Archives: Glossary Terms

The physical alterations to or construction of a relatively permanent nature attached to or appurtenant to land and of such a character as to increase its utility and or value.

A lease covering only the ground. See Ground lease. Example: Abel arranges a land lease from Baker for 50 years at a net annual rent of $5,000. Abel builds a shopping center on the land. At the end of 50 years the entire property will revert to Baker.

The designing of land use areas, road networks and layout for utilities to achieve efficient utilization of real estate resources.

An income approach method of appraisal used in estimating the value of the land as separate from the building that is used for feasibility studies and highest and best use purposes.

An instrument used in financing larger real estate transactions where the investor receives a trust certificate as evidence of his or her share in the trust which serves as the investment vehicle.

An activity, generally conducted by a local government and used to guide decisions on zoning, that proposes public and private land use recommendations that are consistent with community policies.

The condition of a lot that has no access to a public thoroughfare except through an adjacent lot. See Egress. Compare with Easement and Right-of-way.

A party who is called a lessor that rents property to another when done under a lease.

A monument or erection placed on the boundary line of two adjoining parcels to establish the boundary mark.

A professional who designs subdivisions, building sites, and other projects that require grading, drainage, utility installation and site improvements and plant placement selection and layout.