Section 1
Multiple Listing Service
A marketing organization composed of member real estate professionals who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own.
Gentrification
A process of converting a neighborhood from low-income to middle-class; property revitalization
Appurtenance
A right, privilege, or improvement belonging to, and passing with, the principal property. It is not necessarily a part of the property. example: a right of way through a neighbors land
Concrete Footers
A base that a foundation sits on
Monument
A boundary marker in a fixed and identifiable position. May be man-man (stake or post) or natural (boulder or tree). Used most commonly in metes and bounds land description
Per Capita
Per person, or per head
Commercial Property
Property that refers to retail and office properties and industrial real estate
Base Line
Imaginary line running east and west used by surveyors as a reference in describing land under the government survey method.
Abutting
Bordering, adjacent to, physically adjoining.
Ground Water
Water found below the Earth's surface.
Blueprints
a drawing of a design plan
Heir
a person who is entitled by law or by the terms of a will to inherit the estate of another
Bay Window
a window that sticks out from the outer wall of a house and usually has three sides
Furlong
220 yards
Typical buyer
A buyer that is acting in his or her own best interest, without undue pressure, influence or emotional attachment, and would rationally and readily accept a less expensive substitute if one were available in the marketplace.
Realtor
A copywriter term used to designate a member of the National Association of Realtors. He is also a member of state and local boards
Benchmark
A formal reference marker, placed by a surveyor at a known elevation point from which elevations in a topographical survey may be calculated.
Concrete Slab
A foundation made from a layer of poured concrete reinforced with rebar.
Holographic Will
A handwritten will; a will written completely in the makers handwriting and then signed and dated
Domicile
A home; residence
Doctrine of Prior Appropriation
A legal philosophy that allows a first user to continue diverting water.
Meridian
A line of longitude that runs north-south. All lines of longitude are equal in length and intersect at the poles.
Plat
A map or survey of a subdivision
Government Survey Method
A method of land description that utilizes imaginary grid lines.
Metes and Bounds Method
A method of land description utilizing measurements and boundaries
Lot, Block, and Subdivision method
A method of land description utilizing recorded plats
National Association of Realtors
A national trade organization of real estate brokers and salesmen. Members are referred to as Realtors, which is a copyright term.
Subdivision
A parcel of land that has been divided into smaller lots for homesites or other uses
Genreal Partnership
A type of partnership in which all partners share equally in both responsibility and liability
Former Will
A will that has been drafted, signed, and witnessed
Trade name
An adopted name under which an individual or firm does business
Home inspection
An examination of a home's construction condition and internal systems by an inspector or contractor prior to purchase
Supply and demand
An economic concept that states that the price of goods rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
Fructus Industriales
Annual Plantings that require cultivation considered personal property.
Personal Property
Any property other than real property; chattels
Political Unit
City-state
Parallel Lines
East-West lines in the government survey method
Real estate
Land, Realty, Real Property
Riparian Rights
Legal rights possessed by owners of property that borders a river, stream, or other natural watercourse
Bundle of Rights
Legal rights that go with the ownership of property.
Situs
Location preference of a parcel of land from an economic standpoint
Per stripes
Method of proportionately dividing an estate between beneficiaries
Inherit
Money or other assets given to a party upon one's death, also known as bequest
Meridan Lines
North-South lines in the government survey method
Trade Fixtures
Personal property affixed to real property that is essential to a business and that is removed by the lessee
Fixture
Personal property that is permanently attached to real property and goes with the property when it is sold
Radon Gas
Radioactive material that comes up from the ground and can penetrate basements
Public Record
Records of a public office
Dower Rights
Rights a wife has to her husband's estate upon his death
Indemnity
Security or protection against a loss or other financial burden
Attachement
Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgement
Buyer's Market
Supply high, price low
Property
That which is legally owned by an individual
Government Check
The 24-mile-square parcels composed of 16 townships in the rectangular (government) survey system of legal description.
Common Area
The area in a condominium project that is shared by all of the condominium owners, such as elevators, hallways, and parking lots.
Assemblage
The combining of two or more adjoining lots into one larger tract to increase their total value.
Littoral Rights
The lawful claims of a landowner to use and enjoy the water of a lake or sea bordering his land.
Setback
The legal distance that a building must be from property lines
Amenities
The intangible aspects of property that give pleasure and satisfaction to the owner such as attractive design, good view, etc.
Errors and Omissions Insurance
The name used to describe a type of malpractice insurance coverage for real estate professionals. The coverage protects against financial losses from lawsuits filed as a result of your work in the real estate profession.
Accretion
The process of the addition of soil to real estate by natural causes.
Air Rights
The rights to use the air above the land.
Anchor Tenant
The tenant in a shopping center that leases the largest space and will draw the greatest amount of traffic example: grocery store in a plaza or a major department store in a mall.
Survey
To determine and describe the boundaries and positions of a tract of land
Interstate
To die without a will
Fructus Naturales
Trees, perennial plants, and uncultivated vegetation. Considered real property.
Vertical Land Description
Used to describe air rights or subsurface rights
Boundary
a border.
Bequest
a gift of personal property by will
Et Al
a term meaning "and others"
Et Ux
a term meaning "and wife"
Buffer Zone
an area of land that serves as a barrier
Building Inspection
an inspection by a government official which certifies a building has met the applicable building codes
Emblements
annual crops; farm crops
Growth
development
Anti-Trust Laws
laws to control monopoly power and to preserve and promote competition
Condominium
multi-unit structure made up of individually owned units with separate deeds and shared ownership of common areas.