Real Estate Principles

Flashcards covering key vocabulary and definitions related to real estate, property types, and legal aspects.

Real Estate

Land and improvements that are permanently attached.

Real Property

Rights, interests, and benefits included in real estate ownership.

Personal Property

Everything not attached to the land, conveyed by a bill of sale.

Bill of Sale

Transfers personal property.

Improvements

Natural growing or man-made attachments to land.

Fixtures

Personal property attached to improvements.

Distinguishing Fixture Methods

The method of attachment, adaptation of the item, relationships of the parties, intention, and agreement of the parties.

Riparian Rights

Ownership of Creekside rights.

Real Estate Consists Of

Land, improvements, rights, interests, and fixtures.

Emblements

Cultivated crops that belong to the party who planted them.

Trade Fixtures

Owner or tenant installed additions necessary for their trade.

Deed

Transfers the ownership of land and appurtenances.

Real Estate Brokerage

Business licensed to buy, sell, exchange, or lease real property on behalf of others for pay.

Real Estate Salesperson

Employed by or associated with a broker to do brokerage activities.

Real Estate Licensee

Someone who has satisfied the requirements of the licensing agency.

Appraisal

Process of developing an opinion of value.