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- What Is Real Property?
- What Is Personal Property?
- What Is A fixture?
- What Is The Bundle of Rights?
- What Is Commingling?
- What Is Steering?
- What Is Escrow?
- What Is An Acreage?
- What Is Eminent domain?
- What Is An Easement?
Real property is all things attached to the surface of the land, the ground below, the air above, and all the legal rights to them. It is used to refer to things that are typically immovable. This includes the building itself and other appurtenances, such as landscaping, walkways, and other structures.
Personal property is a real estate vocabulary word that refers to any tangible and moveable objects such as gadgets, furniture, vehicles, machinery, and so on. This simply means that personal property would be any property that does not qualify as real property. Another difference between real and personal propertyis the mode of transfer. A deed is...
A fixture is any item that was once personal property but has become real property by way of permanent attachment to real property. Examples of fixtures include kitchen cabinets, ceiling fans, chandeliers, and window treatments.
The bundle of rightsis a term that describes a collection set of legal rights that is generally vested in an owner of real property upon purchase and receipt of a title deed. The bundle of rights consists of five rights. These rights may be held by the titleholder alone or may be shared with other parties.
In real estate, comminglingoccurs when an agent mixes their client’s funds with their own funds. Usually, these funds may be designated for different purposes and in some instances, the funds may be from different sources. An example of commingling is when the homebuyer provides the money to buy a home but the real estate agent deposits the money i...
Steeringis when a real estate agent discriminatorily influences the choice of a buyer by only showing them properties in certain communities. This discrimination is often based on factors like the buyer’s gender, race, sexual orientation, religion, or other protected factors. An example of steering would be showing a person of a race only propertie...
Escrow, in real estate,is a legal arrangement between the buyer and the seller to have a neutral third party hold the funds temporarily until specific conditions have been met, usually a transfer of title. Once the set condition is met, the funds are transferred to the seller. Escrow typically assures the seller of the seller’s good faith and prote...
Acreage is a real estate termthat refers to a large expanse of land that is yet to be divided into small lots for residential purposes. An acreage is made up of 43,560 square feet. A section is made up of 640 acres and a survey township is made up of 36 sections.
Eminent domainis the power that the local, state, and federal government has to acquire private property from a person for public use. This is usually done in exchange for fair compensation from the government. For example, if the government wants to expand a highway, they may need to purchase and demolish buildings close to the highway to facilita...
An easementrefers to the legal right of a person to access and use another person’s real property for a specific purpose. For example, utility companies hold easements that permit them to access power cables on a property. Here are a few terms that you should know to help you understand how easements work:
- Robert Rico
Oct 11, 2021 · This is a guide to common English vocabulary used by real estate agents, property managers, valuers, leasing agents, developers and other real estate professionals. Learning this vocabulary will help you to specialize your business English for real estate.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. Even if you know every one of the 136 real estate terms on this list and how to use them, your clients expect you to be their interpreter.
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Mar 20, 2023 · 78 Real Estate Terms and Expressions You Should Know. Whether you're ready to buy your first home or just need an acronym refresher, keep this glossary handy. You don't need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process.
