points of beginning |
| mineral rights | rights to subsurface minerals oils and gas |
| pur autre vie | duration of the life of a person |
| living trust | a legal document created by the grantor during his/her lifetime; bypass probate |
| S corporation | IRS category of corporation avoiding taxation of corporate profits |
| life estate | interested in RP limited to the duration of someone's life |
| joint venture | come together for a business purpose and share profits or losses |
| real estate investment trust (REIT) | RE mutual fund, income tax laws to avoid corporate tax |
| Real Property (RP) | land plus all improvements, plus bundle of rights |
| remainder estate (remainder interest) | life estate goes to a named 3rd party when life tenant dies |
| severance | act of separating RP from attachment to the land |
| fixture | PP item that is permanently attached |
| franchise | independent business that is permitted to use a common type trade name |
| freehold estate | RP is for an indefinite duration |
| right of survivorship | property automatically passes to remaining tenant(s) |
| general partnership | actively participate in ownership, liable for all debt and actions of the partnership |
| tenancy by the entirety | lawfully married couple giving both spouses equal interest in whole property |
| joint tenancy | one fee simple title is undivided and share equally; right of survivorship; creates joint tenancy: time, title, interest and possession |
| limited partnership | no liability beyond the amount invested |
| limited liability company (LLC) | organization treated like a partnership; "S" corporation |
| partition | court action to dissolve so-ownership of property |
| limited common elements | areas reserved for exclusive use by |
| quadrangles | area of land, 24 miles on each side, 16 townships |
| township lines (range) | 6 mile wide columns; #E/W of principal meridian |
| lot and block system | a lot # w/in a specific black which lies a specific tract the basis of legal description |
| section | unit of land; 1 mile long on each 4 sides and contains 640 acres |
Created by:
SevitaM
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