MA Real Estate Vocabulary Flashcards

MA Real Estate Vocabulary Flashcards lis pendensA recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.judgmentThe formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.emblementsGrowing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructose industrials.spot surveyShows all buildings, improvements, and easements on a property easement appurtenantAn easement that is annexed to the ownership and used for the benefit of another's land.indestructibleLand is indestructible - This permanence tends to stabilize investments in the land (don't forget that improvements on the land can depreciate).trade fixtureAn article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.remainder interestThe remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.cloud on titleAny document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet the title.air rightsThe right to use open space above a property, usually slowing the surface to be used for another purpose.fixtureAn item of personal property that has been converted to real property by being permanently affixed to the realty.encroachmentA building or some portion of it (for example, a wall or fence) that extends beyond the land for the owner and illegally intrudes on so eland of an adjoining owner or a street or alley.erosionThe gradual wearing away of land by water, wind, and general weather conditions the diminishing of property by the elements.descentAcquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.

dowerThe legal right or interest, recognized in some states, that a white acquires in the property of her husband held or acquired during their marriage. During the husband's lifetime the right is only a possibility of an interest; upon his death, it can become an interest in land.reversionary interestThe interest retained by the grantor after granting a life estate to another person; upon that person's death, the full rights of ownership revert to the original owner.nonhomogeneityA lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be non homogeneous.fee simple defeasibleAn estate that is subject to some condition to determine when it will begin or end.rental marketThe market for leased real estate.pur autre vieLatin phrase meaning for the life of another. A life estate our auto via is a life estate that is measured by the life of a person other than the grantee.life estateAn interest in real personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.eminent domainThe right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.appraisalAn estimate of the quantity, quality, or value of something.The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value.curtesyA life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife.deed in trustAn instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement.executorAn individual named in a will to oversee the administration and distribution of the estate of a person dying testate.easement in grossAn easement that is not created for the benefit of any land owned by the owner of the easement, but that attached personally to the easement owner. For example, a right granted by a woman to a man to use a portion of her property for the rest of his life is an easement in gross.agriculturalA category of real estate that includes farms, timberland, ranches, and orchards.

residentialAll property used for single family or multifamily housing, whether in urban, suburban, or rural areas.marketA place where goods can be bought and sold at a price established.brokerOne who acts as an intermediary on behalf of others for a fee or commission.adverse possessionThe actual, open, notorious, hostile, and continuous possession of another's land under a claim of title.Possession for a statutory period may be a means of acquiring title.legal descriptionA description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.inverse condemnationA legal process by which a property owner seeks to recover damaged due to the fact that a government action has reduced the value to the point that the property owner cannot use the property.monumentA fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.accessionAcquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.leasehold estateA tenant's rights to occupy real estate during the term of a lease, generally considered to be a personal property interest.community propertyA system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish las, found predominantly in western states, this system was unknown under English common law.dedicationA voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools.landThe earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.seller's marketAn economic condition occurring when the demand for a good exceeds the supply, resulting in an increase in price.lienA right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.metes-and-bounds descriptionA legal description of a parcel of land that begins at a well-marked point and follows boundaries, using directions and distances around the tract, back to the place of beginning.

subsurface (mineral) rightsOwnership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property.easement by prescriptionAn easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.industrialA category of real estate that includes warehouses, factories, land in industrial districts, and power plants.demographicsRefers to the characteristics of a population, such as age and economic status.A personal preference of people for one area over another, not necessarily based on objective facts and knowledge.subdivision lot and work acknowledgmentA formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.real property littoral rights(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to the landowner's property; (2) the ownership right to land bordering these bodies of water up to the high water mark.encumbranceAnything - such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land, or an outstanding dower right - that may diminish the value of a property.grant deedDeed of conveyance used primarily in western states. They contain no expressed warranties, but the grantors are obligated by implied warranties established by state law.allodial systemA system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States.special purposeA category of real estate that includes churches, schools, cemeteries, and government-held lands.The interests, benefits, and rights inherent in real estate ownership.rectangular survey system covenants, conditions, and restrictions (CC&Rs) Private restrictions on use of real property found in a subdivision or condominium project.A concept of water ownership in which the landowner's right to use available water is based on a government administered permit system.real estate REALTORA registered trademark term reserved for the sole use of active members of local and state REALTOR boards or