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Flashcards in Terms and Principles Deck (41)
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1

Real Estate

the physical land and everything attached to it; tangible; immovable; unique.

2

Real property

rights, benefits, and interests inherent in ownership of real estate; conveyed by deed.

3

4 powers of government

-escheat
-police power
-eminent domain
-taxation

4

Escheat

gives government title to a property if the owner dies without a will or heirs.

5

Police power

the right of government to regulate property to protect public health and safety, morals and the general welfare

6

taxation

allows state and local governments to raise revenue through assessments

7

eminent domain

the right of government to take private property for public use upon the payment of just compensation

8

fee simple

absolute ownership unencumbered by any other interest or estate

9

Leased fee

ownership interest held by landlord

10

leasehold

possessory interest held by tenant

11

Easement

the right to use another land for a stated purpose; conveys use, but not ownership.

12

realty

a term used to distinguish either real property or real estate from items of personal property

13

personal property (personalty)

moveable items of property that are not permanently affixed to real estate.

14

fixture

item of personal property permanently installed or affixed to real estate

15

trade fixture

personal property brought on a property by a tenant for use in conducting business

16

improvements pertaining to realty

personal property that cannot be removed without substantial physical damage or economic loss.

17

Historical cost

the actual cost to create something

18

replacement cost

the estimated to construct, at current prices as of a specific date, a substitute for a building

19

reproduction cost

the estimated cost to construct at current prices as of effective date of the appraisal, and exact duplicate or replica.

20

price

the sum of money or goods asked or given for something

21

value

the monetary worth of something to a buyer or seller at a given time

22

value in use

the value a specific property has for a specific use or to a specific person

23

value in exchange

the value a property has to a persons generally.

24

fair market value

highest price, date of valuation, seller, being willing to sell, ready, willing and able to buy, full knowledge of all the uses

25

Most probable selling price

the price at which a property would most probably sell if exposed on the market for a reasonable time under the market condition

26

Highest price

the highest price is the basis of establishing the fair market value of property taken under eminent domain law in california

27

Demand

reflects the needs of consumers

28

utility

the ability of a product to satisfy a human want, need, or desire

29

scarcity

the present or anticipated supply of an item relative to the demand for it

30

transferability

effective purchasing power