REAL ESTATE MARKET
SPECIFIC PLACE OR ECONOMIC SYSTEM WHERE GOODS ARE BOUGHT AND SOLD
SUPPLY AND DEMAND
THE ECONOMIC FORCES THAT SET PRICES FOR PRODUCTS
CHARACTERISTICS OF REAL ESTATE AFFECTING SUPPLY AND DEMAND:
UNIQUENESS, IMMOBILITY, EFFECT OF NATURAL DISASTERS OR CHANGES IN FINANCIAL MARKETS OR LOCAL EVENTS
WHAT WILL HAPPEN TO PRICES IF SUPPLY INCREASES RELATIVE TO DEMAND
PRICES WILL GENERALLY DROP
WHAT WILL HAPPEN TO PRICES IF DEMAND INCREASES RELATIVE TO SUPPLY
PRICES WILL GENERALLY RISE
FACTORS AFFECTING SUPPLY
LABOR FORCE, CONSTRUCTION MATERIAL AND COSTS, GOV'T CONTROLS AT ALL LEVELS AND GOV'T FINANCIAL POLICIES
FACTORS AFFECTING DEMAND
POPULATION, DEMOGRAPHICS, EMPLOYMENT AND WAGE LEVELS
LAND
THE EARTH'S SURFACE EXTENDING DOWNWARD TO THE CENTER OF THE EARTH AND UPWARD TO INFINITY, INCLUDING THINGS PERMANENTLY ATTACHED BY NATURE, SUCH AS TREES AND WATER
REAL ESTATE
THE LAND AND ALL THINGS PERMANENTLY ATTACHED TO IT BY EITHER NATURE OR PEOPLE (IMPROVEMENTS)
REAL PROPERTY
REAL ESTATE PLUS THE INTERESTS, BENEFITS, AND RIGHTS INHERENT IN THE OWNERSHIP OF REAL ESTATE
OWNERSHIP OF REAL PROPERTY
BUNDLE OF LEGAL RIGHTS; CONCEPT COMES FROM OLD ENGLISH LAW
BUNDLE OF LEGAL RIGHTS INCLUDE:
THE RIGHTS OF POSSESSION, CONTROL, ENJOYMENT, EXCLUSION, AND DISPOSITION
TITLE TO REAL PROPERTY INCLUDES:
RIGHT TO PROPERTY AND EVIDENCE OF OWNERSHIP BY DEED
APPURTENANCE
RIGHT OR PRIVILEGE ASSOCIATED WITH THE PROPERTY, ALTHOUGH NOT NECESSARILY A PART OF IT
SURFACE RIGHTS
MAY BE SOLD OR LEASED TO OTHERS
SUBSURFACE RIGHTS
INCLUDES RIGHTS TO MINERALS AND OTHER SUBSTANCES UNDER THE EARTH'S SURFACE. MAY BE SOLD OR LEASED TO OTHERS BUT INDEPENDENT OF SURFACE OWNERSHIP
AIR RIGHTS
MAY BE SOLD OR LEASED INDEPENDENT OF SURFACE OWNERSHIP AND HAVE BECOME AN OWNERSHIP ISSUES DUE TO SOLAR ENERGY APPLICATIONS THAT REQUIRE DIRECT ACCESS TO SUNLIGHT
WATER RIGHTS
RIGHTS HELD BY OWNERS OF LAND ADJACENT TO RIVERS, LAKES, OR OCEANS
RIPARIAN RIGHTS
TYPE OF WATER RIGHTS GRANTED TO OWNERS OF LAND ALONG A RIVER, STREAM, OR SIMILAR BODY OF WATER
LITTORAL RIGHTS
TYPE OF WATER RIGHTS OF OWNERS WHOSE LAND BORDERS COMMERCIALLY NAVIGABLE LAKES, SEAS, AND OCEANS
ACCRETION
INCREASES IN LAND RESULTING FROM DEPOSIT OF SOIL BY WATER'S ACTION
EROSION
LOSS OF SOIL BY GRADUALLY WEARING AWAY BY NATURAL FORCES
AVULSION
SUDDEN REMOVAL OF SOIL DUE TO AN ACT OF NATURE
DOCTRINE OF PRIOR APPROPRIATION
THE RIGHT TO USE ANY WATER, EXCEPT FOR LIMITED DOMESTIC USE, CONTROLLED BY THE STATE RATHER THAN THE ADJACENT LANDOWNER
PERSONAL PROPERTY
ALL PROPERTY THAT DOES NOT FIT THE DEFINITION OF REAL PROPERTY AND IS MOVABLE; ALSO REFERRED TO AS CHATTELS.
REAL PROPERTY OR FRUCTUS NATURALES
PLANTS, TREES, PERENNIALS THAT DO NOT REQUIRE ANNUAL CULTIVATION
PERSONAL PROPERTY OR FRUCTUS INDUSTRIALES
PLANTS, CROPS, ANNUALS WITH A GROWING SEASON OF LESS THAN ONE YEAR AND ALSO KNOWN AS EMBLEMENTS
SEVERANCE
AN ITEM OF REAL PROPERTY MAY BE CHANGED TO PERSONAL PROPERTY THROUGH SEVERANCE. TREES ARE REAL ESTATE THAT BECOME PERSONAL PROPERTY WHEN AN OWNER CUTS THEM DOWN.
ANNEXATION
AN ITEM OF PERSONAL PROPERTY MAY BECOME REAL ESTATE BY ANNEXATION. CONSTRUCTION MATERIALS ROUTINELY BECOME REAL ESTATE.