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Real Estate Principles a Value Approach test 1
Real Estate Finanace
27
Finance
Undergraduate 4
02/04/2013

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Term
Acre
Definition
Important measure of land area consisting of 43,560 square feet
Term
Capital Markets
Definition
Financial sector of the economy that serves to allocate financial resources among households and firms acquiring funds
Term
Improvement on the land
Definition
fixed structures such as buildings, fences, walls, and decks
Term
Improvements to the land
Definition
infrastructure that makes the land suitable for various uses. Examples include streets, walkways, utilities, storm drainage systems, and other systems required for land use
Term
Institutional grade real estate/investment grade property
Definition
large valuable commercial properties generally well over $10mil. Usually targeted by institutional investors such as pension funds and foreign investors. These investments are generally located in the 50 to 60 largest US metro areas
Term
Intangible Assets
Definition
nonphysical assets such as patents and copyrights
Term
land
Definition
commonly used to refer to a physical parcel that does not include any structures but may include some improvements to the land
Term
personal property
Definition
objects that are movable and not permanently fixed to the land or structure. Including furniture, tenant fixtures that often purchased along with real property acquisitions
Term
property
Definition
anything owned or possessed rather tangible or intangible
Term
raw land
Definition
land that does not include structures or any improvements
Term
real estate
Definition
tangible assets of land and building aka the bundle of rights associated with ownership and use of the physical assets and the industry or business activities related to the acquisition operation and disposition of the physical assets
Term
real property
Definition
rights associated with ownership of land and all permanent attachments to land
Term
tangible assets
Definition
physical things such as automobiles and land
Term
user markets
Definition
potential occupants, owner-occupants, tenants, and renters competing for physical location and space
Term
assessment lien
Definition
lien assessment by local gov to ensure that those who receive the primary benefit of neighborhood improvements will be charged their fair share
Term
attach
Definition
to place a lien on real property
Term
community property
Definition
automatic right of husband and wife in property acquired by their spouse during marriage
Term
condominium
Definition
ownership form that consist of a fee simple estate for ownership of individual units and also consist of tenancy in common for ownership of common areas
Term
condominium bylaws
Definition
official rules and regulations that govern condominium ownership
Term
condominium declaration
Definition
master deed creating the condominium corporation
Term
cooperative
Definition
individual ownership of apartments in which the property is owned by a corporation of which each resident is a share holder entitled to a proprietary lease for a particular apartment
Term
deed restriction (restrictive covenants)
Definition
limits opposed on the use of land and structures by clauses in a deed
Term
dominant parcel
Definition
parcel that benefits from the servient parcel in an easement appurtenant
Term
dower
Definition
common law provision that grants a wife one-third life estate in all of the real property in a deceased husband
Term
easement
Definition
right that the owners of another property may have to use ones land for a specific and limited purpose
Term
easement appurtenant
Definition
right of use that continues from owner to owner that involves the relationship between two parcels of land: a dominant parcel that benefits from a servient parcel
Term
easement in gross
Definition
right to use land for a specific limited purpose unrelated to any adjacent particle
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