Term
|
Definition
| A document containing a condensation of the essential provisions of a court judgment. |
|
|
Term
|
Definition
| The act of ending or terminating a nuisance; a type of legal action brought to end a nuisance. |
|
|
Term
|
Definition
| A summary of money judgment. The summary is usually prepared so that it may be recorded thereby creating a (judgment) lien on real estate owned by the judgment debtor. |
|
|
Term
|
Definition
| A summary of the instruments affecting title to a parcel of real property as shown by the public records. |
|
|
Term
|
Definition
| To make a note all due and payable at one time. |
|
|
Term
|
Definition
| A clause in a deed of trust or mortgage giving the lender the right to call all sums owing him or her to be immediately due and payable upon the occurrence of a certain event. It is also a clause that permits a debtor to pay off a loan before the due date. |
|
|
Term
|
Definition
| A clause in a promissory note deed of trust or mortgage that provides that upon default of a payment or some other stated event the entire unpaid balance becomes immediately due and payable. |
|
|
Term
|
Definition
| An essential element of every contract it is the consent to be bound by the offer. In deeds it is the consent to accept a grant of real property. |
|
|
Term
|
Definition
| The right of an owner to go into and out of his or her property. |
|
|
Term
|
Definition
| A person who without receiving value signs a promissory note to help another person borrow money or get credit. |
|
|
Term
|
Definition
| The discharge of an existing contract by accepting the performance under a substitute contract. Generally consideration under the new contract is different from and of lesser value than under the original contract and satisfaction is the performance of that contract; the combination discharges the original contract. |
|
|
Term
|
Definition
| A gradual addition to land from natural causes; for example from gradual action of ocean or river waters. |
|
|
Term
|
Definition
| (1) The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. (2) The accumulated loss in value that has affected the improvements on real property. |
|
|
Term
|
Definition
| A formal declaration before an officer duly authorized as a notary public by a person who has executed an instrument stating that the execution is his or her act and deed. A formal statement (usually before a notary public) by the person signing a deed or document that the instrument was actually and freely signed. |
|
|
Term
|
Definition
| Blocks of fiber mineral or metal with small holes or a rough-textured surface to absorb sound used as covering for interior walls and ceilings. |
|
|
Term
|
Definition
| The act or process by which a person procures property. |
|
|
Term
|
Definition
| A measure of land equaling 160 square rods 4840 square yards43560 square feet or a tract about 208.71 feet square. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| (Americans with Disabilities Act) A statute that codifies building standards and conditions for access by Americans with certain disabilities. |
|
|
Term
|
Definition
| Located next to or near an object or parcel of property. |
|
|
Term
|
Definition
| Located so as to touch an object or share a common property line. |
|
|
Term
|
Definition
| For tax purposes it is the cost of the property plus improvements and minus depreciation amortization and depletion. |
|
|
Term
|
Definition
| A person appointed by the probate court to administer the estate of a deceased person. His or her duties include making an inventory of the assets managing the property paying the debts and expenses filing necessary reports and tax returns and distributing the assets as ordered by the probate court. |
|
|
Term
|
Definition
| A method of acquiring property based on open and notorious possession under a claim of right color of title continuous use for five years and the payment of taxes. A method of acquiring property through continuous use of that property while paying taxes on it. |
|
|
Term
|
Definition
| A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation such as a notary public or a commanding officer in the service. |
|
|
Term
|
Definition
| To confirm swear ratifying verity. |
|
|
Term
|
Definition
| A relationship between a principal and the principal's agent which arises out of a contract either express or implied written or verbal wherein the agent is employed by the principal to do certain acts dealing with a third party. |
|
|
Term
|
Definition
| One who acts for and with the authority of another called the principal. |
|
|
Term
|
Definition
| An exchange of promises a mutual understanding or arrangement a contract. |
|
|
Term
|
Definition
| (1) A written contract between a buyer and seller setting out the terms of sale. (2) An installment sales contract covering real property especially a long-term contract. |
|
|
Term
|
Definition
| The transferring of property to another. Conveyance or transfer of title to real estate from one person to another person. |
|
|
Term
|
Definition
| In a deed of trust or mortgage a provision that if the secured property is sold or transferred the lender has the option of accelerating the loan and declaring the entire unpaid balance immediately due and payable. Also called a due-on-sale" clause." |
|
|
Term
| All-Inclusive Deed of Trust |
|
Definition
| A financing device whereby a lender makes payments on the existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed. |
|
|
Term
|
Definition
| Soil that has been deposited by accretion on the shore of a river or body of water and that increases the real property. |
|
|
Term
|
Definition
| (American Land Title Association) An owner's extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders. |
|
|
Term
|
Definition
| (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include items such as unrecorded mechanic's liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession such as tenants and buyers under unrecorded instruments. |
|
|
Term
|
Definition
| A doctrine which holds that a corporation is really owned by shareholders as their own property and therefore it should not be considered as a separate entity. Usually used to try to hold shareholders liable for corporate debts. |
|
|
Term
|
Definition
| Capable of being changed or revoked. In wills it refers to the concept that a will may be revoked or modified at any time up to the testator's death. |
|
|
Term
|
Definition
| Improvements to property that while not damaging the value of the property technically qualify as waste. For example an apartment building constructed on property designated only for single-family structures is considered ameliorating waste. |
|
|
Term
|
Definition
| Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements not measured in monetary consideration but rather as tangible and intangible benefits attributable to the property often causing greater pride in ownership. |
|
|
Term
| American Land Title Association |
|
Definition
| An owner's extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders. |
|
|
Term
| Americans With Disabilities Act |
|
Definition
| A statute that codifies building standards and conditions for access by Americans with certain disabilities. |
|
|
Term
|
Definition
| The liquidation of a financial obligation on an installment basis; also recovery over a period of cost or value. |
|
|
Term
|
Definition
| A loan to be repaid interest and principal by a series of regular payments that are equal without any special balloon payment prior to maturity. Also called a Level Payments Loan. |
|
|
Term
| Annual Percentage Rate (APR) |
|
Definition
| The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for Implementing the Federal Truth in Lending Act. |
|
|
Term
|
Definition
| A sum of money received or paid yearly or at other fixed periods. |
|
|
Term
|
Definition
| Affirms that value is created by the anticipated benefits to be derived in the future. |
|
|
Term
|
Definition
| Advance notice of intention to violate the terms of a contract. |
|
|
Term
|
Definition
| The review or rehearing by a higher court of a low (inferior) court's decision. |
|
|
Term
|
Definition
| The party appealing a court decision. Either party may appeal; hence the appellant could have been either the plaintiff or the defendant in the trial court. |
|
|
Term
|
Definition
| An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value. |
|
|
Term
|
Definition
| One qualified by education training and experience who is hired to estimate the value of real and personal property based on experience judgment facts and use of formal appraisal processes. |
|
|
Term
|
Definition
| Attached to or considered part of land because of being considered necessary and incidental to the use of that land. Commonly applied to easements that are considered part of property. |
|
|
Term
|
Definition
| Value placed on property as a basis for taxation. A value used by the tax assessor before July 1978. It represented 25 percent of the assessor's fair market value. After deducting any exemptions from assessed value one applied the tax rate to the net figure to determine annual property taxes. |
|
|
Term
|
Definition
| The valuation of property for the purpose of levying a tax or the amount of tax levied. |
|
|
Term
|
Definition
| The official who has the responsibility of determining the assessed values. |
|
|
Term
|
Definition
| One to whom property is assigned or transferred. |
|
|
Term
|
Definition
| A transfer to another of any property or right. The transfer of one's entire interest in property. Generally the term is limited to intangible personal property (that is stocks bonds promissory notes) and to leasehold estates. |
|
|
Term
|
Definition
| An assignment of future rents form property as security for a debt. |
|
|
Term
| Assignment of Rents Clause |
|
Definition
| A clause in a deed of trust or mortgage providing that in the event of default all rents and income from the secured property will be paid to the lender to help reduce the outstanding loan balance. |
|
|
Term
|
Definition
| One who assigns or transfers property. |
|
|
Term
|
Definition
| Acceptance of personal liability for another's debt or obligation. In the case of the sale of real estate the buyer personally accepts and promises to pay off the existing deed of trust. |
|
|
Term
|
Definition
| A contract by which a person agrees to pay a debt or obligation owed by someone else. |
|
|
Term
| Assumption of Mortgage or Deed of Trust |
|
Definition
| The taking of title to property by a grantee in which he or she assumes liability for payment of existing note secured by a mortgage or deed of trust against the property. |
|
|
Term
|
Definition
| Seizure of property by court order before judgment usually done to have it available in the event a judgment is obtained in a pending law suit. The actual or constructive seizure of property by court order during a lawsuit. The usual purpose is to hold the assets as security for the satisfaction of a judgment. |
|
|
Term
|
Definition
| A lien on property arising because of an attachment of that property. |
|
|
Term
|
Definition
| (1) To affirm to be true or genuine. (2) An official act establishing authenticity. |
|
|
Term
|
Definition
| An agent authorized to perform certain acts for another under a power of attorney. (See Power of Attorney.) |
|
|
Term
|
Definition
| The sudden tearing away or removal of land by the action of water flowing over or through it. |
|
|
Term
|
Definition
| A document containing a condensation of the essential provisions of a court judgment. |
|
|
Term
|
Definition
| The act of ending or terminating a nuisance; a type of legal action brought to end a nuisance. |
|
|
Term
|
Definition
| A summary of money judgment. The summary is usually prepared so that it may be recorded thereby creating a (judgment) lien on real estate owned by the judgment debtor. |
|
|
Term
|
Definition
| A summary of the instruments affecting title to a parcel of real property as shown by the public records. |
|
|
Term
|
Definition
| To make a note all due and payable at one time. |
|
|
Term
|
Definition
| A clause in a deed of trust or mortgage giving the lender the right to call all sums owing him or her to be immediately due and payable upon the occurrence of a certain event. It is also a clause that permits a debtor to pay off a loan before the due date. |
|
|
Term
|
Definition
| A clause in a promissory note deed of trust or mortgage that provides that upon default of a payment or some other stated event the entire unpaid balance becomes immediately due and payable. |
|
|
Term
|
Definition
| An essential element of every contract it is the consent to be bound by the offer. In deeds it is the consent to accept a grant of real property. |
|
|
Term
|
Definition
| The right of an owner to go into and out of his or her property. |
|
|
Term
|
Definition
| A person who without receiving value signs a promissory note to help another person borrow money or get credit. |
|
|
Term
|
Definition
| The discharge of an existing contract by accepting the performance under a substitute contract. Generally consideration under the new contract is different from and of lesser value than under the original contract and satisfaction is the performance of that contract; the combination discharges the original contract. |
|
|
Term
|
Definition
| A gradual addition to land from natural causes; for example from gradual action of ocean or river waters. |
|
|
Term
|
Definition
| (1) The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. (2) The accumulated loss in value that has affected the improvements on real property. |
|
|
Term
|
Definition
| A formal declaration before an officer duly authorized as a notary public by a person who has executed an instrument stating that the execution is his or her act and deed. A formal statement (usually before a notary public) by the person signing a deed or document that the instrument was actually and freely signed. |
|
|
Term
|
Definition
| Blocks of fiber mineral or metal with small holes or a rough-textured surface to absorb sound used as covering for interior walls and ceilings. |
|
|
Term
|
Definition
| The act or process by which a person procures property. |
|
|
Term
|
Definition
| A measure of land equaling 160 square rods 4840 square yards43560 square feet or a tract about 208.71 feet square. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| (Americans with Disabilities Act) A statute that codifies building standards and conditions for access by Americans with certain disabilities. |
|
|
Term
|
Definition
| Located next to or near an object or parcel of property. |
|
|
Term
|
Definition
| Located so as to touch an object or share a common property line. |
|
|
Term
|
Definition
| For tax purposes it is the cost of the property plus improvements and minus depreciation amortization and depletion. |
|
|
Term
|
Definition
| A person appointed by the probate court to administer the estate of a deceased person. His or her duties include making an inventory of the assets managing the property paying the debts and expenses filing necessary reports and tax returns and distributing the assets as ordered by the probate court. |
|
|
Term
|
Definition
| A method of acquiring property based on open and notorious possession under a claim of right color of title continuous use for five years and the payment of taxes. A method of acquiring property through continuous use of that property while paying taxes on it. |
|
|
Term
|
Definition
| A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation such as a notary public or a commanding officer in the service. |
|
|
Term
|
Definition
| To confirm swear ratifying verity. |
|
|
Term
|
Definition
| A relationship between a principal and the principal's agent which arises out of a contract either express or implied written or verbal wherein the agent is employed by the principal to do certain acts dealing with a third party. |
|
|
Term
|
Definition
| One who acts for and with the authority of another called the principal. |
|
|
Term
|
Definition
| An exchange of promises a mutual understanding or arrangement a contract. |
|
|
Term
|
Definition
| (1) A written contract between a buyer and seller setting out the terms of sale. (2) An installment sales contract covering real property especially a long-term contract. |
|
|
Term
|
Definition
| The transferring of property to another. Conveyance or transfer of title to real estate from one person to another person. |
|
|
Term
|
Definition
| In a deed of trust or mortgage a provision that if the secured property is sold or transferred the lender has the option of accelerating the loan and declaring the entire unpaid balance immediately due and payable. Also called a due-on-sale" clause." |
|
|
Term
| All-Inclusive Deed of Trust |
|
Definition
| A financing device whereby a lender makes payments on the existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed. |
|
|
Term
|
Definition
| Soil that has been deposited by accretion on the shore of a river or body of water and that increases the real property. |
|
|
Term
|
Definition
| (American Land Title Association) An owner's extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders. |
|
|
Term
|
Definition
| (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include items such as unrecorded mechanic's liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession such as tenants and buyers under unrecorded instruments. |
|
|
Term
|
Definition
| A doctrine which holds that a corporation is really owned by shareholders as their own property and therefore it should not be considered as a separate entity. Usually used to try to hold shareholders liable for corporate debts. |
|
|
Term
|
Definition
| Capable of being changed or revoked. In wills it refers to the concept that a will may be revoked or modified at any time up to the testator's death. |
|
|
Term
|
Definition
| Improvements to property that while not damaging the value of the property technically qualify as waste. For example an apartment building constructed on property designated only for single-family structures is considered ameliorating waste. |
|
|
Term
|
Definition
| Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements not measured in monetary consideration but rather as tangible and intangible benefits attributable to the property often causing greater pride in ownership. |
|
|
Term
| American Land Title Association |
|
Definition
| An owner's extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders. |
|
|
Term
| Americans With Disabilities Act |
|
Definition
| A statute that codifies building standards and conditions for access by Americans with certain disabilities. |
|
|
Term
|
Definition
| The liquidation of a financial obligation on an installment basis; also recovery over a period of cost or value. |
|
|
Term
|
Definition
| A loan to be repaid interest and principal by a series of regular payments that are equal without any special balloon payment prior to maturity. Also called a Level Payments Loan. |
|
|
Term
| Annual Percentage Rate (APR) |
|
Definition
| The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for Implementing the Federal Truth in Lending Act. |
|
|
Term
|
Definition
| A sum of money received or paid yearly or at other fixed periods. |
|
|
Term
|
Definition
| Affirms that value is created by the anticipated benefits to be derived in the future. |
|
|
Term
|
Definition
| Advance notice of intention to violate the terms of a contract. |
|
|
Term
|
Definition
| The review or rehearing by a higher court of a low (inferior) court's decision. |
|
|
Term
|
Definition
| The party appealing a court decision. Either party may appeal; hence the appellant could have been either the plaintiff or the defendant in the trial court. |
|
|
Term
|
Definition
| An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value. |
|
|
Term
|
Definition
| One qualified by education training and experience who is hired to estimate the value of real and personal property based on experience judgment facts and use of formal appraisal processes. |
|
|
Term
|
Definition
| Attached to or considered part of land because of being considered necessary and incidental to the use of that land. Commonly applied to easements that are considered part of property. |
|
|
Term
|
Definition
| Value placed on property as a basis for taxation. A value used by the tax assessor before July 1978. It represented 25 percent of the assessor's fair market value. After deducting any exemptions from assessed value one applied the tax rate to the net figure to determine annual property taxes. |
|
|
Term
|
Definition
| The valuation of property for the purpose of levying a tax or the amount of tax levied. |
|
|
Term
|
Definition
| The official who has the responsibility of determining the assessed values. |
|
|
Term
|
Definition
| One to whom property is assigned or transferred. |
|
|
Term
|
Definition
| A transfer to another of any property or right. The transfer of one's entire interest in property. Generally the term is limited to intangible personal property (that is stocks bonds promissory notes) and to leasehold estates. |
|
|
Term
|
Definition
| An assignment of future rents form property as security for a debt. |
|
|
Term
| Assignment of Rents Clause |
|
Definition
| A clause in a deed of trust or mortgage providing that in the event of default all rents and income from the secured property will be paid to the lender to help reduce the outstanding loan balance. |
|
|
Term
|
Definition
| One who assigns or transfers property. |
|
|
Term
|
Definition
| Acceptance of personal liability for another's debt or obligation. In the case of the sale of real estate the buyer personally accepts and promises to pay off the existing deed of trust. |
|
|
Term
|
Definition
| A contract by which a person agrees to pay a debt or obligation owed by someone else. |
|
|
Term
| Assumption of Mortgage or Deed of Trust |
|
Definition
| The taking of title to property by a grantee in which he or she assumes liability for payment of existing note secured by a mortgage or deed of trust against the property. |
|
|
Term
|
Definition
| Seizure of property by court order before judgment usually done to have it available in the event a judgment is obtained in a pending law suit. The actual or constructive seizure of property by court order during a lawsuit. The usual purpose is to hold the assets as security for the satisfaction of a judgment. |
|
|
Term
|
Definition
| A lien on property arising because of an attachment of that property. |
|
|
Term
|
Definition
| (1) To affirm to be true or genuine. (2) An official act establishing authenticity. |
|
|
Term
|
Definition
| An agent authorized to perform certain acts for another under a power of attorney. (See Power of Attorney.) |
|
|
Term
|
Definition
| The sudden tearing away or removal of land by the action of water flowing over or through it. |
|
|
Term
|
Definition
| A financial statement showing a person's assets liabilities and net worth. |
|
|
Term
|
Definition
| When the final payment on a note is greater than the preceding normal installments the final installment is termed a balloon payment. An installment promissory note providing for the last payment to be much larger than any previous payment. By statute any payment more than twice the smallest payment is a balloon payment although in practice generally the term refers only to the last payment. |
|
|
Term
|
Definition
| Imaginary lines used by surveyors from which they find measure and describe the location of lands. |
|
|
Term
|
Definition
| Molding used at the top of the baseboard. |
|
|
Term
|
Definition
| Molding used at junction of baseboard and floor sometimes called a carpet strip. |
|
|
Term
|
Definition
| A board that goes around the room against the wall and next to the floor. |
|
|
Term
|
Definition
| Narrow strips of wood or metal used to cover joints on the interior or exterior of a building; they are also used for decorative effect. |
|
|
Term
|
Definition
| A horizontal structural member supporting a load. |
|
|
Term
| Bearing Wall or Partition |
|
Definition
| A wall or partition that supports any vertical load in addition to its own weight. |
|
|
Term
|
Definition
| A location indicated on a permanent marker by surveyors. |
|
|
Term
|
Definition
| (1) One entitled to benefit from a trust. (2) The lender on the security of a note and deed of trust. The creditor (lender) under a deed of trust. |
|
|
Term
|
Definition
| Statement by owner of a deed of trust or mortgage against the property setting forth the present status of the debt and lien. Also called a beneficiary statement. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Personal property that is given by the terms of a will. A gift of personal property by will. |
|
|
Term
|
Definition
| An improvement on real property that increases the value and is considered a capital asset. |
|
|
Term
|
Definition
| A contract in which the consideration given by each party is a promise: that is a promise for a promise. |
|
|
Term
|
Definition
| A written instrument given by the seller to the buyer to pass title to personal property. |
|
|
Term
|
Definition
| A written statement that binds the parties to an agreement until formal contracts can be drawn; an agreement to cover a down payment as evidence of good faith. |
|
|
Term
|
Definition
| Asphalt paving used in streets and driveways. |
|
|
Term
|
Definition
| A deed of trust binding more than one parcel of property as security. It is frequently encountered in subdivisions where every lot in the subdivision is bound by the same deed of trust. As the lots are sold they are released from the deed of trust by a partial release provision. |
|
|
Term
|
Definition
| One mortgage or deed of trust that covers more than one piece of real property. |
|
|
Term
|
Definition
| An area in which real property is declining in value because of destructive economic forces. |
|
|
Term
|
Definition
| A unit of measurement for lumber: one foot wide one foot long one inch thick (144 cubic inches). |
|
|
Term
|
Definition
|
|
Term
| Bona Fide Purchaser (BFP) |
|
Definition
| A purchaser who pays fair value for property in good faith and without notice of adverse claims. |
|
|
Term
|
Definition
| An obligation under seal. Real estate bonds are issued on the security of a mortgage or deed of trust. A certificate representing a contract for the payment of money often used to repay certain loans or held as security to ensure the performance of a stated act. |
|
|
Term
|
Definition
| An accounting term which is the difference between cost and the total amount of depreciation that has been taken. |
|
|
Term
|
Definition
| Frame lumber nailed at an angle in order to provide stability to the structure. |
|
|
Term
|
Definition
| The breaking of or failure of duty either by an act or omission. The violation of or failure to perform an obligation. |
|
|
Term
|
Definition
| A covered porch or passage open on two ends that connects the house and garage or two parts of the house. |
|
|
Term
|
Definition
| Wood or metal pieces used to brace floor joists. |
|
|
Term
|
Definition
| A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker. |
|
|
Term
|
Definition
| A systematic regulation of construction of buildings within a municipality established by ordinance or law. |
|
|
Term
|
Definition
| Often called a setback line a building line is a line running a certain distance from the street in front of which an owner cannot build. These lines are set by law. |
|
|
Term
|
Definition
| A heavy waterproofed paper used as sheathing in exterior walls or in roof construction as insulation and protection against moisture. |
|
|
Term
|
Definition
| Zoning regulation requirements or provisions in a deed limiting size and use of a building. |
|
|
Term
|
Definition
| Cabinets and other features built in as a part of the house. |
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Term
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Definition
| A term used to describe a business including its stock-in-trade fixtures and goodwill. |
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Term
| Cal-Vet Loan (California Veterans Loan) |
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Definition
| A program administered by the State Department of Veterans Affairs for the direct financing of farms and homes for veterans who qualify. |
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Term
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Definition
| Assets of a permanent nature used in the production of income. Examples would include land buildings and equipment. |
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Term
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Definition
| The gain recognized for federal and state income tax purposes when a taxpayer disposes of a capital asset. |
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Term
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Definition
| In appraising a method of determining value of property by considering net income and a reasonable percentage of return on the investment. |
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Term
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Definition
| The percentage rate or rate of interest considered a reasonable return on the investment. It is used in the capitalization method of determining value based upon net return. |
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Term
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Definition
| Molding used at junction of baseboard and floor sometimes called a carpet strip. |
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Term
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Definition
| Windows set in frames of wood or metal that swing outward. |
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Term
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Definition
| The new amount of cash a property produces when all cash income and other cash generated are added together and all cash expenses and other cash payments are deducted. |
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Term
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Definition
| A legal right; facts giving rise to an enforceable claim. |
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Term
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Definition
| A Latin phrase meaning let the buyer beware"; the legal maxim stating that the buyer must examine the goods or property and buy at his or her own risk." |
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Term
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Definition
| Covenants conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners. |
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Term
| Certificate Of Reasonable Value (CRV) |
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Definition
| The Veterans Administration's written appraisal of the value of a property. |
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Term
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Definition
| The Supreme Court order indicating that the court has decided to exercise its discretion and accept a case offered on appeal. The court reviews only those select cases that it deems worthy of review. |
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Term
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Definition
| A series of conveyances encumbrances and other instruments affecting the title from the time original patent was granted or as far back as records are available. A history of the recorded ownership of real estate and claims against title to real estate. |
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Term
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Definition
| The old name for personal property. |
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Term
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Definition
| A personal-property mortgage. (See Security Agreement.) |
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Term
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Definition
| In real estate an estate less than a freehold estate such as a lease. |
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Term
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Definition
| (1) Personal property. (2) This term is sometimes used in a law to describe any interest in real or personal property other than a freehold. |
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Term
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Definition
| An electrical device that automatically interrupts an electrical circuit when an overload occurs. Circuit breakers can be reset and today are used instead of fuses. |
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Term
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Definition
| A system of jurisprudence sometimes called Roman law wherein all the laws are set forth in advance to regulate conduct (as opposed to common law where the principles of law develop on a case-by-case basis). |
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Term
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Definition
| Boards that are used for siding and that are usually thicker at one edge. |
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Term
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Definition
| A person represented by a broker or an attorney. |
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Term
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Definition
| (1) The process by which all the parties to a real estate transaction conclude the details of the sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition of description of real property by courses and distances at the boundary lines where the lines meet to include all the tract of land. |
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Term
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Definition
| The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property. |
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Term
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Definition
| An accounting of funds to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction. |
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Term
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Definition
| A claim or document that affects title to real estate. The actual cloud may ultimately prove invalid but its existence mars the title. |
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Term
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Definition
| Any form of joint ownership. |
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Term
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Definition
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Term
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Definition
| A beam that connects the pairs of opposite roof rafters above the attic floor. |
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Term
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Definition
| Property subject to a security interest; property used as security for a debt. (See Security Agreement.) |
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Term
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Definition
| The transfer of property of other valuables to ensure the performance of a principal agreement; an obligation attached to a contract to guarantee its performance. |
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Term
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Definition
| A secret agreement between two or more persons wishing to defraud another for a wrongful purpose or to obtain an object forbidden by law. |
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Term
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Definition
| That which appears to be a good title but in fact is not; for example a forged deed. A document that appears to convey title but in fact is ineffective conveying no title at all. It is one of the requirements for adverse possession and easement by prescription. |
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Term
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Definition
| A grooved building material used primarily for interior finish. |
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Term
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Definition
| A term applied to the remainder of an acre of land after the area devoted to streets sidewalks curbs and so on has been deducted from the acre. |
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Term
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Definition
| Negotiable instruments used in business. |
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Term
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Definition
| The mixing of different funds so that they can no longer be distinguished. In domestic law it refers to the combination of separate property and community property so that the separate property and community funds can no longer be distinguished; in such cases all property is considered community property. For brokers it refers to the mixing o clients' money with the broker's separate bank accounts. |
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Term
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Definition
| An agent's compensation for performing the duties of the agency; in real estate practice a percentage of the selling price of property percentage of rentals etc. A fee for services. |
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Term
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Definition
| A pledge or a promise; a firm agreement. |
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Term
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Definition
| The body of law that grew from customs and practices developed and used in England. A body of unwritten law that developed in England from the general customs and usage. It was adopted in the United States and exercised by court decisions following the ancient English principles and the recodified law of a state. |
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Term
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Definition
| All property acquired by a husband and wife living together except separate property. (See Separate Property.) Property owned in common by a husband and wife as a kind of marital partnership. |
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Term
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Definition
| Packing or consolidation of soil. When soil is added to a lot to fill in low places or to raise the level of the lot it is often too loose to sustain the weight of buildings. Therefore it is necessary to compact the added soil so that it will carry the weight of the building without danger of settling or cracking. |
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Term
| Comparative Market Analysis |
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Definition
| One of three methods in the appraisal process. A means of comparing similar type properties which have recently sold to the subject property. |
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Term
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Definition
| Legally qualified or capable. |
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Term
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Definition
| Interest paid on the original principal and also on the accrued and unpaid interest that has accumulated as the debt matures. |
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Term
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Definition
| A legal assumption that cannot be rebutted and is therefore accepted as true and binding on the courts. |
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Term
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Definition
| (1) The act of taking private property for public use by a political subdivision. (2) A declaration by proper governmental authorities that a structure is unfit for use. The taking of private property for public use through the exercise of the power of eminent domain. |
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Term
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Definition
| A provision in a contract stating that the contract will not go into effect or that it will terminate upon the occurrence of some specified future event. (1) A restriction added to a conveyance that upon the occurrence or nonoccurrence of a some act or event causes the estate to be defeated. (2) A contractual provision that upon the occurrence or nonoccurrence of a stated act or event an obligation is created destroyed or defeated. |
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Term
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Definition
| A condition that must occur before an estate is created or enlarged or before some other right or obligation occurs. |
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Term
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Definition
| A condition that upon its failure or nonperformance causes the defeat or extinguishment of an estate right or obligation. |
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Term
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Definition
| A loan commitment for a definite amount under certain terms and conditions. It is subject to an unknown purchaser's satisfactory credit rating. |
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Term
| Conditional Sale Contract |
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Definition
| A contract for the sale of property whereby the seller retains legal title until the conditions of the contract have been fulfilled. The buyer has an equitable interest in the property. (See Security Agreement.) A contract for the sale of property by which possession is delivered to the buyer but title remains with the seller until full payment or the satisfaction of other stated conditions. |
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Term
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Definition
| An exception to or relief from the application of a zoning ordinance because of special authorization granted by the zoning authorities. The issuance rests on public policy benefits and prior authorization in the zoning ordinance. |
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Term
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Definition
| An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit the boundaries of which are described on a recorded final map parcel map or condominium plan. The areas within the boundaries may be filled with air earth water or any combination and need not be attached to the land except by easements for access and support. |
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Term
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Definition
| Usually a metal pipe in which electrical wiring is installed. |
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Term
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Definition
| Any entry of judgment upon the debtor's voluntary admission or confession. |
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Term
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Definition
| A court approval of the sale of property by an executor administrator guardian or conservator. |
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Term
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Definition
| Anything of value or that is legally sufficient given to induce someone to enter into a contract. The inducement for entering into a contract; usually money services or a promise although it may consist of a legal benefit to the promisor or any legal detriment to the promisee. |
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Term
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Definition
| The interpretation of an ambiguous term or provision in a statute or agreement. |
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Term
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Definition
| A fiction imputed by law. |
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Term
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Definition
| A breach of the landlord's warranty of quiet enjoyment. Any acts by the landlord that substantially interfere with the tenant's use and enjoyment of the premises. |
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Term
|
Definition
| Notice given by the public records; that which is considered equivalent to actual notice even though there is not actual notice. (1) Notice given by a recorded document. (2) Notice imputed by a law because a person could have discovered certain facts upon reasonable investigation and a reasonable man" in the same situation would have conducted such an investigation." |
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Term
| Consumer Credit Protection Act |
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Definition
| A federal law that includes the truth-in-Leading Law. |
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Term
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Definition
| Goods sold or purchased primarily for personal family or household purposes. |
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Term
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Definition
| Conditional uncertain conditioned upon the occurrence or nonoccurrence of some uncertain future event. |
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Term
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Definition
| A statement filed to extend the time limit on a financing statement that had been filed earlier. |
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Term
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Definition
| An agreement to do or not to do a certain thing. It must have four essential elements: parties capable of contracting consent of the parties a lawful object and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance. |
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Term
|
Definition
| A contract for the sale of property whereby the seller retains legal title until the conditions of the contract have been fulfilled. The buyer has an equitable interest in the property. (See Security Agreement.) A contract for the sale of property by which possession is delivered to the buyer, but title remains with the seller until full payment or the satisfaction of other stated conditions. |
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Term
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Definition
| A loan that is made that is not federally insured or guaranteed. |
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Term
|
Definition
| A mortgage securing a loan made by investors without government underwriting i.e. which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association. |
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Term
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Definition
| The wrongful appropriation of another's goods to one's own use; to change from one character or use to another. (1) In tort an unauthorized claim of ownership over another's personal property. (2) In property the change of character of property from real to personal or vice versa. |
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Term
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Definition
| An instrument in writing used to transfer (convey) title to property from one person to another such as a deed or trust deed. |
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Term
|
Definition
| A form of ownership in which each individual apartment owner shares in a cooperative venture that entitles the owner to use rent or sell a specific apartment unit. |
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Term
|
Definition
| A group or a body of persons recognized by law as an individual person with rights and liabilities distinct from those of the persons comprising it. Since the corporation is created by law it may continue for any length of time that the law prescribes. An artificial entity given authority to conduct business and possess many of the rights of natural persons. One of the key characteristics is that of perpetual existence. |
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Term
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Definition
|
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Term
|
Definition
| The rejection of an offer by the submission of another offer different in terms from the original offer. Any purported acceptance of an offer that introduces new terms is a rejection of that offer and amounts to a counter-offer. |
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Term
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Definition
| Flashing used on chimneys at roof-line to cover shingle flashing and prevent moisture entry. |
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Term
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Definition
| An agreement or a promise to do or not to do a particular act. Covenant: A contractual agreement whereby one of the parties promises to perform or to refrain from doing certain acts. |
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Term
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Definition
| Certified Property Manager; a member of the Institute of Real Estate Property management of the National Association of Realtors. |
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Term
|
Definition
| Exterior or interior opening permitting access underneath a building as building codes may require. |
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Term
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Definition
| A list of the due dates and amounts by which the principal sum of an obligation will be reduced by partial payments. |
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Term
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Definition
| A person who holds property primarily for sale to his or her customers in the ordinary course of his or her business. |
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Term
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Definition
| The sum of money needed each payment period to amortize the loan or loans. |
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Term
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Definition
| (1) A party who owns" the property that is subject to a security interest. (2) A person who owes a debt." |
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Term
|
Definition
| Usually an open porch on the roof or another part of the structure. |
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Term
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Definition
| A court's decision on the rights of the parties in a question of law without ordering anything to be done. |
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Term
|
Definition
| An appropriation of land by its owner for some public use and accepted for such use by authorized public officials on behalf of the public. A gift of privately owned land to the public or for public use. It may be voluntary or involuntary. |
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Term
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Definition
| Written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee). |
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Term
|
Definition
| A security instrument transferring title to property to a third person (trustee) as security for a debt or other obligation. |
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Term
|
Definition
| (1) Failure to fulfill a duty or promise or to discharge an obligation. (2) Omission or failure to perform any act. Failure to perform a legal duty or to discharge a promise. |
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Term
|
Definition
| A judgment obtained because the defendant failed to appear and defend his case. |
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Term
|
Definition
| The clause in a mortgage or deed of trust that gives the borrower the right to redeem his or her property upon the payment of his or her property upon the payment of his or her obligations to the lender. |
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Term
|
Definition
| Capable of being defeated. A defeasible estate is one that has a condition attached to the title which if broken causes the termination of that estate. |
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Term
|
Definition
| The party being sued in a lawsuit; the party against whom an action is filed. |
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Term
|
Definition
| Existing but unfulfilled requirements for repairs and rehabilitation. Postponed or delayed maintenance causing decline in a building's physical condition. |
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Term
|
Definition
| A judgment given for the unpaid balance of a debt remaining after the surety is sold. A court decree holding a debtor personally liable for the shortage or insufficiency realized on the sale of secured property. The debtor owes the difference between the sale price of the property and the amount of the secured debt. |
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Term
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Definition
| The unconditional irrevocable intent of a grantor immediately to divest (give up) an interest in real estate by a deed or other instrument. |
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Term
|
Definition
| Money given to another as security to ensure the performance of a contract. The money is usually intended to be applied toward the purchase price of property or forfeited on failure to complete the contract. |
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Term
|
Definition
| A term used by the real estate industry to describe the written offer to purchase real property upon stated terms and conditions accompanied by a deposit toward the purchase price which becomes the contract for the sale of the property upon acceptance by the owner. |
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Term
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Definition
| A loss in value from any cause. This loss in value to real property may be caused by age or physical deterioration or by functional or economic obsolescence. |
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Term
|
Definition
| An order that the Real Estate Commissioner is empowered by law and refrain from committing an act in violation of the Real Estate Law. |
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Term
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Definition
| The process of gradual worsening or depreciation. |
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Term
|
Definition
| A gift of real property by deed. |
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Term
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Definition
| One who receives real property under a will. |
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Term
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Definition
| A written observation remark or opinion by a judge to illustrate or suggest an argument or rule of law not incidental to the case at hand and which therefore although persuasive is not binding on the judge. |
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Term
|
Definition
| The direction in which the residential sections of a city seem destined or determined to grow. |
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Term
|
Definition
| A statement that the Truth-in-Lending Law requires a creditor to give a debtor showing the finance charge annual percentage rate and other required information. |
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Term
|
Definition
| To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. It may also be the amount deducted in advance by the lender from the face of the note. |
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Term
|
Definition
| The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. The amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan. |
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Term
|
Definition
| The interest rate that is charged on money borrowed by banks from the Federal Reserve System. |
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Term
|
Definition
|
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Term
|
Definition
| The main trial court in the federal court system and the lowest federal court. It has jurisdiction in civil cases where the plaintiffs and defendants are from different states (diversity of citizenship) and the amount in controversy is over $100 and in cases involving a federal question. |
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Term
|
Definition
| The elimination or removal of a right or title usually applied to the cancellation of an estate in land. |
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Term
|
Definition
| A state enabling act allows a county to adopt a documentary transfer tax on all transfers of real property located in the county. Notice of payment is entered on the face of the dead or on a separate paper filed with the deed. |
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Term
|
Definition
| A person's permanent residence. |
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Term
|
Definition
| The tenement obtaining the benefit of an easement appurtenant. That parcel of land that benefits from an easement across another parcel of property (servient tenement). |
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Term
|
Definition
| The person to whom a gift is made. |
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Term
|
Definition
| The person who makes a gift. |
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Term
|
Definition
| An escrow that will close only upon the condition that a prior escrow is consummated. The second escrow is contingent upon and tied to the first escrow. While double escrow is not illegal unless there is full and fair disclosure of the second escrow there may be a possibility of fraud or other actionable conduct by the parties. |
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Term
|
Definition
| An agency relationship in which the agent acts concurrently for both principals in a transaction. |
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Term
|
Definition
| A constitutional guarantee that the government will not interfere with a person's private property rights without following procedural safeguards prescribed by law. |
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Term
| Due-On-Encumbrance Clause |
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Definition
| A clause in a deed of trust or mortgage that provides that upon the execution of additional deeds of trust or other encumbrances against a secured parcel of property the lender may declare the entire unpaid balance of principal and interest due and owing. |
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Term
|
Definition
| An acceleration clause that grants the lender the right to demand full payment of the mortgage or deed of trust upon sale of the property. A clause in a deed of trust or mortgage that provides that if the secured property is sold or transferred the lender may declare the entire unpaid balance immediately due and payable. Its use has been severely limited by recent court decisions. Also called an alienation clause. |
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Term
|
Definition
| Unlawful constraint exercised upon a person whereby he or she is forced to do something against his or her will. |
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Term
|
Definition
| Down payment made by the purchaser of real estate as evidence of good faith. A deposit or partial payment. |
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Term
|
Definition
| A right privilege or interest limited to a specific purpose which one party has in the land of another. |
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Term
|
Definition
| An easement created for the benefit of a particular parcel of property. There is both a dominant and a servient estate. The easement is annexed to and part of the dominant property. |
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Term
|
Definition
| An easement that benefits a particular individual not a parcel of property. Involves only a servient estate. A public utility easement is an example. |
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Term
|
Definition
| The lower projecting edge of a roof over the wall. |
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Term
|
Definition
| The remaining useful life of an improvement or structure; that period during which an improvement will yield a return on the investment. |
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Term
|
Definition
| The loss in value to property due to external causes such as zoning or a deteriorating neighborhood. It is also referred to as social obsolescence. |
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Term
|
Definition
| The amount of net income that remains after the deduction from gross income of vacancy and credit losses. |
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Term
|
Definition
| Exit; the act or avenue or leaving property. |
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Term
|
Definition
| Things that grow on the land require annual planting and cultivation. |
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Term
|
Definition
| The right of the government and certain others such as public utilities to acquire property for public or quasi-public use by condemnation upon payment of just compensation to the owner. The constitutional or inherent right of a government to take private property for public good upon the payment of just compensation. |
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Term
|
Definition
| The projection of a structure onto the land of an adjoining owner. A structure or natural object that unlawfully extends into another's property. |
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Term
|
Definition
| Any claim interest or right in property possessed by another that may diminish the true owner's rights or value in the estate. Examples include mortgages easements or restrictions of any kind. A claim lien or charge on property. |
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Term
|
Definition
| (1) The act of signing one's name on the back of a check or a note, with or without further qualification. (2) The signature described above. |
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Term
|
Definition
| The Fourteenth Amendment to the U.S. Constitution require each citizen to receive equal protection of the laws. There are no minimum standards of protection; all equally situated individuals must simply be treated equally. (The due process clause of the Constitution imposes certain minimum standards of protection.) |
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Term
|
Definition
| The interest or value which an owner has in real estate over and above the liens against it. |
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Term
|
Definition
| The increase of the owner's equity due to mortgage principal reduction and value appreciation. |
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Term
|
Definition
| The right to redeem property during the foreclosure period. |
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Term
|
Definition
| The wearing away of the surface of the land by the action of wind water and glaciers for example. |
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Term
|
Definition
| A clause in a contract that provides for the upward or downward adjustment of certain items to cover the specific contingencies set forth. A clause in a promissory note lease or other document that provides that upon the passage of a specified time or the happening of a stated event the interest rate shall increase. |
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Term
|
Definition
| The reversion of property to the state when there are no devisees or heirs capable of inheritance. Reversion of property to the state upon the death of an owner who has no heirs able to inherit. |
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Term
|
Definition
| The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract. |
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Term
|
Definition
| The neutral third party holding funds or something of value in trust for another or others. |
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Term
|
Definition
| The degree quantity nature and extent of the interest that a person has in real property. (1) Ownership interest in real estate. (2) The quality and quantity of rights in property. |
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Term
|
Definition
| The occupation of real property by a tenant for an indefinite period. It may be terminated at will by one or both parties. A leasehold tenancy which at common law could be terminated by either party at any time without advance notice. |
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Term
|
Definition
| A freehold estate whose duration is measured by and limited to the life or lives of one or more persons. |
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|
Term
| Estate For Period To Period |
|
Definition
| A leasehold tenancy that continues indefinitely for successive periods of time until terminated by proper notice. When the periods are one month in duration it is often called a month-to-month tenancy. |
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Term
|
Definition
| A lease that will expire at a definite time or date. A leasehold tenancy of a fixed duration being a definite and ascertainable period of a year or any fraction of multiple thereof. It has a definite beginning and ending date and hence a known and definite duration. |
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Term
|
Definition
| An estate that may go to the heirs of the deceased. All freehold estates are estates of inheritance except life estates. |
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Term
|
Definition
|
|
Term
|
Definition
| A doctrine whereby one is forbidden to contradict or deny his or her own previous statement act or position. The doctrine that prevents a person from exercising a legal right because that person previously acted in an inconsistent manner so that a third person detrimentally relied on the earlier acts. |
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Term
|
Definition
| Abbreviation meaning and others (other person). |
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Term
|
Definition
| Abbreviation meaning and wife. |
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Term
|
Definition
| A standard of conduct that all members of a given profession owe to the public clients or patrons and to other members of that profession. |
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Term
|
Definition
| Dispossession by legal process as in the termination of a tenant's right to possession through re-entry or other legal proceedings. |
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Term
|
Definition
| All relevant information facts and exhibits admissible in a trial. |
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Term
|
Definition
| By only one party or side. For example an injunction obtained by evidence presented by only one side without notice to the other parties. |
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Term
|
Definition
| A right or interest retained by a grantor when conveying property; also called an exception. |
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Term
|
Definition
| A reciprocal transfer of properties between two or more parties. |
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Term
|
Definition
| A contract hiring the broker as the exclusive agent for the seller. If anyone except the seller finds a buyer the broker has earned the commission. |
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Term
|
Definition
| A written agreement giving one agent the exclusive right to sell property for a specified period of time but reserving the right of the owner to sell the property himself or herself without liability for the payment of a commission. |
|
|
Term
| Exclusive Right To Sell Agency |
|
Definition
| A contract hiring the broker as the only person authorized to sell property. If anyone including the seller finds a buyer the broker earns the commissions. |
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Term
| Exclusive-Right-To-Sell Listing |
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Definition
| A written agreement giving one agent the exclusive right to sell property for a specified period of time. The agent may collect a commission if the property is sold by anyone including the owner during the term of the listing agreement. |
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Term
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Definition
| A provision in leases and other instruments seeking to relieve one party of liability for his negligence and other acts. In residential leases such clauses are invalid and in other leases the courts have limited the landlord's ability to escape liability for intentional acts and for acts of affirmative negligence. |
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Term
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Definition
| To complete make perform do or to follow out. To sign a document intending to make it a binding instrument. The term is also used to indicate the performance of a contract. |
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Term
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Definition
| A lien arising because of an execution on property. A judgment is not self-executing; however when a writ of execution has been obtained the sheriff will levy (seize) property which creates a lien on the property. |
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Term
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Definition
| A person named by the testator of a will to carry out its provisions as to the disposition of the estate. A personal representative appointed in a will to administer a decedent's estate. |
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Term
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Definition
| A home designed for expansion and additions in the future. |
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Term
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Definition
| A fiber strip used to separate units of concrete to prevent cracking due to expansion as a result of temperature changes. |
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Term
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Definition
| This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to buy or sell. |
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Term
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Definition
| The Federal National Mortgage Association (FNMA). |
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Term
| Federal Deposit Insurance Corporation |
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Definition
| A federal corporation that insures deposits in commercial banks (FDIC). |
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Term
| Federal Home Loan Bank (FHLB) |
|
Definition
| A district bank of the Federal Home Loan Bank System that lends only to savings and loan associations who are members. |
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Term
| Federal Home Loan Mortgage Corporation (FHLMC) |
|
Definition
| A federal corporation that provides savings and loan associations with a secondary mortgage money market for loans. It is also known as Freddy Mac. |
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Term
| Federal Housing Administration (FHA) |
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Definition
| An agency of the federal government that insures mortgage loans. |
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Term
| Federal National Mortgage Association (FNMA) |
|
Definition
| A federal corporation that provides lenders with a secondary mortgage money market. |
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Term
|
Definition
| The federal banking system of the United States under the control of a central board of governors (Federal Reserve Board). It involves a central bank in each of 12 geographical districts with broad powers in controlling credit and the amount of money in circulation. |
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Term
| Federal Savings And Loan Insurance Corporation |
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Definition
| A federal corporation that insures deposits in savings and loan associations. |
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Term
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Definition
| An estate of inheritance in real property for life. |
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Term
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Definition
| An estate in real property by which the owner has the greatest possible power over the title. In modern use it expressly establishes the title of real property with the owner without limitation or end. He or she may dispose of it by sale trade or will as he or she chooses. In modern estates the terms Fee" and "Fee Simple" are substantially synonymous." |
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Term
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Definition
| The highest estate known at law. A freehold estate of indefinite duration incapable of being defeated by conditions or limitations. Sometimes simply called fee or fee estate. |
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Term
|
Definition
| A fee simple estate to which certain conditions or limitations attach such that the estate may be defeated or terminated upon the happening of an act or event. Also called a fee simple subject to a condition subsequent estates. |
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Term
| Fee Simple Subject To A Condition Subsequent |
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Definition
| A fee simple defeasible estate that requires the holder of the future interest to act promptly to terminate the present interest in order for that interest to be terminated. |
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Term
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Definition
| A person in a position of trust or confidence as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency. |
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Term
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Definition
| The duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation concealment duress or pressure. |
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Term
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Definition
| The instrument filed to perfect the security agreement and give constructive notice of the security interest thereby protecting the interest of the secured parties. (See Security Agreement; Security Interest; and Secured Party.) The security interest in personal property. It is analogous to a mortgage on real property except that it secures personal property. Under the U.C.C. it may be filed in Sacramento with the secretary of state. |
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Term
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Definition
| Money paid to a person for finding someone interested in selling or buying property. To conduct any negotiations of sale terms the finder must be a licensed broker or he violates the law. |
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Term
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Definition
| The final covering on the floor such as wood linoleum cork or carpet. |
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Term
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Definition
| A solid tight closure of a concealed space placed to prevent the spread of fire and smoke through the space. |
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Term
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Definition
| The constitutional amendment guaranteeing freedom of speech press assembly and religion. |
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Term
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Definition
| A document pledging collateral for a loan (See mortgage") that has the first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other." |
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Term
|
Definition
| A document pledging collateral for a loan (See trust deed") that has first priority over all other claims against the property except taxes and bonded indebtedness. The trust deed superior to all others." |
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Term
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Definition
| An item of personal property that has been so attached to real property as to be considered part of that real property. |
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Term
|
Definition
| Items that were originally personal property but that have become part of the real property usually because they are attached to the real property more or less permanently. Examples: Store fixtures built into the property and plumbing fixtures. |
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Term
|
Definition
| Sheet metal or similar material used to protect a building form water seepage. |
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Term
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Definition
| The base or bottom of a foundation wall pier. or column. |
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Term
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Definition
| Wrongful retention of property by actual or constructive force. |
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Term
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Definition
| Entry into property without the consent of the owner by acts that constitute more than mere trespass. |
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Term
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Definition
| A legal proceeding to enforce a lien on such as a mortgage or deed of trust. The process by which secured property is seized and sold to satisfy a debt. A mortgage or involuntary lien must be sold by a court-ordered sale; a sale under a deed of trust may be either by court action or through a private trustee's sale. |
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Term
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Definition
| Loss of a legal right interest or title by default. |
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Term
|
Definition
| A will signed by the testator in the presence of two or more witnesses who must themselves sign the will. |
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Term
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Definition
| That part of a structure or wall wholly or partly below the surface of the ground that is the base or support including the footings. |
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Term
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Definition
| The constitutional amendment that directs that no state can deprive a person of life liberty or property without due process or equal protection of the law. |
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Term
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Definition
| Deception that deprives another person of his her rights or injures him or her. False representation or concealment of material facts that induces another justifiably to rely on it to his detriment. |
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Term
|
Definition
| An estate of fee. An estate in real property that is either a life estate or an estate in fee. |
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Term
|
Definition
| Property measurement for sale or valuation purposes. The property measurement is along the street line and each front foot extends to the depth of the lot. It is usually used in connection with commercial property. |
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Term
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Definition
| The depth of frost penetration in the soil. |
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Term
|
Definition
| Fruits crops and other plants. If the vegetation is produced by human labor such as crops it is called fructus industrials; vegetation growing naturally is called fructus naturales. |
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Term
|
Definition
| Strips of wood or metal fastened to wall to even it form air space or to give the wall greater thickness. |
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Term
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Definition
| Future (additional) loans made by a lender and secured under the original deed of trust. The advances may be either optional or obligatory but the deed of trust or mortgage must provide in the security instrument that it will cover any such future advances. |
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Term
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Definition
| An estate that does not or may entitle one to possession or enjoyment until a future time. |
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Term
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Definition
| Pitched roof with sloping sides. |
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Term
|
Definition
| A curb roof having a steep lower slope with a flatter upper slope above. |
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Term
|
Definition
| A legal process to seize a debtor's property or money in the possession of a third party. |
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Term
| General Plan Restrictions |
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Definition
| Covenants conditions and restrictions placed on a subdivision or other large tract of land designed to benefit and burden each lot in the tract. |
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Term
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Definition
| A voluntary transfer of property without consideration. |
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Term
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Definition
| A deed for which there is no material consideration. |
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Term
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Definition
| A beam used to support other beams joists and partitions. |
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Term
| Government National Mortgage Association (GNMA) |
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Definition
| A federal corporation that assists in financing special assistance programs for federally aided housing. The corporation is also known as Ginny Mae. |
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Term
|
Definition
| Ground level at the foundation. |
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Term
|
Definition
| Usually a long-term lease that provides for adjustments in the rental rate on the basis of some future determination. For example the rent may be based upon the result of appraisals to be made at predetermined times in the future. |
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Term
|
Definition
| (1) To transfer. (2) A deed. (3) When used in a deed a technical term implying certain warranties. A transfer or conveyance of real estate. |
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Term
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Definition
| A limited warranty deed using the word grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the owner." |
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Term
|
Definition
| A person to whom the grant is made. |
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Term
|
Definition
| A person who transfers his or her interest in property to another by grant. |
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Term
|
Definition
| A chart used in rating the borrower property and neighborhood. |
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Term
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Definition
| Total income before expenses are deducted. |
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Term
|
Definition
| A number that reflects the ratio between the sales price of a property and its gross monthly rents. It is used in the income approach of appraising property. |
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Term
|
Definition
| An agreement leasing land only without improvements ordinarily with the understanding that improvements will be placed on the land by the tenant. |
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Term
|
Definition
| (1) Earnings from the ground only. (2) Earnings of improved property after an allowance is made for earnings of improvements. (3) A perpetual rent that a grantor in some states may reserve to himself or herself and his or her heirs when he or she conveys real property. |
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Term
|
Definition
| Insurance that protects the owner and lender against physical hazards to property such as fire and windstorm damage. |
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Term
|
Definition
| A beam placed perpendicularly to joists and to which joists are nailed in the framing of openings such as windows doors and stairways. |
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Term
|
Definition
| Persons who succeed to the estate of someone who dies intestate (without a will). It sometimes indicates anyone who is entitled to inherit a decedent's property. |
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Term
|
Definition
| A term usually referring to real estate and all that goes with it as being incidental. |
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Term
|
Definition
| An appraisal phrase that means that use of real property that is most likely to produce the greatest net return on land or buildings or both over a given period of time. |
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Term
|
Definition
| A pitched roof with sloping sides and ends. |
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Term
|
Definition
| one holding a check or promissory note received for value (he/she paid for it) in good faith and with no suspicion that it might be no good claimed by another overdue or previously dishonored (a bank had refused to pay since the account was overdrawn). Such a holder is entitled to payment by the maker of the check or note. |
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Term
|
Definition
| A will that is entirely written dated and signed by the testator in the testator's handwriting. No witnesses are needed. |
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Term
|
Definition
| An exemption or reduction in real property taxes available to those who reside on their property as of March 1. The current amount is $70 off the normal tax bill otherwise due. |
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Term
|
Definition
| (exemption) A statutory protection of real property used as a home from the claims of creditors and judgments up to a specified amount. |
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Term
|
Definition
| A retail business location considered the best available for attracting business. |
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Term
|
Definition
| To give something as security without giving up possession of it. To pledge property; to pledge a security interest in property without the transfer of possession. |
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Term
|
Definition
| An agreement that gives the appearance of a contract but in fact is not a contract because it lacks one of the essential elements. |
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Term
|
Definition
| Not expressed by words but presumed from facts acts or circumstances. |
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Term
|
Definition
| A trust account established by the lender to pay property taxes and hazard insurance. |
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Term
|
Definition
| An appraisal technique used on income producing properties. Also known as the capitalization approach. |
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Term
|
Definition
| Someone incapable of managing his or her own affairs by reason of age disease weakness of mind or any other cause. |
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Term
|
Definition
| Any increase. (1) A term frequently used to refer to the increased value of land because of population growth and increased wealth in the community. (2) Unearned increment" is used in this connection since the values increased without effort on the part of the owner." |
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Term
|
Definition
|
|
Term
|
Definition
| Compensation to a person who has already sustained a loss. For example insurance payment for a loss under policy. |
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Term
|
Definition
| A method of illumination in which the light is reflected from the ceiling or other object outside the fixture. |
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Term
|
Definition
| (1) The act of signing one's name on the back of a check or a note with or without further qualification. (2) The signature described above. |
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Term
|
Definition
| The act of or avenue for entering property. |
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Term
|
Definition
| To take property through a deceased's estate. |
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Term
|
Definition
| An order issued by a court to restrain one or more parties to a suit or proceeding from performing an act deemed inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding. |
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Term
|
Definition
| A court order prohibiting certain acts or ordering specific acts. |
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Term
|
Definition
| A partial payment of a debt due in a series of payments. |
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Term
|
Definition
| A note that provides that payments of a certain sum or amount be paid in more than one payment on the dates specified in the instrument. |
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|
Term
| Installment Sales Contract |
|
Definition
| Also known as an agreement of sale or a land contract. |
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Term
|
Definition
| A method of reporting capital gains by installments for successive tax years to minimize the impact of capital gains tax in the year of the sale. |
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Term
|
Definition
| Lenders who make a substantial number of real estate loans such as banks savings and loan associations and insurance companies. |
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Term
|
Definition
| A written legal document created to affect the rights of the parties. |
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Term
|
Definition
| The charge or cost for the use of money. |
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Term
|
Definition
| The percentage of a sum of money charged for its use. |
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Term
|
Definition
| A court proceeding initiated by a stakeholder such as a broker or escrow agent. |
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Term
|
Definition
| A person who dies without a will. |
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Term
|
Definition
| A person who holds property primarily for future appreciation in value for federal and state income tax purposes. |
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|
Term
|
Definition
| A person who enters another's land because of an express or implied social invitation such as a social guest. The term also covers certain government workers who enter someone's land such as police officers and firefighters. Classification of such status was revoked by a recent court case. |
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Term
|
Definition
| The loss of real property due to destruction seizure condemnation foreclosure sale or tax sale. |
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Term
|
Definition
| Any lien imposed on property without the consent of the owner. |
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Term
|
Definition
| Incapable of being recalled or revoked; unchangeable. |
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Term
|
Definition
| Quasi-political districts created under special laws to provide for water services to property-owners in the district. |
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Term
|
Definition
| A screen or shutter consisting of overlapping horizontal slats that is used on the exterior to keep out sun and rain while admitting light and air. |
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Term
|
Definition
| The side post or lining of a doorway window or other opening. |
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Term
|
Definition
| The space between the adjacent surfaces of two components joined and held together by nails glue or cement for example. |
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Term
|
Definition
| A note signed by two or more persons who have equal liability for payment. |
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Term
|
Definition
| Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship i.e. the right to share equally with other surviving joint tenants in the interest of the deceased joint tenant. |
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Term
|
Definition
| In legal effect it is a partnership for a limited specific business project. |
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Term
|
Definition
| One of a series of parallel beams to which the boards of floor and ceiling laths or plaster boards are nailed and supported in turn by larger beams girders or bearing walls. |
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Term
|
Definition
| A court of competent jurisdiction's final determination of a matter presented to it. The final decision by a court in a lawsuit motion or other matter. |
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Term
|
Definition
| A decision by an appellate court reaffirming approving and agreeing with an inferior court's decision. |
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Term
|
Definition
| A person who has an unsatisfied money judgment levied against him or her. |
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Term
|
Definition
| A money judgment that because it has been recorded has become a lien against the judgment debtor's real property. |
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Term
|
Definition
| A decision by an appellate court disagreeing with an inferior court's decision and modifying the decision to conform with its findings. |
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Term
|
Definition
| A lien lower in priority or rank than another or other liens. |
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Term
|
Definition
| A mortgage recorded subsequently to another mortgage on the same property and made subordinate by agreement to a later-recorded mortgage. |
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Term
|
Definition
| The authority of a court to hear and decide a particular type of case. The power of a court to hear and decide a case or issue. |
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Term
|
Definition
| Unreasonable delay in asserting one's legal rights. |
|
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Term
|
Definition
| The material of the earth whatever may be the ingredients of which it is composed whether soil rock or other substance and included free or occupied space for an indefinite distance upwards as well as downwards. |
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Term
|
Definition
| A contract used in the sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract installment sales contract or real property sales contract. (See also Real Property Sales Contract for statutory definition). |
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Term
|
Definition
| A contract for the sale of property by which possession is delivered to the buyer but title remains with the seller until full payment or the satisfaction of other stated conditions. |
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Term
|
Definition
| Property totally surrounded by other property with no means of ingress or egress. |
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Term
|
Definition
| The person who leases property; the owner of the property. |
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|
Term
| Lands Tenements And Hereditament |
|
Definition
| Inheritable lands or interest. |
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Term
|
Definition
| A charge made by a lender against a borrower who fails to make loan installments when due. |
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Term
|
Definition
| The support that the soil of an adjoining owner gives to his or her neighbor's land. |
|
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Term
|
Definition
| A building material of wood metal gypsum or insulating board fastened to the frame of a building to act as a plaster base. |
|
|
Term
|
Definition
| A contract between owner and tenant setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright as a method of financing right to occupy and use real property. |
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Term
|
Definition
| The estate of a tenant under a lease. (See Estate for Years.) |
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Term
|
Definition
|
|
Term
|
Definition
| A description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps. |
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|
Term
|
Definition
| One who contracts to rent occupy and use property under a lease agreement; a tenant. |
|
|
Term
|
Definition
| An owner who enters into a lease agreement with a tenant; a landlord. |
|
|
Term
|
Definition
| An expression of intent to invest develop or purchase without creating any firm legal obligation to do so. |
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|
Term
|
Definition
| To execute upon; to seize and sell property to obtain money to satisfy a judgment. |
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Term
|
Definition
| Debts or claims that creditors have against assets. |
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|
Term
|
Definition
| Personal nonassignable authorization to enter and perform certain acts on another's land. |
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|
Term
|
Definition
| Under the law before 1968 which classified persons who entered upon others' land a licensee was someone who entered upon land with the owner's express or implied permission for a business purpose. |
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Term
|
Definition
| A lien makes the debtor's property security for the payment of a dept or the discharge of an obligation. A charge or claim against property as security for payment of a debt or obligation. |
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|
Term
|
Definition
| An estate in real property that continues for the life of a particular person. The life" involved may be that of the owner or that of some other person. An estate in property whose duration is limited to and measured by the life of a natural person or persons." |
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Term
|
Definition
| A partnership composed of some partners whose contribution and liability are limited. There must always be one or more general partners with unlimited liability and one or more limited partners with limited liability. A special partnership composed of limited and general partners. The general partners have unlimited liability and total management whereas the limited partners have to voice in the management and their only financial exposure is to the extent of their investment. In some ways the limited partners' interest is similar to that of stockholders in a corporation. |
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Term
|
Definition
| A horizontal board that supports the load over an opening such as a door or window. |
|
|
Term
|
Definition
| A clause in a contract by which the parties by agreement fix the damages in advance for a breach of contract. |
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|
Term
| Liquidated Damages Clause |
|
Definition
| A clause in a contract by which the parties by agreement fix the damages in advance for a breach of contract. |
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Term
|
Definition
| A notice of pending litigation recorded to give constructive notice of a suit that has been filed. A recorded notice that a lawsuit is pending the outcome of which may affect title to property. |
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|
Term
|
Definition
| An employment contract between a broker and his principal (client). |
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|
Term
|
Definition
| An employment contract authorizing a broker to sell lease or exchange an owner's property. |
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|
Term
|
Definition
| A civil lawsuit; a judicial controversy. |
|
|
Term
|
Definition
| The committee in a lending institution that reviews and approves or disapproves the loan applications recommended by a loan officer. |
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|
Term
|
Definition
| A loan agent usually used by distant lenders to help the lender make real estate loans. |
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Term
|
Definition
| A group of documents prepared along with a loan application to give the prospective lender complete details about the proposed loan. |
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|
Term
|
Definition
| A trust account established by the lender to pay property taxes and hazard insurance. |
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|
Term
|
Definition
| The lender's appraised value of the property. |
|
|
Term
|
Definition
| An opening with a series of horizontal slats set at an angle to permit ventilation without admitting rain sunlight or vision. |
|
|
Term
|
Definition
| A term that designates a person who is a member of the American Institute of Appraisers of the National Association of Realtors. |
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Term
|
Definition
| A court decree ordering a lower court judge public official or corporate officer to perform an act acquired of that office. |
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Term
|
Definition
| The difference between the amount of secured loan(s) on a property and its appraised value. |
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Term
|
Definition
| Land which barely pays the cost of working or using it. |
|
|
Term
|
Definition
| One of three methods in the appraisal process. A means of comparing similar type properties which have recently sold to the subject property. |
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Term
|
Definition
| The price paid regardless of pressures motives or intelligence. |
|
|
Term
|
Definition
| The highest price in terms of money which a property will bring on the open market and under all conditions required for a fair sale i.e. the buyer and seller acting prudently knowledgeably and neither affected by undue pressures. |
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|
Term
|
Definition
| Title free and clear of reasonable objections and doubts; also called merchantable title. |
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Term
|
Definition
| A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his or her consent to the agent to enter into a particular transaction on the specified terms. |
|
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Term
|
Definition
| A lien given by statute to persons supplying labor materials or other services to improve real property. Whenever a contractor laborer or materialman provides labor or materials to improve real property and is not paid that person is entitled to a lien against the property as a means of securing payment. Certain statutory steps must be taken to file record |
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Term
|
Definition
| A threat to use duress. (See Duress.) |
|
|
Term
|
Definition
| Title free and clear of reasonable objections and doubts; also called merchantable title. |
|
|
Term
|
Definition
| The combination of two estates. Also refers to the joining of one estate burdened by an encumbrance and another estate benefited by the encumbrance. Whenever a benefit and a burden are merged the encumbrance is extinguished. |
|
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Term
|
Definition
| Imaginary north-south lines that intersect base lines to form a starting point for the measurement of land. |
|
|
Term
|
Definition
| Terms used to describe the boundary lines of land setting forth all the boundary lines together with their terminal points and angles. Metes means measurements Bounds means boundaries. |
|
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Term
|
Definition
| A person under the age of majority. Someone under age 18. |
|
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Term
|
Definition
| An event that takes place when there is not enough cash to cover expenses and service the mortgage debt. |
|
|
Term
|
Definition
| An intentional or negligent suggestion or statement of a material fact in a false manner with the intent of deceiving someone into taking a course of action he would not otherwise normally pursue. |
|
|
Term
|
Definition
| Facts or circumstances that tend to justify or excuse an act or course of conduct. |
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Term
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Definition
| A stationary nonmotorized vehicle designed and equipped for human habitation. It may be transported to a homesite by special equipment. |
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Term
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Definition
| Usually patterned strips used to provide ornamental variation of outline or contour such as cornices bases window and door jambs. |
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Term
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Definition
| A lease of property for a month at a time under a periodic tenancy that continues for successive months until terminated by proper notice usually 30 days. |
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Term
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Definition
| A fixed object and point established by surveyors or others to establish land locations. |
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Term
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Definition
| The temporary suspension usually by stature of the enforcement of liability for debt. |
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Term
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Definition
| An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in the event of default as established by statute. |
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Term
| Mortgage Guaranty Insurance |
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Definition
| Insurance against financial loss available to mortgage lenders from the Mortgage Guaranty Insurance Corporation a private company organized in 1956. |
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Term
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Definition
| One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation: the lender under a mortgage. (See Secured Party.) A creditor (lender) under a mortgage. |
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Term
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Definition
| One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; the borrower under a mortgage. (See Debtor.) A borrower (property owner) of money under a mortgage. |
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Term
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Definition
| An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis. |
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Term
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Definition
| An inferior trial court having jurisdiction in cases involving up to $15000 in money damages and in unlawful detainer actions in which the rental value is under $1000 per month. |
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Term
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Definition
| An agreement between the parties in a contract. The offer and acceptance of a contract. |
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Term
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Definition
| A water company organized by or for water-users in a given district with the object of securing an ample water supply at a reasonable rate. Stock is issued to users. |
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Term
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Definition
| National Association of Realtors. |
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Term
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Definition
| National Association of Real Estate Boards. This trade organization is now known as the National Association of Realtors. |
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Term
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Definition
| Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance so that the unpaid interest must be added to the principal due. |
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Term
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Definition
| Either the failure to act as a reasonable prudent person or the performance of an act that would not be done by a reasonable prudent person. |
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Term
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Definition
| A check or promissory note that meets specified statutory requirements and is therefore easily transferable in somewhat the same manner as money. The negotiable instrument can be passed by endorsement and delivery (or in some cases by mere delivery) and the transferee takes title free of certain real defenses (such as failure of consideration fraud in the inducement) that might exist against the original maker of the negotiable instrument. |
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Term
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Definition
| Abbreviation for the National Environmental Protection Act a federal statute requiring all federal agencies to prepare an Environmental Impact Statement and meet other requirements whenever a major federal action is anticipated that could significantly affect the environment. |
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Term
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Definition
| A listing that provides that the agent may retain as compensation for his or her services all sums received over and above a stated net price to the owner. An employment agreement that entitles the broker to a commission only in the amount if any that the sales price of the property exceeds the listing price. |
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Term
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Definition
| A lease tenancy. (See under Estates for the four types of leasehold estates.) |
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Term
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Definition
| Foreclosure and sale of property without resort to court action by private sale. For deeds of trust the foreclosure provisions are outlined by the statutes and the requirements in the security instrument which include a notice of default right to reinstate publication of sale and trustee's sale. |
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Term
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Definition
| An individual licensed by the state to charge a fee for acknowledging signatures on instruments. |
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Term
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Definition
| A signed written instrument promising payment of a stated sum of money . Shortened name for a promissory note. |
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Term
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Definition
| A notice recorded after termination of work on improvements limiting the time in which mechanic's liens can be filed against the property. |
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Term
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Definition
| A notice that is recorded in the county recorder's office stating that a trust deed is in default and that the holder has chosen to have the property sold. The trustor (property owner) has three months after the date of recording to reinstate the loan . Recorded notice that a trustor has defaulted on his secured debt. |
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Term
| Notice of Nonresponsibility |
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Definition
| A notice provided by law designed to relieve a property owner from responsibility for the cost of work done on the property or materials furnished for it when the work or materials were ordered by a person in possession. Notice relieving an owner from possession. Notice relieving an owner from mechanic's liens for work on property not ordered by that owner. |
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Term
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Definition
| A notice to a tenant to vacate rented property. Also called a three-day notice. Notice given to a tenant in default of his lease terms or on his rent which directs him either to cure the default or to vacate the premises. |
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Term
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Definition
| The acceptance of a new contract in substitution for the old contract with the intent that the new contract will extinguish the original contract. Sometimes encountered in transfers of deeds of trust where the new owner assumes the debt and the lender through novation releases the former owner from any liability under the original promissory note and deed of trust. |
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Term
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Definition
| Anything that is injurious to health or indecent or offensive to the senses or any obstruction to the free use of property so as to interfere with the comfortable enjoyment of life or property or?unlawfully obstructs the free passage or use in the customary manner of any navigable lake or river bay stream canal |
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Term
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Definition
| A promisor; a person to whom another is bound by a promise or another obligation. |
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Term
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Definition
| Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs. |
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Term
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Definition
| The proposal made to an owner of property by a potential buyer to purchase the property under stated terms. |
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Term
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Definition
| A person to whom an offer is made. |
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Term
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Definition
| A person who makes an offer. |
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Term
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Definition
| Statement by owner of a deed of trust or mortgage against the property setting forth the present status of the debt and lien. Also called a beneficiary statement. |
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Term
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Definition
| Congress passed a law in April 1968 which prohibits the discrimination in the sale of real estate because of race color or religion of buyers. |
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Term
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Definition
| An authorization given by a property-owner to a real estate agent in which the agent is given the nonexclusive right to secure a purchaser. Open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready willing and able to meet the terms of the listing or who secures the acceptance by the seller of a satisfactory offer. |
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Term
| Open-End Mortgage or Deed of Trust |
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Definition
| A mortgage containing a clause that permits the mortgagor or trustor to borrow additional money without rewriting the mortgage or deed of trust. |
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Term
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Definition
| A right to have an act performed in the future; a right given for a consideration to purchase or lease a property upon specified terms within a specified time; a contract to keep an offer open for a particular period of time. The right of a person to buy or lease property at a set price at any time during the life of a contract. |
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Term
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Definition
| A listing that also includes an option permitting the broker to buy the property at the stated price at any time during the listing period. |
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Term
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Definition
| A simple prepayment clause that permits the borrower to make a normal payment or any larger amount up to and including the entire outstanding balance without a prepayment penalty. |
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Term
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Definition
| A verbal agreement one not reduced to writing. |
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Term
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Definition
| A law passed by a political subdivision of the state (such as a town city or county). |
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Term
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Definition
| Placement of a house on its lot with regard to its exposure to the rays of the sun prevailing winds privacy from the street and protection from outside noises. |
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Term
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Definition
| An agency implied by law because the principal intentionally or inadvertently caused a third person to believe someone to be his agent and that third person acted as if that other person was in fact the principal's agent. |
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Term
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Definition
| An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost. |
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Term
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Definition
| The part of the roof that extends beyond the walls and that shades buildings and covers walks. |
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Term
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Definition
| The right of a person to use and possess property to the exclusion of others. |
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Term
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Definition
| A wall erected on the line between two adjoining properties that are under different ownership for the use of both owners. |
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Term
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Definition
| A rule of courtroom evidence that once the parties make a written contract they may not then introduce oral agreements or statements to modify the terms of that written agreement. An exception exists for fraud or mistake which will permit the parties to offer evidence to vary the terms of the writing. |
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Term
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Definition
| Hardwood flooring laid in squares or patterns. |
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Term
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Definition
| In a deed of trust or mortgage a clause that permits release of a parcel or part of a parcel from the effects and lien of that security instrument. The release usually occurs upon the payment of a specified sum of money. |
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Term
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Definition
| A legal action by which co-owners seek to sever their joint ownership. The physical division of property between co-owners usually through court action. |
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Term
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Definition
| An association of two or more persons to unite their property labor or skill or any one or combination thereof in prosecution of some joint business and to share the profits in certain proportions. An agreement of two or more individuals jointly to undertake a business enterprise. If it is a general partnership all partners have unlimited liability and absent other agreements |
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Term
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Definition
| Conveyance of title to government land. |
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Term
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Definition
| A provision in a promissory note deed of trust or mortgage permitting the debtor to pay off the obligation before maturity. |
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Term
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Definition
| The term as applied to nails that serves as a measure of nail length and is abbreviated by the letter d. |
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Term
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Definition
| A lease on property the rental for which is determined by the amount of business done by the tenant usually a percentage of gross receipts from the business with provision for a minimum rental. |
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Term
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Definition
| Baseboard heating or any system in which the heat registers are located along the outside walls of a room especially under the windows. |
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Term
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Definition
| A leasehold estate that continues indefinitely for successive periods of time until terminated by proper notice. When the periods are one month in duration it is often called a month-to-month lease. |
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Term
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Definition
| A term commonly used in tort (e.g. negligence cases) indicating an injury to one's being or body (for example cuts or broken bones) as opposed to injury to his property. |
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Term
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Definition
| Any property which is not real property. |
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Term
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Definition
| A person who petitions the court on a special proceeding or a motion. |
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Term
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Definition
| A column of masonry used to support other structural members. |
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Term
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Definition
| The incline or rise of a roof. |
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Term
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Definition
| The party who initiates a lawsuit; the person who sues another. |
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Term
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Definition
| A horizontal board placed on a wall or supported on posts or studs to carry the trusses of a roof or rafters directly; a shoe or base member as of a partition or other frame; a small flat board placed on or in a wall to support girders and rafters for example. |
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Term
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Definition
| Deposition of personal property by a debtor with a creditor as security for a debt or engagement. |
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Term
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Definition
| One who is given a pledge as security. (See Security Party) |
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Term
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Definition
| One who gives a pledge as security. (See Debtor) |
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Term
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Definition
| The appreciation in unit value created by joining smaller ownerships into one large single ownership. |
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Term
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Definition
| (1) Laminated wood made up in panels. (2) Several thicknesses of wood glued together with grains at different angles for strength. |
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Term
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Definition
| The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. The amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan. |
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Term
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Definition
| The right of the state to enact laws and regulations and its right to enforce them for the order safety health morals and general welfare of the public. The power of the state to prohibit acts that adversely affect the public health welfare safety |
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Term
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Definition
| A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an attorney in fact. |
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Term
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Definition
| The future interest created whenever there is a grant of a fee simple subject to a condition subsequent estate. The future interest matures into a present interest estate only if the holder timely and properly exercises his right upon a breach by the current holder of the fee estate. |
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Term
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Definition
| A house manufactured and sometimes partly assembled before delivery to the building site. |
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Term
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Definition
| An attachment of property made before the trial with the intent of holding that property as security to have an asset to sell if the court judgment is favorable to the attaching party. |
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Term
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Definition
| Penalty for the payment of a note before it actually becomes due. A fee or charge imposed upon a debtor who desires to pay off his loan before its maturity. Not all prepayment clauses provide for a penalty and in many real estate transactions the law regulates the amount of penalty that may be changed. |
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Term
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Definition
| Securing of an easement by open notorious and uninterrupted use adverse to the owner of the land for the period required by statute. A method of obtaining an easement by adverse use over a prescribed period of time. |
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Term
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Definition
| An estate in land that gives the owner the right to occupy his property immediately; as opposed to a future interest which grants only the right to occupy the premises at some future date. |
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Term
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Definition
| That which may be assumed without proof. A conclusion or assumption that is binding in the absence of sufficient proof to the contrary. |
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Term
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Definition
| (1) Presumptive on its face. (2) Assumed correct until overcome by further proof. Facts evidence or documents that are taken at face value and presumed to be as they appear (unless proven otherwise). |
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Term
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Definition
| The employer of an agent. Someone who hires an agent to act on his behalf. The term also refers to the amount of an outstanding loan (exclusive of interest). |
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Term
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Definition
| That which comes first in point of time or right. superior higher or preferred rank or position. |
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Term
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Definition
| Closeness or mutuality of a contractual relationship. |
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Term
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Definition
| Court supervision of the collection and distribution of a deceased person's estate. |
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Term
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Definition
| The law of how to present and proceed with legal rights (for example laws of evidence enforcement of judgments). It is the opposite of substantative law. |
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Term
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Definition
| That event originating from another series of events that without a break in continuity results in an agent's producing a final buyer. Proximate cause. A broker is the procuring cause of a sale if his or her efforts set in motion an unbroken chain of events that resulted in the sale. |
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Term
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Definition
| An easement coupled with a power to consume resources on the burdened property. |
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Term
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Definition
| A written promise to pay a designated sum of money at a future date. |
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Term
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Definition
| Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use possess enjoy and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is classified into two groups personal property and real property. |
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Term
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Definition
| To divide or prorate the taxes equally or proportionately to time and use between seller and buyer. |
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Term
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Definition
| Money awarded by the court for the sole purpose of punishing the wrongdoer and not designed to compensate the injured party for his damages. |
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Term
| Purchase Money Instrument |
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Definition
| A mortgage or deed of trust that does not permit a deficiency judgment in the event of foreclosure and sale of the secured property for less than the amount due on the promissory note. It is called purchase money since the deed of trust and mortgage was used to buy all or part of the property. |
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Term
| Purchase-Money Mortgage or Purchase-Money Deed of Trust |
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Definition
| A mortgage or deed of trust given as part or all of the consideration for the purchase of property or given as security for a loan to obtain money for all or part of the purchase price. |
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Term
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Definition
| A molding whose profile resembles a quarter of a circle. |
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Term
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Definition
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Term
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Definition
| A contract implied by law; that is the law will imply and consider certain relationships as if they were a contract. |
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Term
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Definition
| The right of an owner to the use of property without interference with his or her possession or use. |
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Term
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Definition
| A court action brought to establish title and to remove a cloud from the title. |
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Term
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Definition
| A lawsuit designed to remove any clouds on a title to property. It forces the claimant of an adverse interest in property to prove his right to title; otherwise he will be forever barred from asserting it. |
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Term
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Definition
| A deed to relinquish any interest in property to which the grantor may have without warranty of title or interest. |
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Term
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Definition
| A method of heating usually consisting of coils or pipes placed in the floor wall or ceiling. |
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Term
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Definition
| One of a series of boards of a roof designed to support roof loads. |
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Term
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Definition
| A strip of land six miles wide determined by a government survey running in a north-south direction. |
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Term
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Definition
| The adoption or approval of an act performed on behalf of a person without previous authorization. Approval and confirmation of a prior act performed on one's behalf by another person without previous authority. |
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Term
| Ready Willing and Able Buyer |
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Definition
| A purchaser of property who is willing to buy on terms acceptable to the seller and who further possesses the financial ability to consummate the sale. Producing such a buyer sometimes earns the broker a commission even though a sale is not forthcoming. |
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Term
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Definition
| An organization whose members consist primarily of real estate brokers and salespersons. |
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Term
| Real Estate Investment Trust |
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Definition
| A specialized form of holding title to property that enables investors to pool their resources and purchase property while still receiving considerable tax advantages without being taxed as a corporation. Also known as REIT. |
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Term
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Definition
| A special arrangement under federal and state law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes. |
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Term
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Definition
| In the strict sense land appurtenances that which is affixed to the land and that which by law is immovable. It usually refers to the bundle of rights" inherent to ownership." |
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Term
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Definition
| A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors. |
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Term
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Definition
| A presumption that is not conclusive and that may be contradicted by evidence. A presumption that applies unless proven inapplicable by the introduction of contradictory evidence. |
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Term
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Definition
| (1) The rate of interest necessary to provide for the return of an investment. (2) A provision in tax laws that reduces certain benefits from claiming depreciation. |
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Term
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Definition
| A neutral third party appointed by the court to collect the rents and profits from property and distribute them as ordered by the court. Often used as a remedy when mere damages are inadequate. |
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Term
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Definition
| A conveyance to the landowner of the legal title held by a trustee under a deed of trust. The transfer of property back from a lender who holds an interest as security for the payment of a debt. In a deed of trust the beneficiary reconveys property upon satisfaction of the promissory note. |
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Term
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Definition
| Filing of instruments for record in the office of the county recorder. The act of having a document filed for record in the county recorder's office. Once recorded the instrument gives constructive notice to the world. |
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Term
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Definition
| Buying back one's property after a judicial sale. The repurchasing of one's property after a judicial sale. |
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Term
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Definition
| A legal action to correct a mistake in a deed or other document. |
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Term
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Definition
| A right available to anyone under an accelerated promissory note secured by a deed of trust or mortgage on property. If a deed of trust is foreclosed by trustee's sale the debtor may have up to three months from the recording of the notice of default to pay the amount in arrears plus interest and costs thereby completely curing the default (reinstating) without penalty. |
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Term
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Definition
| Refusal to accept an offer. Repudiation of an offer automatically terminates the offer. |
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Term
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Definition
| To give up or abandon a right. The release of rights may be voluntary as when one voluntarily discharges an obligation under a contract. The release may be involuntary by operation of the law; for example one's wrongful conduct may bar him from asserting his rights. In deeds of trust a partial release clause frees certain property from the security of the deed of trust upon the payment of specified sums of money. |
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Term
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Definition
| A stipulation in a deed of trust or mortgage that upon the payment of a specific sum of money to the holder of the deed of trust or mortgage a particular lot or area shall be removed from the blanket lien on the whole area involved. |
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Term
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Definition
| The gradual lowering of water from the usual watermark. |
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Term
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Definition
| An estate that vests after the termination of the prior estate such as after a life estate. Example: A life estate may be granted to Adams with the remainder granted to Baker. Most commonly an estate (future interest) that arises in favor of a third person after a life estate. |
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Term
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Definition
| To send back to a lower court for further action. |
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Term
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Definition
| The means by which a right is enforced preserved or compensated. Some of the more common remedies are damages injunctions rescission and specific performance. |
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Term
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Definition
| The consideration paid by a tenant for possession of property under a lease. |
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Term
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Definition
| The unmaking of a contract and the restoring of each party to the same position each held before the contract arose. |
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Term
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Definition
| The cancelling of a contract by either mutual consent of the parties or legal action. |
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Term
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Definition
| A right or interest retained by a grantor when conveying property; also called an exception. |
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Term
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Definition
| That portion of a person's estate that has not been specifically devised. |
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Term
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Definition
| This Latin phrase let the master answer means that an employer is liable for the tortious acts of an employee and a principal is liable for the acts of an agent. To be liable the acts must be within the course and scope" of the agency or employment. For example an employer would not be liable for the acts of an employee while at home and not doing work for the employer." |
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Term
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Definition
| The person against whom an appeal is taken; the opposite of an appellant. |
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Term
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Definition
| A limitation on the use of real property arising from a contract or a recorded instrument. An encumbrance on property that limits the use of it; usually a covenant or condition. |
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Term
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Definition
| A landlord's attempt to evict a tenant from a lease because the tenant has used the remedies available under the warranty of habitability. |
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Term
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Definition
| The right a grantor keeps when he or she grants someone an estate that will or may end in the future. Examples: The interest remaining with a landlord after he or she grants a lease or the interest an owner of land has after he or she grants someone a life estate. Any future interest (estate) left in the grantor. The residue of an estate left in the grantor after the termination of a lesser estate. |
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Term
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Definition
| Withdrawal of an offer or other right thereby voiding and destroying that offer or right. It is a recall with intent to rescind. |
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Term
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Definition
| The horizontal line at the junction of the top edges of two sloping roof surfaces. (The rafters at both slopes are nailed at the ridge.) |
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Term
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Definition
| The board placed on edge at the ridge of the roof to support the upper ends of the rafters; also called roof tree ridge piece ridge plate or ridgepole. |
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Term
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Definition
| The right to acquire the interest of a deceased joint-owner. It is the distinguishing feature of a joint tenancy. |
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Term
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Definition
| The right to pass over a piece of real property or to have pipes electrical lines or the like go across it. An easement granting a person the right to pass across another's property. |
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Term
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Definition
| The right of a landowner with regard to a stream crossing or adjoining his or her property. |
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Term
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Definition
| (1) The upright board at the back of each step of a stairway. (2) In heating a riser is a duct slanted upward to carry hot air from the furnace to the room above. |
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Term
| Rule Against Perpetuities |
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Definition
| A complex set of laws designed to prevent excessive restrictions on the transferability of property. The rule holds that no interest is good unless it must vest if at all not later than 21 years after some life in being at the creation of the interest." |
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Term
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Definition
| In a listing agreement a provision that if anyone found by the broker during his listing period purchases the property within a specified time after the expiration of the listing the broker receives his full commission. |
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Term
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Definition
| A financial arrangement wherein at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer's investment. |
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Term
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Definition
| A contract between buyer and seller setting out the terms of sale. |
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Term
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Definition
| An individual licensed to sell property but who must at all times be under the supervision and direction of a broker. |
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Term
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Definition
| A leasehold interest that lies between the primary lease and the operating lease. Example: A leases to B; B subleases to C; C subleases to D. C's lease is a sandwich lease. |
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Term
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Definition
| A wood or metal frame containing one or more windowpanes. |
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Term
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Definition
| Discharge of a mortgage or deed of trust lien from the records upon payment of the secured debt. Discharge of an obligation or indebtedness by paying what is due. |
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Term
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Definition
| An impression mark or stamp made to attest to the execution of an instrument. |
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Term
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Definition
| A loan secured by a second mortgage or a second deed of trust. |
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Term
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Definition
| A square mile of land as established by government survey containing 640 acres. |
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Term
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Definition
| An obligation that includes property held as security for the payment of that debt; upon default the property may be sold to satisfy the debt. |
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Term
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Definition
| The party having the security interest in personal property. The mortgagee conditional seller or pledgee is referred to as the secured party. |
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Term
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Definition
| An agreement between the secured party and the debtor that creates a security interest in personal property. It replaced such terms as chattel mortgage pledge trust receipt chattel trust equipment trust conditional sale and inventory lien. |
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Term
|
Definition
| A deposit made to assure performance of an obligation usually by a tenant. A sum of cash given as collateral to ensure faithful performance of specified obligations. |
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Definition
| A term designating the interest of a secured creditor in the personal property of the debtor. |
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Definition
| The possession of land under a claim of freehold. |
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Definition
| A lien that is superior to or has priority over another lien. Also the first deed of trust or lien on a property. |
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Definition
| Property that is owned by a husband or wife and that is not community property. It is property acquired by either spouse prior to marriage or by gift or inheritance after marriage. Property held by a married person that is not community property; it includes property owned before marriage and property acquired after marriage by gift or inheritance. |
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Definition
| An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off. |
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Definition
| That parcel of property which is burdened by and encumbered with an easement. |
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Definition
| An estate burdened by an easement. |
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Definition
| An ordinance prohibiting the erection of a building or structure between the curb and the set-back line. (see Building Line) |
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Definition
| Sole ownership of property. Ownership by one person. |
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Definition
| Ownership by only one person; sole ownership. |
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Definition
| A hand-split shingle usually edge-grained. |
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Definition
| Structural covering such as boards plywood or wallboard placed over the exterior studding or rafters of a house. |
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Definition
| A deed given by court order in connection with the sale of property to satisfy a judgment. |
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Definition
| The board or piece of metal forming the lower side of an opening such as a door sill or window sill. |
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Definition
| (1) A fund set aside from the income from property that with accrued interest will eventually pay for replacement of the improvements. (2) A similar fund set aside to pay a debt. |
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Definition
| A branch of the Municipal Court. The rules of this court forbid parties to be assisted by attorneys dispense with most formal rules of evidence and have all trials heard by judges. The monetary limit of cases before the court is $1500 |
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Term
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Definition
| Pipe carrying waste from the house to the main sewer line. |
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Definition
| A bookkeeping entry on the county tax rolls indicating that the property taxes are delinquent. The entry begins the five-year redemption period after which the property may be physically sold to the public for back taxes. |
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Definition
| A structural member usually two-by-four on which wall and partition studs rest. |
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Term
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Definition
| The distance between structural supports such as walls columns piers beams and girders. |
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Term
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Definition
| Legal charge against real estate by a public authority to pay the cost of public improvement as distinguished from taxes levied for the general support of government. |
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Definition
| An action to compel performance of an agreement e.g. sale of land as an alternative to damages or rescission. |
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Term
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Definition
| A person's husband or wife. |
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Term
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Definition
| The Society of Real Estate Appraisers. |
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Term
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Definition
| A fundamental principle of law which holds that courts should follow prior decisions on a point of law. A proper decision is a binding precedent on equal or lower courts having the same facts in controversy. |
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Definition
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Term
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Definition
| The state law that provides that certain contracts must be in writing in order to be enforceable in the courts. Examples: real property leased for more than one year or an agent's authorization to sell real estate. A law that requires certain contracts (including most real estate contracts) to be in writing to be enforceable. |
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Term
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Definition
| A statute that requires lawsuits to be brought within a certain time to be enforceable. The basic periods are one year for personal injury two years for oral contracts three years for damages to real or personal property four years for written contracts and three years from date of discovery for fraud. |
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Definition
| A higher increased tax value of property given as the result of most sales or taxable transfers. The tax basis is used in computing capital gains and losses on the transfer of property. |
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Term
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Definition
| A notice served on the owner of property or custodian of funds. It requests with certain penalties for noncompliance that any funds due to a general contractor be paid to the claimant laborer or material man. |
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Term
| Straight Mortgage or Deed of Trust |
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Definition
| A mortgage or deed of trust in which there is no reduction of the principal during the term of the instrument. Payments to interest are usually made on an annual semiannual or quarterly basis. |
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Term
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Definition
| A promissory note that is unamortized. The principal is paid at the end of the term of the note. |
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Term
| Straight-Line Depreciation |
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Definition
| An accounting procedure that sets the rate of depreciation as a fixed percentage of the amount to be depreciated; the percentage stays the same each year. |
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Term
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Definition
| (1) A timber or other support for cross-members. (2) In stairs the support on which the stair treads rest. |
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Term
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Definition
| Vertical supporting timbers in walls and partitions. |
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Term
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Definition
| A corporation that for federal tax purposes only is taxed similarly to a partnership. The corporate entity is disregarded for most federal tax purposes and the shareholders are generally taxed as individual partners. |
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Term
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Definition
| Support that the soil below the surface gives to the surface of the land. |
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Term
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Definition
| (1) Burdened by and liable for an obligation. (2) A method of taking over a loan without becoming personally liable for its payment. |
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Term
| Subject to Mortgage or Deed of Trust |
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Definition
| When a grantee takes a title to real property subject to a mortgage or deed of trust he or she is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that he or she can lose in the event of a foreclosure is his or her equity in the property. In neither case is the original maker of the note released from his or her responsibility. (See also Assumption of Mortgage or Deed of Trust.) |
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Term
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Definition
| A lease given by a tenant. |
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Term
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Definition
| To make subject or junior to. |
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Term
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Definition
| In a mortgage or deed of trust a provision that a later lien shall have a priority interest over the existing lien. It makes the existing lien inferior to a later lien in effect exchanging priorities with that later lien. |
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Term
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Definition
| Senior lien that makes it inferior to what would otherwise be a junior lien. |
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Term
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Definition
| To substitute one person for another's legal rights to a claim or debt. |
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Term
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Definition
| The substitution of another person in place of the creditor with regard to an obligation. |
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Term
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Definition
| The laws describing rights and duties. Differs from procedural law which only describes how to enforce and protect rights. |
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Term
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Definition
| The inheritance of property. |
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Term
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Definition
| The next succeeding owner of an interest in property. The transferee or recipient of a property interest. |
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Term
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Definition
| The principal trial court of the state; a court of unlimited monetary and subject matter jurisdiction and an appeal court for decisions of municipal courts and small claims courts. |
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Term
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Definition
| The highest court in the federal court structure. This court is almost exclusively an appeals court accepting (by certiorari) only those cases that in the court's discretion involve issues of significant magnitude and social importance. |
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Term
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Definition
| One who guarantees the performance by another a guarantor. |
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Term
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Definition
| The process by which a parcel of land is located on the ground and measured. |
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Term
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Definition
| A group of individuals pooling their resources to purchase property through the holding vehicle of a partnership corporation or other association. Each individual owns share in the legal entity formed to acquire and hold title to the property. |
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Term
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Definition
| A compulsory charge on property or individuals the payment of which supports a government. |
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Term
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Definition
| The tax value of property to the taxpayer. It is a figure used to compute capital gains and losses. |
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Term
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Definition
| Deed issued to the purchaser at a tax sale. |
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Term
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Definition
| Sale of property after a period of nonpayment of taxes. |
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Term
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Definition
| A leasehold estate. (For specific types of leases see Estates.) |
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Term
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Definition
| Co-ownership of property by two or more persons who hold undivided interest without right of survivorship; interests need not be equal. |
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Term
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Definition
| One who leases real property from the owner. |
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Term
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Definition
| All rights in real property that pass with a conveyance of it. |
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Term
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Definition
| The Subdivision Map Act requires subdividers initially to submit a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter the planning commission requests a final map of the tract embodying any changes. |
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Term
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Definition
| The manner in which land is held. |
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Term
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Definition
| A shield usually of noncorrodible metal placed on top of the foundation wall or around pipes to prevent passage of termites. |
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Term
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Definition
| Ant-like insects which feed on wood and are highly destructive to wooden structures. |
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Term
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Definition
| The written declaration of one's last will. |
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Term
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Definition
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Term
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Definition
| Describes a person who dies leaving a will. |
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Term
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Definition
| A person who makes a will. Technically a testator is a male and a testatrix is a female although in common use testator refers to anyone who makes a will. |
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Term
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Definition
| A notice terminating a periodic tenancy without cause by ending a tenancy thirty days from date of service. |
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Term
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Definition
| A notice giving a tenant three days in which to cure a default or quit the premises. It is the first step in an unlawful detainer action as the means of terminating a lease for cause. When rent is delinquent it is sometimes called a notice to quit or pay rent. |
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Term
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Definition
| A strip of wood or metal beveled on each edge and used above the finished floor under outside doors. |
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Term
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Definition
| These words when placed in an agreement make it necessary that all time limitations and requirements be strictly observed. |
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Term
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Definition
| Indicates fee" position or lawful ownership and right to property. "Bundle of Rights" possessed by the owner. Combination of elements constituting proof of ownership." |
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Term
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Definition
| Insurance to protect a real property owner or lender up a specified amount against certain types of loss e.g. defective or unmarketable title. |
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Term
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Definition
| Nature of the surface of the land. Topography may be level rolling or mountainous. |
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Term
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Definition
| (1) A wrongful act. (2) A wrong or injury. (3) Violation of a legal right. A civil wrong not arising from a breach of contract. Most torts lie in negligence although they could also be intentional torts (such as assault and battery trespass) or strict liability torts. |
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Term
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Definition
| A person who commits a tort. |
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Term
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Definition
| Conduct which amounts to a tort. |
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Term
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Definition
| A territorial subdivision that is six miles long and six miles wide and that contains 36 sections each one mile square. |
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Term
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Definition
| Articles of personal property that are annexed to real property but that are necessary to the carrying on of a trade and are removable by the owner. Fixtures installed to further one's trade business or profession. They are an exception to the general rule that fixtures are part of a building. Such fixtures installed by a tenant may be removed before the expiration of the tenancy. |
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Term
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Definition
| Method of guaranteeing an owner a minimum amount of cash on the sale of his or her present property to permit him or her to purchase another. If the property is not sold within a specified time at the listed price the broker agrees to arrange financing to purchase the property at an agreed-upon discount. |
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Term
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Definition
| Conveyance; passage of title. |
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Term
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Definition
| The person to whom a transfer is made. |
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Term
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Definition
| The person who makes a transfer. |
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Term
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Definition
| Horizontal boards of a stairway. |
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Term
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Definition
| An invasion of an owner's rights in his or her property. (1) Unauthorized entry onto another's land. (2) Invasion of another's rights or property. |
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Term
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Definition
| One who trespasses. The importance of this classification of individuals on property is created by the methods for removal and the liability of the property owner if the trespasser is injured on his property. |
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Term
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Definition
| The finish materials in a building such as moldings applied around openings (window trim door trim) or at the floor and ceiling (baseboard cornice picture molding). |
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Term
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Definition
| A right of property real or personal held by one party called the trustee for the benefit of another party called the beneficiary. Arrangement whereby one person holds property for the benefit of another under fiduciary (special confidential) relationship. |
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Term
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Definition
| Deed given by a borrower to a trustee to be held pending fulfillment of an obligation which is usually repayment of a loan to a beneficiary. A deed of trust. |
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Term
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Definition
| One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust. |
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Term
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Definition
| The deed issued by the beneficiary after the foreclosure and sale under a deed of trust. |
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Term
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Definition
| The private sale of property held by a trustee under a deed of trust as part of the foreclosure proceedings. |
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Term
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Definition
| One who borrows money from trust deed lender then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under the terms of the deed of trust. |
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Term
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Definition
| A complex set of federal statutes designed to provide a borrower with a means of discovering and comparing the true costs of credit. Under Regulation Z of the act certain borrowers of property have three days after accepting a loan to rescind without cost or liability. |
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Term
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Definition
| Taking any fraudulent or unfair advantage of another's necessity or weakness of mind. Using a position of trust and confidence improperly to persuade a person to take a course of action. By relying on the trusted confidant the decision maker fails to exercise his free will and independent judgment. |
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Term
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Definition
| An increase in value of real estate due to no effort on the part of the owner often due to an increase in population. |
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Term
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Definition
| Incapable of being enforced at law. An example of an unenforceable contract is an oral listing agreement to pay a broker a commission. |
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Term
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Definition
| A group of statutes establishing a unified and comprehensive scheme for regulation of security transactions in personal property and other commercial matters superseding the existing statutes on chattel mortgages conditional sales trust receipts assignment of accounts receivable and other similar matters. |
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Term
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Definition
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Term
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Definition
| A legal doctrine that prevents a person from inequitably benefiting from another's mistake poor judgment or loss. In a land sales contract the vender may no longer keep both the property and the buyer's excess payments (over his damages) in the event of breach because to do so would unjustly enrich him at the buyer's expense. |
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Term
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Definition
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Term
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Definition
| An action to recover possession of real property. A lawsuit designed to evict a defaulting tenant or anyone unlawfully in possession of property from premises. It is summary in nature entitled to a priority court trial and litigates only the right to possession of property (and damages resulting therefrom). |
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Term
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Definition
| A debt not backed by specific property to satisfy the indebtedness in case of default. |
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Term
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Definition
| City property; closely settled property. |
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Term
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Definition
| Claiming a rate of interest greater that that permitted by law. Charging a greater rate of interest on loans than the rate allowed by law (10 percent in many cases). |
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Term
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Definition
| The percentage of a building's space that is not rented over a given period. |
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Term
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Definition
| (1) Legally sufficient and authorized by law. (2) Having force or binding force. Fully effective at law; legally sufficient. |
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Term
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Definition
| The internal angle formed by the junction of two sloping sides of a roof. |
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Term
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Definition
| (1) Estimated worth or price. (2) The act of valuing by appraisal. |
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Term
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Definition
| (VIRs or VRMs Variable Mortgage Rates). An interest rate in a real estate loan by which the terms of the note varies upward or downward over the term of the loan depending on money market conditions. |
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Term
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Definition
| An exception or departure from the general rule. An exception granted to a property owner relieving him from obeying certain aspects of a zoning ordinance. Its granting is discretionary with the zoning authorities and is based on undue hardship suffered by the property owner because of unique circumstances affecting his property. |
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Term
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Definition
| Purchaser or buyer or real property. |
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Term
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Definition
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Term
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Definition
| Thin sheets of wood placed over another material. |
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Term
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Definition
| A pipe installed to provide a flow of air to or from a drainage system or to provide a circulation of air within such system to protect trap seals from siphonage and back pressure. |
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Term
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Definition
| The location in which a cause of action occurs; it determines the court having jurisdiction to hear and decide the case. For real estate the court having proper venue is one in the county in which the property is located. |
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Term
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Definition
| A sworn statement before a duly qualified officer as to the correctness of the contents of an instrument. Written certification under oath and/or penalty of perjury confirming the truth of the facts in a document. |
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Term
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Definition
| Against (abbreviated v. or vs.). Used in case names with the plaintiff's name given first. |
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Term
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Definition
| Bestowed upon someone such as title to property. Absolute not contingent or subject to being defeated. |
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Term
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Definition
| A deduction from the annual property tax allowed to a qualified veteran residing on residential property. Since July 1978 it has amounted to $40 off the normal tax bill. |
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Term
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Definition
| To have no legal force or effect; that which is unenforceable. Unenforceable null having no legal effect. |
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Term
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Definition
| An instrument that appears to be valid and enforceable on its face but is in fact lacking some essential requirement. May be declared void but is valid unless and until declared void. |
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Term
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Definition
| Any lien placed on property with the consent of the owner or as a result of the voluntary act of the owner. |
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Term
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Definition
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Term
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Definition
| Giving up of certain rights or privileges. The relinquishment may be voluntary and knowing or it may occur involuntarily through action of the parties. The action resulting in the waiver is unilateral and requires no action or reliance by the other party. |
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Term
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Definition
| An absolute undertaking or promise that certain facts are as represented. Occasionally used interchangeably with guarantee. |
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Term
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Definition
| Implied warranty in residential leases. The landlord covenants by implication that the premises are suitable for human occupancy. The implied warranties are found in the statutes and implied by common law. |
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Term
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Definition
| The destruction or material alteration of or injury to premises by a tenant-for-life or tenant or tenant-for-years. Example: a tenant cutting down trees or mining coal. The destruction injury material alteration or abusive use of property by a person rightfully in possession |
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Term
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Definition
| Distance from the surface of the ground to a depth at which natural ground water is found. |
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Term
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Definition
| A document that directs the disposition of one's property after death. |
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Term
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Definition
| A formal will signed by the testator in the presence of two or more witnesses each of whom must also sign the will. |
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Term
| Wrap Around Mortgage (Deed Of Trust) |
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Definition
| A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed. |
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Term
| Wrap-Around Deed of Trust |
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Definition
| A sophisticated financing package that permits the seller to sell his property without paying off the outstanding deed of trust. The buyer's larger loan which is used to purchase the property includes provisions for paying off the seller's existing loan. |
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Term
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Definition
| A process of the court under which property may be seized. An order from the court to the sheriff or other law enforcement officer directing and authorizing a specific act. |
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Term
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Definition
| A writ authorizing and directing the physical attachment (seizure) of property. |
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Term
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Definition
| An order directing the sheriff to seize property to satisfy a judgment. |
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Term
| Writ of Immediate Possession |
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Definition
| An order authorizing a landlord to obtain immediate possession of a tenant's premises pending the outcome of an unlawful detainer action or other court proceeding. |
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Term
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Definition
| The area set off by the proper authorities for specific use; an area subject to certain restrictions or restraints. |
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Term
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Definition
| Act of city or county authorities specifying type of use to which property may be put in specific areas. |
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Term
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Definition
| A document containing a condensation of the essential provisions of a court judgment. |
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