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.