Real Property
Land, anything that is permanently attached to the land and everything that is appurtenant to the land.
Personal Property/Personalty
Everything that is not land or that is not permanently attached to the land.
Chattel
Movable.
Land
Earth's surface to the center of the Earth and the airspace above the land, including the trees and water.
Real Estate
Land, anything that is permanently attached to the land and everything that is appurtenant to the land.
Bundle of Legal Rights
Right to possession and use, the right to exclude others, the right to profit from the land, and the right to depose of or encumber the land.
Non-homogeneity/Heterogeneity
Uniqueness of land.
Situs
Location, that takes into consideration social factors in addition to economic factors.
Highest and Best Use
The use that will give the owners the greatest actual return on their investment.
Market
Place where good are bought and sold, where value for those goods is established, and where it is advantageous for buyers and sellers to trade.
Business Cycles
Upward and downward fluctuation in business activity.
Improvements
Fences, swimming pools, flagpoles, driveways, as well as things growing naturally in the soil without cultivation.
Bill of Sale
Instrument that may be used to transfer ownership of personal property.
Immobility
Land cannot be relocated from one place or another.
Indestructibility
Land is a permanent commodity and it cannot be destroyed.
Scarcity
Availability in short supply in comparison with demand.
Land Use Controls
City planning and zoning, state and regional planning, building codes, suitability for occupancy requirements and environmental control laws.
Realtor
Registered trademark, and it identifies licensees who are also members of the local, the state, and national association.
Free Market
One in which the buyers and seller negotiate a purchase and sale without undue pressure, urgency, or outside influence other than the principle of supply and demand.
Closing
Settlement; the consummation of a real estate contract.