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Related Flashcards
Related Topics
Cards In This Set
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Commission
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Negotiable between principle and broker though normally 5%-6%.
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Property
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Rights and interests a person has in the thing owned.
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Bundle of Rights Theory
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Ownership consists of Possesion, Enjoyment, Control and Disposition.
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Possesion
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One of the four basic rights of ownership involving the right to occupy, rent and keep others out.
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Enjoyment
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One of the four basic rights of ownership defined as the right to "peace and quiet" without interference from past owners and others.
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Control
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One of the four rights of ownership defined as the right to physically change or keep the property the way you like it.
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Disposition
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One of the four basic rights of ownership defined as the right to transfer all or parts of your property to others as you see fit.
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Real Property
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Described as the right or interest that a person has in the land or anything attached to the land. "immovable" by law.
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Land Ownership
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Defined as the rights to the space above the land, the surface of the land and the space below the surface.
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Mineral Rights
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Rights of an owner to minerals up to 500 feet below a property.
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Riparian Right
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Right of an owner to the reasonable use of moving free flowing water on, under, and adjacent to the property w/o infringing on neighbors.
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Littoral Right
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Right of a landowner to the reasonable usage of a non-flowing body of water with a shoreline abutting their property.
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Improvement
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Anything attached to the land such as buildings, fences, walls etc. They become real property when permanently affixed to the land.
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Personal Property
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That which is tangible and easily movable.
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Fixture
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Personal property attached to the land so that they become real property, i.e. their removal would cause permanent damage or an unusable area.
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