The Definitions of Real Estate – Part 1
Jul 22nd, 2007 by Dan Standeven
I read a good post on CourtneyTuttle.com called One Post Isn’t Always Enough, which got me thinking about information and readers. Now I realize that a lot of people know what real estate is and generally know the terms and phrases related to Real Estate, but for those of you that would like a little more information or definition. I’ve decided to write a regular post defining real estate key words and terms. Here you go!
Real Estate: “The physical land and improvements made to it, including structures thereon”
REALTOR: “The trademarked title of any member of NAR (National Association of REALTORS) and CREA (Canadian Real Estate Association). These members subscribe to a high standard of professional service and to strict Code of Ethics.
Real Property: ” Real property is a combination of tangible and intangible elements. the tangible element is the real estate itself, the physical, touchable land improvements. The intangible element is the real property rights which arise by reason of ownership of the physical property.”
Real Property Report: “The legal outline of the property and location of all buildings on the land.”
Land: “The Earth’s surface, a column of air above it, and any structures attached to it, such as buildings.”
Certificate of Title: “Describes the owners of the property and bears notations of the rights any other parties may have to that piece of property.”
Joint Tenancy: “A joint ownership where, if one owner dies, his or her ownership is automatically transferred to the other owners.”
Tenancy in common: “The owners each own a part of a common land. If one owner dies, the interest goes to his or her heirs rather than the other owners.”
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I love the description of “land”. It’s one of those things that everyone knows what it is but everyone also has a different description of it!
And just to avoid confusing real house price growth = nominal house price increases - rate of inflation.
Would that be applied differently to every city and town across the country then? Inflation is a lot higher in some cities than in others.
Thanks R.Pettinger, I’ll be sure to add this to my next definitions post.