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Vocabulary for Real Estate

Terms

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Broker
a businessman who buys or sells for another in exchange for a commission.
Air rights
rights for above ground
Appurtenance
a right or privilege associated with property.
Bundle of legal right-right of:
possession, to control compliant to laws, enjoyment, exclusion, disposition. PROCEED-traditional ownership
Chattel
-moveable property
Emblements-
annual crops personal prop.
Fixture-
personal prop. So affixed becomes real prop.
Improvement-
something attached that’s artificial to make better →FENCE
Land
- earths surface down to center + up to infinity +naturally attached things ie: rocks, trees.
Personal property
- moveable property
Real property
- combination of land + real estate
Severance
- changing real property to personal property
Subsurface rights
- below surface rights
Surface rights
- rights for things on surface
Water rights
- rights landowner has w/ water
Multiperil policies
- offers the prop. Manager an insurance package that includes standard types o commercial coverage, such as fire, hazard, public liabilities, and casualty.
Surety bonds
- cover an owner against financial losses resulting from an employee’s criminal acts or negligence while performing assigned duties.

Deck Info

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