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  1. Tangible Property
  2. Tenancy by the Entireties
  3. Police Power - PETE
  4. Liquidation Value
  5. Limited Partnership
  6. Leasehold Estates
  7. Balance
  8. Chapter 8
  9. Chapter 4
  10. Four agents of Production
  11. Chapter 3
  12. Value in Use
  13. Variances
  14. Surrender
  15. Attachments
  16. Surface Rights (part of land rights)
  17. Scope of Work
  18. Natural Attachments
  19. Urea-Formaldehyde
  20. Fee simple estate
  21. Title
  22. Novation
  23. Assessed Value
  24. Survivorship
  25. Land
  26. General Partnership
  27. Tax Liens
  28. Real Estate
  29. Life Estate
  30. Competitions
  31. Future interest
  32. Timeshare
  33. Surplus productivity
  34. Financial Encumbrances - Liens
  35. Periodic Tenancy
  36. Estate for years
  37. Utility
  38. 1 township
  39. 1. Government Survey system
  40. Effective Demand
  41. Social Forces
  42. Tenancy at Sufferance
  43. Transferability
  44. Chapter 6
  45. Pur autre vie
  46. if you know the tax and want to know appraised value
  47. Special Warranty Deed or limited W.D
  48. Fructus Naturales
  49. Nonconforming uses
  50. Unity of Possession
  51. 2: Physical Characteristics
  52. 1 acre
  53. Governmental Forces
  54. Appurtenant easements
  55. Four Forces on Real Estate Values
  56. Corporations
  57. Annexation
  58. Asbestos
  59. Unity of Time
  60. Condominiums and Cooperative
  61. Real Property
  62. chain
  63. Geographic Forces
  64. Nuisance
  65. gov. survey system of N 1/2 of the NE 1/4 of the NW 1/4 of a section
  66. Man Made Attachments
  67. Environmental Protections Laws
  68. Land Rights
  69. Fundamental Economic Principles
  70. Arm's Length Transaction
  71. Equitable title
  72. Quitclaim Deed
  73. Termination of Easements
  74. Immobility
  75. Rezoning
  76. Encroachment
  77. Subsurface Rights
  78. Limited exceptions to zoning laws
  79. Planned Unit Deveolpment PUD
  80. Syndicates
  81. Trade Fixtures
  82. Encumbrances
  83. Site
  84. Tax rate info
  85. Insurance value
  86. Alienation
  87. Attachment Liens
  88. Legal Descriptions
  89. Appropriative Rights
  90. 1 mile
  91. Lead
  92. Contingencies
  93. Subdivision Regulations
  94. Scarcity
  95. Economic forces
  96. Comprehensive plan
  97. Types of Deeds
  98. Unity of Title
  99. Price
  100. Building codes
  101. Plat map
  102. Other Ownership Entities
  103. Special Uses
  104. Chapter 7
  105. Habendum clause
  106. Condominiums
  107. USPAP
  108. Present Interest
  109. Americans with Disabilities Act (ADA)
  110. Chapter 9
  111. Co ownership
  112. Conditional uses or Special exceptions
  113. Testamentary trusts
  114. Indestructibility
  115. Riparian rights
  116. Value
  117. Highest and Best Use
  118. Personal Property
  119. Options
  120. Liquidated Damages
  121. Full covenant and Warranty Deed
  122. Real Property Characteristics
  123. Lease terms of interest to appraisers
  124. Range lines & Township lines
  125. Going Concern Value
  126. Intangible Property
  127. Tenacy at Will
  128. Warranty Deeds
  129. Purpose of an appraisal
  130. Zoning laws
  131. Investment Value
  132. Cooperatives
  133. Progression
  134. Doctrine of Emblements (tenant farmer crops)
  135. Chapter 5
  136. Value of land as vacant or improved
  137. Deed or Conveyance
  138. Competency Rule
  139. Eminent Domain
  140. Externalities
  141. Radon
  142. Air Rights (part of land rights)
  143. Electromagnetic fields
  144. mold
  145. setback and side-yard rules
  146. Use variance
  147. Easements
  148. Taxation
  149. Wetlands
  150. Fee Simple/Fee Simple Absolute
  151. Voluntary partition
  152. Environmental
  153. Bargain and Sale Deed
  154. Estate
  155. 3. Metes and Bounds System
  156. Area variance
  157. 2. Lot & Block system (for legal description)
  158. Freehold estate
  159. Escheat
  160. Living Trusts
  161. Consideration
  162. Community Property rights
  163. Conformity
  164. Littoral rights
  165. Bundle of Rights
  166. Real Estate Investment Trust (REIT)
  167. Market Value
  168. Types of leases
  169. Contribution
  170. Salvage Value
  171. Installment Sales Contract or land contract
  172. Townships
  173. Improvements
  174. 1. Value Characteristics
  175. judicial partition action
  176. Actual Notice
  177. Tenancy in Common
  178. Unity of Interest
  179. Interim Use
  180. Net Lease
  181. Surplus and Excess Land
  182. Chapter 2
  183. CONDEMNATION or appropriation
  184. Easements in Gross
  185. 1 square mile
  186. Public Sector Controls
  187. Uniqueness
  188. lien priority
  189. Physical Forces
  190. Demand
  191. Constructive Notice
  192. Loan Value
  193. Regression
  194. Fructus Industriales
  195. Mechanic's Liens
  196. non financial encumbrance
  197. Unities of ownership PITT
  198. Judgement Liens
  199. 1 section
  200. Vendor's Liens
  201. Stigmatized Properties
  202. Cost
  203. Ownership in severalty
  204. Land trusts
  205. Joint Tenancy
  206. Four tests of highest and best use
  207. Spot Zoning
  208. Conditions defining an arm's length transaction
  209. Gross Lease
  210. Rod or Pole
  1. a form of ownership or the right to use property for a specified period of time.
  2. b below the surface: includes minerals (though some states reserve that), can be sold separately. Rule of Capture gives the right to harvest oil and gas from under neighbor's land.
  3. c Suprasurface - Fed. gov. has some control for Air Traffic. Owner can use air space as long as there is no interference with Fed. gov. (uses include pedestrian bridges, giving a neighbor an easement)
  4. d property owned by a husband and wife in two ways: separate property and community property. Separate is property owned before marriage and can be transferred without spouse permission. Community property acquired by one spouse during the marriage needs signature of spouse for transfer of title. Surviving spouse auto gets undivided one half of property.
  5. e CERCLA- Comprehensive Environmental Response, Compensation, and Liability Act (Superfund)- Addresses what to do with closed or abandoned waste sites.
  6. f Anticipation (expectation of future benefits); Change ( Physical, economic, governmental, social); Supply and Demand ( When supply exceeds demand, prices will fall; when demand exceed supply, prices rise. Markets are said to be in balance when there are slightly more homes available than buyers.); Substitution ( an informed buyer will not pay more for a prop than a acomparable substitute would cost. there is a price point beyond which a buyer will not exceed. Cost approach, Income Approach, Sales comparison Approach) ; Opportunity cost is the cost due to passing up opportunities or making an incorrect choice.
  7. g burden one parcel of land for the benefit of another parcel of land. and runs with the land. The land benefiting is called the dominant tenement. The land burdened is called the servient tenement. The persons are dominant and servient tenents.
  8. h Real Property Ownership
  9. i gov control of land use controls
    Each type of zone generally has its own minimum lot size and building height limits.
    legal only if it applies in the same manner to all similarly situated property.
  10. j A right to possession in the future.
  11. k legal entity in which individual hold shares of stock. Can hold property... just like an individual.
  12. l under doctrine of emblements tenant farmer is allowed to re-enter land to harvest crops he planted - even after tenacy ended. But only for that year's crop.
  13. m related to the environment surrounding the property that either can contribute or detract from value like topography.. view? steep slopes? soil issues? Waterfront? water supply? water table flooding? location and view, linkages ( how close are services such as schools, shopping, employment, etc.), what is the climate... weather conditions in the area, what are the natural features and barriers
  14. n Transfer of Interests - Instruments and Agreements
  15. o value to a specific investor or type of investor based on their individual, or specified, investment goals.
  16. p appraised value is $395,000 x 35% (assessment ratio)= assessed value...divided by 1000 = X x mills = tax amount owed
  17. q amount required to create, produce, or obtain a property
  18. r real estate investment corporation or trust with at least 100 investor and organizes as a trust. Where funds of may investors can be pooled to purchase investment real estate. Trustees and beneficiaries.
  19. s clear chemical used in building materials and home products. used in blow-in insulation. Over time fumes dissipte, so old insulation is okay now.
  20. t via a will
  21. u invisible fields produced by electically charged objects such as high tension power lines, transformers. can affect other charged objects nearby. suspected as the cause of hormonal changes, cancer, and behavioral abnormalities.
  22. v U: degree of usefulness to satisfy need, want, desire
  23. w Anything of value, such as money, goods, services, or promises, given to induce another person to enter into a contract
  24. x Real Property Concepts and Characteristics
  25. y 1. Value
    2. Physical
  26. z Range lines run North-South; parallel to meridians at 6-mile intervals. Township lines run East West at 6 mile intervals; land is divided evenly in 6 mile squares called townships
  27. aa form of ownership where two or more people share title to real property with each person having an undivided interest in property (undivided property and owners have right to use entire property
  28. ab governmental power that provides for property ownership to pass on to the state when a property owner dies intestate (no will) and with no living heirs. No will, no heirs? Goes to state.
  29. ac D: need or desire for something. Essential to value!
  30. ad The process of transferring ownership interests in property - thru Voluntary (free will), Involuntary (against the will of the owner) includes Eminent Domain, forclosure, adverse possession and Accession, and Devise (with a will) or descent(without a will - intestate)
  31. ae Environmental, Geographical
  32. af Fruits of Industry: planted by people
    (Timber growing is real property; Timber cut is personal property)
  33. ag Estates
  34. ah standards for construction requiring builders to use particular methods and materials. (fire code, plumbing code, electrical code) protect public health and safety. Enforced through permit system
  35. ai equals 16.5 feet, or 5.5 yards
    used in Metes and Bounds System
  36. aj agreed upon rent; term of lease; beginning and ending date of lease; personal property included in lease; expenses paid by landlord and tenant; services or amenities provided by landlord.
  37. ak owned and controlled real estate where the trstor is also the beneficiary. tax advantages
  38. al commercial and professional and public buildings: (Handicap parking spaces; wheelchair ramps; accessible bathrooms; etc)
  39. am the amount of money specified in a contract to be awarded in the event the agreement is breached.
  40. an equals 36 1 square mile sections
  41. ao intended to prevent transfer of property, pending litigation outcome.
  42. ap equals 43,560 sq. feet
  43. aq each co-owner acquired title at the same time.
  44. ar to determine: start from end and work back to beginning. remembering one section equals 1 sq. mile or 640 acres. see examples.
  45. as when there is direct knowledge of the conveyance.
  46. at cost does not necessarily equal value. Best contribution is when prop is brought up to market expectations. Over improvement of prop resuts in diminishing returns. You don't get much benefit when sold.
  47. au a leasehold estate with no specified termination date or specified period of time. Either party can end at any time. i.e. caretaker - auto ends at death of tenant or landlord. (unlike other leasehold estates)
  48. av ownership of property lasts for uncertain duration. may terminate, but does not know when. (Possession either immediate or in future). Can be Fee simple estates or Life estate
  49. aw each co-owner has an equal interest or equal share of ownership in a property 50/50 interest if two co-owners
  50. ax is a physical object intruding onto a neighbor's property... (not to be confused with a right or encumbrance)
  51. ay each co-owner entitled to possession of the entire property
  52. az grantor has a right to convey the property, but there are no warranties with it. (foreclosure sales)
  53. ba temporary use of property while it awaits conversion to its highest and best use (ie waiting for a zoning change or investment dollars) remember, land cannot be valued for one use while the improvmeents are valued for another.
  54. bb contracts that give one party the right to do something without obligating him to do so. (lease with option to buy)
  55. bc most basic form of co-ownership; unless otherwise stated, called Tenancy in Common unless husband and wife are co-owners. NOTE: Tenancy in Common does not include the right of survivorship; unity of possession is present; could have unequal fractional interests.
  56. bd trees, shrubs, crops (growing on land)
  57. be include: changes in general population // Migrations of population // social trends like single-parent households, people buying later in life, etc. // buyer tastes and standards like no more mushroom designs in kitchens
  58. bf agreement in which the buyer makes payments to the seller in exchange for the right to occupy and use the property but no transfer is made until all, or a specified portion of, payments have been made. seller holds title to land as security.
  59. bg equals 5,280 linear feet
  60. bh Constitutional power of gov to enact and enforce laws that protect the public's health, safety, morals, and general welfare
  61. bi Concepts and Types of Value
  62. bj Water rights granted by Gov. permit and do not depend on ownership of Riparian or Littoral rights and generally do not interfere with those rights.
  63. bk issues arise when lead based paint begins to chip or flake. Sellers are required to disclose known lead paint hazards for homes built before 1978. Sellers are not required to test for or remove lead to leave alone and paint over it.
  64. bl an informal organization usually formed to accomplish a limited or even single task.
  65. bm 6 mile squares - as divided by the Gov. Survey system.
    The 36 square mile townships are subdivided into 36 sections of 1 sq. mile each and are numbered. Any portion of land that cannot be divided into equal fractional lots are called government lot.
  66. bn Uniform Standards of Professional Appraisal Practice
    recognized as the Industry standard in 1989 by FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act)
  67. bo Fruits of Nature: Naturally occuring
  68. bp real estate is different from other products in that it is immobile. that is positive or negative... it depends.
  69. bq each co-owner acquired title through the same instrument, whether that instrument was a deed, will, or court order.
  70. br a leasehold estate for a fixed time period... days, months, years
  71. bs Things connected to the land
  72. bt Form of ownership (not type of building!)
  73. bu an association of two or more persons as co-owners of a business. some are limited partners and have no say in partnership matters.
  74. bv Terminating a lease by mutual consent
  75. bw something that COULD be known because it is on record, evn though record is unseen.
  76. bx landlord pays for all expenses related to the ownership of the property
  77. by equals 640 acres
  78. bz used for Platted property (subdivided from a large tract into smaller lots and referenced on a plat map)
    lots are numbered, first with a block number then individually for each lot.
  79. ca Trusts used for holding and controlling property on behalf of someone else.
  80. cb value ot propety to the owner or other party as is presently being utilized (dentist office example)
  81. cc Life estate based on life other than who it was granted to.
  82. cd survey map of these subdivision and recorded in the county recorders office in a plat book. Will also give details such as streets, easements, dimension. might include zoning, elevations, flood plains, ownership info.
  83. ce naturally occuring radioactive gas that emanates from rocks, soil, and water becauseof the decay of uranium. densest gas known and has been identified as cancer causing agent. Can build up inside. If level are high, can test and correct with mitigation system
  84. cf Economic Principles and Applications
  85. cg require buildings to be at least a specified distance form the front and side property lines.
  86. ch 1. legal (zoning) 2. physically possible (site large enough? setback? topography ok? soil composition ok?) 3. economically feasible ( reasonable profit?) 4. maximally productive use ( does it produce the greater income? Productive to public?)
  87. ci protected by Clean Water Act
  88. cj Real Property / Personal Property
  89. ck "to have and to hold..." type of estate granted.
  90. cl deviate regarding building size, setbacks, side yards, etc.
  91. cm Physical property and things attached to the land along with the rights that go with the land (to see, possess, improve, occupy, etc) and the limitations on use of land
  92. cn net income that remains after the costs of various agents of production have been satisfied.
  93. co Influences on Real Estate Values
  94. cp Land that is tested... perked, prepared in some way for actual building
  95. cq amount that a property can be insured for - replacement cost of the structure vs. reproduction cost (much more money)
  96. cr Governmental services like police, public utilities, fire protection, transportaion // Revenue Generating Laws = taxations and tax policies // right to regulate law (police power) // Fiscal and Monetary Policy like govs plan for spending, taxation, and debt management.
  97. cs Tangible but not permanently attached to or part of real estate (also called chattel or personalty)
  98. ct Natural with nothing done - no testing even
  99. cu things built on land (houses, sheds, etc.)
  100. cv the lessee is paying some or all of the expenses that are typically paid by the lessor. SINGLE NET: lessor pays for maintenance, major repairs and taxes or insurance and lessee pays for either real estate taxes or insurance; DOUBLE NET OR NET/NET: Lessor pays for maint. and major building repairs and lessee pays for both real estate taxes and insurance; TRIPLE NET OR NET/NET/NET: Lessor pays for major building repairs and lessee pays for real estate taxes, insurance, and maintenance; ABSOLUTE NET: Lessee pays for it all
  101. cw Police Power/Eminent domain/taxation/Escheat
  102. cx one that occurred under typical conditions in the marketplace. Nothing unusual.
  103. cy type of co-ownership for a couple who is married. This type is recognized in about half of the states. includes survivorship.
  104. cz General Warranty Deed or Standard Warranty deeds
    Full Covenant and Warranty Deed
    Special Warranty Deed
    Bargain and Sale Deed
    Quitclaim Deed
  105. da Demand coupled with purchasing power
  106. db property owner establishes a living trust while owner is still alive.
  107. dc What a typical buyer will pay
  108. dd Held to be undesirable by most people because of a past event or condition like murder or haunted
  109. de instrument that conveys a grantor's interest, if any, in real property to a grantee. It is a document.
  110. df value of prop sold in a less than typical marketing period and exposure.
  111. dg Freehold estates that last only as long as a specified person (life tenant) lives. (Waste: life tenant may not damage property.). Grantor of LIfe estate can sell to C, but C won't get it until the life tenant dies.
  112. dh the monetary relationship between properties and those who buy, sell, or use those properties.... It is an economic concept, always an opinion at a specified time and never a fact.
  113. di prepared by planning commission for long-term development and will include an overall plan for zoning and may address issues like density, housing, transportation, utility, parks, etc.
  114. dj allows the fractional interest of one co-owner, when they ie, to auto pass their interest on to the other co-owner without going through the probate process. Does not eliminate estate taxes...
  115. dk the amount asked, offered, or paid for a property
  116. dl determine a specified type of value of a property on a specified date. The type and definition of value used in an appraisal must be stated in the appraisal report with the source of the definition (USPAP requires)
  117. dm 1. Clean Air Act requires the federal Environmental Protection Agency (EPA) to regulate air pollutant emissions. EPA requires states to prepare an implementation plan for meeting air quality standards
    2. Clean Water Act the EPA sets national water quality standards.
  118. dn land usages that do not comply with general zoning rules for its location but are permitted because they benefit the public good. (School, hospital, church, cemetery, etc.)
  119. do If not competent in property type hired to appraise, you must disclose that or turn it down. If another appraiser helps you, you must report that and who it was.
  120. dp revision in zoning law, usually changing one zone to another type of zone
  121. dq When one co-owner is ending tenancy in common
  122. dr an association of two or more individuals as co-owners of a business run for profit.
  123. ds value of inferior properties is affected positively by other properties around it.
  124. dt cannot be destroyed. natural disasters can physically change the property, but land will always have some value because it exists. not consumed or wear out. (The utility may fluctuate over time)
  125. du Single use property - built to satisfy needs of owner only; Multiple use - limited number of unique uses that may or may not be simultaneous or require little modification to the property; Special Use Property - limited and specific use like museums, historical building, and schools
  126. dv Annual tax divided by mill=X x 1,000= assessed value divided by assessed ratio=Appraised value
  127. dw S: how much of a supply is there; related to Demand
  128. dx grantor warrants only the title against defect arising dring the time he owned but not before.
  129. dy involuntary, specific liens by someone who performed work on, or supplied materials for real property construction, remodeling, repairs, etc. and has not been paid.
  130. dz Controls and Encumbrances
  131. ea legal description that starts at an easily identifiable point of beginning, then describes boundaries in terms of courses or metes (compass directions) and intermediate points (changes in direction) or bounds, and returns to Point of beginning. may refer to monuments or fixed physical objects as reference points or markers.
  132. eb the mix of the four agents of production CELL which results in the optimal productivity of a property. when these four agents of production are in optimal balance, the property has achieved it's highest and best use.
  133. ec involuntary, general liens that attach to a person's property as a result of court action (child support)
  134. ed Where is it? The test of a valied property description is the ability to identify and distinguish it from any and all other parcels of land. There are three system to do this:
    1. Government survey system
    2. Lot and block system
    3. Metes and bounds system
  135. ee world events, energy costs, war, interest rates, taxes, inflation, employment levels, availability of credit
  136. ef Liens are non-possessory financial interests in property. Voluntary liens: mortgages. Involuntary Liens: general attaches to all prop. or specific lien attaches to specific property.
  137. eg is the government's constitutional power or RIGHT to take, appropriate, or condemn private property for public use.
  138. eh no warranties. will need Title Insurance.
  139. ei local laws regarding how land can be subdivided. Developers submit a Plat for approval
  140. ej ownership by one person or entity
    entity may be corporations or Real Estate Investment Trust
  141. ek when value of particular property is affected negatively due to being affiliated with inferior properties.
  142. el different then condo - PUD is a land regulation or development concept and is NOT a type of ownership
  143. em Uniqueness, immobility, Indestructibility;
  144. en building owned by a corporation witht eh residents as shareholders who each receive a proprietary lease on an individual unit and the right to use common areas. use of a proprietary lease for a unit - longer terms and more rights than ordinary renter lease.
  145. eo First look at value of land without improvement (buildings). If prop is improved what would be the cost of razing? Estimate land value as is with improvements. Is there a conversion possible? What would be costs of conversion?
  146. ep properties developed for co-ownership with each having a separate interest in an individual area and an undivided interest in the common ares of the property
  147. eq Conversion of personal property to Real Property by attaching or affixing personal prop to real prop
  148. er T: Any restrictions? Less equals better value
  149. es a percentage or ratio of the tax assessor's appraised value.
  150. et in which the grantor warrants the title against defects that might have arisen before or during the grantor's period of ownership - assures free of encumbrances, no defect in title, will defend grantee's interest
  151. eu equals 66 feet or 4 rods
    used in Metes and Bounds System
  152. ev ending of tenancy in common by agreement
  153. ew if not crumbling or powdery, let it be. Sometimes worse to remove.
  154. ex Physical land & attachments (appurtenant)
  155. ey deviate in a way that permits owners to use the land usually prohibited in that zone.
  156. ez grant permission to a property owner by the zoning authority, allowing some deviation from strict compliance with the law. Usually because the land is unusual in some way. Variances run with title. (Special permits do not) Public hearings usually required.
  157. fa Typical terms and financing; No unusual concessions; Parties are not related; Parties are acting in their own best interest; Parties are not under undue haste or duress; Parties are reasonably informed; Property has been exposed, typically, for a reasonable period of time.
  158. fb Real Estate Taxation also known as ad valorem tax. "according to value".... For every $1000 of assessed value, x tax rate (mill) = tax owed.
  159. fc is the actual lawful ownership of real property and refers to holding the bundle of rights conveyed. It is not a document but a theory pertaining to ownership.
  160. fd how much and what kind of work needed... type of data to be searched in order to reach conclusions
  161. fe non-possessory interests in real property. They burden the title or use of the land.
  162. ff Personal property of a business/trade (shelves, counters, refrigerators, lights)
  163. fg money a lender will loan on a particular property using Loan-t0-value ration// a percentage of market value.
  164. fh has value but not physical (tradename, patents, stocks, etc)
  165. fi Unity of Possession; Unity of Interest Unity of Time; Unity of Title
  166. fj give the holder a temporary right to possession of the estate, without title... as in renting. Tenancy.
    The lessee is the tenant who holds the estate. The lessor is the landlord
  167. fk Surface land, water rights (from lake, pond, river), and physical attachments - However: water flow cannot be stopped, rerouted or impeded or altered to affect other property owners on said body of water. Rivers many not be damaged so it flows unclean into neighbor's land.
  168. fl Anything emitting from outside the property boundaries that interferes with the owner's right of quiet enjoyment. External Obsolescence is a permanent nuisance
  169. fm to secure the payment of real estate txes.
  170. fn refers to lakes/ponds
  171. fo a legal description for land referencing principal meridians and base lines designated throughout the country.Also called the government rectangular survey or rectangular survey system. It was developed to sell land in 1785 and used primarily in the Southwest.
  172. fp real estate itself cannot move from one place to another. Immobiltiy of land can help in good markets and hurt value in bad markets
  173. fq most reasonable probable legal use of a property, as vacant or improved, that is physically possible, adequately supported, financially feasible,and results in the greatest value.
  174. fr Value is maximized if surrounded by similar homes offering similar utility. Not clones, but conform to one another.
  175. fs occur when land use does not conform to current zoning laws but is allowed because the land use was established before the new laws were enacted.
  176. ft Value is the amount of goods or services offered in the marketplace in exchange for something else. To have the best value all four of these must be in balance:
    DUST: Demand / Utility / Scarcity / Transferability
  177. fu possession of property by a holdover tenant (someone who came into possession under a valid lease, but stay on after lease expires, without the landlord's permission. Landlord cannot use force to evict, but go through legal channels)
  178. fv Real Property rights that come with ownership
  179. fw FLAT: Consistent payments; VARIABLE: payment amounts vary; STEP: rent changes over time at a predetermined percentage and interval; REVALUATION: Rent changes at a set interval but amount is determined by revaluation of market rent.; ANNUAL INCREASE: increases by specific dollar mount and specified in lease; PERCENTAGE: mostly retail and guarentees minimum like 1% of business sales, etc.
  180. fx involuntary specific liens that secure payment of the balance of the purchase price of a piec of real estate if buyer does not pay seller in full.
  181. fy the value of the components of a property that could be removed and salvaged before demolition.
  182. fz A right to immediate possession
  183. ga conditions that must occur in order for the contract to be performed (satisfactory results from inspection or securing a mortages or the sale of a house)
  184. gb an interest or a right in property. a person who holds an estate has either the right to possess the property now, will have that right in the future, or may have that right in the future.
  185. gc The right to use another's real property for a particular purpose. usually for indefinite period of time; created by written agreement; usually run with the land
  186. gd CELL: Capital (physical materials); Entrepreneurship or Coordination (profit); Land; Labor (workers)
    productive Real Estate decisions occur, and value is created when these economic elements come together
  187. ge substitution of a new contract for an earlier contract.
  188. gf a leasehold estate for a duration of time, not a specific date... month to month and will auto renew until lessor terminates.
  189. gg fungus that can grow anywhere and on any organic material. Some are very toxic like black mold.
  190. gh assures the greatest guarantee of title of any type of deed
  191. gi non-homogeneity - related to scarcity since no two are exactly alike!
  192. gj give interest in property agreement made and yet to be finalized (like no one else can buy)
  193. gk Restrictive Covenants (run with land) and is a binding promise concerning the use of real property.
    often by former owner or original developer. can be enforced; however, if not followed, cannot jeopardize title.
  194. gl type of co-ownership used in many states, includes survivorship - can be terminated by agreement, partition, or severance.
    All unities are present (possession, interest, time, title)
  195. gm PEGS; Physical, Economic, Governmental, Social
  196. gn refers to Rivers/streams
  197. go Surplus land is the portion over and above what is needed for the highest and best use and does not have a stand alone value./// Excess land is land that is not necessary to suppor tthe use of the existing improvements situated on the subject property. However it may have its own value foe expansion of the current improvements or for sale for another use.
  198. gp interaction of supply and demand. Demand related to competitions between people (sellers, buyers, renters). and Supply related to competition of level of amenities and benefits of one prop over another.
  199. gq includes surface, subsurface (underground), and suprasurface (air). Can be conveyed separately from land by sale or lease or accompany land in transfer. Some land rights are appurtenant (goes with the land in title) and some not. must know laws of the area pertaining to land rights.
  200. gr similar to rezoning but has small or individual land parcels as its subject rather than entire zone or area. Is very rare and could be abused.
  201. gs value in use of all property which includes real and personal tangible and intangible.
  202. gt RELEASE through a document or
    MERGER uniting of two or more separate properties by trasferring ownership of all to one person.
    ABANDONMENT failure to occupy and use property resulting in loss of rights
    FAILURE OF PURPOSE an easement terminates because the purpose for which it was created no longer exists.
  203. gu benefits a person or entity only and not a parcel of land (electric utility company) there fore there is no dominant tenement only tenent. However ther is a servient tenement and tenant.
  204. gv Greatest estate one can have where all rights of ownership are included and no restrictions, etc.
  205. gw equals 1 square mile
  206. gx Nonconforming uses/Variances/conditional uses
  207. gy possesses full bundle of rights
    3 kinds: Fee Simple Absolute (fullest freehold estate);
    Fee Simple Defeasible (may be undone if certain events occur [Determinable] or conditions not met [conditional]); and leased fee interest (landlord's interest in leased property - enjoys the money from rent in place of right of occupy)
  208. gz if several liens against same property and not enough money to pay all a priority is established: Real property taxes always have the highest lien priority.
  209. ha Man made additions to Real Property
    1. to the land (well, sewer, access)
    2. on the land (building, pool, etc)
  210. hb is the ACTION of taking private property for public use, with just compensation.