Real Estate Terms Flashcards
Real Property
Is the land plus things permanantly attached either by nature or by man. for example, the lot plus the house, well, fence trees, bushes, etc., would be considered real property.
Real Estate
Refers to any interest in land whether it is freehold, nonfreehold, leasehold, corporeal, or incorporeal.
Land
is best described as the surface of the earth extending downward to the center of the earth and upwards to infinity, including things put there by nature such as trees and water.
Personal property
personal property is said to be all property that does not fit the definition of real property. Real property is ordinarily not moveable and personal property is ordinrily moveable. personal property is sometimes called “personalty” or “chattel” property.
Chattel Real
A personal property interest in real property. This would include documents such as leases, mortgages, and land contracts where the holder of the document has no actual ownership of real property but only an interest in something that attaches to the real property.
emblements
Sometimes called “fractus industrials” or fruits of the industry, are annual growing crops. they must be replanted each year. Corn, Tobacco, Soybeans, and wheat would be examples. emblements are considered to be personal property. For example, the tenant planted wheat and the tenant has the right to reap the wheat. the wheat is now considered to be an emblement or personal property.
Improvements
something added to the property that would increase its value such as a fence or a driveway. An improvement made to one property may not be an improvement to the surrounding properties.
Appurtenances
Would be anything that belongs to the real property. It may actually be part of the real estate such as a building, or it could be something that is not part of the real estate such as an easement, or water rights that run with the land.
Fixtures
An article of personal property that has been permanently attached to the real estate. Examples: light fixtures, plumbing fixtures, air conditioning systems etc.
Trade fixtures
are fixtures used in a trade or business by a tenant and are sometimes called “chattel fixtures” as they are normally considered to be personal property. The tenant normally must remove trade fixtures before the lease expires.
accession
trade fixtures that are not removed by the tenant before the lease expires normally become property of the landlord. This is called an act of accession.
amenities
are features both tangible and intangible that add to the value of the property. it may be part of the real estate such as a swimming pool, or something not part of the real estate like a good view.
Mineral rights
we own the mineral rights below the surface of the earth.
Littoral rights
Refers to ownership of property along large lakes, seas, or oceans that are affected by the tide currents. in this case, ownership of the land i to the mean (avg.) high water mark
Riparian rights
Thw word riparian literally means “river bank”. Therefore, riparian rights are normal associated with ownership of property along bodies of water that flow such as a creek or a river. when dealing with riparian rights, we must often determine if the stream is navigable or non navigable.
Doctrine of prior appropriation
in states such as california and nevada where water is scarce, the right to use any water, with the exception of limited domestic use, is controlled by the state rather than the adjacent landowners.
Reliction
Gaining title to land by the receding of water is said to be a process of reliction. For example, if the ocean moves away from the land; according to littoral rights, we still own to the high water mark.
erosion
is the gradual wearing away of land such as by mobing water.
accretion
that which erodes away may build up somewhere else. this building up process is called accretion.
alluvion (alluvium)
the actual material involved in the erosion and accretion process such as mud and sand is called alluvion/alluvium.
contiguous
the word contiguous means “next to”. if two parties own property along a stream and the stream is the dividing line between the two properties, each property is said to be contiguous to the stream
Avulsion
Is the sudden tearing away of land such as by an earthquake or mudslide.
Air rights
since ownership of land extends upward to infinity, we also own the air space above our land
Bundle of legal rights
owning a piece of property is very much like owning a bundle of sticks. you can take out one stick and sell that stick or you can keep that one stick and sell everything else.
Legal Descriptions
is an exact way of describing real estate in a contract, deed, mortgage or other document in a way it would be accepted by a court of law.
Metes and Bounds
Are sometimes called measurements and directions. It is also called courses and distances. These measurements and directions are often based on monuments. Monuments are fixed objects uesed to establish real estate boundaries.
Lot and block system
we use the lot and block system in this part of the country. if you live in a subdivision, you may live on a lot, which is in a block, which is described on the plat of the subdivision.
Government survey system
this system, sometimes called the rectangular survey system, is not used in this part of the country
Estate
the word estate came from the feudal system where a person’s “status” was determined primarily by the amount of land they owned. today estate refers to the degree, quantity, nature and extent of ownership one has in real property. To have an estate, one must in some way possess the real property. If the possession is by lease, it is called a leasehold estate. if the possession is by ownership, it is a freehold estate.
tenancy
a tenancy may be created by ownership, holding the title to the property, or it may be created by a lease that would give you possession of the property, but not ownership.
interest
An interest in real property involves one’s rights, powers, privileges and or immunities.
fee
the word fee means it can be inherited. Today the word fee is used to indicate the degree of ownership one has in real property.
