The acquisition of private property for public use by state, federal, or municipal governments. The concept of taking originates in the takings clause of the Fifth Amendment to the U.S. Constitution, which states that when property is taken through the government or court actions of eminent domain and condemnation, the owner must receive just compensation.
1. Real or personal property that is visible and has physical form, as opposed to incorporeal property such as rights or patents.
Also known as corporeal property.
2. Real property consisting of land, improvements to the land (tenements), and physical appurtenances such as sidewalks.
A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment
Generally, temperature decreases as elevation increases. For every 1,000 foot increase in elevation, temperature decreases three (3) degrees Fahrenheit, and vice versa. As latitude becomes more northward in the Northern Hemisphere and more southerly in the Southern Hemisphere, temperature decreases. The general rule is that temperature changes three (3) degrees Fahrenheit for every 300 mile change in latitude at an elevation of sea level. These temperature changes influence greatly the diversity and abundance of plant and animal species from place to place. However, other factors such as soil, topography, aspect, and precipitation are also extremely important in determining the types of plant and animal life that occur in any given area.
A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease
A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold
A form of property ownership reserved for a
married couple, used in some states of the Unites States. The husband and wife together are
viewed as one legal person, with each possessing an equal, undivided interest
in the entire property. Generally, property owned in this manner cannot be divided without the consent of both spouses, and neither spouse can sell or transfer a portion of the property interest - it is "all or
nothing" under this system of common law, which is why the term entirety is used. Upon the death of one spouse, the
other takes sole ownership and possession of the real property. Tenancy by the
entirety is not allowed in all states, and is never used in community property
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will
Interior structural changes made to a commercial or residential building prior to tenant occupancy. The nature and
extent of such changes are varied and depend on the needs and desires of the future tenant. The tenant may take
possession of a grey shell, vanilla shell, or completely improved interior space depending on these needs and
desires. Responsibility for design of, installation of, and payment for tenant improvements is negotiated at the
time of the lease agreement.
The landlord may furnish all or part of the tenant improvements, or may offer a financial incentive in the form of
a tenant improvement allowance (TIA), usually on a per square foot basis. Landlord-provided tenant improvements
can be either "under-ceiling" or "slab-to-slab".
Examples of tenant improvements may include HVAC systems, plumbing and wiring, partitions and interior walls,
flooring, ceiling tiles, lighting, signs, shelving and storage, restroom fixtures, fire protection, and security systems.
Lesser royalty (earls, barons, dukes, lords, etc.) who held title to feudal land directly from the king or other sovereign. Tenants in chief were required to provide military service to the king in the form of knights or soldiers in return for the right to own land.
1. A buildings, structure, or other improvement to land.
2. Land, buildings, offices, franchises, etc. owned by another and held in tenure (leased).
3. A rooming house; a set of rooms divided from the remainder of a building and leased as a separate dwelling (a flat or apartment).
4. A parcel of real property, either with or without improvements, as in the dominant and servient tenements of an easement.
Definition: The written policies, guidelines, disclosures, and legal terms for a specific auction sale, which describe how the sale is to be conducted, the rights and responsibilities of auction participants, any reserves on sale items, payment procedures, fees or other charges paid by buyers, bidder qualifications, and so on. The terms and conditions are usually made available to prospective auction participants prior to the sale itself. Also known as the "auction rules" or "conditions of sale".
Terms, Definitions, and Concepts: Auction, Real Estate