Shared Flashcard Set

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PA Real Estate Vocab
Chapters 1-6
18
Real Estate & Planning
Not Applicable
03/09/2011

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Air Rights
Definition
Rights to use the open space or vertical plane air above the land
Term
Land
Definition
The earth's surface extending downward to the center of the earth and upward into space
Term
Real Estate
Definition
Land at, above, and below the earth's surface, and all things permanently attached to it ( natural or artificial)
Term
Improvement
Definition
is any artificial thing attached to land such as a building or a fence and other additions that make it suitable for building
Term
Subsurface Rights
Definition
the rights to the natural resources lying below the earth's surface
Term
Surface Rights
Definition
the rights to use the surface of the earth
Term
Personal property
Definition
personal property is movable, also referred to as Chattels, things such as chairs, tables, clothing, etc..
Term
Fixtures
Definition
item of personal property converted to real estate by permanently attaching to real estate
Term
Trade Fixture
Definition
item of personal property attached to real estate that is owned by a tenant and is used in a business
Term
Severance
Definition
taking real estate and turning into personal property (like cutting down a tree)
Term
Heterogeneity or Nonhomogeneity
Definition
The uniqueness of the land
Term
Lead base paint Disclosure
Definition
the statement must be attached to or included in all agreements of sale and lease properties built before 1978
Term
CERCLA
Definition
Comprehensive Environmental Response, Compensation, and Liability Act
Term
Comprehensive Environmental Response, Compensation, and Liability Act
Definition
created in 1980 to cleanup uncontrolled hazardous waste sites and to respond to spills
Term
SARA
Definition
Superfund Amendments and Reauthorization Act was established by CERCLA 1986
Term
Metes and bounds
Definition
Defines property beginning and end. locates property boundaries by referencing the direction and distance of property lines always ends at the POB
Term
Monuments
Definition
fixed ojects used to locate the point of beginning natural objects such as stones, trees, lakes etc..
Term
Lot and Block
Definition
uses number to identify the lots location
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