RE Unit 1 Glossary Flashcards
All property other than real estate is known as …
Personal Property
Real estate consists of three things: land, improvements, and …
Rights
Land, its improvements, and the rights to own or use them are collectively called…
Real Estate
Land is not considered a ______________ asset because it cannot be sold quickly.
Liquid
When articles of personal property are permanently attached to the improvements, they become ________________.
Fixtures
Before a new building can be inhabited, a
____________ is required.
Certificate of Occupancy
Permission to vary from strict compliance with zoning requirements may be obtained in the form of a …
Variance
When a previously established use does not comply with the requirements of a new zoning ordinance, it may be allowed to continue as a…
non conforming use
Townships, sections, and meridians are used in the
______________form of legal description.
Rectangular Government Survey
A legal description that uses compass degrees is…
Metes and Bounds
The type of legal description used in most urban areas is …
Lot, Block and Subdivision (recorded plat)
A _____________ may be used to separate two incompatible zoning uses.
Buffer Zone
Real estate and fixtures are transferred with a…
Deed
Personal property is transferred with a…
Bill of Sale
The common way for streets in a development to become dedicated for public use is through recording…
Subdivision Plat
