Real Estate Glossary
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the earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
law of agency
is a contract between the owner and the party who will occupy the real estate.
is the owner’s interest in rented or leased property. The owner gives up his right of possession in exchange for the income from rent and the return of the property at the end of the lease. The tenant acquires a leasehold interest.
Fee Simple = Leased Fee + Leasehold
is the is the tenant’s interest in real property. The tenant acquires the right of possession from the property owner in exchange for rent. Normally, the leasehold interest in rented property is worth nothing and the leased fee and fee simple are equal Fee Simple = Leased Fee + Leasehold
Agent is employed either by the owner directly or through the owner's property manager. Typical leasing agent services include:
A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
is the device used to direct the distribution of an estate upon the death of the owner.