Metes and bounds is an old system of measuring land and establishing boundaries. Metes refers to survey lines with specific distance measurements which can be described in varying units, such as poles, chains, rods, perches, links, etc. The direction of the line is usually based upon compass readings. Metes and bounds is an old system of measuring land and establishing boundaries.

Metes and bounds is an old system of measuring land and establishing boundaries using natural landmarks and compass readings and distance measured in poles, links, rods and chains. A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

Unit of length used primarily in the United States, but still used as an international unit as well. Formally known as a statute mile, a mile is equal to 5,280 feet or 1.6093 kilometers (km). For additional information and conversion examples, see Mile equivalents and conversions or the various Converting miles to... entries.

One (1) mile is equal to 5,280 feet.
One (1) mile is equal to 80 chains.
One (1) mile is equal to 8,000 links.
One (1) mile is equal to eight (8) furlongs.
One (1) mile is equal to 320 rods, poles, or perches.
One (1) mile is equal to 1,760 yards.
One (1) mile is equal to 63,360 inches.
One (1) mile is equal to 160,934.4 centimeters.
One (1) mile is equal to 1,609.344 meters.
One (1) mile is equal to 1.6093 kilometers.
See the various Converting miles to... entries for conversion examples.

Type of land tenure (feudal tenure) requiring the title holder (the tenant) to furnish soldiers or knights to the tenant-in-chief in return for the right to own the land. Tenants in chief with military tenure provided military services directly to the king or other sovereign.

A compilation or database of real estate listings administered by the National Association of Realtors (NAR); an association of real estate brokers, agents, and salespeople who share real estate listings in order to generate additional advertising of and exposure for their exclusive listings. There are separate multiple listing services for different geographic areas; the area included in an MLS can vary from a city to a several-state region.

Definition: An auction sale allowing bidders to make multiple bids and modify them in successive rounds of bidding.

Terms, Definitions, and Concepts: Auction, Real Estate

Legal term for a document or other evidence that proves ownership of an asset. In real estate, examples of muniments of title include deeds, wills, and court judgments. In order to be considered a muniment, the document must show title and also be a critical link in the chain of title.

The National Association of Realtors (NAR) is a professional organization for Realtors, or real estate brokers, agents, and salespersons who are members. The stated mission and goals of the NAR are to:
Help its members be more successful
Advocate for ownership and free transfer of private property
Develop standards of conduct, ethics, and professional behavior for its members
Provide research, education,and information to its members, the general public, and the government to promote free enterprise and private property ownership

The National Association of Realtors began in 1908 as the National Association of Real Estate Exchanges (NAREE). In 1916, the name was changed to the National Association of Real Estate Boards (NAREB); the current name was adopted in 1974.

Definition: The National Auctioneers Association (NAA) was founded in 1949 as a national professional organization for real estate and other types of auctioneers. Its self-stated mission is to "promote the auction method of marketing and enhancing the professionalism of its members through education and technology". The main office of the NAA is in Overland Park, Kansas, USA. The organization currently has over 6,000 members around the world, primarily in Canada and the U.S.

Terms, Definitions, and Concepts: Auction, Real Estate

A watercourse that is deep and wide enough to accept commercial vessel (boat) traffic. Also known as a navigable waterway.

A watercourse that is deep and wide enough to accept commercial vessel (boat) traffic. Also known as a navigable river.

1. The income or revenue (monetary or non-monetary) earned by an individual or business after the deduction of expenses such as taxes, insurance, losses, etc. Contrast with gross income.
2. The revenue a business or property will earn in a given year's operation, according to the following simplified formula: Net income = Gross income - Expenses

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all or a portion of the property expenses in addition to periodic rent. It is called a net lease because the rent paid is "net" to the lessor.
Abbreviated as "N lease".

The amount of money remaining after deducting operating expenses from gross income.
Used to calculate the cap rate of an income property.

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay property taxes and insurance in addition to periodic rent, and the landlord (lessor) agrees to pay for property maintenance.
Also known as a double net lease.
Abbreviated as "NN lease".

A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay all operating and property expenses in addition to periodic rent, including taxes, insurance, maintenance, utilities, and assessments.
Also known as a triple net lease.
Abbreviated as "NNN lease".

A watercourse that is either too shallow or too narrow to allow commercial vessel (boat or ship) traffic. Also known as a non-navigable waterway.

A watercourse that is either too shallow or too narrow to allow commercial vessel (boat or ship) traffic. Also known as a non-navigable river.

A permitted land use which was lawfully established and maintained but which no longer conforms to current zoning regulations, due to changes in those regulations or ordinances.

Describes property with a boundary or boundary that is adjacent to a sea or ocean, including property with frontage on a bay, cove, gulf, or other such inlet.

Terms, Definitions, and Concepts: Real estate, Water

Office of Arizona Department of Water Resources (ADWR) that oversees the Assured and Adequate Water Supply Programs. Both programs address 100-year water supply issues in new subdivisions in Arizona.

Definition: A bathroom with a toilet or sink only.

Terms, Definitions, and Concepts: Real Estate, Construction and Building

Definition: An iterative auction where competing bidders are aware of the bids of others, and each subsequent bid is higher than the last. Also known as an English auction.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: Auction bidding activity where individual bids are obvious, apparent, and known to all other bidders. Contrast with sealed bid.

Terms, Definitions, and Concepts: Auction, Real Estate