Although the typical adult spends at least a fourth of his or her income on St. Cloud real estate-related matters, many basic real estate terms—even basic ones—aren’t widely understood. We probably accept that fact because that is just the way it’s always been—but it really is astonishing that many of the material terms St. Cloud real estate professionals use remain unfamiliar to most everybody else.
If there were an introductory freshman class called “Real Estate 101,” I think a good first week would be spent on getting the vocabulary straight. That knowledge really would help clarify how we think about this most important purchase and holding.
To illustrate in a light-hearted way, here’s a short quiz on terms any St. Cloud real estate professional might use:
Best answer to the difference between real property and personal property is—
You can touch real property, unlike personal property
Personal property can be moved; real property is immovable
People have a right not to disclose their personal property
Best answer to the difference between a freehold estate and non-freehold estate:
A freehold estate is one which can be purchased for no down payment
A freehold estate gives its owner ownership rights
A non-freehold estate is one which is heavily taxed
The Right to Encumber Property is
The right to build something weighty (like a building) on a property
The right to transfer interest in a property
The right to add another property into a single deed
Riparian Rights refers to
Ripening fruit tree ordinances
The bundle of rights connected to land that abuts flowing water
Clothing repair ordinances
Littoral Rights refers to
The right to fine strangers who leave waste on your land
Same as 4 b) (except that the water isn’t flowing)
The ability to copyright stories or books about your land
The word estate in real estate means
A mansion or large ranch
The accumulation of assets or wealth
A dead person’s land
It’s not often that the definitions of real estate terms prove to be crucial, but when they might make a substantive difference in any of your St. Cloud real estate transactions, you’ll be glad to have a licensed Realtor® like me on your team. BTW, the answers are all b)—and if you got them all, you go to the head of the class!
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