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Real Estate- Chapter 05- Vocab
Real Estate- Chapter 05- Vocab
25
Law
Post-Graduate
07/05/2014

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Term
Servitude
Definition
Anything that burdens the use of real property
Term
easements
Definition
a limited right to enter real property owned by another, which allows one party to use some portion of the real property of another butcomes with no right of ownership
Term
dominant estate
Definition
the party witht he right to use the property of another
Term
servient estate
Definition
the property that the party with the dominant estate may use
Term
easements in gross
Definition
Also called commercial easements; characterized by the existence of one parcel of real estates that is the servient estate, but htere is not specified parcel of real estate receiving a benefit from the easement
Term
appurtenant easements
Definition
characterized by two parcels of land, usually adjoining, with each parcel having a different owner
Term
easement by agreement
Definition
an easement negotiated by the parites
Term
easement by necessity
Definition
created where one parcel of land has no access to a public roadway
Term
landlocked
Definition
where one parcel of land has no access to a public roadway
Term
extinguished
Definition
ended
Term
easement by prescription
Definition
an easement created by common law and/or statute when a person without right or authorization uses or occupies the real estate of another for the statutorily prescribed time
Term
conservation easements
Definition
restrictions created for the specific purpose of land preservation
Term
restrictive covenants or covenants
Definition
agreements between the seeler and buyers of land, usually related to the use of land
Term
run with the la nd
Definition
A restriction on the land and its future use, regardless of who owns the land
Term
license
Definition
the right to profit from the land belonging to another, typically through the removal of natural resources, such as minerals and timber
Term
incidental
Definition
a right to use the land of another is incidental when it does not run with it does not run with the l and but requires the approval of the owner for future or continued use.
Term
judgment
Definition
final decision from a court, which assesses liablity against a party to a lawsuit
Term
judgment lien
Definition
limitation on the ability of the owner of a property to sell it or to borrow money using the property as collaterial until the judgment lien is paid in full and satisfied of record in the courthouse
Term
mortgage
Definition
lien voluntariy created by the owner using the real propety as collateral for the promise to pay a debt
Term
police power
Definition
Right of state governments to define and control activites to promote the health, safety, and general welfare of their citizens
Term
zoning codes
Definition
laws enacted by municipalites to control the use and dvelopment of the land in the community
Term
enabling acts
Definition
state statutes authorizing a municipality to adopt laws and regulations
Term
Building Codes
Definition
laws enacted by local municipalities to ensure safety in the construction of buidldings and improvements attached to land
Term
assessed value
Definition
a value assigned to a property by the municipality based on the market value
Term
reassess
Definition
to change the value of properties
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