welcome i am nanya your real estate tutoress on this channel i bring the best tips and tools getting a real estate license i also answer any questions you may have about the process if you're new here welcome and do consider subscribing as you prepare for the illinois real estate broker examination there are certain terms that you need to understand as you've been going through the curriculum you've learned a lot of words in class or if you're doing this on your own and so you need to understand what these words mean and know the vocabulary in today's lesson i will be bringing you 30 vocabulary words that you need to know for the exam what i like to tell my students is don't try to cram these words try to understand the words for example when you were growing up and learning words right you would ask your parents or whoever was raising you what is a car or what is this and they would try to explain it to you but if i should ask you today what's a car you're not going to give me the actual definition like in the dictionary of what a car is you kind of understand what a car is and if i use a car in a sentence you know what i'm talking about so that's how i want you to memorize these words because or rather understand these words because generally the exam is not going to ask you for example the definition of real estate is and then give you some options what they will do instead is use the word or the phrase real estate in a sentence and you are supposed to understand what they mean when they use it in a question all right so as we go through i will definitely bring those up and help you understand that as we go so let's get started first what is land now land is the surface anything going down anything going up so the earth's surface to the center of the earth and then the air space above including the trees water and other natural things that you find attached as well real estate on the other hand is the land plus anything that we humans have attached to it so think of your house your sidewalk your driveway your fence those things that we have attached to the land real property real property is the land the real estate plus the interests benefits and rights that you have because you own that real estate personal property personal property then is anything that's movable which talks about real property things that are attached personal at the other things so your desk your camera microphone um your computer your um cell phone your furniture in the house those things that don't necessarily get sold when real estate is transferred trade fixtures with trade fixture we're talking about things that have been installed by a business owner in a space that they are renting those things are always always personal property until the lease is over and because their personal property if the business owner is leaving they can take them out even if they have attached it to the real estate for example if you have a barber shop all right they put in sinks they put in mirrors they put in the chairs whatever and you know they've attached them to the wall if the lease is expiring at the end of the month as long as they pull all those things out right it's still their personal property but once the lease is expired now it becomes property of the landlord so with trade fixtures think about someone who owns a trade who owns a business when you see trade fixtures just think business owners severalty when we talk about the word several this essentially means how you own real estate and with severalty it is one owner so only one person or one uh cooperation owns the property now the word severalty comes from the root word to sever so if you look s-e-v-e-r to sever right not several but sever with sever seven means to cut off so you're cutting yourself off from anyone else so you own it buy yourself free and clear tenants in common with tenants in common this is a type of co-ownership so co-owners more than one owner co-ownership that whereby each owner has an undivided fractional interest in the property and it doesn't have to be equal it could be let's say if just two of us 70 30 or 60 40 or it could be 50 50 but it doesn't have to be equal and it could be created at any time so even my portion i could give it to my heirs and they will become tendency coming with you last thing it can be inherited so you can pass it on to heirs and such if you're getting real estate and no other type of co-ownership is specified this is the one that will automatically come into play joint tenancy this is another type of co-ownership in this one ownership must be equal it can be multiple people so if you have five people they all own you know equal share all five um it's always created at one time on the same legal document so whenever those five people are gaining ownership of the property that's when we create a joint tenancy with joint tenancy if one owner passes their interest gets transferred over to the remaining people so we don't have any type of inheritance but what we have is what's called a right of survivorship so we had five people one person passes the remaining four now own the entire real estate one person goes remaining three one person goes just two people and then eventually one person now owns it and remember we already talked about what happens when one what it's called rather when one person owns real estate right that's called severalty so as we go from five and all the way down to one when we get to one that person now has ownership in severalty tenants by the entirety this is also a type of co-ownership but it is for legally married couples and it's recognized in illinois all right so this is how legally married individuals can own their primary residence and it is a type of joint tenancy meaning survivorship right so if one spouse passes the other spouse automatically now owns the property estate in land a state and land describes the degree quality nature and extent a person's interest in real property um so think about if someone owns it or if they're renting it out or they have a license to use it so those are like that's essentially all under the bracket of estate and land what type of ownership or what kind of interest do you have in that real estate do you own it okay if you own it then how do you own it or if you're renting it how are you renting it what are the what's the lease agreement on your rental if it's a license what are the terms of that license freehold estate is a type of estate and land and it has to do with ownership all right so we just talked about estate and land estate land is the degree of quality or interest that you have now freehold talks about ownership so anything that doesn't have to do with ownership is not freehold and the other thing to know about freehold as it says on the screen is for an indeterminable length of time so there is no time frame on your ownership with leasehold estate this is the right a person has as a tenant okay to occupy someone else's real estate for a period of time as specified in the lease right so leasehold just think about rentals freehold think about ownership see simple absolutes this is a type of freehold this is a type of freehold estate where you own it free and clear this is the highest level or right of ownership that anyone can have when it comes to real estate you own it free and clear and you could do with it as whatever you want but within the framework of the law fee simple the feasible with fee simple the feasible um this is also a type of freehold estate however there is a condition to your ownership it says there on the screen that it is terminated by the occurrence or non-occurrence of a specific event for example the ownership says you own this as long as there is no alcohol consumption on this property now if there is alcohol consumption on the property you may lose ownership so that's the occurrence of something or i could say i'm gonna give you this property it's yours as long as you're using it as low income housing so let's say you stop using it as low income housing now you may lose ownership of the property all right so now the non-occurrence you're not using it for low-income housing a life estate a life estate is a freeholdest day that is limited by uh the life of the owner or the life of somebody else example a father passes on real estate to his son and says this is yours as long as you are alive once you pass on it goes to your son so we're keeping this in the family the life tenant the life tenant is the person in possession of a life estate let's go back to my example the father gives the real estate to the son now the son becomes a life tenant because they are in possession of the real estate and then the transfer was the life estate says it's yours son when you pass on it goes to your son so the father's grandson so the son in this instance would be the life tenant per ultra v is a french word that means for the life of another this is a life estate that is for the life of someone other than the life tenant domain eminent domain is the right of the government to take private property for public use of course the person whose property is taken is compensated for their property being taken like the value of the property but this is the right the government has for example a couple years ago in chicago they were expanding the o'hare airport and so there was eminent domain um a bunch of people's homes were bought off by the government whoever they were at that point and then the land was used to expand or here it's treatment or it's cheat so if she is a process whereby the county acquires ownership of real estate in illinois is the county so the county acquires ownership of real estate when a person dies and they don't have a will they have no heirs so no will no heirs the property is cheats to the county where it is located test date this is when a person dies with a will so you could get a question where they say a person passed test date or a person dies testing that means a person dies with a will intestate a person dies without a will easement this is the right to use someone else's land for a specific reason such as having a right-of-way or um for utility lines and things like that so easement someone else's property is being used for some reason apple tenant easement the word apple tenant essentially means like being next to or attached to for example if you have um an attached garage right so the garage is up attendant to the house so in an appleton easement we're talking about two parcels of land that are next to each other but they have to be owned by different people for us to have an apple tenant's easement because remember with easement we say you're using someone else's land so with an appleton easement you're using your neighbor's land for some specific purpose okay so this is an easement that is attached to the ownership of one process of land and allows that owner the use of the neighbor's land for a specific purpose such as a right-of-way so on this slide here i have a little diagram that shows you what serbian tenement is and on the next i will talk about dominant tenement so here you see um here you see lot a is in front love b is behind luck b doesn't have access to the public road so they have to drive through a lot a to get to the public road so this dark thing here is our driveway the servient is the one being used so who the person who the easement is on their land is serbian so think about it the person being used the president was serving serbian tenement so in this scenario law a is serbian and this is our apple tenant easement that's a driveway from lot b through la a getting us to the public road therefore right the dominant tenement is the neighboring parcel that benefits from the easement to think about the person who is being served the person who is using the other person or the person who's dominating the situation right that's your dominant tenement easement by necessity this is an easement that's allowed by law because it is necessary so just think of the word necessity right so it's a necessary easement it's something that we need in order to enjoy our real estate so going back to this slide this would be an easement by necessity because there's only one way being as of right now right that b can get to the public road and that's through going through lot a easement by prescription this is one that is acquired through a process that is continuous open hostile and adverse so without the owner's permission you're using their land for a period of time example let's say that there was a process of land that was private owned but then it takes to the lake so you keep going through their land without their permission kind of trespassing if you think about it for a period of time in illinois it is for 20 years so if people are continuously using your land then they will be able to create an easement by prescription on your parcel of land so they don't own the land but they have the right to use your land to access the lake in this example easement in gross now when you think about easement and growth just think about utility companies power lines um your phone lines your cable lines that run through people's land or even like railroad tracks so this is an easement that's usually created by someone who doesn't live next to you um either a company or an individual because they need the right right to use your land for a specific purpose so think about railroad tracks running through someone's land that would be an easement in gross encroachment an encroachment occurs when part of your property either a wall your garage your fence or whatever is crossing the property line so it is now in your neighbor's lot all right that would be an encroachment so with that we've come to 30 words and those are a lot of words this watch this over and over again so that you can go over these words review them in your notes kind of begin to even use them in sentences so that they kind of become um familiar to you and you're not having to like think about the actual definition when you see the word used in a question i hope this was beneficial to you thank you so much for watching um if you have any additional questions please leave them in the comments for me if you have certain topics you want me to cover also let me know in the comments below and i will do my best to get you those videos as always please like this video share with a friend in your class or someone who may be interested in getting their real estate license and i will see you in the next video just hop onto this next one right here