Term
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Definition
| The relinquishment of all rights and title with no intention of reclaiming ownership. |
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Term
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Definition
| A disclosure statement to initial condo purchasers. |
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Term
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Definition
| A condensed history or digest of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encumbrances affecting title to that land. |
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Term
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Definition
| An owner whose land touches a highway or other public place. |
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Term
| Accredited Property Manager |
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Definition
| One awarded such a designation by the Institute of Real Estate Management(IREM) |
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Term
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Definition
| A clause in a mortgage or agreement of ale stating that upon default of payment due, immediate and full payment of the balance of the obligation become due and payable. |
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Term
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Definition
| The right of a property owner to have ingress and egress to and from his property. |
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Term
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Definition
| Acquisition of property by its joining or union with other property |
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Term
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Definition
| Gradual additions to land, by deposits of sand or soil, by bordering waters through natural causes |
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Term
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Definition
| A formal declaration made before a notary public or an other authorized person, by a person who has executed an instrument, that his execution is his free act and deed |
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Term
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Definition
4,840 sq yards
or 43,560 sq ft |
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Term
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Definition
| In appraisal, any loss of utility that causes the actual value of a property to be less that the reproduction cost new. |
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Term
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Definition
| the authority that a principal intially gives his agent |
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Term
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Definition
| One whose property is contiguous to another; to be next to. |
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Term
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Definition
| A person appointed by the court to administer the estate of a deceased person who died intestate, or left no will; a personal representative. |
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Term
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Definition
| A deed given by and Administrator |
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Term
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Definition
| Tax according to valuation |
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Term
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Definition
| The means of acquiring title to land against the real owner, where possession has been actual, open, hostile,exclusive, continuous, and under claim of right for the statutory period of 20 years |
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Term
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Definition
| A statement reduced to writing and sworn to before a notary public or some other authorized officer |
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Term
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Definition
| The legal relationship resulting from and agreement that the agent if authorized by a principal to perform certain acts on his behalf of the principal in dealing with a third party. |
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Term
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Definition
| A written agreement in which the buyer agrees to buy certain realty and the seller agrees to sell upon terms and conditions set forth therein. Title remains with the seller until terms and condition are fulfilled; buyer has equitable title; there are two closings |
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Term
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Definition
| The rights vested by a grant of an estate in real property to all or any portion of the space above a property. |
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Term
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Definition
| The transferring of real property from one person to another; to transfer |
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Term
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Definition
| The assertion or declaration of a party setting out what he expects to prove. |
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Term
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Definition
| That increase of soil on a shore bank or a river as a result of accretion. |
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Term
| American Land Title Association(ALTA) |
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Definition
| An extended coverage title insurance policy usually protecting the mortgagee against loss due to error in public record. |
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Term
| American Society of Appraisers (ASA) |
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Definition
| A professional organization of appraisers |
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Term
| Americans with Disabilities Act |
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Definition
| An act protecting the rights of persons with physical or mental disabilities from discrimination in employment, public services and public accommodations; also requires certain buildings to meet strict design standards;employers must make accommodations in employment and training. |
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Term
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Definition
| The gradual paying off of a debt on an installment basis |
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Term
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Definition
| A major tenant in a shopping center that serves as a magnet to attract customers to the center. |
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Term
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Definition
| The act of attaching, adding, joining, or uniting one thing to another. |
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Term
| Annual Percentage Rate(APR) |
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Definition
| The effective annual cost of credit calculated on the basis of procedures specified by Regulation Z (Truth-in-Lending) |
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Term
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Definition
| A sum of money that constitutes a series of periodic payments. |
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Term
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Definition
| Federal and State laws prohibiting conduct that interferes with business competition, such as price fixing, group boycotts,and tying agreements. |
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Term
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Definition
| An estimate of value of real estate; the report stating and supporting the estimated value of realty. |
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Term
| Appraisal by Capitalization |
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Definition
| Determine the value of property by by dividing net annual income that the capitalization rate. Used on income producing property. |
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Term
| Appraisal by Cost Approach |
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Definition
| Estimating the value of a piece of property by adding to the estimated land value the estimate of the replacement cost or reproduction cost the building less depreciation. Also called summation or reproduction cost approach. |
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Term
| Appraisal by Market Comparison |
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Definition
| An appraisal of property through the examination and comparison actual sales of comparable properties. Also called "comparable". |
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Term
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Definition
| A professional organization of appraisers |
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Term
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Definition
| An increased value of property due to economic or or related causes which may prove to be either temporary or permanent. |
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Term
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Definition
| That which has been added to a property, which becomes an inherent part of the property and will pass with it when conveyed; includes improvements. |
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Term
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Definition
| A phrase indicating the the property is sold in its present conditions with no warranties. |
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Term
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Definition
| Putting together two or more properties to form a large parcel. To be distinguished from plottage, which is the resulting value. |
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Term
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Definition
| A charge against the real estate made by a unit of government or a condo association to cover the proportionate cost of the improvement. |
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Term
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Definition
| The person to whom an agreement or contract is transferred. |
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Term
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Definition
| A party who assigns or transfers an agreement or contract to another. |
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Term
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Definition
| The method or manner by which a right, or contract is transferred from one person to another. |
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Term
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Definition
| Taking of title property by assuming liability for payment of an existing note secured by a mortgage. |
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Term
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Definition
| The act of taking realty by judicial order and placing it with in the custody of the court. |
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Term
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Definition
| The act of witnessing in writing another's execution of an instrument; to affirm to be true or genuine. |
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Term
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Definition
| One who is authorized to perform certain acts for another under a power of attorney. |
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Term
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Definition
| The sudden removal of land of one owner and depositing on the land of another when a stream changes its channel. |
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Term
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Definition
| The final installment payment on a note that is greater that the preceding installment payments and pays the note in full. |
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Term
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Definition
| A condition of financial insolvency in which a person's liabilities exceeds his assets, and he is unable to pay his debts. |
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Term
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Definition
| A deed used to convey title to real property, which usually does not include warranties, if any they are generally an assertion by the grantor that he has possession of the property. |
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Term
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Definition
| Imaginary lines used by surveyors in locating and describing lands under the rectangular survey method. The north-south line is the meridian and the east-west line is the base line. Used mostly in mid-western states. |
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Term
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Definition
| The original cost of property plus value of any improvement put in by the seller, minus the depreciation taken by him. |
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Term
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Definition
| An appraisal method used in condemnation cases where there has been a partial taking of property. |
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Term
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Definition
| A natural or unnatural permanent reference mark or point established for use in measuring differences in elevation. |
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Term
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Definition
| A person who receives and benefits from the gifts or acts of another; one who receives the proceeds from a will,insurance policy, or trust; the lender in deed of a trust. |
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Term
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Definition
| The giving of personal property by will |
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Term
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Definition
| Something that occurs twice a year |
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Term
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Definition
| Something that occurs every two years |
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Term
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Definition
| A contract in which both parties have reciprocal obligations toward each other. |
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Term
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Definition
| A written instrument that passes title of personal property from seller to buyer. |
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Term
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Definition
| An agreement to cover a down payment for the purchase of real estate on the part of the part of the purchaser;shows the receipt of deposit and outlines the basic terms of the transaction. |
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Term
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Definition
| One mortgage covering two or more specific parcels of realty. |
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Term
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Definition
| The discriminatory practice of encouraging members of one race or creed to move into a neighborhood, then exploiting the situation by persuading residents to sell their houses at deflated prices because of alleged social deterioration of the neighborhood. |
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Term
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Definition
| Interest computed on the original face amount and which remains the same as the principal declines. |
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Term
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Definition
| Acting in good faith; without fraud; genuine. |
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Term
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Definition
| the payment to satisfy the difference in equities in an exchange, which maybe cash, personal property, note, financing, or anything of agreed upon value. |
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Term
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Definition
| Violation of any of the terms or conditions of a contract; default;non-performance. |
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Term
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Definition
| A licensed person who negotiates the purchase and sale of real estate of another. |
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Term
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Definition
| A mortgage with payment that covers principal and interest, plus taxes, fire insurance, lease rent, etc. |
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Term
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Definition
| Rules established by local governments to regulate construction standards. |
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Term
Building Owners and Managers Association
(BOMA) |
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Definition
| A professional organization made up of property owners and managers. Part of Building Owners and Managers Institute (BOMI) |
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Term
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Definition
| Limitations on the use of property or the size and location of improvements established by legislation or by covenant deeds. |
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Term
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Definition
| Any transfer of a major part of the materials, inventory or supplies of an enterprise not in the ordinary course of the seller's business. |
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Term
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Definition
| Ownership concept in real estate that embraces the rights possession, use, enjoyment, and disposition. |
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Term
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Definition
| The Hawaii state office which houses all legal documents relative to title to both land court and regular system property recorded since 1848; located in Honolulu. |
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Term
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Definition
| The one time, non-refundable prepayment of a portion of the interest of a loan to subsidize reduced monthly payments |
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Term
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Definition
| The act of converting future income into current equivalent value. |
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Term
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Definition
| The relationship or ratio between the net income from a real estate investment and the value of the investment, usually expressed as a percentage; the rate of interest which is considered a reasonable return on the investment, plus the recapture rate which computes a return of the investment. |
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Term
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Definition
| Let the buyer beware; buyer must examine the goods or property and buy at his own risk. |
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Term
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Definition
| Stands for covenants, conditions and restrictions. |
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Term
| Certificate of No Defense |
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Definition
| An instrument executed by the mortgagor and attesting to its validity; esstopel certificate. |
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Term
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Definition
| Issued by Title company, it assures good title as required by buyer. |
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Term
| Certified Property Manager |
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Definition
| A designation awarded to those who have taken courses in property management. |
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Term
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Definition
| A sequential history of the conveyances, encumbrance, and records of ownership to a piece of property through the years from the original grant to the present; the succession of owners as revealed through the public records. |
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Term
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Definition
| Personal property that is tangible and movable; personalty. |
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Term
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Definition
| Personal property mortgage. |
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Term
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Definition
| To quote as authority or an example; to call to attention or enumerate. |
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Term
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Definition
| The time when a transaction is consummated, or the actual signing over of the documents and delivery of the deed; the time after signing when the documents are recorded. |
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Term
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Definition
| A statement of settlement makde by a broker or an escrow company that reflects the financial position of the buyer or seller in that particular real estate transaction. |
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Term
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Definition
| Any conditions revealed by a title search which may affect or impair the owner's title to property because of the apparent of probable validity. |
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Term
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Definition
| A supplement or addition to a will that adds to, subtracts from, alters, revokes, or qualifies the provision of a will. |
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Term
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Definition
| A loan secured by property; unlike a debenture. |
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Term
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Definition
| That which appears to be a good title but is in fact not a good title, such as title held under a defective deed. |
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Term
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Definition
| Mixing a clients money with personal funds. |
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Term
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Definition
| An agent's compensation for performance of the duties of his agency; in real estate practice; a percentage of the selling price of the property, or percentage of rentals, etc. |
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Term
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Definition
| A pledge promise; an agreement. |
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Term
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Definition
| Under condominium ownership, the land and all parts of the building normally used by all owners for their mutual convenience or safety. |
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Term
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Definition
| In a condominium, the expenses of operation; all sums designated as such by the declaration or by-laws. |
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Term
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Definition
| The percentage of undivided interest in the common elements of a building appertaining to each apartment in a condominium. |
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Term
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Definition
| Law that have evolved from general usage and legally established through court decision. |
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Term
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Definition
| The The balance of all income, rent, profits and revenues from the common elements remaining after the deduction of the common expenses in a condominium. |
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Term
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Definition
| Property accumulated and owned in common through joint efforts of husband and wife during their marriage. Hawaii is not a community property state. |
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Term
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Definition
| Interest paid both on the original principal and on interest accrued for the time it fell due. |
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Term
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Definition
| The process by which property of a private owner is taken for public use, with just compensation to the owner, under the right of eminent domain. |
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Term
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Definition
| One whose property is condemed. |
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Term
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Definition
| A fee based on a subsequent condition |
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Term
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Definition
| Where a condition needs to happen prior to the transfer of property. |
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Term
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Definition
| the individual outright ownership of a single unit in a multi-unit property together with an interest in the common elements of the property |
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Term
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Definition
| Valuable consideration, a promise or an act of legal value bargained for,and received in return for a promise; good consideration, love and affection. |
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