Real Estate Fundamentals Estate The degree, nature, and extent of an owner’s interest in real property.
Real Estate Fundamentals Fee Simple The most complete form of ownership in real estate — unlimited duration, freely transferable.
Real Estate Fundamentals Fixture An item of personal property that becomes part of real property by being permanently attached.
Real Estate Fundamentals Functional Square Footage Usable interior space, excluding garages, basements, or unfinished areas.
Real Estate Fundamentals Gross Square Footage Total measurement including all interior and structural areas.
Real Estate Fundamentals Homestead A legal designation that protects a primary residence from certain creditors and may provide tax benefits.
Real Estate Fundamentals Joint Tenancy Co-ownership of property with right of survivorship — when one owner dies, their share passes to the others.
Real Estate Fundamentals Latent Defect A property defect not visible on inspection that the seller may be legally required to disclose.
Real Estate Fundamentals Lateral Support A landowner’s right to have adjacent land naturally support their own.
Real Estate Fundamentals Lead-Based Paint Disclosure A federal disclosure for homes built before 1978 regarding lead-based paint hazards.
Real Estate Fundamentals Leasehold An interest in real estate that gives the holder the right to use the property for a specified period under a lease.
Real Estate Fundamentals Lien A legal claim against a property used as collateral or security for a debt.
