property
anything that can be owned or possessed
tangible property
physical things, such as automobiles, clothing, land, and buildings
intangible property
nonphysical and include contractual rights, financial claims, interests, patents, or trademarks
real estate
the land and the things attached to the land
improvements on the land
any fixed structures such as buildings, fences, walls, and decks
improvements to the land
components necessary to make the land suitable for building construction or other uses, such as streets, sidewalks, and utilities
raw land
does not include any improvements or structures
real property
rights associated with ownership of land and all permanent attachments to land.
personal property
things that are moveable and not permanently fixed to the land. ex: motor home
acre
43, 560 sq ft
space market
Potential occupants, both owner-occupants and tenants, or renters competing for physical location and space
asset market
the financial sector of the economy that serves to allocate financial resources among households and firms requiring funds
assessment lien
lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share
attach
to place a lien on real property
condominium
an ownership that combines a fee simple estate for ownership of individual units and tenancy in common for ownership of common areas - describes an ownership form not construction
condominium bylaws
the official rules and regulations that govern condominiums ownership
deed restriction
limitations imposed on the use of land and structures by clauses in a deed
dower
a common law provision that grants a wife a one third life estate in all of the real property of a decedent husband
easement
a right that the owners of another property may have to use ones land for a specific limited purpose
easement appurtenant
a right of use that continues from owner to owner that involves a relationship between two parcels of land; becomes a permanent feature of both parcels
easement in gross
the right to use land for a specific, limited purpose unrelated to any adjacent parcel
right of exclusive possession
right that states you can decide who uses your real estate
right of use
right that states you can enjoy the benefits of your property
right of dispossession
right that states you can get rid of your real estate as you see fit
fee simple absolute estate
most common estate; includes a complete set of rights
fee simple conditional estate
estate ownership contingent on a specified condition
reversion interest
Owner of a fee simple interest transfers an interest which, when terminated, reverts back to the owner.
life estate
estate in which ownership is granted "as long as" a specified person is alive
remainder interest
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
tenancy for years
leasehold estate with predetermined beginning and end dates
periodic tenancy
leasehold estate with no predetermined beginning or end dates; automatically renews until sufficient notice of termination is given
tenancy at will
leasehold estate with no set termination date or period; lease can be terminated without notice by either party
tenancy at sufferance
leasehold estate in which a tenant possesses a property against the landlord's wishes
tenancy in common
least restrictive type of co-ownership; property is owned jointly and rights are shared equally
joint tenancy
type of co-ownership in which shares cannot be transferred are inherited; upon death of shareholder, remaining shares are divided amongst living shareholders
tenancy by entirety
joint tenancy of marriage
deed
written document that conveys permanent interest in real property
covenants
set of legally binding promises that a deed grantor makes to the grantee
covenant of seisen
grantor promises full ownership of property in question
covenant against encumbrances
grantor promises there are no liens, easements, or other encumbrances on property
covenant of quiet enjoyment
grantor promises their will be no additional claims on the land
covenant of further assurance
grantor promises that if anything is omitted that the grantor will fix the problem
words of conveyance
part of a deed that establishes grantor intention and establishes the type of deed
habendum clause
part of a deed that establishes type of interest being conveyed: establishes easements or creates FSCE, etc
general warranty deed
deed that includes all four covenants; highest quality deed
special warranty deed
deed that includes all four covenants but the covenant against encumbrances applies only to the period of time the previous owner was in ownership of the property
deed of bargain or sale
deed that includes no covenants; implies grantor has title and right to convey it
quitclaim deed
deed that includes no covenants; transfer any interest that grantor has to grantee
building codes
detailed standards for construction of new property and for improvements to existing property
zoning
regulation of land use, property density, and building size by creating geographical districts of similar use
eminent domain
the government's right to acquire land for public use as long as the owner is justly compensated
inverse condemnation
processes by which a landowner sues the government for damages to property brought on by land use control
market value
most probable selling price of a property
assessed value
a percentage of market value; found by using individual state's assessment percentages
taxable value
value of a property use to calculate property tax; found by subtracting tax exemptions from assessed value