Real Estate Midterm Study - Definitions 1 Lots Blocks and Tracts The lot and block survey system is a method used in the United States and Canada to

Real Estate Midterm Study - Definitions 1 Lots Blocks and...

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Definitions: 1. Lots, Blocks, and Tracts - The lot and block survey system is a method used in the United States and Canada to locate and identify land , particularly for lots in densely populated metropolitan areas, suburban areas and exurbs. 2. Appurtenant - Appurtenance is a legal term denoting the attachment of a right or property to a more worthy principal. Appurtenance occurs when the attachment becomes part of the property such as a furnace or air conditioning unit. 3. Notary public - A notary is a publicly commissioned official who serves as an impartial witness to the signing of a legal document. Document signings where the services of a notary are likely include real estate deeds, affidavits, wills, trusts and powers of attorney. 4. Constructive notice - Constructive notice is the legal fiction that signifies that a person or entity should have known, as a reasonable person would have, of a legal action taken or to be taken, even if they have no actual knowledge of it. 5. Joint tenancy - Joint ownership of property by two or more related or unrelated entities ( joint - tenants ) which is effected only when four conditions interest, possession, time, and title (called four unities) are fulfilled. ... Also called joint tenancy with right of ownership in common. All shares stay in the group. No one else can join. Equal shares. Corporations cannot join joint tenants. 6. T-Tip - T-TIP stands for Title, Time, Interest, Possession. 7. Limited partnership - A real estate limited partnership (RELP) is a limited partnership entity organized to invest in real estate . A RELP is typically organized with an experienced property manager or real estate development firm serving as the general partner. 8. Estate in fee - In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate and land may be owned in common law countries, and is the highest possible ownership interest that can be held in real property. The most complete form of ownership. 9. Notice of non-responsibility - A document that shows the landlord has no connection or responsibility in what the tenant is doing. It has to be done within 10 days. 10. Mechanic’s lien - A mechanic's lien is a guarantee of payment to builders, contractors and construction firms that build or repair structures. Mechanic's liens also extend to suppliers of materials and subcontractors and cover building repairs as well. It can only be applied to a building or buildings. 11. Zoning - Zoning refers to municipal or local government laws that dictate how real property can and cannot be used in certain areas. Zoning laws can limit commercial use of land in order to prevent oil, manufacturing or other types of businesses from building in residential neighborhoods.
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  • Spring '14
  • HaroldC.Bouley

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