+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Offer to purchase anc contract
|
Bilateral enforceable contract for sale of real property
|
|
Bill of sale
|
Instrument transferring ownership of personal property
|
|
Chattel
|
Personal Property
|
|
Closing
|
Settlement or consumation of real estate contract
|
|
Free Market
|
Economic condition where buyer and seller can negotiate a purchase and sale without undue pressure, urgency or outside influences other than the law of supply and demand
|
|
Highest and best use
|
Preserve land's utility and yield net income from rent that forms, when capitalized at the proper rate of interest, highest present value of land
|
|
Personal Property
|
All property that is not land and is not perm attached to land. Everything that is moveable.
|
|
Immobility
|
Physical characteristics of land. Can't relocate land from one place to another
|
|
Personalty
|
Personal property or chattel
|
|
Improvements
|
Things like structure, walls, roads
|
|
Indestructibility
|
Physical characteristic of land. Perm commodiy that cannot be destroyed
|
|
Land use controls
|
Government controls like zoning, building codes. Private controls like deed restrictions or subdivision covenents. They dictate how land can be used
|
|
Listing contract
|
Agreement between seller or property owner and broker or firm to look for a buyer and to compensate the agent or agency
|
|
Real estate
|
Land and everything that is perm attached to land. Interchangeable with Real Property and Realty
|
|
REALTOR
|
Registered trademark or NAR. Members only
|
