Glossary Flashcards
(316 cards)
1
Q
Abandonment
A
The surrender or release of a right, claim, or interest in real property.
2
Q
Absorption Field
A
A system of narrow trenches through which the discharge from a septic tank infiltrates into the surrounding soil.
3
Q
Abstract of Title
A
A history of a title and the current status of a title based on a title examination. Abuttingland Parcels of land next to each other that share a common border.
4
Q
Acceleration clause
A
A provision in a mortgage or deed of trust that permits the lender to declare the entire Acceleration clauseprincipal balance of the debt immediately due and payable if the borrower is in default
5
Q
Acceptance
A
Voluntary expression by the person receiving the oer to be bound by the exact terms oft he offer; must be unequivocal and unconditional.
6
Q
Acceptance
A
The right to go onto and leave a property
7
Q
Accession
A
For example, an in-law apartment in a residential home.
8
Q
Accessory apartment
A
For example, an in-law apartment in a residential home.
9
Q
Accord and satisfaction
A
A new agreement by contracting parties that is satisfied by full performance, thereby terminating the prior contract as well
10
Q
Accretion
A
The gradual building up of land in a water course over time by deposits of silt, sand, andgravel.
11
Q
Accrued expenses
A
Expenses seller owes on the day of closing but for which the buyer will take responsibility(such as property taxes)
12
Q
Acknowledgment
A
A formal statement before an authorized official (e.g., notary public) by a person who executed a deed, contract, or other document, that it was a free act.
13
Q
Acquisition
A
The act of acquiring a property
14
Q
Acquisition cost
A
The basis used by the FHA to calculate the loan amount.
15
Q
Acre
A
Land area containing 43,560 square feet
16
Q
Act of waste
A
A violation of the right of estovers
17
Q
Action to quiet title
A
A lawsuit to clear a title to real property.
18
Q
Actual age
A
Chronological age
19
Q
Actual eviction
A
The removal of a tenant by the landlord because the tenant breached a condition of a lease or other rental contract.
20
Q
Actual notice
A
The knowledge a person has of a fact.
21
Q
Adjoining lands
A
Lands sharing a common boundary line
22
Q
Adjustable rate mortgage (ARM)
A
One in which the interest rate changes according to changes in a predetermined index.
23
Q
Adjusted sales price
A
The amount realized minus x up expenses.
24
Q
Administrative law judge (AlJ)
A
A judge who hears complaints and makes decisions regarding statutory violations of law.
25
Administrator
A man appointed by a court to administer the estate of a person who has died intestate.
26
Administrator’s deed
One executed by an administrator to convey title to estate property.
27
Administratrix
A woman appointed by a court to administer the estate of a person who has died intestate.
28
Ad valorem
Latin meaning “according to value”; real property is taxed on an ad valorem basis.
29
Adverse possession
Latin meaning “according to value”; real property is taxed on an ad valorem basis A method of acquiring title to real property by conforming to statutory requirement; a form of involuntary alienation of title.
30
Affirmative action
Policy expressed in some form of legislative act with respect to the handling of certain public or private acts or conduct
31
Armative easement
A legal requirement that a servient owner permit a right of use in the servient land by the dominant owner
32
Agency
The fiduciary relationship between a principal and an agent.
33
Agency disclosure form
See disclosure regarding agency relationships form
34
Agent
A person authorized to act on behalf of another person.
35
Agreement
A contract requiring mutual assent between two or more parties.
36
Agricultural districts
Created and protected by New York statute; these areas are used for animal grazing and crop production.
37
Air rights
Right above the surface of land
38
Alienage
The citizenship or immigration status of any person who is not a citizen or national of the U.S.
39
Alienation
Transfer of title to real property.
40
Alienation clause
A statement in a mortgage or deed of trust entitling the lender to declare the entire principal balance of the debt immediately due and payable if the borrower sells the property during the mortgage term. Also known as due-on-sale clause.
41
Allodial system
The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely.
42
Alluvion
Increased soil, gravel, or sand on a stream bank resulting from ow or current of the water.
43
Americans with Disabilities Act
A federal law protecting the rights of individuals with physical or mental impairments.
44
Amortization
Applying periodic payments rst to ward the interest and then toward the principal to eventually pay off a debt
45
Amortization schedule
Designation of periodic payments of principal and interest over a specific term to satisfy a mortgage loan
46
Amortized mortgage
One in which uniform installment payments include payment of both principal and interest.
47
Amperage
The amount of current or electricity owing through the wire
48
Annexation
Addition of an area into a city.
49
Annual percentage rate (APR)
The actual effective rate of interest charged on a loan expressed on a yearly basis; not the same as simple interest rate.
50
Anticipation
The principle that property value is based on expectations or hopes of the future benefits of ownership.
51
Antitrust violations
Any business activity where there is a monopoly, a contract, a conspiracy, or a combination that negatively impacts an individual’s or a company’s ability to do business
52
Apartment information vendor
A licensed individual who is paid to provide information concerning the location and availability of residential real property
53
Apartment sharing agent
A licensed individual who is paid to arrange and coordinate meetings between current owners of real property who wish to share their housing with others.
54
Apportionment
The division of expenses between buyer and seller.
55
Appraisal
An estimate of value of particular property, at a particular time for a specified purpose.
56
Appraisal report
Documentation containing an estimate of property value and the data on which the estimate is based
57
Appraiser
One who estimates the value of real property.
58
Appreciation
An increase in property value.
59
Appurtenances
All rights or privileges that result from ownership of a specific property and move with the title.
60
Arrears
Delinquency in meeting an obligation; or, paid at the end of a period (e.g., at the end of the month) for the previous period. Payments in arrears include interest for using the money during the previous period.
61
Article 9-A
A section of the New York Real Property Law addressing the purchase or lease of vacant subdivided lands sold through an installment contract within or without New York.
62
Article 12-A
The section of the New York Real Property Law pertaining to real estate salespersons and brokers
63
Article 78 proceeding
An appeal brought forth because of a ruling by a government agency.
64
Asbestos
A brous mineral found in many building materials and when improperly disturbed cancause serious lung illnesses.
65
“as is”
Words in a contract of sale indicating that a property is sold without warranty as to condition.
66
Assessed value
The dollar amount of worth to which a local tax rate is applied to calculate the amount of real property tax
67
Assessment
A levy against property
68
Assessor
An official of local government who has the responsibility for establishing the value of property for tax purposes.
69
Assignee
One to whom contractual rights are transferred.
70
Assignment of lease
Transfer by a lessee of the entire remaining term of a lease without any reversion of interest to the lessee.
71
Assignor
The person transferring contractual rights to another.
72
Associate real estate broker
A licensed real estate broker who chooses to work under the name and supervision of another licensed broker
73
Assumable mortgage
One that does not contain an alienation clause and can be transferred from one party to another.
74
Attorney-in-fact
A person appointed to perform legal acts for another under a power of attorney.
75
Auction
A form of property sale in which people bid against one another.
76
Availability
An economic characteristic of land denoting that land is a commodity with a fixed supply base.
77
Avulsion
Sudden loss or gain of land as a result of water or shift in a bed of a river that has been used as a boundary.
78
Balloon framing
Method of construction that uses a single system of wall studs that run from the foundation through the rst and second oors to the ceiling support.
79
Balloon mortgage
One in which the scheduled payment will not amortize the loan over the mortgage term; therefore, to fully satisfy the debt, it requires a nal payment called a balloon payment, larger than the uniform payments.
80
Bargain and sale deed
A form of deed with or without covenants of title.
81
Base rent
The fixed or minimum rent portion in a percentage lease.
82
Bearing walls
Walls that support the ceiling and/or roof.
83
Beneficial title
Equitable title to real property retained by a mortgagor or trustor conveying legal title to secure a mortgage debt.
84
Beneficiary
(a) Recipient of a gift of personal property by will. (b) Lender in a deed of trust.
85
Bequest
A gift of personal property by will.
86
Bilateral contract
An agreement based on mutual promises that provide the consideration.
87
Bill of sale
An instrument transferring ownership of personal property.
88
Binder
A written document for the purchase and sale of real property that does not generally contain all of the essential elements of a valid contract.
89
Blanket mortgage
One in which two or more parcels of real property are pledged to secure payment of thenote.
90
Blockbusting
For profit, to induce or attempt to induce any person to sell or rent any dwelling by representations regarding the entry or prospective entry into the neighborhood of a person or persons of a particular race, color, religion, sex, or national origin.
91
Blueprint
A building plan that is a detailed architectural rendering of the structure.
92
Board of directors
Governing and decision-making board of a cooperative.
93
Bona fide
In good faith.
94
Book value
Dollar worth as it appears on the owner’s books, usually for tax purposes; also known as historic value.
95
Breach of contract
Failure, without legal excuse, to perform any promise that forms the whole or part of a contract.
96
Bridge loan
A loan for a short duration of time.
97
Brokerage
The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate
98
Broker’s agent
One who is hired through a broker to work for the principal
99
BTU
Abbreviation for British thermal unit. The amount of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
100
Building codes
Public controls regulating construction.
101
Building envelope
The materials of a building that enclose the interior.
102
Building permit
Permission from the appropriate local government authority to construct or renovate anytype of property
103
Building specifications
Written narratives that explain the building plan.
104
Bundle of rights
The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property
105
Buydown
The voluntary paying of discount points by a borrower to reduce mortgage interest rate at the time the loan is made.
106
Buyer agent
A real estate agent who works in the best interests of a buyer.
107
Buyer brokerage
An agency relationship between a buyer and a broker.
108
Capital gain
The profit realized from the sale of a real estate investment.
109
Capital improvement
An item that adds value to the property, adapts the property to new uses, or prolongs the life of property. Maintenance is not a capital improvement.
110
Capitalization rate
The percentage of the investment will receive back each year from the net income m the property.
111
Cash Flow
Income produced by an investment property after deducting operating expenses and debt service
112
Caveat
A warning or caution that may be addended to a contract of sale such as a disclosure that a property lies in an Agricultural District
113
Caveat emptor
Latin, meaning let the buyer beware. This theory no longer applies to real estate transactions in New York.
114
Cease and desist list
A list of homeowners com piled by DOS in a cease and desist zone who do not wish to be solicited by real estate agents.
115
Cease and desist zone
A designation given by DOS to a certain geographic area that has been subject to intense and repeated solicitation by real estate agents. See cease and desist list.
116
Census tract
Small geographical areas established through cooperation between the local community and the Bureau of Census.
117
Certificate of occupancy
A document issued by a local government agency, after a satisfactory inspection of a structure, authorizing that the structure can be occupied.
118
Certificate of title opinion
A report, based on a title examination, setting forth the examiner’s opinion of the quality of a title to real property.
119
Cession deed
A deed used to relinquish real property to a municipality for a road or something of that nature.
120
Chain
In land measurement, a distance of 66 feet.
121
Chain of title
Successive conveyances of title to a specific parcel of land.
122
Change
The principle stating that change is continually affecting land use and therefore continually altering value
123
Chattel
Personal property.
124
Chlordane
Chemical insecticide and termiticide that was banned in the early 1980s.
125
Chlorouorocarbons (CFCs)
Man made chemical substances that were used in hundreds of applications including refrigerators and air conditioners.
126
Chronological age
Actual age of an item.
127
Circuit breaker
Devices that switch o the electrical power for a given circuit if the current is above thecapacity of the system.
128
Civil action
A lawsuit between private parties.
129
Civil Rights Act of 1866
A federal law that prohibits all discrimination on the basis of race.
130
Civil Rights Act of 1964
Law that prohibited discrimination in any housing program receiving federal money.
131
Civil Rights Act of 1968
See Fair Housing Act of 1988.
132
Clayton Antitrust Act
Federal legislation including the imposition of civil and punitive damages for antitrust activities.
133
Client
The principal of the agent.
134
Closed mortgage
One that imposes a prepayment penalty.
135
Closing costs
Expenses incurred in the purchase and sale of real property paid at the time of settlement or closing
136
Closing statement
An accounting of the funds received and disbursed in a real estate transaction.
137
Cloud on a title
A claim against a title to real property.
138
Cluster zoning
A form of zoning providing for several different types of land use within a zoned area.
139
Coastal Zone Management Program
A program coordinated by DOS to preserve and protect New York’s coastline.
140
Code of Ethics
A standard of conduct required by license laws and by the National Association of REALTORS®.
141
Codicil
A supplement or an appendix to a will either adding or changing a bequest.
142
Coinsurance clause
A requirement of hazard insurance policies that property be insured for a certain percent of value to obtain the full amount of loss
143
Collateral
Property pledged as security for payment of a debt.
144
Color of title
The deceptive appearance of claim to a title.
145
Commercial property
Property producing rental income or used in business.
146
Commercial zones
Uses that allow retail stores, restaurants, hotels, and service businesses.
147
Commingling
Mixing money or property of others with personal or business funds or other property.
148
Commission
A fee paid for the performance of services, such as a broker commission.
149
Commissioner’s deed
A form of judicial deed executed by a commissioner.
150
Commitment
A promise, such as that by a lending institution to make a certain mortgage loan.
151
Common areas
Property to which co-owners hold title as a result of ownership of a condominium unit.
152
Common elements
See common areas.
153
Common law
Law by judicial precedent or tradition as contrasted with a written statute.
154
Common law dedication
An act by an owner allowing the public use of the property.
155
Community-based planning
A form of land use control originating in the grassroots of a community.
156
Community planning
A master plan for the orderly growth of a city or county to result in the greatest social and economic benefits to the people.
157
Community property
A form of co-ownership limited to husband and wife; does not exist in New York.
158
Comparative market analysis
An analysis’ of the competition in the marketplace that a property will face upon sale attempts.
159
Compensatory damages
The amount of money actually lost, which will be awarded by a court in case of a breached contract.
160
Competent parties
Persons and organizations legally qualified to manage their own affairs, including entering into contracts.
161
Competition
The principle stating that when the net prot a property generates is excessive, very strong competition will result.
162
Complete performance
Execution of a contract by virtue of all parties having fully performed all terms.
163
Condemnation
Exercise of the power of eminent domain; taking private property for public use.
164
Condemnation value
Market value of condemned property.
165
Condition
Any fact or event which, if it occurs or fails to occur, automatically creates or extinguishes a legal obligation.
166
Condominium
A form of ownership of real property, recognized in all states, consisting of individual ownership of some aspects and co-ownership in other aspects of the property.
167
Condominium declaration
The document that, when recorded, creates a condominium; also called a master deed.
168
Conforming loans
Those processed on uniform loan forms and according to FNMA/FHLMC guidelines.
169
Conformity
Homogeneous uses of land within a given area, which results in maximizing land value.
170
Consent decree
A compromise in civil lawsuits where the accused party agrees to stop the alleged illegal activity without admitting guilt or wrongdoing (called nolo contendere in criminal cases).
171
Consideration
Anything of value, as recognized by law, offered as an inducement to contract.
172
Construction loan
A short-term loan, secured by a mortgage, to obtain funds to construct an improvement on land.
173
Construction mortgage
A temporary mortgage used to borrow money to construct an improvement on land.
174
Constructive eviction
Results from some action or inaction by the landlord that renders the premises unsuitable for the use agreed to in a lease or other rental contract.
175
Constructive notice
One in which all affected parties are bound by the knowledge of a fact even though they have not been actually notified of such fact
176
Consumer price index (CPI)
An index of the change in prices of various commodities and services, providing a measure of the rate of inflation
177
Contingency
A condition in a contract relieving a party of liability if a specified event occurs or fails to occur.
178
Contract
An agreement between competent parties upon legal consideration to do, or abstain from doing, some legal act.
179
Contract buyer’s policy
Title insurance that protects contract buyer against defects in contract seller’s title.
180
Contract for deed
A contract of sale and a financing instrument wherein the seller agrees to convey title when the buyer completes the purchase price installment payments; also called installment land contract and installment plan.
181
Contract rent
The amount of rent agreed to in a lease.
182
Conventional life estate
One created by intentional act of the parties.
183
Conventional mortgage loan
One in which the federal government does not insure or guarantee payment to the lender.
184
Conversion
Change in a form of ownership, such as changing rental apartments to condominium ownership.
185
Convey
To pass to another (as in title).
186
Conveyance
Transfer of title to real property.
187
Cooling-off period
A three-day right of rescission for certain loan transactions.
188
Cooperating broker or agent
One who participates in the sale of a property.
189
Cooperative
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.
190
Co-ownership
Title to real property held by two or more persons at the same time; also called concurrent ownership
191
Corporation
A form of organization existing as an entity.
192
Corporation franchise tax
A tax calculated on the net prot of the corporation.
193
Cost
The total dollar expenditure for labor, materials, and other items related to construction.
194
Cost approach
Appraisal method for estimating the value of properties that have few, if any, comparables and are not income-producing.
195
Counteroffer
A new oer made by an offer or rejecting an offer.
196
Covenant
A promise in writing.
197
Covenant against encumbrances
A promise in a deed that the title causes no encumbrances except those set forth in the deed
198
Covenant for further assurances
A promise in a deed that the grantor will execute further assurances that may be reasonable or necessary to perfect the title in the grantee.
199
Covenant of quiet enjoyment
A promise in a deed (or lease) that the grantee (or lessee) will not be disturbed in the use of the property because of a defect in the grantor’s (or lessor’s) title
200
Covenant of right to convey
A promise in a deed that the grantor has the legal capacity to convey the title.
201
Covenant of seisin
A promise in a deed ensuring the grantee that the grantor has the title being conveyed.
202
Covenant of warranty
A promise in a deed that the grantor will guarantee and defend the title against lawful claimants.
203
Credit
In a closing statement, money to be received or credit given for money or an obligation given
204
Creditor
One to whom a debt is owed.
205
Cubic-foot method
A means of estimating reproduction or replacement cost, using the volume of the structure.
206
Cumulative-use zoning
A type of zoning permitting a higher-priority use even though it is different from the type of use designated for the area
207
Courtesy
A husband’s interest in the real property of his wife.
208
Customer
The party the agent brings to the principal as seller or buyer of the property.
209
Damages
The amount of financial loss incurred as a result of another’s action.
210
Debit
In a closing statement, an expense or money received against a credit.
211
Debt service
Principal and interest payments on a debt.
212
Decedent
A dead person.
213
Declaration
Master deed containing legal description of the condominium facility, a plat of the property,plans and specifications for the building and units, a description of the common areas, andthe degree of ownership in the common areas available to each owner.
214
Declaration of restrictions
The instrument used to record restrictive covenants on the public record.
215
Decree
A court order.
216
Dedication
An appropriation of land or an easement therein by the owner to the public.
217
Dedication by deed
The deeding of a parcel of land to a municipality.
218
Deductible expenses
Costs of operating property held for use in busi11ess or as an investment. These expenses are subtracted from gross income to arrive at net income.Costs of operating property held for use in busi11ess or as an investment. These expenses are subtracted from gross income to arrive at net income.
219
Deed
A written instrument transferring an interest in real property when delivered to the grantee. A written instrument transferring an interest in real property when delivered to the grantee.
220
Deed in lieu of foreclosure
Conveyance of title to the mortgagee by a mortgagor in default to avoid a record of foreclosure. Also called friendly foreclosure
221
Deed restriction
Limitation on land use appearing in deeds.
222
Default
Failure to perform an obligation.
223
Defeasance clause
A statement in a mortgage or deed of trust giving the borrower the right to redeem the title and have the mortgage lien released at any time prior to default by paying the debt in full.
224
Defeasible
Subject to being defeated by the occurrence of a certain event.
225
Defeasible fee
A title subject to being lost if certain conditions occur.
226
Deficiency judgment
A court judgment obtained by a mortgagee for the amount of money a foreclosure saleproceeds were decient in fully satisfying the mortgage debt.
227
Delivery and acceptance
The transfer of a title by deed requiring the grantor to deliver and the grantee to accept a given deed.
228
Demise
To convey an estate for years; synonymous with lease or let.
229
Demography
The study of the social and economic statistics of a community.
230
Denisty
Number of persons or structures per acre.
231
Depreciation
(a) Loss in value from any cause. (b) Deductible allowance from net income of property when arriving at taxable income.
232
Descent
The distribution of property to legally qualified heirs of one who has died intestate.
233
Description by reference
A valid legal description that may be found on a deed that references a plat of subdivision or other legal document.
234
Devise
A gift of real property by will.
235
Devisee
The recipient of a gift of real property by will.
236
Direct cost
The cost of labor and materials.
237
Real Property Law
This document must be presented by a licensee and signed by all parties at the first substantive meeting with prospective purchasers or sellers.
238
Disclosure statement
An accounting of all financial aspects of a mortgage loan required of lenders to borrowers in residential mortgage loans by Regulation Z of the Federal Reserve Board.
239
Discount points
A percentage of the loan amount the lender requires for making a mortgage loan.discriminatory advertising
240
Disintermediation
The loss of funds available to lending institutions for making mortgage loans, caused by depositors’ withdrawal of funds for making investments that provide greater yields.
241
Distribution box
A part of a septic system that distributes the ow from the septic tank evenly to the absorption eld or seepage pits.
242
Distribution panel
The location of circuit breakers or fuses.
243
Doctrine !aches
Loss of legal rights because of failure to assert them on a timely basis.
244
Dominant tenement
Land beneting from an measurement appurtenant.
245
Dower
A wife’s interest in her husband’s real property, dual agent A broker/salesperson who attempts to represent both buyer and seller in the same transaction.
246
Due diligence
Investigation and review of a property to determine any legal liability.
247
Due-on-sale clause
See alienation clause.
248
Duress
The inability of a party to exercise free will because of fear of another party.
249
Duty of disclosure
A responsibility for revealing all information that affects the agency agreement.
250
Earnest money deposit
A deposit a buyer makes at the time of submitting an oer to demonstrate the true intent to purchase; also called binder, good faith deposit, escrow deposit.A deposit a buyer makes at the time of submitting an oer to demonstrate the true intent to purchase; also called binder, good faith deposit, escrow deposit.
251
Easement
A nonpossessory right of use in the land of another.
252
Easement appurtenant
A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement
253
Easement by condemnation
Created by the exercise of the government’s right of eminent domain.
254
Easement by grant
Created by the express written agreement of the landowners, usually in a deed.
255
Easement by implication
Arising by implication from the conduct of the parties.
256
Easement by necessity
Exists when a landowner has no access to roads and is landlocked.
257
Easement by prescription
Obtained by use of the land of another for the legally prescribed length of time.
258
Easement for light and air
A type of negative easement restraining a property owner from developing his or her property so as to block the view of another.
259
Easement in gross
A right of use in the land of another without the requirement that the holder of the rightown adjoining land.
260
Eave
The lowest part of the roof that projects beyond the walls of the structure.
261
Economic depreciation
Physical deterioration of property caused by normal use, damage caused by natural and other hazards, and failure to adequately maintain property.
262
Economic life
The period of time during which a property is nancially benecial to the owner.
263
Economic obsolescence
Loss in value caused by things such as changes in surrounding land use patterns and failure to adhere to the principle of highest and best use.
264
Effective interest rate
Actual rate of interest being paid.
265
Egress
The right to leave a parcel of land entered (ingress) by law.
266
Electromagnetic field (EMF)
Created when electricity ows through a wire.
267
Emergency Tenant Protection Act
A law in effect in New York City and other municipalities which, in most cases, entitlestenants to a one- or two-year lease renewal.
268
Eminent domain
The power of government to take private property for public use.
269
Enabling acts
Laws passed by state legislatures authorizing cities and counties to regulate land use within their jurisdictions.
270
Encroachment
Trespass on the land of another as a result of intrusion by some structure or other object.
271
Encumbrance
A claim, lien, charge, or liability attached to and binding upon real property.
272
Enforceable
A contract in which the parties may be required legally to perform.
273
Environmental impact statement (EIS)
A requirement of the National Environmental Policy Act and the State Environmental QualityReview Act prior to initiating or changing a land use that may have an adverse effect on the environment.
274
Environmental Protection Agency (EPA)
A federal agency that oversees land use.
275
Environmental Policy Act
A federal law that requires ling an environmental impact statement with the EPA prior to changing or initiating a land use or development.
276
Equal Credit Opportunity Act (ECOA)
A federal law prohibiting discrimination in consumer loans.
277
Equitable title
An interest in real estate such that a court will take notice and protect the owner’s rights.
278
Equity
The difference between the value of a property and its liabilities.
279
Equity of redemption
The borrower’s right to redeem the title pledged or conveyed in a mortgage or deed of trust after default and prior to a foreclosure sale by paying the debt in full, accrued interest, andlender’s costs.
280
Erosion
The wearing away of land by water, wind, or other processes of nature.
281
Escheat
The power of government to take title to property left by a person who has died without leaving a valid will (intestate) or qualied heirs.
282
Escrow
The deposit of funds or documents with a neutral third party, who is instructed to carry out the provisions of an agreement.
283
Escrow account
(a) An account maintained by a real estate broker in an insured bank for the deposit of other people’s money; also called trust account. (b) An account maintained by the borrower with the lender in certain mortgage loans to accumulate the funds to pay an annual insurance premium, a real property tax, or a homeowners association assessment.
284
Estate at suerance
Continuing to occupy property after lawful authorization has expired; a form of leasehold estate.
285
Estate at will
A leasehold estate that may be terminated at the desire of either party.
286
Estate for years
A leasehold estate of denite duration.
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Estate in fee
An estate in fee simple absolute.
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Estate in real property
An interest sucient to provide the right to use, possession, and control of land; establishes the degree and duration of ownership.
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Estoppel
Preventing a person from making a statement contrary to a previous statement.
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Estoppel certificate
A document executed by a mortgagor or mortgagee setting forth the principal amount;executing parties are bound by the amount specified
291
Estovers
The right of a life tenant or lessee to cut timber on the property for fuel or to use in making repairs. evaluation A study of the usefulness or utility of a property without reference to thespecic estimate of value
292
Eviction
A landlord’s action that interferes with the tenant’s use or possession of the property. Eviction may be actual or constructive
293
Exclusive agency listing
A listing given to one broker only (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
294
Exclusive right to rent
This contract is between an owner or a lessor and a broker/agent in the rental of residential property
295
Exclusive right to sell listing
A listing given to one broker only, who is entitled to the commission if anyone sells the property during the term of the listing contract.
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Exclusive use zoning
A type of zoning in which only the specified use may be made of property within the zoned district.
297
Executed contract
An agreement that has been fully performed.
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Execution
Signing a contract or other legal document. execution of judgment Judicial proceeding in which property of a debtor is seized (attached) and sold to satisfy a judgment lien.
299
Executor
A male appointed in a will to see that the terms of the will are carried out.
300
Executory
An agreement that has not been fully performed.
301
Executrix
A female appointed in a will to see that the terms of the will are carried out. Exempt Relieved of liability.
302
Exercise of option
Purchase of optioned property by the optionee.
303
Express agency
An agency relationship created by oral or written agreement between principal and agent.
304
Express contract
One created verbally or in writing by the parties.
305
Extended coverage
An insurance term referring to the extension of a standard re insurance policy to cover damages resulting from wind, rain, and other perils.
306
External obsolescence
Changes in surrounding land-use patterns resulting in increased trac, air pollu tion, and other hazards and nuisances.
307
Fair Housing Act of 1968
A federal prohibition on discrimination in the sale, rental, or financing of housing on the basis of race, color, religion, gender, or national origin
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Fair Housing Act of 1988
A federal prohibition on discrimination in sale, rental, nancing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.
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Fair Housing Amendments Act of 1988
A law adding to the Fair Housing Act provisions to prevent discrimination based on mental or physical handicap or familial status.
310
Fair Housing Initiative Program (FHIP)
Provides funding for testers. Market value A price for property agreed upon between buyer and seller in a competitive market with neither party being under undue pressure.
311
Fair market value
A price for property agreed upon between buyer and seller in a competitive market with neither party being under undue pressure.
312
Familial status
Defined under Fair Housing Law as an adult with children under 18, a person who is pregnant, one who has legal custody of a child, or who is in the process of obtaining custody
313
Family
A individual, or two or more persons related by blood or marriage or adoption, living together in one dwelling; or a group of up to three people who are not married, or blood relatives or adopted, living together as a single housekeeping unit; or one or more persons living together in a single housekeeping unit as distinguished by a hotel, club, and so on.
314
Fannie Mae
The shortened name for the Federal National Mortgage Association (FNMA), a privately owned corporation that purchases FHA, VA, and conventional mortgages.
315
Fascia
In house construction, the area of material facing the outer edge of the sot.
316
Federal Housing Administration (FHA)
The U.S. agency that insures mortgage loans to protect lending institutions.
