Terms S Flashcards
(43 cards)
Enacted in 1974, a federal law intended to ensure safe drinking water for the public.
Safe Drinking Water Act (SDWA)
A transaction where one sells an asset and leases it back for the long-term;therefore, one continues to be able to use the asset but no longer owns it.
Sale-and-Leaseback
Valuation method which compares a subject property’s characteristics with those of comparable properties which have recently sold in similar transactions.
Sales Comparison Approach
A document acknowledging the payment of a mortgage debt.
Satisfaction of Mortgage
The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizes) and investors. The secondary mortgage market is extremely large and liquid.
Secondary Mortgage Market
A monetary deposit given to a lender, seller or landlord as proof of intent. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction.
Security Deposit
The conduct of a trustee, an attorney, a corporate officer, or other fiduciary that consists of taking advantage of his position in a transaction and acting for his own interests rather than for the interests of his clients.
Self Dealing
An agent who represents the seller of real property.
Seller’s Agent
A small-scale sewage treatment system common in areas with no connection to main sewage pipes provided by local governments or private corporations.
Septic System
A parcel of real property that is encumbered by an easement of a dominant estate.
Servient Tenement
The distance from the curb or other established line, within which no buildings may be erected.
Setbacks
Ownership by only a single individual.
Severalty
A loan in which shares of stock are used as collateral. Typically found in cooperative purchases.
Share Loan
Joint ownership of real estate by both lender and property dwellers. When the property is eventually sold, the owner share in the proceeds, or equity. In the meantime the property occupants benefit from interest and property tax write-offs.
Shared Equity Mortgage
Panels that cover the exterior wall. Typically made of plywood or exterior grade gypsum board.
Sheathing
A veneer cover found on the side of residential construction. Typically made of wood boards (horizontal), vinyl, or aluminum.
Siding
The bottom member of wood frame stud wall.
Sill Plates
A structure which does not include a basement. The first floor is made up of a concrete slab, which lays on the ground and supported by foundation walls.
Slab-on-Grade Construction
The underside of a roof overhang.
Soffit
An agent with limited authority to act on behalf of the principal, such as created by a listing.
Special Agent
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.
Special Assessment
A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.
Special Assessment Districts
Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built.
For example: a church, theater, or school.
Special Purpose Real Estate
A document provided by Architects that describe the quality of construction.
Specifications
