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1

Appurtenance

All rights or privileges that result from ownership of a particular property and that move with the title

2

Bill of sale

An instrument transferring ownership of personal property

3

Chattel

Personal Property

4

Deed

A written instrument that transfers interest in real property when signed by grantor and delivered to the grantee

5

Hereditaments

All the corporeal and incorporeal attributes of real estate that can be inherited

6

Highest and Best Use

The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper rate of interest, the highest present value of the land

7

Immobility

A physical characteristic of land describing the impossibility of relocating land from one place to another

8

Improvements

Structures, walls, roads, and so on

9

Economic Characteristics of Land

1. Scarcity
2. Permanence of Investment
3. Location (Situs)

10

Indestructibility

A physical characteristic of a land meaning that land is a perminent commodity and cannot be destroyed

11

Public Land Use Controls

City planning and zoning, state and regional planning, build codes, suitability for occupancy requirements, and environmental control laws

12

Protective or restrictive covenants

Regulations of land use in the private sector

13

Land

The surface of the earth, the area above and below the surface, and everything attached naturally (trees, crops) thereto.

14

Nonhomogeneity

A physical characteristic of land describing that land as a unique commodity
Or
Uniqueness

15

Personal property

All property that is not land and is not permanently attached to land. Everything that is movable.