Term
|
Definition
| The right to use the open space above a property, generally allowing the surface to be used for another purpose |
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Term
|
Definition
| A right, privilege, or improvement belonging to, and passing with, the land. |
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Term
Bundle of Legal Rights
(Ch. 1) |
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Definition
| The concept of land ownership that includes *ownership of all legal rights to the land* - for example, possession, control within the law, and enjoyment. |
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Term
|
Definition
| Another word for *personal property* - all property that does not fit the definition of *Real Property* Movable. Tangibles such as chairs, tables, clothing, etc. |
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Term
|
Definition
| Growing crops, such as grapes and corn, which are produced annually through labor and industry; also called *fructus industriales.* |
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Term
|
Definition
| An item of personal property that has been converted to real property by being permanently affixed to the realty. |
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Term
|
Definition
(1)Any structure, usually privately owned, erected on a site to enhance the value of the property - i.e.: building a fence or a driveway.
(2)A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer. |
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Term
|
Definition
| The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water. |
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Term
|
Definition
| Items, called *chattels,* which do not fit into the definition of real property; movable objects. |
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Term
|
Definition
| Land. Same definition as *land.* |
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Term
|
Definition
| The interests, benefits, and rights inherent in real estate ownership. |
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Term
|
Definition
| Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree. |
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Term
|
Definition
| Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property. |
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Term
|
Definition
| Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights). |
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Term
|
Definition
| An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expired. |
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Term
|
Definition
| A strip of land, usually designated as a park or for similar use, separating land dedicated to one use from land dedicated to another use (residential from commercial). |
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Term
|
Definition
| An ordinance that specifies minimum standards of construction for buildings to protect public safety and health. |
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Term
|
Definition
| Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances. |
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Term
Comprehensive Plan
(Ch. 2) |
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Definition
| Also known as a *master plan* - A comprehensive plan to guide the long-term physical development of a particular area. |
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Term
Conditional-Use Permit
(Ch. 2) |
|
Definition
| Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area. |
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Term
|
Definition
| The voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools. |
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Term
|
Definition
| A clause in a deed limiting the future use of the property. Deed restrictions may impose a vase variety of limitations and conditions - for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes of even from being used at all. |
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Term
|
Definition
| State legislation that confers zoning powers on municipal governments. |
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Term
|
Definition
| Charges assessed developers by a municipality that relate to expenses incurred, by the municipality for additional improvement necessitated by increased development. |
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Term
|
Definition
| A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. |
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Term
|
Definition
| The government's right to impose laws, statutes and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. |
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Term
|
Definition
| The mandatory federal and state documents compiled by subdividers and developers to provide potential purchasers with facts about a property prior to their purchase. |
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Term
Restrictive Covenants
(Ch. 2) |
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Definition
| A clause in a deed that limits the way the real estate ownership may be used. |
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Term
Subdivision and Land Development Ordinances
(Ch. 2) |
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Definition
| Municipal ordinances that establish requirements for subdivisions and developments. |
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Term
|
Definition
| AKA *plat map* - A map of a town, section,or subdivision indicating the location and boundaries of individual properties. |
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Term
|
Definition
| Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances. |
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Term
|
Definition
| An exercise of police power by a municipality to regulate and control the character and use of property. |
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Term
|
Definition
| Contaminated properties that have long sat idle because of significant pollution associated with their prior industrial use. |
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Term
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
(Ch. 3) |
|
Definition
| A law administered by the Environmental Protection Agency that established a process for identifying waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding abatement of toxic sites. |
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Term
Superfund Amendments and Reauthorization Act (SARA)
(Ch. 3) |
|
Definition
| An amendatory statue that contains stronger cleanup standards for contaminated sites, increased funding for the Superfund, and clarifications of lender liability and innocent landowner immunity. |
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Term
|
Definition
| Popular name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation, and Liability Act (CERLA). |
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Term
|
Definition
| A designated airspace over a piece of land. An air lot, like surface property, may be transferred. |
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Term
|
Definition
| The main imaginary line running east and west and crossing a principal meridian at a definite point, used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description. |
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Term
|
Definition
| The main imaginary line running east and west and crossing a principal meridian at a definite point, used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description. |
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Term
|
Definition
| A permanent reference mark or point established for use by surveyors in measuring differences in elevation. |
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Term
|
Definition
| A horizontal plane from which heights and depths are measured. |
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Term
|
Definition
| A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it. |
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Term
|
Definition
| AKA *recorded plat* A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat. |
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Term
|
Definition
| A legal description of a parcel of land that begins at a well-marked point and follows the boundaries,using directions and distances around the tract, back to the place of beginning. |
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Term
|
Definition
| A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description. |
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Term
|
Definition
| A map of a town, section, or subdivision indicating the location and boundaries of individual properties. |
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Term
Point of Beginning
(Ch. 4) |
|
Definition
| In a metes-and-bounds legal description, the starting point of the survey, situated in tone corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning. |
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Term
Principal Meridian
(Ch. 4) |
|
Definition
| The main imaginary line running north and south and crossing a base line at a definite point, used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description. |
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Term
Rectangular Survey System
(Ch. 4) |
|
Definition
| AKA *government system* A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and baselines. |
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Term
|
Definition
| A portion of township under the rectangular (government) survey system. A township is divided into 36 sections, numbered one through 36. A section is a square with mile-long sides and an area of one square mile, or 640 acres. |
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Term
|
Definition
| A principal unit of the rectangular (government) survey system. A township is a square with six-mile sides and an area of 36 square miles. |
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Term
|
Definition
| A system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States. |
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Term
Appurtenant Easement
(Ch. 5) |
|
Definition
| An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land. |
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Term
|
Definition
| A judicial or administrative proceeding to exercise the power of eminent domain through which a government agency takes private property for public use and compensates the owner. |
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Term
Doctrine of Prior Appropriation
(Ch. 5) |
|
Definition
| The concept of water ownership in which the landowner's right to use available water is based on a government administered permit system. |
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Term
|
Definition
| A right to use the land of another for a specific purpose such as for a right-of-way or utilities; an incorporeal interest in land. |
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Term
Easement by Condemnation
(Ch. 5) |
|
Definition
| An easement created by the government or government agency that has exercised its right under eminent domain. |
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Term
Easement by Necessity
(Ch. 5) |
|
Definition
| An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example a right of ingress and egress over a grantor's land. |
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Term
Easement by Prescription
(Ch. 5) |
|
Definition
| An easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law. |
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Term
|
Definition
| An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For example, a right granted by Eleanor Franks to Joe Fish to use a portion of her property for the rest of his life. |
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Term
|
Definition
| The right of a government or municipal quasi-public body to acquire property for public use through the legal process called *condemnation.* |
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Term
|
Definition
| A building or some portion of it, a wall or fence, for instance, that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner, or a street or alley. |
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Term
|
Definition
| Anything, such as a mortgage, tax or judgement lien; an easement or a restriction on the use of the land, or an outstanding dower right that may diminish the value of the property |
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Term
|
Definition
| The reversion of property to the state or county, as provided by state law in cases where a decedant dies intestate, without heirs capable of inheriting, or when the property is abandoned. |
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Term
|
Definition
| The degree, quantity, nature and extent of interest that a person has in real property. |
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Term
|
Definition
| The maximum possible estate or right of ownership of real property, continuing forever. Also know as *fee simple absolute.* |
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Term
Fee Simple Defeasible
(Ch. 5) |
|
Definition
AKA *defeasible fee estate*
An estate in which the holder has a fee simple title that may be divested upon the occurance or non-occurance of a specified event. There are 2 categories of defeasible fee estates: Fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent. |
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Term
Fee Simple Determinable
(Ch. 5) |
|
Definition
| A fee simple with a special limitation. |
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Term
|
Definition
| An estate in land in which the ownership is for an indeterminate length of time, in contrast to a leasehold estate. |
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Term
|
Definition
| A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest. |
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Term
|
Definition
(1)a privilege or right granted to a person by a state to operate as a real estate broker or salesperson.
(2)The revokeable permission for a temporary use of land; a personal right that cannot be sold. |
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|
Term
|
Definition
| A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. |
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Term
|
Definition
| An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. |
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Term
|
Definition
(1)A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property.
(2)The ownership rights to land bordering these bodies of water up to the high-water mark. |
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Term
|
Definition
| A wall that is located on or at a boundary line between two adjoining parcels of land and is used or intended to be used by the owners of both properties. |
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Term
|
Definition
| The government's right to impose laws, statutes and ordinances, including zoning ordinances and building codes to protect the public health, safety, and welfare. |
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Term
Remainder Interest
(Ch. 5) |
|
Definition
| The remnant of an estate that is conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another. |
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Term
Reversionary Interest
(Ch. 5) |
|
Definition
| The remnant of an estate that the grantor holds after granting a life estate to another person. |
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Term
|
Definition
| An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water. |
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Term
|
Definition
| The process by which a government or municipal quasi-public body raises monies to fund its operation. |
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Term
|
Definition
| The result of legal action, originated by a lessor, whereby a defaulted tenant is physically ousted from the rented property pursuant to a court order. |
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|
Term
|
Definition
| The transfer in writing of interest in a bond, mortgage, lease, or other instrument. |
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|
Term
Confession of Judgement Clause
(Ch. 6) |
|
Definition
| Permits judgement to be entered against a debtor without the creditor's having to institute legal proceedings. |
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|
Term
Constructive Eviction
(Ch. 6) |
|
Definition
| Actions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent. |
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Term
Estate (Tenancy) at Sufferance
(Ch. 6) |
|
Definition
| The tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after his or her lease rights have expired. |
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|
Term
Estate (Tenancy) at Will
(Ch. 6) |
|
Definition
| An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. |
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Term
Estate (Tenancy) for Years
(Ch. 6) |
|
Definition
| An interest for a specified time in property leased for a specified consideration. |
|
|
Term
Estate (Tenancy) from Period to Period
(Ch. 6) |
|
Definition
| An interest in leased property that continues from period to period - week to week, month to month, or year to year. |
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Term
|
Definition
| A lease of property according to which a landlord pays all property charges regularly incurred through ownership,such as repairs, taxes, insurance premiums, and operating expenses. Most residential leases are gross leases. |
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Term
|
Definition
| A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant's rights and obligations continue until the lease expires or terminates through default. |
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|
Term
|
Definition
| A tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law. |
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Term
|
Definition
| A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord's real property to the lessee for a specified period of time and for a stated consideration (rent). By state law, leases for longer than a certain period of time (generally one year)must be in writing to be enforceable. |
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Term
Month-to-Month Tenancy
(Ch. 6) |
|
Definition
| A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written, a tenancy is generally considered to be month-to-month. |
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Term
|
Definition
| A lease requiring the tenant to pay not only rent, but also costs incurred in maintaining the property, including taxes, insurance, utilities and repairs. |
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Term
|
Definition
| A lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at their premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. |
|
|
Term
|
Definition
| A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or destruction of the premises by the tenant. |
|
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Term
|
Definition
| The leasing of premises by a lessee to a third party for part of the lessee's remaining term. |
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|
Term
Suit for Possession
(Ch. 6) |
|
Definition
| A court suit initiated by a landlord to evict a tenant from leased premises after the tenant has breached on of the terms of the lease or has held possession of the property after the lease's expiration. |
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|
Term
Warranty of Habitability
(Ch. 6) |
|
Definition
| A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use. |
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|
Term
|
Definition
| Parts of a property that are necessary to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements. |
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Term
Community Property
(Ch. 7) |
|
Definition
| A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law, found predominantly in western states, the system was unknown under English common law. |
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|
Term
|
Definition
| The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium owners. |
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|
Term
|
Definition
| A residential multiunit building whose title is held by a trust of corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease. |
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Term
General Partnership
(Ch. 7) |
|
Definition
| A typical form of joint venture in which each general partner shares the administration, profits, and losses of the operation. |
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|
Term
|
Definition
| Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent's interest passes to the surviving joint tenant or tenants by *right of survivorship.* |
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Term
Limited Liability Company
(Ch. 7) |
|
Definition
| An alternative, hybrid business entity with the combined characteristics and benefits of a limited partnership and an S corporation that is established according to the laws of the stat in which the LLC is chartered. |
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|
Term
Limited Partnership
(Ch. 7) |
|
Definition
| A business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments. |
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|
Term
Pennsylvania Uniform Condominium Act
(Ch. 7) |
|
Definition
| The state law adopted from the national model act that governs the development and operation of condominiums. The law also provides for certain disclosures to purchasers of condominium units. |
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|
Term
Right of Survivorship
(Ch. 7) |
|
Definition
| The right by which the surviving joint tenants acquire the interest of the deceased tenant. |
|
|
Term
|
Definition
| Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage. |
|
|
Term
|
Definition
| Ownership of real property by one person only, also called *sole ownership.* |
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|
Term
|
Definition
| The process of two or more people or firms joined together to make and operate a real estate investment. A syndicate may be formed to acquire, develop, manage, market, or operate real estate. |
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|
Term
Tenancy by the Entirety
(Ch. 7) |
|
Definition
| The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property. |
|
|
Term
|
Definition
| A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance. |
|
|
Term
|
Definition
| A form of ownership interest that may include an estate interest in property or a contract for use, which allows use of the property for a fixed or variable time period. |
|
|
Term
|
Definition
(1)The right to or ownership of land.
(2)The evidence of ownership of land. |
|
|
Term
|
Definition
| A fiduciary arrangement whereby property is conveyed to a person or institution, called a *trustee,* to be held and administered on behalf of another person, called a *beneficiary.* The one who conveys the trust is called the *trustor.* |
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|
Term
|
Definition
| A tax levied according to value; generally used to refer to real estate tax. Also called the *general tax.* |
|
|
Term
|
Definition
| The imposition of a tax, charge, or levy, usually according to established rates. |
|
|
Term
|
Definition
| The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor. |
|
|
Term
Equalization Factor
(Ch. 8) |
|
Definition
| A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. The *ad valorem tax* would be based on this adjusted value. |
|
|
Term
|
Definition
| The right of a creditor to have all of a debtor's property - both real and personal - sold to satisfy a debt. |
|
|
Term
|
Definition
| A lien placed on property without the consent of the property owner. |
|
|
Term
|
Definition
| The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgement has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant. |
|
|
Term
|
Definition
| A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. |
|
|
Term
|
Definition
| A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or federal court. |
|
|
Term
|
Definition
| A statutory lien created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building. |
|
|
Term
|
Definition
| One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property. |
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