Can You Define These Six Jacksonville Real Estate Terms?
Although the typical adult spends at least a fourth of his or her income on Jacksonville 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 Jacksonville 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 Jacksonville 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 Jacksonville real estate transactions, you’ll be glad to have a licensed Realtor® like any of us on your team. BTW, the answers are all b)—and if you got them all, you go to the head of the class!