appraisal - ANSWERevaluation or estimation of worth
gestation period - ANSWERthe time between conception of the idea for a development project and
its completion and entry into the available property
personal property/chattel - ANSWERmovable items such as automobiles
Township - ANSWERa square 6 miles on each side (total 36 sq miles)
Sections - ANSWERrectangular survey system splits each township into 36 equal sized sections
How many square feet are in an acre? - ANSWER43,560 square feet
CC&Rs - ANSWERcovenants, conditions, and restrictions
real estate - ANSWERland and any structures that are attached to it
real property - ANSWERthe legal interests associated with the ownership of real estate
6 most important things in real estate - ANSWERLocation, Location, Location, Timing, Timing, Timing
Riparian Rights - ANSWERAn owner's rights in land that borders on or includes a stream, river, or
lake. These rights include access to and use of the water (as long as they do not deprive others of the
same rights)
Prior Appropriation Doctrine - ANSWERA water allocation scheme that grants the rights to water to
the first who uses the water for some beneficial economic purpose
, Estates in Land - ANSWEROwnership rights in real property, bundle of legal rights that the owner has
to possess, use and enjoy the property. The type of estate is determined from the deed, will, lease or
other document that transferred the ownership rights
5 principal classifications of real estate in private marketplace - ANSWER1. owner-occupied
residential
2. renter-occupied residential
3. commercial
4. industrial
5. farm and other open land
The most crucial test used to determine whether an item is a fixture is the - ANSWERtest of intent of
parties
Owners of land that adjoins navigable bodies of water are referred to as - ANSWERlittoral proprietors
Littoral proprietors - ANSWEROwners of land that adjoins navigable bodies of water
Freehold Estate - ANSWERAn estate in land in which ownership is for an indeterminate length of
time, in contrast to a leasehold estate. (ownership interests in real property)
Leasehold Estate - ANSWERAn estate that gives the holder (Tenant) a temporary right to possession,
without title.
fee simple absolute estate - ANSWERthe fullest and most complete set of ownership rights one can
possess in real property. Is alienable, devisable, and descendible
Qualified Fee Estate - ANSWERA fee estate that is subject to certain limitations imposed by the
person creating the estate
The future interest that is held by the grantor at the termination of a life estate which he or she has
granted someone else is a - ANSWERreversion
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