E words

Question 1

EarnestMoneyDeposit

Answer 1

Adepositthatabuyermakesatthetimeofsubmittinganofferto demonstratethetrueintenttopurchase;alsocalledbinder,goodfaithdeposit,andescrowdeposit.

Question 2

Easement

Answer 2

Aright,privilegeorinterestlimitedtoaspecificpurposewhichonepartyhasinthelandof another.

Question 3

EasementAppurtenance

Answer 3

Arightofuseintheadjoininglandofanotherthatmoveswiththetitleto thepropertybenefitingfromtheeasement.

Question 4

EasementbyNecessity

Answer 4

Existswhenalandownerhasnoaccesstoroadsandislandlocked.

Question 5

EasementbyPrescription

Answer 5

Obtainedbyuseofthelandofanotherforthelegallyprescribedlengthof time.

Question 6

EasementbyVoluntaryGrant

Answer 6

Agrantorconveystherighttousethegrantor’slandtoagranteefor thepurposeofingressandegress.

Question 7

EasementinGross

Answer 7

Arightofuseinthelandofanotherwithouttherequirementthattheholderofthe rightownadjoiningland.

Question 8

EconomicIndex

Answer 8

Apieceofstatisticaldatathatisusedtoassessthehealthorconditionoftheoverall economy.

Question 9

EconomicLife

Answer 9

Theamountofyearsabuildingcanproduceanincome.

Question 10

EconomicObsolescence

Answer 10

Alossinvalueduetofactorsawayfromthesubjectpropertybutadversely affectingthevalueofthesubjectproperty.

Question 11

EffectiveAge

Answer 11

Theconditionalageofabuilding.

Question 12

EffectiveGrossIncome

Answer 12

Theamountofincomeproducedbyapieceofproperty,plusmiscellaneous income,lessvacancycostsandcollectionlosses.

Question 13

Emblements

Answer 13

Thecropsandotherannualplantingsconsideredtobepersonalpropertyofthe cultivator.

Question 14

EminentDomain

Answer 14

Therightofthegovernmenttoacquirepropertyfornecessarypublicorquasi‐public usebycondition;theownermustbefairlycompensatedandtherightoftheprivatecitizentogetpaidis spelledoutinthe5thAmendmentoftheUnitedStateConstitution.

Question 15

Encroachment

Answer 15

Anunlawfulintrusionontoanother’sadjacentpropertybyimprovementstoreal property(ex:aswimmingpoolbuiltacrossapropertyline).

Question 16

Encumbrance

Answer 16

Anycharge,claim,right,burden(otherwisecalledacloudontitle),and/orinterestin realpropertyotherthantheowners,includingbutnotlimitedto,anyrestrictionuponthetitletoreal property,affectingand/orlimitinganyinterestsoritsuse.

Question 17

Enforceability

Answer 17

Theabilitytosuefortheenforcementofthecontract.

Question 18

EquitableRemedies

Answer 18

Remediesforthepurposeof‘fairnessandjustice’.

Question 19

Equity

Answer 19

Thevalueofanassetminusthedebt.

Question 20

Erosion

Answer 20

Theeatingawayofacoastlineorlandbytheactionofwater,ice,and/orwind,orwearing awayofasurfacebycorrosionortraffic.

Question 21

Escheat

Answer 21

ThereversionoftheStateofpropertyineventtheownerthereofabandonsitordies,without leavingawillandhasnodistributestowhomthepropertymaypassbylawfuldescent.

Question 22

Escrow

Answer 22

Anytransactionwhereinoneperson,forthepurposeofaffectingthesale,transfer, encumbering,orleasingofrealorpersonalpropertytoanotherperson,deliversanywritten instruments,money,orevidenceoftitletorealorpersonalproperty,orotherthingsofvaluetoathird person,tobeheldbysuchthirdpersonuntilthehappeningofaspecifiedevent.

Question 23

EscrowAgent

Answer 23

Theneutralthirdpartyholdingfundsorsomethingofvalueintrustforanotheror others.

Question 24

EscrowAgreement

Answer 24

Thearrangementbywhichonepartydepositsanassetwithathirdperson(called anescrowagent),whowillinturnmakedeliverytoanotherpartyifandwhenthespecifiedconditions ofthecontracthavebeenmet.

Question 25

Estate

Answer 25

The degree, quantity, nature, and extent of interest that a person has in real and personal  property (includes everything one owns). 

Question 26

Estate at Sufferance

Answer 26

An estate arising when the tenant wrongfully holds over after the expiration of  the term.  The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for  a similar term under the conditions of the tenant’s previous holding.  Also called a tenancy at sufferance. 

Question 27

Estate at Will

Answer 27

A leasehold estate that may be terminated at the desire of either party. 

Question 28

Estate for Years

Answer 28

An interest in land by virtue of a contract for the possession of them for a definite and  limited period of time.  May be for a year or less.  A lease may be said to be an estate for years. 

Question 29

Estate in Remainder

Answer 29

An estate which vests after the termination of the prior estate. 

Question 30

Estate in Reversion

Answer 30

 Property or estate ownership that reverts back to the grantor after a temporary  ownership period. 

Question 31

Estoppel 

Answer 31

A legal doctrine that prevents a person from asserting rights or making claims that are  contrary to his/hers previous acts or conducts. 

Question 32

Ethics 

Answer 32

Moral principles that govern a person’s or group’s behavior. 

Question 33

Eviction

Answer 33

 A legal proceeding by a lessor landlord to recover possession of real property. 

Question 34

Exclusive Agency Agreement

Answer 34

 A listing given to only one broker (exclusive) who is entitled to the  commission if the broker or any agent of the listing broker effects a sale but imposes no commission  obligation on the owner who sells the property to a person who was not interested in the property by  efforts of the listing broker or an agent of the listing broker. 

Question 35

Exclusive Agreement (Exclusive Right to Sell Listing Agreement)

Answer 35

A listing given to only one broker who  is entitled to the commission if anyone sells the property during the term of the listing contract. 

Question 36

Executed Contract

Answer 36

A contract in which both parties have completely performed their contractual  obligations. 

Question 37

Executor

Answer 37

A person named in a will to carry out its provisions as to the disposition of the estate of a  deceased person. 

Question 38

Executory Contract

Answer 38

 A contract in which one or both parties have not yet completed performance of  their obligations. 

Question 39

Express Agency

Answer 39

An agency relationship created by oral or written agreement between principal and  the agent. 

Question 40

Express Contract

Answer 40

A contract that has been put into words, either spoken or written. 

Question 41

Express Easement

Answer 41

An easement created by a deed or by a will. 

Question 42

Eviction

Answer 42

A legal proceeding by a lessor landlord to recover possession of real property.