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 Real Estate TermsReal Estate Word List (1515) abandonment abatement able absentee owner absorption rate abstract of judgment abstract plant abstract title abstraction method abut accelerated cost recovery system accelerated depreciation acceleration clause acceptance accepted offer (AO) access accessibility accessory building accredited assessment evaluator (AAE) accredited land consultant (ALC) accredited residential manager (ARM) accretion accrued accrued depreciation accrued interest acknowledgement acquisition acre acre-foot act of god action to quiet title active solar system actual age actual authority actual damages actual eviction actual possession adc loan addendum additional principal payment adequate public facilities ordinance adjacent land adjustable rate mortgage (ARM) adjusted cost base adjusted sales price adjustment date adjustment interval adjustments administrator advance adverse possession aesthetic value A-Fame design affiant affidavit affidavit of title affirmation affirmative fair housing marketing plan after-tax proceeds from resale agency agency by estoppel agency by necessity agency by ratification agreement agreement of sale agricultural property air rights alienation clause allodial system alteration amenities American Land Title Association (ALTA) American Rural Appraiser American Society of Home Inspectors Inc (ASHI) American Society of Real Estate Counselors (ASREC) amortization schedule anaconda mortgage anchor tenant annual debt service annual loan constant annual mortgagor statement annual percentage rate (APR) annuity in advance antitrust laws apparent authority application appointments apportionment apportionment clause appraisal appraisal principles appraisal process appraisal report appraised value appraiser appreciation approaches to value approved attorney appurtenance arbitration arrears arterial street artificial person as is as is agreement asking price assessed value assessment assessment base assessment ratio assessment role assessor asset assign assignment assignment of lease assignor associate broker assumable mortgage assumption clause assumption fee assumption of mortgage at-risk rule attached housing attachment attestation attorney at law attorney in fact attorney's opinion of title attractive nuisance auction auctioneer augmented estate authority authorization to sell bachelor apartment back end ratio back title letter backup contract balance balance sheet balloon mortgage balloon payment bankrupt bankruptcy base rent basis point bearer instrument bedroom community before-tax income below-market interest rate benchmark beneficiary bequeath bequest betterment biannual bid biennial bilateral contract bi-level bill of sale binder biweekly loan biweekly mortgage blanket mortgage blended rate blighted area blueprint board of equalization boiler plate bona fide bond borrower bottomland boundary breach of contract bridge financing broker budget mortgage buffer zone build to suit builder warranty building code building line building permit building restrictions built-ins bungalow business day buy down buy-back agreement buyer's broker buyer's market buy-sell agreement by-laws California bungalow California ranch call option cancellation clause cap cap rate capacity of parties cape cod colonial capital capital asset capital expenditure capital gain capital improvement capital loss capture rate carrying charges cash equivalent cash flow cash method cash reserve cash throw-off cash-out refinance caveat emptor ceiling central business district certificate of eligibility certificate of insurance certificate of no defense certificate of reasonable value certificate of satisfaction certificate of title certificate of veteran status certified copy certified general appraiser certified home inspector certified property manager certified residential appraiser certified residential broker certified residential specialist cestui que trust chain chain of title change of frequency chattel chattel mortgage claim class action clear title client closed mortgage closed-end mortgage closing closing costs closing date closing statement cloud cluster housing code of ethics coinsurance cold canvass collateral collateral mortgage collection co-maker commercial broker commercial property commingle commission split commitment commitment fee common area assessments common areas common elements common law community home buyer's program community property comparables competent parties component depreciation compound interest concessions condemnation conditional offer conditions condominium condominium owners association conforming conservator consideration construction loan constructive eviction consumer reporting agency contiguous contingency contract contract for deed contract of sale contract rent contractor conventional loans conversation clause conversion convertibility clause convey conveyance co-op cooperating broker cooperative corporate relocation corporeal cost approach cost eliminating co-tenancy counteroffer county covenant covenant running with the land creative financing credit history credit life insurance credit rating credit risk creditor cul-de-sac cumulative interest custom builder damages date of appraisal date of instrument date of registration dead-end street dealer debit debt coverage ration debt equity ratio debt financing debt service debtor declaration of restrictions declaration of trust decree of foreclosure dedication deed deed books deed in lieu of foreclosure deed in trust deed of reconveyance deed of release deed of surrender deed of trust deed poll deed restriction default default judgment defeasance clause defeasible defect of record defective title defendant deferred interest deferred interest mortgage deferree maintenance deficiency judgment degree delinquency delivery demand loan demise demised premises density department of housing and urban development (HUD) department of veterans affairs (VA) deposit depreciable basis depreciable life depreciation derivative conveyance descent description designated real estate broker designated real estate instructor detached singe-family home deterioration developer development loan development rights devise devisor dink direct costs direct reduction mortgage direction direction regarding funds directional growth disaffirm disbursement discharge disclosed principal disclosure discount discount point discount rate discount real estate broker dispossess dispossess proceedings distraint distress distressed property district document document stamp dog domicile dominant estate donee donor doubtful title dower down payment down zoning dragnet clause drain dry mortgage dual agency due date due on sale clause dummy duplex duress dwelling earnest money deposit easement easement by necessity easement by prescription Eastlake house economic base economic depreciation economic life effective age effective gross income effective rate efficiency ratio efficiency unit or apartment egress ejectment Elizabethan or half timber style eminent domain empty nesters encroachment encumbrance endorser energy efficient energy tax credits entitlement environmental impact statement environmental protection agency equalization board equitable conversion equitable title equity equity buildup equity loan equity of redemption erosion errors and omissions insurance escalator clause escape clause escheat escrow escrow account escrow agent escrow closing escrow collections escrow deposit escrow disbursements escrow reimbursement estate estate at sufferance estate at will estate for life estate for years estate in reversion estate tax estoppel estoppel certificate et al et con et ux evaluation eviction evidence of title examination of title exception exclusive agency listing exculpatory clause executed contract execution executor executory contract expense ration exposure extension facade face lift face rate of interest face value fair credit reporting act fair market value Fannie Mae farm mortgage Farmer's Home Administration (FMHA) farmland Federal Deposit Insurance Corporation (FDIC) Federal Home Board Federal Housing Administration (FHA) Federal Land Banks Federal National Mortgage Association (FNMA) Federal Reserve Bank Federal Reserve System (FRS) federal revenue stamp federal tax lien fee appraiser fee simple determinable fee simple subject to an executory limitation fee tail fees fiduciary fiduciary relationship fifteen-year mortgage final value estimate finance charge financial institution financial risk financial statement financing financing statement finder's fee fire and extended coverage insurance firm and binding firm commitment firm offer firm price first lien first mortgage fixed expenses fixed installment fixed rate mortgage (FRM) fixing-up expense fixture flag lot flat flea bag flip floating rate flood insurance flood plain floor floor area floor area ration (FAR) floor plan Folio For rent by owner (FRBO) For sale by owner (FSBO) forbearance forced sale foreclosure foreshore forgery form report formal contract forward commitment fractional appraisal fractional interest fraud Freddie Mac (FHLMC) free and clear freehold freeholder free-standing building front foot frontage frontage assessment front-end fee front-end ration full disclosure full-price offer fully amortizing payment fully assumable mortgage fully executed sales contract fully indexed interest rate functional obsolescence funding fee future advances gable roof gain gambrel roof garden apartments general contractor general lien general warranty deed gentrification Georgian GI Loan gift deed Ginnie Mac (GNMA) good and marketable title good faith good faith estimate government rectangular survey grace period grade gradient graduated lease graduated payment mortgage (GPM) graduation period graduation rate grandfather clause grant grantee grantor gross area gross income gross leasable area gross lease gross margin ground lease ground rent group home growing equity mortgage guarantee guarantee mortgage guaranty fee habendum clause habitable half-section hamlet handyman's special harbor line hard sell hazard insurance heavy hitter height zoning heir hereditament hiatus hidden amenities high ration mortgage high rise high water line highest and best use study highway historic district historical cost historical scenario hold harmless clause holdback holder in good faith holding over holding period holographic will home equity conversion mortgage (HECM) home equity line of credit home improvement loan home inspection report home inspector home keeper SM home owner association home owner's insurance home style mortgage loan homeowner's Homestead tax exception homeowner's warranty (how) program homestead deed house-poor housing affordability index Housing and Urban Development (HUD) Housing Assistance Council (HAC) housing code housing expense ratio housing finance agency housing starts HUD HUD I Settlement Statement HUD Median Income HUD-1 Statement hundred percent location hybrid mortgage hypothecate implied contract implied warranty impound impound account improved land improvement ratio imputed interest in rem inchoate income approach income property incompetent incorporeal property incurable depreciation indemnity indenture independent appraisal independent contractor index indexed lease indexed loan indirect cost industrial park industrial property infrastructure ingress inheritance tax initial interest rate initial rate period injunction inner city inside lot inspection inspector installment installment contract installment loan installment sale institutional lender institutional mortgage instrument insurable interest insurable title insurable value insurance insurance coverage insured closing letter insured mortgage inter vivos interest interest accrual rate interest adjustment date interest payment interest rate adjustment period interest rate buy down plan interest rate cap interest rate ceiling interest rate floor interest-only loan interim financing international architecture interstate interstate land sales act interval ownership inverse condemnation investment property involuntary conversion involuntary lien irrevocability date irrevocable Italian Villa joint and several liability joint ownership agreement joint tenancy joint tenants joint venture jointure judgment judgment debtor judgment lien judicial foreclosure jumbo loan mortgage junior lien mortgage junk fees jurisdiction just compensation key lot key tenant kickback kicker kiosk land banking land contract land lease land sale leaseback land surveyor land use planning land use succession land/building ratio landlocked landlord landscape architect late charge latent defects lease lease with option to buy leased fee leasehold estate leasehold improvements leasehold mortgage lease-purchase mortgage loan legal age legal description legal notice legal residence legal title legatee lender lender option commitments lender's title insurance less than freehold estate lessee lessor let letter of commitment letter of credit letter of intent level-payment mortgage levy liabilities liability insurance liable lien lien holder lien waiver life cap life estate life tenant lifetime payment cap ligation bond like-kind property limited liability line of credit lineal measurement link lis pendens list listing listing broker litigation loan loan application loan application fee loan commitment location log cabin loss mitigation lot lot line low-ball offer maintenance costs maintenance fee majority mall management agreement management fee management plan mandatory delivery commitment manufactured housing margin marginal land marina market price market rent market rental risk market segmentation market study market value marketable title marketing plan master association master lease material fact maturity date mean high tide meander lines mechanic's and material man’s liens meeting of the minds megalopolis menace merger meridians meter metes and bounds metropolitan mile military clause mill mineral deed mineral lease mineral rights minimum down payment minimum guaranteed percentage lease minimum lot size minimum payment minimum payment minimum property standards minimum rent minor misnomer misrepresentation mistake mistake mixed-use commercial project mobile home mobile home park model home modification modular housing monthly debt service monthly fixed installment monthly total expenses monument moratorium more or less mortgage mortgage back mortgage banker mortgage broker mortgage commitment mortgage correspondent mortgage disability insurance mortgage insurance mortgage interest deduction mortgage life insurance mortgage loan service mortgage loan underwriting mortgage program mortgage value mortgagee mortgagee in possession mortgagor most probable selling price multi-dwelling units multifamily housing multiple dwelling multiple listings service (MLS) municipal ordinance municipality muniments of title mutual assent mutual rescission National Apartment Association (NAA) National Association of Corporate Real Estate Executives (NACORE) National Association of Home Builders (NAHB) National Association of Independent Fee Appraisers (NAIFA) National Association of Master Appraisers National Association of Real Estate Brokers (NAREB) National Association of Real Estate License Law Officials (NARELLO) National Association of Realtors (NAR) National Association of Review Appraisers and Mortgage Underwriters National Realty Committee National Society of Real Estate Appraisers natural vacancy rate negative amortization negative amortization cap negative cash flow negotiable instrument negotiable rate mortgage negotiation neighborhood neighborhood life cycle net cash flow net effective income net income net leasable area net lease net listing net operating income (NOI) New England Colonial New England Farmhouse new town no bid no cash-out refinance no change scenario no money down nominal loan rate non-assumption clause non-conforming loan non-conforming use nondisturbance clause nonexclusive listing non-permanent resident alien normal wear and tear notarial copy notarize notary public notation note note rate notice notice of default notice to quit notorious possession nuisance null and void objection obligee obligor obsolescence occupancy occupancy permit occupancy rate offer offer and acceptance offer to purchase offer to sell offeree offeror Office of Interstate Land Sales Registration office park official map off-site costs off-site improvements off-street parking oil and gas lease on or about on-site improvements open and notorious open end mortgage open house open listing open mortgage open space operating expenses operation of law option risk option to purchase leased property oral contract ordinance original equity original face value original principal balance origination fee ostensible authority outbuilding outstanding balance owner financing owner occupied owner's title insurance package mortgage pad site paper paper profit parcel parcel register parole parole contact parole evidence rule partial interest partial payment partial release partial taking partially amortized mortgage participation mortgage partition partnership party wall passive solar heating patent pay out payment adjustment interval payment cap payment change date payment decrease cap payment increase cap payment penalty penalty penthouse per stirpes perc test percentage lease performance performance bond periodic payment cap periodic rate cap permanent loan permit perpetuity person personal property personal residence personality pipe stem lot pipeline risk piti reserves plaintiff planned unti development (PUD) plat plat book plot plan plottage pocket card point pool possession potential gross income power of attorney power of sale prairie house pre-approved mortgage prearranged refinancing agreement preclosing prefabricated pre-foreclosure sale prelease premises premium prepaid expenses prepaid interest prepayment prepayment clause prepayment penalty prepayment privilege pre-qualification presale prescription prescriptive easement price-level-adjusted mortgage primary lease prime rate prime tenant principal principal and interest payment principal balance principal broker principal residence private mortgage insurance (PMI) probate or improve pro-forma statement progress payments promissory note property property tax proprietary lease prorate prospect public auction public housing public sale purchase agreement purchase money mortgage (PMM) purchase price purchaser quadraplex qualification rate qualification requirements qualified acceptance qualified buyer qualified fee estate quantum quarter section quiet enjoyment quit claim deed R value radon ranch house range lines rate cap rate commitment rate lock-in ratified sales contract raw land ready real estate real estate agent real estate broker real estate commission real estate educators association real estate market real estate sales professional real property realtor realtor's associate realty reassessment rebate recast payment recasting recital reconveyance recording recourse recovery fund rectangular survey redeem redemption period redevelop redlining reduction certificate reevaluation lease refinance regency house registrar registration regulation z rehabilitate rehabilitation tax credit reissue rate re-issue rate release of lien reliction relocation clause relocation network relocation service remainder remodel renewal option renovate rent rent control rentable area rental rate rent-free period repayment plan replacement cost report reporting letter reproduction cost required cash rescind rescission rescission rescission of contract reserve fund reserve price residence residential broker residential property residential service contract restore restraint of alienation restriction restrictive covenant retire reverse leverage reversion reversionary interest reversionary value revocation rezoning rider right of first refusal right of redemption right of survivorship right to rescission right-of-way riparian owner riparian rights rod rollover loan root deed root of title row house rule of 72's run with the land rural sale agreement sale and leaseback sale of personal residence by elderly sale price sales associate sales comparison approach sales contract sandwich lease satellite tenant satisfaction of mortgage savings and loan association savings association of insurance fund scarcity scenic easement schedule scheduled mortgage payment search seasoned mortgage second second mortgage secondary financing secondary market section security security deposit security interest see-through building self-amortizing mortgage loan seller financing seller financing seller's market seller-take back selling agent semiannual semidetached housing separate property septic system serious delinquency servicing servicing fee servient estate servient tenement set back ordinance settlement book settlement costs settlement sheet sever severalty severance shared appreciation mortgage (SAM) shell lease sheriff sheriff's deed sheriff's sale sign back signed sealed and delivered simple interest single agency single-family residence site soft market spec house special assessment special use permit special warranty deed special-purpose property specific performance speculative builder speculator spillover effect spot zoning spreading agreement square-foot method squatter’s rights staking stamp tax standard mortgage standards of practice starter home state stamps statement of record statute of limitations statutory lien straw man street address sub marginal land sub mortgage subdivision subdivision regulations subject building subject property subject to subject to mortgage sublease sublessee sublessor subordinate financing subordination subordination clause substitute of trustee succession sufferance suit superadequacy support deed surety bond surface right surplus funds surrender survey surveyor survivorship sweat equity sweetener swing loan tacking taking tandem plan tangible property tax tax and insurance escrow tax base tax deed tax foreclosure tax lien tax map tax roll tax sale tax-exempt property teaser rate tenancy tenancy at sufferance tenancy at will tenancy by entirety tenancy for life tenancy for years tenancy from year to year tenancy in common tenancy in severalty tenant fixtures tenant in common tender tenements tenure in land term amortization term loan termite clause termite inspection terms testament testamentary disposition testate testator testimonium third party time is of the essence time-sharing title title company title covenants title defect title insurance policy title plant title report title search or examination title theory states topography torrens system total debt ratio total interest payments town house transaction fee transfer tax trespass triple-net lease trust account trust deed trustee trustee sale truth-in-lending act Tudor two-step mortgage under improved land underinsurance undertaking underwriter underwriting undeveloped land undisclosed agency undisclosed principal undivided interest undue influence unencumbered property unenforceable contract uniform vendor and purchaser risk act unilateral contract unimproved land uninsurable title unit unity of possession unity of time unity of title unlawful detainer unmarketable title unrecorded instrument unsecured loan up rent potential upland upset price urban development action grant urban renewal urban sprawl urea formaldehyde form insulation use useful life usury utilities VA VA loan vacancy rate vacant land vacate vacation home valid valuation variable expenses variable interest rate variable rate mortgage variable-maturity mortgage variance vendor vendor and purchaser application vendor take-back mortgage veneer vest violation void voidable voluntary alienation voluntary lien waive waiver walk-through inspection walkup warehouse warehouse fee warehousing warranty waste wasteland water course water rights water table wear and tear weekly payments wetlands will wire transfer wood destroying insect report work order wraparound mortgage writ of execution zero lot line zone zoning bylaw
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