Zoning and Property Management Basics

Personal property that becomes real property because it is permanently attached to the land.

Changing an item from real property to personal property by detaching it from the land.

Adding to property by attaching an item to the property, creating a fixture.

A term used to describe the manner in which a chattel is joined to property, becoming a fixture.

Moving property that goes with the person, such as furniture or clothes.

Immovable property that goes with the land, such as a house or the ground it sits on.

Items attached to the property by nails, glue, cement, pipes, wires, or screws. The method makes them part of the real estate.

How well-suited an item is to the property and whether its removal would cause damage.

A type of ownership where the land goes back to the grantor automatically if a specific event happens.

A type of ownership where the grantor can reclaim the property if a specific condition is broken, but they have to take legal action.

An estate that lasts for the life of a specific person, either the owner or another individual.

The person who holds a life estate and benefits from the property.

The right of the original owner to regain ownership of the property after the life estate ends.

The right of a third party to inherit the property after the life estate ends.

An ownership interest where the owner rents or leases the property. It's also called a leasehold estate.

A lease with a set duration, often called a 'tenancy for years'.

A transfer of contract rights, meaning the new tenant takes over the original lease agreement and all its obligations.

When a landlord does something (or fails to do something) they're legally obligated to do, making the property uninhabitable and forcing the tenant to leave.

A person or company hired by a property owner to manage the day-to-day operations of a property.

A relationship where one party (the property manager) acts on behalf of another (the property owner) with a duty to prioritize the owner's best interests.

The highest income the property can generate after all expenses are deducted.

The rent a property should command based on market conditions.

A reduction in rent offered by a landlord to attract tenants.

A contract that states when rent payments are due. If the lease doesn't specify, rent is due on the last day of the lease period.

A person who has signed an agreement with a real estate agency, creating a fiduciary relationship. They are represented by the agency.

A party who uses the services of a real estate licensee but doesn't have a signed agreement with the agency. No fiduciary relationship is created.

This relationship exists between a real estate agent and their client. It requires the agent to act in the best interest of the client.

When a real estate agent represents the seller, they are obligated to ensure the buyer understands they are working for the seller's interests.

A person authorized to sign documents on someone's behalf. Their signature includes both their name and the name of the person they are representing.

Their signature often includes both their name and the principal's name. They are only authorized to act for the principal in the specific act of signing.

An attorney-in-fact can be used for various documents, including acknowledgments, confirming a real estate transaction.

An attorney-in-fact is not a practicing lawyer. They are simply authorized to sign documents on behalf of another.

A legal tool that regulates how land is used and developed, helping to maintain order and safety within communities. Local governments create and enforce zoning regulations.

A set of laws that govern how high buildings can be, how far they need to be from property lines (setbacks), and how many homes can be built per acre (density).

The distance a building must be set back from the street or sidewalk. It helps create open space and keeps buildings from being too close together.

A measure used in zoning to limit how much building space can be used on a piece of land, calculated as a ratio of building square footage to land area.

A type of zoning change that allows less intensive developments than what's currently permitted. For example, changing a commercial area to residential.

A space between two areas with different uses, often containing features like fences, walls, or trees. It helps separate the areas and reduce noise or visual disturbances.

A larger area of open space that separates two use districts, such as a park, playground, or a highway.

Examples of special use properties include schools, hospitals, and police stations. These properties provide essential services to the public.

A statement made by a real estate agent that exaggerates the positive qualities of a property to encourage a sale, usually not considered binding or fraudulent.

A property that has a history or reputation that may make it less desirable to potential buyers, even if it is physically sound. Examples include a previous murder or suicide.

A legally binding agreement between two or more parties to do or not do something specific. It can be verbal or written.

A legal requirement that certain types of contracts, like real estate agreements, must be in writing to be enforceable.

A written document that formally establishes the terms of an agreement between a seller and a broker, outlining the broker's responsibilities and compensation.

A specific deadline or time limit that must be met to fulfill the terms of a contract. For example, a closing date for a real estate transaction.

A legal situation where an individual or entity is held responsible for damages or losses caused by their actions.

An action taken by a real estate agent that violates regulations or ethical codes, potentially leading to disciplinary action or loss of their license.