REAL 4000 - R. Dietz : Test 1REAL 4000 - R. Dietz:测试1
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这些是你已开始学习的词语。继续保持！Property Rights
Rights to things both tangible and intangible, 1) Prevent others from using, 2) Enjoy the use/benefit of it for ourselves, 3) Get rid of it as we see fit ( but without harm to others ) aka. disposition.
Property
Anything that can be owned or possessed.
Real Estate
Defined as the land and its permanent improvements.
Improvements on the land
Any fixed structures such as buildings, fences, walls, and decks
Improvements to the land
Include the components necessary to make the land suitable for building construction or other uses. Often referred to as infrastructure and consist of the streets, walkways, storm water drainage systems and other systems such as water, sewer electric and telephone utilities.
Land
used to refer to a building site, or lot and includes the infrastructure but not any structures.
Raw Land
refers to a larger area that does not include an improvements (becomes especially important when the value of land is considered)
Personal Property
Things that are movable and not permanently affixed to the land or structure.
user markets (the "real world")
competition among users for physical locations and space.
Captial Market
serve to allocate financial resources among households and firms requiring funds.
Property market
determine the required property-specific investment returns, property values, capitalization rates, and construction feasibility
The Capitalization Rate
the ratio of property's annual net income from rental operations to its value, is a fundamental pricing metric in commercial real estate markets.
Investment-grade properties
larger, more valuable commercial properties, generally well over $10 million.
Personal Rights
Personal freedoms derived primarily from the Bill of Rights and other amendments and clauses of the U.S. Constitution.
Fixture
an object that formerly was personal property but has become real property. Determined by 1) Manner of attachment, 2) Character of the article and manner of adaptation, 3) The intentions of the parties, 4) Relations to the party ( Trade Fixtures, Agriculture Fixtures, items installed by tenant for residential ) .
Interests
A bundle of rights.
Estates
Interests in real property that include possession.
Freeholds
The more substantial or complete estates are those that are indefinite in length.
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你尚未学习这些词语！Freehold - Fee Simple Absolute
The most complete bundle of rights possible and has the greatest value.
Freehold - Fee Simple Conditional
Ownership is subject to a condition or trigger event. Otherwise, the owners bundle of rights is complete unless the trigger event occurs, which may cause ownership to revert to a previous owner (or their heirs).
Freehold: Ordinary Life Estate
The right of disposition of the fee simple absolute are unbundled and separated completely.
Freehold - Remainder Estate
The ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest.
Freehold - Legal Life Estates
Created by the action of law, often in the case of a spouse/parent death gives Life Estate to the surviving parent and vested remainder in the child.
Freehold - Other
Life Estates can arise out of a marriage. In English common law a right known as dower automatically gave the widow a life estate of 1/3.
Leasehold Estate
An interest in real property that gives a tenant a qualified right to possess and/or use the property for a limited time under a lease.
Leasehold - Tenancy for Years
a leasehold interest for a specific period of time. Maybe a few days, or hundreds of years.
Leasehold - Periodic Tenancy
Any lease that has no definite term a the start.
Leasehold - Tenancy at Will
At the end of the lease there is a short period of time when it suits both landlord and tenant for occupancy to continue.
Leasehold - Tenancy at Sufferance
Occurs when a tenant that is supposed to vacate does not. This tenancy, at least until the landlord accepts a rental payment differs from trespassing only in that the tenant previously occupied under a legitimate leasehold interest.
Easement
The right to use the land for a specific and limited purpose.
Easement Appurtenant
An Easement involves a relationship between two adjacent parcel of land. The Dominate parcel benefits from the easement while the servient parcel is constrained or diminished by the easement. Second, the easement of appurtenant becomes a permanent and inseparable feature of both parcels involved.
Easement in Gross
the right to use land for a specific, limited purpose unrelated to any adjacent parcel.
License
Permission to use another's land for a specific and limited purpose.
Restrictive Covenants
Impose limits on the uses of land.
Declaration of convenants
A series of restrictions on the use of the lots in order to improve the perceived quality, stability, and value of the lots.
Deed Restrictions
Clauses in a deed limiting the future uses of the property.
Lien
An interest in real property that serves as security for an obligation.
General Lien
A lien that arises out of actions unrelated to ownership of the property.
Specific Lien
A lien derived directly from events related to a property.
Attach
To place a Lien on.
Assessment lien
The "fair share" that property owners are responsible for repaying when the local government provides improvements that directly benefit the property.
Community Development District (CDD) Lien
secures bonds issued to finance improvements within a private community.
Mortgage
An interest in property as security for a debt.
Mechanics' Lien
Arise from construction and or other improvements to real estate.
Lien Priority
Property Tax, Assessment, CD, followed by " First in time, first in right".
Direct Co-Ownership
Each co-owner holds a titled interest in the property.
Tenancy in Common
The "normal" form, Each co-owner retains full rights of disposition and is free to mortgage or to convey their ownership share to a new owner.
Joint Tenancy ( right of survivorship )
The interest of a decedent co-owner divides equally among the surviving co- owners.
Tenancy by the Entirety
A form of joint tenancy for husband and wife.
Condominium
a form of ownership combining single person ownership with tenancy in common.
Cooperative
A for of true direct co- ownership but is rather a proprietary corporation.
Dower
A common law provision that grants a wife a one-third life estate in all of the real property of a decedent husband.
Elective Share
Gives a surviving spouse a share of most of the wealth of the decedent. Common share is 1/3, however, up to 50% is some cases.
Community Property
The automatic right of husband and wife in property of each other .
Separate Property
Property that the husband or wife acquired prior to the marriage or the gifts, or inheritance received during the marriage.
Timesharing
Multiple individuals have the use of the property but, unlike traditional forms of co-ownership the interests are not simultaneous.
Deed
A special form of written contract used to convey a permanent interest in real property.
Grantor
The person or entity conveying the real property interest.
Grantee
the recipient of a conveyance of a real property interest
Words of Conveyance
Words such as " does hereby grant, bargain, sell, and convey unto.." that assure the grantor clearly intends to convey a interest, and indicated the deed type of the grantor.
Convenants
legally binding promises for which the grantor becomes liable, that is, if the promises prove to be false, the grantee can sue for damages.
Covenant of Seizin
A promise that the grantor truly has good title and has the right to convey it.
Covenant against Encumbrances
A promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed.
Covenant of quiet enjoyment
A Promise that the property will not be claimed by someone with a better claim to title.
Habendum Clause
Defines for limits the type of interest being conveyed.
Exceptions and reservation clause
a clause in a deed that can contain a wide variety of limits on the property interest conveyed. Here the grantor may carve out mineral rights, timber rights, water rights, and a variety of easements.
acknowledgment
To confirm the deed is in fact the intention and action of the grantor.
Delivery
an observable, verifiable intent that the deed is to be given to the grantee.
General Warranty Deed
Identical to the general warranty deed. except that it limits the time of the grantors warranties to their time of ownership.
Quitclaim Deed
is worded to imply no claim to title, only to convey what interest the grantor actually has, if any.
Marketable Title
A title that is free of reasonable doubt.
Deed of Bargain and Sale
Has none of the covenants of a warranty deed, but it purports to convey the real property and appears to imply claim to ownership.
Judicial deed (Officer's deed/ Sheriff's deed)
Is one issued as a result of court - ordered proceedings.
Trustee's deed
issued by the trustee in a court supervised disposition of property.
Patent
A type of conveyance accomplished by a document know as a patent.
Testate
in accordance with a will.
Intestate
without a will.
Devised
if a will dictates the distribution of the decedents real property determines its distribution among the heirs.
Law of descent
The laws and procedures controlling how a state will convey a decedent's estate among the heirs if no will exists.
Implied easement
created when a subdivision map is placed in the public records, the map will have utility easements and other possible easements such as bike/foot paths.
Easement by prior use
When a path of access across part of the property to a now landlocked parcel preexists, and if the sale leaves that path as the only access and egress, then the path becomes "easement by prior use".
Easement of Necessity
If a landlock parcel has no prior path of access and egress, the easement of necessity is automatically created.
Easement by Estoppel
can occur if a landowner gives an adjacent landowner permission to depend on her land
Easement by Prescription
Acquired by hostile, open, and notorious use over a period of time. "squatters easement".
Adverse Possession
A person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time.
Accretion
Water depositing soil which then becomes property of the owner.
Reliction
subsiding water may leave additional land as property of the owner.
Doctrine of constructive notice
The common law tradition states that a person cannot be bound by claims or rules he or she has no means of knowing.
Statute of Frauds
A law requiring any contract conveying a real property interest to be in writing.
Recording statues
laws that require a document conveying an interest in real property must be placed in public records if it is to achieve constructive notice.
Actual Notice
The asserted claim in open, continuous, and apparent to all who examine the property.
Title search
The task of examining the evidence in the public records.
Chain of title
A set of deeds and other documentation that traces the conveyance of the fee, and any interest that could limit it from the earliest recorded conveyance of the fee and any interests that could limit it from the earliest recorded time for the particular property to the current owner.
Title Abstract
Each relevant document was summarized and the document summaries compiled into a chronological volume.
Title abstract with attorney's opinion
Traditional evidence of title. It's logic follows closely from the nature of the title search.
Title insurance commitment
deemed equivalent to the traditional abstract and opinion of title. The logic of relying on a title insurance commitment as evidence of title is that the insurer would not make a commitment before conducting a title search and assuring a good title beyond a reasonable doubt.
Title Insurance
Protects a grantee ( and Mortgage lender ) against the legal cost of defending the title and against loss of the property in case of an unsuccessful defense.
Torrens Certificate
A rarely used means of providing evidence of title.
Marketable title Laws
these laws set limits on how far back a title search must go.
Metes and Bounds
A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.
Plat lot and block number
An unambiguous means to provide a description of property that identifies each parcel in a surveyed map of a subdivision.
Government rectangular survey - Baseline
one of the foundation lines used in GRS that runs East to West.
Government rectangular survey- Principal Meridian
one of the foundation lines used in GRS that runs North to South.
Checks
GRS 24 square miles
Townships
GRS 6 miles square
Sections
GRS one square mile
Range lines
GRS Lines that separate township six miles apart east to west.
Tier lines
GRS lines that separate townships North to South.
Acre
43,560 square ft
Externalities
The unintended and unaccounted for consequences of one land user upon another.
Zoning
dividing an area into zones or sections reserved for different purposes such as residence and business and manufacturing etc
Comprehensive Plan
general guide to a community's future growth and development. In a most complete form its has requirements for utilities, growth predictions, need for various types of land use, etc.
Economic and Environmental impact statements
analyze the projects effect on surrounding areas, usually showing existing infrastructure will handle added burdens and must show that the environment will not be significantly degraded.
Concurrency Requirement
Growth management laws at the state level require local jurisdictions to plan for and meet certain requirements. One such requirement prohibits local development unless adequate infrastructure, schools, police/fire protection, and social services have been put in place first.
Affordable housing allocation
local governments must encourage or mandate a "reasonable and fair" component of new housing construction for lower-income families.
Urban Services Areas
Boundaries are delineated around a community within which the local government plans to provide public services and facilities and beyond which urban development is discouraged or prohibited.
Extraterritorial Jurisdiction
some states give local governments the power to plan and control urban development outside their boundaries until annexation can occur.
Smart Growth
A set of principles for community planning that focuses on strategies to encourage the development of sustainable, healthy communities.
New Urbanism
Outlined by a group of architects, urban planners, and developers from over 20 countries, an urban design that calls for development, urban revitalization, and suburban reforms that create walkable neighborhoods with a diversity of housing and jobs.
Nonconforming uses
When a zoning ordinance is revised some existing land uses then fall outside the new zoning classifications.
Variance
A zoning ordinance providing some relief mechanism for cases when the regulation impose exceptional hardship and loss of value.
Exclusionary Zoning
Courts overturning zoning ordinances that tend to exclude lower income groups by large lot size or that do not adequately provide low and moderate income housing.
Board of Adjustments
The board charged with reviewing petitions for variances.
Planned Unit Development (PUD)
A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.
Performance Standard
an expected level of performance against which actual performance can be compared
Impact Fee
A fee charged by a community and paid by a developer that is commensurate with the externalities created by a development. Intended to cover the development's impact on such things as roads, sewer systems, schools, and police and fire protection.
form-based zoning
Zoning that restricts development based on a generic description of design without regard to use. Example: building must go to front lot line with setbacks of 20 feet.
Public Use
In eminent domain, requirement of actual physical use by the condemning agency to justify condemnation. ( no longer the case ).
Public Purpose
any purpose that benefits the public, whether the public uses the resource or not.
Just Compensation
payment to an owner for property taken in condemnation proceedings, usually the market value of the property taken by the government in its exercise of eminent domain.
Inverse Condemnation
an action, initiated by a property owner against the government, to recover the loss in property value attributed to government activity.
Regulatory Taking
Government regulation of property so extensive that government is deemed to have taken the property by the power of eminent domain, for which it must compensate the property owners.
Ad Valorem Taxes
Taxes calculated as a fixed percentage of the price of the good or service; the amount of tax increases as the price of the good or service increases.
Tax-exempt properties
Properties against which local jurisdiction may not levy taxes, usually including churches, synagogues, public schools, and government property.
homestead exemption
a state law that gives homeowners a tax break for property
that is their primary residence
that is their primary residence
tax assessor
the person who assigns value to property for tax purposes
Assessed value
The value of an asset determined by tax authorities for the purpose of calculating taxes
taxable value
The assessed value less allowable exemptions resulting in an amount to which the tax rate is applied to determine property taxes due.
Effective Tax Rate
Defined as the amount of tax paid ( or owed ) divided by the market value of the property.
Special assessment
Levied to pay for specific improvements that benefit a particular group of properties.