Section 1: Intro to Real Estate
Client
A party represented by a broker in an agency relationship - also called a principal
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 neighbor's land.
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.
meridian lines
Imaginary north-south lines used in US government surveys
home inspection
An examination of a home's construction, condition and internal systems by an inspector or contractor prior to purchase.
abutting (contiguous)
Bordering, adjacent to, physically adjoining.
boundary
boarder
ground water
Water found below the Earth's surface.
Third parties
people who the broker hopes to do business with
per capita
per person
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.
gentrification
a process of converting a neighborhood from low-income to middle-class; property revitalization.
general partnership
a type of partnership in which all partners share equally in both responsibility and liability.
furlong
a unit of length equal to 220 yards
bay window
a window that sticks out from the outside wall of a house
setback
the legal distance that a building must be from property lines.
monument
(p.m. permanent reference marker)A boundary marker in a fixed and identifiable position. May be man-made (stake or post) or natural (boulder or tree). Used most commonly in metes and bounds land description.
Realtor
A copyrighted 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.
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.
former will
A will that has been drafted, signed and witnessed
fructus industriales (emblements)
Annual plantings that require cultivation. Considered personal property.
personal property
Any property other than real property; chattels.
parallel lines
East-west lines in the Government Survey Method.
Salesperson and Associate Broker
Employed by the broker. Act as the broker's agent in conducting real estate transactions.
Brokerage firm
Employed by the public to perform acts of brokerage
bundle of rights
Legal rights that go with the ownership of property.
Et ux
Latin for "and wife."
Multiple Listing Service
Organization of brokers who work to sell each other's listings
trade fixtures
Personal property affixed to real property that is essential to a business and that is removable by the lessee.
fixture
Personal property that is permanently attached to real property and goes with the property when it is sold.
fructus naturales
Plants that do not require annual cultivation and are considered real property.
radon gas
Radioactive material that comes up from the ground and can penetrate basements.
situs
Refers to the economic location of real estate.
attachment
Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgment.
subdivision
Splitting a single property into smaller parcels
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.
Principal broker
The broker who manages the offices and is responsible for supervising the activities of the licensed and unlicensed staff.
assemblage
The combining of adjoining separate parcels of land into a single tract. Assemblage value (plottage value) refers to the increase in value that results when parcels are combined, thereby creating a site that has greater value than the sum of lots individually considered.
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 (see alluvion).
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 e.g., 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.
vertical land descriptions
Used to describe air rights or subsurface rights.
bequest
a gift of personal property by will
Buffer Zone
an area of land that serves as a barrier.
supply and demand
an economic concept that states that the price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply)
building inspection
an inspection by a government official which certifies a building has met the applicable building codes.
Et al
and others
emblements
annual crops; farm crops.
political unit
city-state
intestate
dying without a will
growth
development
Dower Rights
rights a wife has to her husband's estare upon his death.
holographic will
handwritten will
domicile
home
littoral right
lake rights
real estate
land and anything that is attached to it
Anti-Trusts Laws
laws to control monopoly power and to preserve and promote competition
riparian rights
river rights
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 a bequest.
condominium
multi-unit structure made up of individually owned units with separate deeds and shared ownership of common areas.
public record
records of a public office.
indemnity
security or protection against a loss or other financial burden.
buyer's market
supply high, price is low.