Air Rights
The rights to the space above a piece of property
Ad Valorem Taxation
A tax based "according to valuation". Property taxes are based on the value of the property being taxed.
Annexation
The process of changing personal property to real estate
Board of Appeals
Local city or town committee that rules on matters of zoning variances
Building Code
A set of rules established by state or municipal government to regulate standards in the construction trades
Bundle of Rights
A concept used to describe all of the rights that an owner has in the property owned
Chattel
An article of tangible personal property
Chattel Personal
A chattel (item of personal property) that is movable.
Example: Furniture - a table.
Chattel Real
A chattel (item of personal property) that is associated with a piece of real estate.
Example: A lease.
Corporeal
Interest in property that is tangible such as buildings or trees as opposed to intangible such as an easement or a lease
Emblements
Growing crops that are produced annually through labor and industry. Considered personal property even before harvest. Also known as Fructus Industriales.
Eminent Domain
The right of the government (Federal, State or Municipal) to take title to private property for the common good; through the process known as condemnation.
Escheat
Process by which property reverts to the state when no will or heirs exist or when the property is abandoned
Fixture
An article of personal property that has become real property by being attached to the realty
Heterogeneity
Physical characteristics of being unique. Used in reference to real property. There is no exact duplicate (also known as non-homogeneity).
Improvements
Additions to real property that are intended to increase value (more than maintenance or repair)
Incorporeal
Intangible or non-possessory rights in real estate. No physical substance.
Example: Right of way
Intangible
Having no physical or material being.
Example: Right of way
Intestate
Property owner dies without a will or with a will that is defective. Property changes ownership through the state laws of descent.
Location
Economic characteristic of real property that indicates that value is affected by what exact site real property occupies including abutters, neighborhood and zoning
Long Term Investment
Economic characteristic of real property that indicates real property will last along time, more than a mortgage, often more than a lifetime as opposed to a short time - stocks, bonds etc.
Mineral Rights
Subsurface rights to real property. May be granted separately from surface rights as in rights to oil, gas, minerals etc.
Non-Homogeneity
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Personal Property
All property that is not real property. (An article that is movable and not attached to the realty). Also called personalty.
Personalty
All property that is not real property. (An article that is movable and not attached to the realty).
Police Power
The right of the government to enforce laws, statutes and regulations for the public welfare. Includes building codes and zoning ordinances.
Possession Rights
The rights to occupy real property. Often granted separately from other rights as in the case of a lease.
Property
The rights and interests (known as the Bundle of Rights) that an individual has in a thing that is owned. May be real or personal.
Real Estate
Land and whatever is attached to the land. Also known as Real Property or Realty.
Real Property
Land and whatever is attached to the land. Also known as Realty.
Realty
Land and whatever is attached to the land. Also known as Real Property.
Scarcity
An appraisal principal that a reduction in the availability or supply of a good will increase its value.
Severance
The process of changing real property into personalty.
Situs
Refers to characteristic of location.
Subsurface Rights
Rights to real property that are beneath the surface including mineral rights, water rights and easements such as underground utilities.
Surface Rights
Rights to real property on the surface of the property. (Not including rights above (air rights) or rights below, (mineral and other sub-surface rights).
Tangible
Having physical or material being such as height, width, mass, weight. (As opposed to intangible such as an easement).
Taxation
The right of the government to levy charges on a piece of property. One of the government limits to rights of ownership.
Trade Fixture
A fixture attached to real property as a part a tenant's trade or business. Can be removed by tenant at the end of the lease.
Variance
Permission to build, convert or otherwise use a parcel of property in violation of the zoning ordinances.
Zoning
An exercise of police power whereby a city or town limits property rights by determining what can be built within certain sections of a municipality.
1) The intent of the parties
2) The method of annexation
3) The agreement of the parties
Fixture Determination
1) Land is immobile
2) Land is indestructible
3) Land is unique
Physical Characteristics of Real Property
1) Scarcity
2) Improvements
3) Long-Term Investment
4) Location (Situs)
Economic Characteristics of Real Property
1) Control
2) Possession
3) Enjoyment
4) Disposition
5) Exclusion
Property Rights