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-Personal property, such as household goods.
Color of Title
-That which appears to be good title, but which is not title in fact.
-To mingle or mix, for example, a client's funds in the broker's personal or general account.
a bond used to guarantee That a proposed subdivision development will be completed.
Conditional Sales Contract
-A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled.
Change from one character or use to another.
The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating
A blind alley: a street with only one outlet.
The value usually sought to be estimated in an appraisal.
The amount charged as due or owing.
money borrowed for a particular business purpose.
One who is dead.
An instrument in writing duly executed and delivered, that conveys title to real property.
-Failure to fulfill a duty or promise, or to discharge an
The transfer of the possession of a thing from one person to
a note which is payable on demand of the holder.
A clause found in a lease whereby the landlord
When an owner of real estate dies intestate, the owner's
one who bequeaths real estate by will.
-Unlawful constraint exercised upon a person whereby the person is forced to do some act against the person's will.
A right that may be exercised by the public or individuals on,
A form of action to regain possession of real property, with
An act of signing one's name on the back of a check or
Junior loan based on a percentage of the equity
Estate in Reversion
The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
a legal proceeding by a lessor landlord to recover possession
Where one is either by force or by process of law, actually put out of possession.
Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.
An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to
A male person or a corporate entity or any other type of
A woman appointed to perform the same duties as an
Fee; Fee Simple; Fee Absolute
-Absolute ownership of real property;
Personal property so attached to the land or improvements as
Additional time allowed to perform An act or make a payment before a default occurs.
a lease which provides for a graduated change at stated intervals in the amount of the rent to be paid; used largely in long-term leases.
a technical term used in deeds of conveyance of lands to indicate a transfer.
Total income from property before Any expenses are
Earnings of improved property credited to earning of the
An agreement between members of a trade to exclude
a tenant who remains in possession of leased property after the expiration of the lease term.
A person who is unable to manage his/her own affairs by reason of insanity, imbecility or feeble mindedness.
a proceeding against the realty directly; as distinguished from
-Parts of the same debt, payable at successive periods as
a written legal document; created to effect the Rights of the
Incapable of being recalled or revoked; unchangeable;
Ownership of realty by two or more persons, each of whom has an undivided interest with the "right of survivorship."
A formal decision issued by a court concerning the
a legal right or claim upon a specific property which attaches to
An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter's property.
Requiring strict conformity or obedience.
Meeting of the Minds
Whenever All parties to a contract agree to the substance and terms thereof.
A fixed object and point established by surveyors to
A formal indication by a lending institution that it will grant a mortgage loan on property in a certain specified amount and on certain specified terms.
-An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a sale results, the commission is divided between the broker bringing the listing and the brok
A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker
A public officer who is authorized to take acknowledgments to certain classes of documents, such as deeds, contracts, mortgages, and before whom affidavits may be sworn.
the person who binds himself/herself to another; one who has
A right given for a consideration to purchase or lease a property
The division which is made of real property between those
a bond used to guarantee the specific completion
A public record containing maps of land showing the
Discount charges imposed by lenders to raise the yields on their
A clause in a mortgage which gives a mortgagor the privilege of paying the mortgage indebtedness before it becomes due.
The employer of an agent or broker; the broker's or agent's
Quiet Title Suit
-A suit in court to remove a defect, cloud or suspicion regarding legal rights of an owner to a certain parcel of real property.
The unlawful practice of influencing a person's
Realization of Gain
The taking of the gain or profit from the sale of property.
-The final stage in the appraisal process where the appraiser reviews the data and estimates the subject property's value.
Real Estate Board
An organization whose members consist primarily of real estate brokers and salespersons.
The right to a claim against a prior owner of a property or note.
The right of a mortgagor to redeem the property by paying a debt after the expiration date and before sale at foreclosure; the right of an owner to reclaim the owner's property after the sale for taxes.
the refusal to lend money within a specific area for various
-Used to convey real property sold pursuant to a judicial order, in an action for the foreclosure of a mortgage or for partition.
The act or writing by which some claim or interest is surrendered to another.
A clause found in a blanket mortgage which gives the owner of the property the privilege of paying off a portion of the mortgage
Rem (See In Rem)
used in taking land for nonpayment of taxes etc.proceeding against the realty.
An estate which takes effect after the termination of a prior estate, such as a life estate.
The person who is to receive the property after the termination of the prior estate.
The compensation paid for the use of real estate.
Normal cost of exact duplication of a property as of a certain date.
Restraint of Trade
Business practices designed to restrict competition, create a monopoly, control prices and otherwise obstruct the free operation
a limitation placed upon the use of property contained in
An act of recalling a power of authority conferred, as the
The right to pass over another's land pursuant to an easement or license.
one who owns land bounding upon a river or watercourse
a mortgage made by a home buyer in addition to An existing first mortgage.
-A leasing by a tenant to another, who holds under the tenant.
One who guarantees the performance of another; guarantor.
The cancellation of a lease by mutual consent of the lessor and the lessee.
Surrogate's Court (Probate Court)
A court having jurisdiction over the proof of wills, the settling of estates and of citations.
Tenancy at Will-
a license to use or occupy lands and tenements at the will of the owner.
A contract where one transaction depends upon another.
-System of title records provided by state law; it is a system for the registration of land titles whereby the state of the title, showing ownership and incumbrances, can be readily ascertained from an
encumbrance (incumbrance) n
a general term for any claim or lien on a parcel of real property. These include: mortgages, deeds of trust, recorded abstracts of judgment, unpaid real property taxes, tax liens, mechanic's liens, easements, and water or timber rights. While the owner has title, any encumbrance is usually on record (with the County Recorder or Recorder of Deeds) and must be paid for at some point.
City property; closely settled property.
A lien against property under contract of sale to secure deposit paid by a purchaser
Act, deed or conditions contrary to law or permissible use of
That which is capable of being adjudged void, but is not void
The renunciation, abandonment, or surrender of some claim,
An area set off by the proper authorities for specific use; subject
act of City or county or other authorities specifying type and use to which property may be put in specific areas.