Real Estate

Definition: A written instrument authorizing a person (the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

Terms, Definitions, and Concepts: Legal (Law), Management, Real Estate, Title and Title Insurance

Definition: An auction process in which bidders receive information about offers made by other bidders. In dynamic auctions, bidders use this information to modify previous offers. Also known as bid discovery.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: 1. Finance: a) The capital sum; the amount of a debt or investment less the interest paid or earned.   b) The face value of a stock, bond, or other security.
2. Real Estate: The main body of an estate (not including income).
3. Law, Real Estate: a) One who is represented by an agent.   b) A person who bears responsibility for a covenant, debt, duty, liability, or other obligation.

Terms, Definitions, and Concepts: Auction, Finance and Investment, Legal (Law), Management, Real Estate

The true north and south line extending from an initial point in both directions. Principal meridians are the first north-south lines (meridians) surveyed for an area and form the basis for measuring ranges east and west.

Latin.
1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as prorate.

The rights, benefits, and interests one has in something that is owned; note that property in a legal sense refers to these rights and interests, not to the physical items owned.

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

Statement in a deed that specified actions or improvements can or cannot take pace on a given property. The covenants may stipulate the use of the property, restrict the number of occupants and prohibit certain actions. Alternately, an agreement restricting specified financial transactions.

Definition: One who acts on behalf of another; an agent.

Terms, Definitions, and Concepts: Auction, Finance and Investment, Legal (Law), Management, Real Estate

Definition: A public sale of real or personal property conducted by a professional auctioneer. Offers are made and items are purchased through an open, competitive bidding process.

Terms, Definitions, and Concepts: Auction, Real Estate

The disclosure document issued by the Arizona Department of Real Estate (ADRE) which allows a developer or subdivider to sell lots within a platted, recorded subdivision. Also known as the Commissioner's Public Report (CPR), this document is issued only after the extensive subdivision application has been approved and the subdivision has been physically inspected. A demonstration of a 100-year water supply may also be required.

Pur autre vie is a French phrase that literally means "for the life of another". An estate pur autre vie (also known as pour autre vie) is an interest in real property held for the life of some person other than the life tenant. A life estate pur autre vie is a form of conventional life estate wherein the duration of the estate is measured not against the life of the life tenant, but against the life of another person specified by the grantor of the estate. An estate pur autre vie is the only life estate that has a right of inheritance: during the life of this other person against whose lifespan the duration of the estate depends, the life tenant's heirs may inherit the property. Once the "other person" is deceased, this right of inheritance ends.

Definition: A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as Fee simple defeasible or Fee simple qualified.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee conditional is one in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as Qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

Example: Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as the grantee's heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Same as qualified fee conditional.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition: A bathroom with a toilet or sink only.

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

Noun: A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.
Verb: To make, cause, or create a condition where disputed title to real property has been established or settled.

A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.

1. A track for trains made of parallel steel rails fastened to wooden or concrete ties.
2. A private business entity or government operation that transports goods or people by rail and train.

A usually metal chain used to measure length and distance. Less commonly used in land surveys than a Gunter's or surveyor's chain, the Ramsden's or engineer's chain is 100 feet in length, with 100 1-foot links. The terms "engineer's chain" and "Ramsden's chain" apply primarily to the measuring utensil itself and not to any particular unit of length.

1. A Spanish land grant larger than 1,000 acres.
2. A small farm.
3. A small building or group of small buildings (houses, huts, or bunkhouses) for housing ranch workers.
4. Same as "ranch".

1. A measurement used in the United States Public Lands Survey System (PLSS), consisting of a strip of land six miles wide, running in a north-south direction.
2. A row or tier of townships lying east or west of the principal meridian and numbered successively to the east and to the west from the principal meridian. Abbreviated as R1E (range 1E), R2E (range 2 east), R1W (range 1 west), and so on.

The relationship (expressed as a percentage) between the annual net income generated by a business or investment and the invested capital, appraised value, or gross income of the business or investment.

Definition: Unimproved land; land in its unused natural state prior to development or construction of improvements such as streets, lighting, sewers, and the like. Same as bare land.

Terms, Definitions, and Concepts: Agriculture, Appraisal, Auction, Construction and Building, Finance and Investment, Management, Real Estate, Survey, Taxes and Taxation, Zoning