Chapter 5-What is Real Estate Flashcards Preview

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Flashcards in Chapter 5-What is Real Estate Deck (22)
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1

Accretion

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

2

Air Rights

The right to use the open space above a property, generally allowing the surface to be used for another purpose.

3

Alluvion

Gradual depositing solid material,

4

Bill of Sale

A written instrument given to transfer title of personal property.

5

Bundle of rights

When a person purchases a parcel of real estate, he or she is actually buying the rights previously held by the seller.

6

Chattels

Movable personal property. Includes furniture, clothing, refrigerators and bonds.

7

Corporeal

Tangible assets. Such as Buildings and trees.

8

Deed

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

9

Devise

A gift of real property by will. The act of leaving real property by will.

10

Emblements

Growing crops, such as wheat and corn, that are produced annually through labor and industry; also call fructus industriales. Emblements are considered to be personal property of a tenant.

11

Erosion

The gradual wearing away of land by water, wind, and general weather conditions. The diminishing of property caused by the elements.

12

Fixture

An item of personal property that has been converted to real property. Examples: Heating system,mail boxes, kitchen cabinets, plumbing fixtures.

13

Front Foot

A standard measurement, one foot wide, of the width of the land, applied at the frontage on it street line. Each front foot extends the depth of the lot.

14

Real Property

Real Estate plus all the interests, benefits and rights inherent in ownership. Often referred to as Real Estate.

15

Trade Fixture

Items of personal property attached to real estate that is owned by a tenant and is used in a business; legally removable by tenant.

16

Avulsion

Sudden change of the course of a stream.

17

Hereditament

Anything that can be inherited.

18

Incorporeal

Intangible assets. Such as views or rights.

19

Situs

The personal preference of people for one area of land over another, not necessarily based on objective facts and knowledge.

20

Water Rights

Land bordering on oceans, sea, or large bodies of water. .

21

Littoral Rights

Refers to Lakes and other bodies of water.

22

Riparian Rights

Refers to Rivers, Streams, and waterways.