Ch 1-RE
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23 terms
Terms | Definitions |
|---|---|
 air rights | rights to the area above the surface of the property that the owner of the property has; theoretically extends infinitely into space. |
| appraisal | evaluation of the value of real property at a particular point in time. |
| appreciation | increase in value. |
| avulsion | ripping away of the land by violent means, such as a tidal wave or an earthquake. |
| depreciation | decrease in value. |
| easement | right of a non-owner to use a piece of property for a specific purpose. |
| erosion | gradual wearing away of the land by means of water or wind action. |
| fixture | item of personal property that is affixed to the land so permanently as to be part of it and thus part of the real property. |
| heterogeneous | special, unique, or being separate and different from anything else. |
| immobile | not moving; incapable of moving. |
| indestructible | cannot be destroyed; a characteristic of real estate. |
| improvements | 1) additions to real property, usually buildings; or 2) as in "improved real estate," the addition of roads and utilities to a parcel so it is usable for bulidings and human occupation. |
| intangible | cannot be touched; a type of personal property. |
| parcel | designated piece of real property with its own legal description. |
| personal property | any property that is not real property; its most important characteristic is its mobility. |
| plate tectonics | geological term reffering to the system of slowly moving crustal plates floating on the surface of the earth that interact with one another. |
| real estate | the land. |
| severed | separated; said of plants that grow on land and are cut or harvested. |
| subsurface rights | rights to minerals and other items beneath the top of the land; theoretically extends to the center of the earth. |
| tangible | capable of being touched; said of a type of personal property which is usually goods. |
| unimproved land | land without any additions to its raw state- for example, no sewers, streets, water, or electricity. |
| uniqueness | specialness; being one of a kind; an aspect of real estate, as no two parcels have the same area. |
| water rights | comprised of riparian and littoral rights. |
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