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ABSTRACT OF JUDGMENT
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A summary of money judgment. The summary is usually
prepared so that it may be recorded, thereby creating a
(judgement) lien on real estate owned by the judgment debtor.
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ABSTRACT OF TITLE
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A summary of the instruments affecting title to a parcel
of real property as shown by the public records. |
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ACCELERATE
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To make a note all due and payable at one time.
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ACCELERATION CLAUSE
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A clause in a deed of trust or mortagage 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.
|
| ACCELERATION CLAUSE |
| 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. |
|
| ACCEPTANCE |
| 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. |
|
| ACCESS RIGHT |
| The right of an owner to go into and out of his or her
property. |
|
| ACCOMMODATION PARTY |
| A person who, without receiving value, signs a promissory
note to help another person borrow money or get credit.
|
|
| ACCORD AND SATISFACTION |
| 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
combinationn discharges the original contract.
|
|
| ACCRETION |
| A gradual addition to land from natural causes; for
example, from gradual action of ocean or river waters.
|
|
| ACCRUED DEPRECIATION |
- The difference between the cost of replacement new as of
the date of the appraisal and the present appraised value.
- The accumulated losss in value that has affected the
improvements on real property
|
|
| ACKNOWLEDGEMENT |
| A formal declaration before an officer duly authorized as
a notary public by a person who has executed an
instrument,叫tating 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.
|
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| ACOUSTICAL TILE |
| 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.
|
|
| ACQUISITION |
| The act or process by which a person procures property.
|
| ACRE
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A measure of land equaling 160 square rods, 4840 square
yards, 43,560 square feet, or a tract about 208.71 feet
square.
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| AD VALOREM |
| According to value. |
|
| ADA |
| Refers to the Americans With Disabilities Act. The ADA
applies to equal access to employment, public services, public
accomodations, public transportation and telecommunications.
ADA Refers to the Americans With Disabilities Act. The ADA
applies to equal access to employment, public services, public
accomodations, public transportation and
telecommunications.
|
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| ADJACENT |
| Located next to or near an object or parcel of property.
|
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| ADJOINING |
| Located so as to touch an object or share a common
property line. |
|
| ADJUSTED COST BASIS |
| For tax purposes it is the cost of the property plus
improvements and minus depreciation, amortization, and
depletion. |
|
| ADJUSTABLE-RATE MORTGAGE (ARM) |
| A mortgage where the interest rate is not fixed,
but changes during the life of the loan in line with
movements in an index rate.
|
|
| ADJUSTABLE MORTGAGE LOAN (ALM) |
| Same as ADJUSTABLE-RATE MORTGAGE (ARM)
|
|
| ADMINISTRATOR |
| 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 assests as ordered by the probate court.
|
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| ADULT |
| Any person 18 years of age and older. |
|
| ADVERSE POSSESSION |
| 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. |
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| AFFIDAVIT |
| 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. |
|
| AFFIRM |
| To confirm, swear, ratifying, verity. |
|
| AGENCY RELATIONSHIP |
| A special relationship of trust by which one person
(agent) is authorized to conduct business, sign papers, or
otherwise act叨n behalf of another person (principal). This
relatoinship may be created by expressed agreement,
ratification, or estoppel. |
|
| AGENT |
| One who represents another called a principal and has
authority to act for the principal in dealing with third
parties. The relationship is referred to as an agency. Someone
authorized to act for another (called the principal) in
business matters. |
|
| AGREEMENT |
| A mutual understanding or compact between parties.
Althought often used a synonymous with contract, technically
it denotes mutual promises that fail as a contract for lack of
consideration. |
|
| AGREEMENT OF SALE |
- A written contract between a buyer and seller setting
out the terms of sale.
- An installment sales contract covering real property,
especially a long-term contract
|
|
| AIDS |
| The seller of real property, his agents or his sub agents
do not have to disclose that somebody died of AIDS or had AIDS
in said property. |
|
| ALIENATION |
| The transferring of property to another. Conveyance or
transfer of title to real estate from one person to another
person. |
|
| ALIENATION CLAUSE |
| 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. |
|
| ALLIGATOR |
| Purchasing lower priced properties will limit the appetite
of the alligator. The alligator is an expensive piece of
property that gobbles up all the profits. Negative cash flow
on a keeper property is reffered to as an alligator. |
|
| ALL-INCLUSIVE DEED OF TRUST |
| 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. |
|
| ALLUVION (ALLUVIUM) |
| Soil that has been deposited by accretion on the shore of
a river or body of water and that increases the real property.
|
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| ALTA POLICY |
| The title insurance policy issued to institutional
lenders. The initials stand for American Land Title
Association, an organization that regulates and standardizes
the provisions within title policies. |
|
| ALTER EGO |
| 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. |
|
| AMBULATORY |
| 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. |
|
| AMELIORATING WASTE |
| 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. |
|
| AMENITIES |
| As used in the real estate business, the features that
make a piece of real property, especially a home, enjoyable.
|
|
| AMORTIZATION |
- The liquidation of a financial obligation on an
installment basis, which includes both principal and
interest.
- Recovery of cost or value over a period of time. The
method or plan for the payment of a debt, bond, deed of
trust, etc., by installments or sinking fund.
|
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| ANNUAL PERCENTAGE RATE (APR) |
| The 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.
It is a measure of the cost of credit, expressed as a yearly rate.
It includes interest as well as other charges.
Because all lenders follow the same rules to ensure
the accuracy
of the annual percentage rate, it provides consumers with a
good basis for comparing the cost of loans.
|
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| ANNUITY |
| A sum of money received or paid yearly or at other fixed
periods. |
|
| ANTICIPATION |
| Affirms that value is created by the anticipated benefits
to be derived in the future. |
|
| ANTICIPATORY BREACH |
| Advance notice of intention to violate the terms of a
contract. |
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| APPEAL |
| The review or rehearing by a higher court of a low
(inferior) court's decision. |
|
| APPELLANT |
| 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. |
|
| APPRAISAL |
| An estimate and opinion of value. An opinion or estimate
of the fair market value of a property. |
|
| APPRAISER |
| One qualified by education, training, and experience, who
is hired to estimate the value of real and personal property
on the basis of experience, judgment, facts, and use of formal
appraisal processes. |
|
| APURTENANT |
| 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. |
|
| ASSESSED VALUE |
| 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. |
|
| ASSESSMENT |
| The valuation of property for the purpose of levying a
tax, or the amount of tax levied. |
|
| ASSESSOR |
| The official who has the responsibility of determining the
assessed values. |
|
| ASSIGNEE |
| One to whom property is assigned or transferred. |
|
| ASSIGNMENT |
| 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.
|
|
| ASSIGNMENT OF RENTS CLAUSE |
| 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. |
|
| ASSIGNMENT OF RENTS |
| An assignment of future rents form property as security
for a debt. |
|
| ASSIGNOR |
| One who assigns or transfers property. |
|
| ASSUMABLE MORTGAGE |
| A mortgage loan in which the seller can transfer
the mortgage to the new buyer.
|
|
| ASSUMPTION |
| 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. |
|
| ASSUMPTION OF AGREEMENT |
| A contract by which a person agrees to pay a debt or
obligation owed by someone else. |
|
| ASSUMPTION OF MORTGAGE OR DEED OF TRUST |
| 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. |
|
| ATTACHMENT |
| 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 assests as security for the
satisfaction of a judgment. |
|
| ATTACHMENT LIEN |
| A lien on property arising because of an attachment of
that property. |
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| ATTEST |
- To affirm to be true or genuine.
- An official act establishing authenticity.
|
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| ATTORNEY-IN-FACT |
| An agent authorized to perform certain acts for another
under a power of attorney. (See Power of Attorney.) |
|
| AVULSION |
| The sudden tearing away or removal of land by the action
of water flowing over or through it. |
|
| BACKFILL |
| The replacement of excavated earth in a hole or against
the side of a structure. |
|
| BALANCE SHEET |
| A financial statement showing a person's assets,
liabilities, and net worth. |
|
| BALLOON PAYMENT |
| 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. |
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| BANKRUPTCY |
| Will not eliminate all loans secured by real property.
|
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| BASE AND MERIDIAN |
| Imaginary lines used by surveyors from which they find,
measure, and describe the location of lands. |
|
| BASE MOLDING |
| Molding used at the top of the baseboard. |
|
| BASE SHOW |
| Molding used at junction of baseboard and floor, sometimes
called a carpet strip. |
|
| BASEBOARD |
| A board that goes around the room against the wall and
next to the floor. |
|
| BATTEN |
| 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. |
|
| BLOCKBUSTING |
| The illegal practice of trying to lower property values.
|
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| BEAM |
| A horizontal structural member supporting a load. |
|
| BEARING WALL OR PARTITION |
| A wall or partition that supports any vertical load, in
addition to its own weight. |
|
| BENCH MARKS |
| A location indicated on a permanent marker by surveyors.
|
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| BENEFICIARY |
- One entitled to benefit from a trust.
- The lender on the security of a note and deed of trust.
The creditor (lender) under a deed of trust
|
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| BENEFICIARY STATEMENT |
| (See Offset Statement.) |
|
| BEQUEATH |
| To leave by will. |
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| BEQUEST |
| Personal property that is given by the terms of a will. A
gift of personal property by will. |
|
| BETTERMENT |
| An improvement on real property that increases the value
and is considered a capital asset. |
|
| BILATERAL CONTRACT |
| A contract in which the consideration given by each party
is a promise: that is , a promise for a promise. |
|
| BILL OF SALE |
| A written instrument given by the seller to the buyer to
pass title to personal property. |
|
| BINDER |
| 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. |
|
| BLACKTOP |
| Asphalt paving used in streets and driveways. |
|
| BLANKET DEED OF TRUST |
| 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. |
|
| BLANKET MORTGAGE |
| One mortgage or deed of trust that covers more than one
piece叨f real property. |
|
| BLIGHTED AREA |
| An area in which real property is declining in value
because of destructive economic forces. |
|
| BOARD FOOT |
| A unit of measurement for lumber: one foot wide, one foot
long, one inch thick (144 cubic inches). |
|
| BONA FIDE |
| Good faith. |
|
| BONA FIDE PURCHASER (BFP) |
| A purchaser who pays fair value for property in good
faith, and without notice of adverse claims. |
|
| BOND |
| An obligation under seal. Real estate bonds are isssued 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. |
|
| BOOK VALUE |
| An accounting term which is the difference between cost
and the total amount of depreciation that has been
taken. |
|
| BRACING |
| Frame lumber nailed at an angle in order to provide
stability to the structure. |
|
| BREACH |
| The breaking of or failure of duty, either by an act or
omission. The violation of or failure to perform an
obligation. |
|
| BREEZEWAY |
| A covered porch or passage, open on two ends, that
connects the house and garage, or two parts of the house.
|
|
| BRIDGING |
| Wood or metal pieces used to brace floor joists. |
|
| BROKER |
| An agent who earns income by arranging sales and other
contracts. A real estate broker is an individual licensed by
the state of California to arrange the sale or transfer of
interests in real property for compensation. |
|
| BROKER'S TRUST FUND ACCOUNT |
| Withdrawals from this account may be made only by the
broker. |
|
| BROKER'S TRUST FUND ACCOUNT |
| Withdrawals from this account may be made only by the
broker. |
|
| BTU |
| British Thermal Unit; the quantity of heat required to
raise the temperature of one pound of water one degree
Fahrenheit. |
|
| BUILDING LINE |
| 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. |
|
| BUILDING PAPER |
| A heavy waterproofed paper used as sheathing in exterior
walls, or in roof construction as insulation and protection
against moisture. |
|
| BUILT-INS |
| Cabinets and other features built in as a part of the
house. |
|
| BUSINESS AND PROFESSIONS CODE |
| One of the 25 California codes containing the laws passed
by the state legislature. It contains the statutes regulating
the conduct of real estate brokers and establishes the
Department of Real Estate. |
|
| BUSINESS OPPORTUNITY |
| A term used to describe a business including its
stock-in-trade, fixtures, and goodwill. |
|
| BUYDOWN |
| With a buydown the seller pays an amount to the lender
so the lender can give a lower rate (lower payments), usually
for anearly period in an ARM. Buydowns can occur in all
types of mortgages, not just ARMs.
|
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| C. |
| CAP |
| A limit on how much interest rate or the monthly payment
can change, either at each adjustment or during the
life of the mortgage. Payment caps don't limit the amount
of interest the lender is earning, so they may cause negative
amortization.
|
|
| C.A.R. |
| Abbreviation for the California Association of
Realtors. |
|
| C.C. & R. |
| Abbreviation for covenants, conditions, and restrictions.
Often used synonymously with general plan restrictions on a
subdivision. |
|
| CAL-VET LOAN (CALIFORNIA VETERANS) |
| A program administered by the State Department of Veterans
LOAN) Affairs for the direct financing of farms and homes for
veterans who qualify. The funds for these loans comes from the
sale of state bonds. |
|
| CAPITAL ASSESTS |
| Assets of a permanent nature used in the production of
income. Examples would include land, buildings, and
equipment. |
|
| CAPITAL GAIN |
| The gain recognized for federal and state income tax
purposes when a taxpayer disposes of a capital asset. |
|
| CAPITALIZATION |
| In appraising, a method of determining value of property
by considering net income and a reasonable percentage of
return on the investment. |
|
| CAPITALIZATION RATE |
| 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. |
|
| CARET |
| California Association of Real Estate Teachers; a division
of the California Association of Realtors. |
|
| CARPET STRIP |
| (See Base Shoe.) |
|
| CASEMENT WINDOW |
| Windows set in frames of wood or metal that swing
outward. |
|
| CASH FLOW |
| 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. |
|
| CAUSE OF ACTION |
| A legal right; facts giving rise to an enforceable claim.
|
|
| CAVEAT EMPTOR |
| 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. |
|
| CERTIFICATE OF REASONABLE VALUE |
| The Veterans Administrations's written appraisal of the
value (CRV) of a property. |
|
| CERTIORARI |
| The Supreme Court order indicating that the court has
decided to exercise its discretion and accept a case offerd on
appeal. The court reviews only those select cases that it
deems worthy of review. |
|
| CHAIN OF TITLE |
| 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. |
|
| CHATTEL |
| The old name for personal property. |
|
| CHATTEL MORTGAGE |
| A personal-property mortgage. (See Security
Agreement.) |
|
| CHATTEL REAL |
| In real estate, an estate less than a freehold estate,
such as a lease. |
|
| CHATTELS |
- Personal property.
- This term is sometimes used in a law to describe any
interest in real or personal property other than a freehold.
|
|
| CIRCUIT BREAKER |
| 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. |
|
| CIVIL CODE |
| One of the 25 California codes containing the statutes
passed by the state legislature. The most important code
relating to contracts and real estate, the Civil Code defines
the nature and requirements for contracts and real estate
transactions, among its many other provisions. |
|
| CIVIL LAW |
| 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). In California the term also
refers to the law relating to and between individuals, as
opposed to criminal law. |
|
| CLAPBOARD |
| Boards that are used for siding and that are usually
thicker at one edge. |
|
| CLIENT |
| A person represented by a broker or an attorney. |
|
| CLOUD ON TITLE |
| A claim or document that affects title to real estate. The
actual cloud may ultimately prove invalid, but its existence
mars the title. |
|
| CLTA POLICY |
| The title insurance policy issued to homeowners and
noninstitutional lenders. The initials stand for the
California Land Title Association, an organization that
regulates and standardizes the provisions within title
policies. |
|
| CODE OF CIVIL PROCEDURE |
| One of the 25 California codes that contain the statutes
passed by the state legislature. It contains most of the
procedural requirements for enforcing rights granted by other
codes, including the procedures for evictions, foreclosures,
and lawsuits. |
|
| CODICIL |
| An amendment to a will. |
|
| COLLAR BEAM |
| A beam that connects the pairs of opposite roof rafters
above the attic floor. |
|
| COLLATERAL |
| Property subject to a security interest; property used as
security for a debt. (See Security Agreement.) |
|
| COLLATERAL SECURITY |
| 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. |
|
| COLLUSION |
| A secret agreement between two or more persons wishing to
defraud another for a wrongful purpose or to obtain an object
forbidden by law. |
|
| COLOR OR TITLE |
| That which appears to be a good title but, in fact, is
not; for占xample, 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. |
|
| COMBED PLAYWOOD |
| A grooved building material used primarily for interior
finish. |
|
| COMMERCIAL ACRE |
| 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. |
|
| COMMERCIAL PAPER |
| Negotiable instruments used in business. |
|
| COMMINGLING |
| 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.
|
|
| COMMISSION |
| An agent's compensation for performing the duties of his
or her agency agreement. In the real estate business, it is
usually a percentage of the selling price or a percentage of
the lease or rents, for example. Reduction of a real estate
commission for a listing contract is considered to be
unethical. |
|
| COMMISSION |
| A real estate broker may receive a commission from both
parties. |
|
| COMMITMENT |
| A pledge or a promise; a firm agreement. |
|
| COMMON LAW |
| 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. |
|
| COMMUNITY PROPERTY |
| 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. |
|
| COMPACTION |
| 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. |
|
| COMPARATIVE MARKET ANALYSIS |
| One of three methods in the appraisal process. A means of
comparing similar type properties, which have recently sold,
to the subject property. |
|
| COMPETENT |
| Legally qualified or capable. |
|
| COMPOUND INTEREST |
| Interest paid on the original principal and also on the
accrued and unpaid interest that has accumulated as the debt
matures. |
|
| CONCLUSIVE PRESUMPTION |
| A legal assumption that cannot be rebutted, and is
therefore accepted as true and binding on the courts. |
|
| CONDEMNATION |
- The act of taking private property for public use by a
political subdivision.
- A declaration by proper governmental authorities that a
structure is unfit for use. The taking of private property
for public use through th exercise of the power of eminent
domain.
|
|
| CONDITION |
|
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.
- A restriction added to a conveyance that, upon the
occurrence or nonocurrence of a some act or event, causes
the estate to be defeated.
- A contractual provision that upon the occurrence or
nonoccurrence of a stated act or event, an obligation is
created , destroyed, or defeate
|
|
| CONDITION PRECEDENT |
| A condition that must occur before an estate is created or
enlarged, or before some other right or obligation occurs.
|
|
| CONDITION SUBSEQUENT |
| A condition that, upon its failure or nonperformance,
causes the defeat or extinguishment of an estate, right, or
obligation. |
|
| CONDITIONAL COMMITMENT |
| A loan commitment for a definite amount under certain
terms and conditions. It is subject to an unknown purchaser's
satisfactory credit rating. |
|
| CONDITIONAL SALE CONTRACT |
| 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. |
|
| CONDITIONAL USE PERMIT |
| 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. |
|
| CONDOMINUM |
| A system of individual ownership of units in a multifamily
structure, combined with joint ownership of common areas of
the structure and the land. The ownership of an individual
unit in a multi-unit structure, combined with joint ownership
of common walkways, land, and other portions of the property.
|
|
| CONDUIT |
| Usually a metal pipe in which electrical wiring is
installled. |
|
| CONFESSION OF JUDGMENT |
| Any entry of judgment upon the debtor's voluntary
admission or confession. |
|
| CONFIRMATION OF SALE |
| A court approval of the sale of property by an executor,
administrator, guardian, or conservator. |
|
| CONSIDERATION |
| 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. |
|
| CONSTRUCTION |
| The interpretation of an ambiguous term or provision in a
statute or agreement. |
|
| CONSTRUCTIVE |
| A fiction imputed by law. |
|
| CONSTRUCTIVE EVICTION |
| 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. |
|
| CONSTRUCTIVE NOTICE |
|
Notice given by the public records; that which is
considered equivalent to acutal notice even though there is
not actual notice.
- Notice given by a recorded document.
- 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.
|
|
| CONSUMER CREDIT PROTECTION ACT |
| A federal law that includes the truth-in-Leading Law.
|
|
| CONSUMER GOODS |
| Goods sold or purchased primarily for personal, family, or
household purposes. |
|
| CONTINGENT |
| Conditional, uncertain, conditioned upon the occurrence or
nonoccurrence of some uncertain future event. |
|
| CONTINUATION STATEMENT |
| A statement filed to extend the time limit on a financing
statement that had been filed earlier. |
|
| CONTRACT OF SALE |
| (See Conditional Sale Contract.) |
|
| CONVENANT |
| An agreement or a promise to do or not to do a particular
act. Convenant: A contractual agreement whereby one of the
parties promises to perform or to refrain from doing certain
acts. |
|
| CONVENTIONAL LOAN |
| A loan that is made that is not federally insured or
guaranteed. |
|
| CONVERSION |
| Is the misappropriation or misuse of trust funds. |
|
| CONVERSION CLAUSE |
| A provision in some ARMs that allo you to change to a
fixed-rate loan at some point during the term.
Usually conversion is allowed at the end of the first
adjustment period. At the time of the conversion, the
new fixed rate is generally set at the prevailing for fixed-rate
mortgages. The conversion feature may be available at extra cost.
|
|
| CONVERTIBLE ADJUSTABLE RATE |
| Allows the borrower to adjust to a fixed intrest
rate. |
|
| MORTGAGE CONVERTIBLE ADJUSTABLE RATE |
| Allows the borrower to adjust to a fixed intrest rate.
|
|
| MORTGAGE CONVEYANCE |
- The transfer of the title of real property from one to
another.
- An instrument that transfers an interest in real
property from oner person to another. The transfer of title
to real estate from one person to another.
|
|
| COOPERATIVE APARTMENT |
| 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. |
|
| CORPORATION |
| 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. |
|
| COST BASIS |
| See Adjusted Cost Basis. |
|
| CO-TENANCY |
| Any form of joint ownership. |
|
| COUNTERFLASHING |
| Flashing used on chimneys at roof-line to cover shingle
flashing and prevent moisture entry. |
|
| COUNTER-OFFER |
| 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. |
|
| COVERSION |
|
The wrongful appropriation of another's goods to one's own
use; to change from one character or use to another.
- In tort, an unauthorized claim of ownership over
another's personal property.
- In property,the change of character of property from
real to personal , or vice versa.
|
|
| CPM |
| Certified Property Manager; a member of the Institute of
Real Estate Property management of the National Association of
Realtors. |
|
| CRAWL HOLE |
| Exterior or interior opening permitting access underneath
a building, as building codes may require. |
|
| CREDIT UNIONS |
| A growing source of funds for real estate loans. |
|
| CRV |
| These intials mean Certificate of Reasonable Value. |
|
|
CURTAIL SCHEDULE |
| A list of the due dates and amounts by which the principal
sum of an obligation will be reduced by partial payments.
|
|
| DAMAGES |
| The indemnity recoverable by a person who has sustained an
injury to either his or her person, property,or rights through
the act or default of another. Compensation ordered by the
courts for the loss of or injury to one's person or property.
|
|
| DEALER |
| A person who holds property primarily for sale to his or
her customers in the ordinary course of his or her business.
|
|
| DEBT SERVICE |
| The sum of money needed each payment period to amortize
the loan or loans. |
|
| DEBTOR |
- A party who "owns" the property that is subject to a
security interest.
- A person who owes a debt
|
|
| DECK |
| Usually an open porch on the roof or another part of the
structure. |
|
| DECLARATORY RELIEF |
| A court's decision on the rights of the parties in a
question of law, without ordering anything to be done. |
|
| DEDICATION |
| 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.
|
|
| DEED |
| A written instrument that when properly executed and
delivered conveys title. |
|
| DEED OF TRUST |
| A security instrument transferring title to property to a
third叼erson (trustee) as security for a debt or other
obligation. |
|
| DEFAULT |
- Failure to fulfill a duty or promise or to discharge an
obligation.
- Omission or failure to perform any act. Failure to
perform a legal duty or to discharge a promise
|
|
| DEFAULT JUDGMENT |
| A judgment obtained because the defendant failed to appear
and defend his case. |
|
| DEFEASANCE CLAUSE |
| 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. |
|
| DEFEASIBLE |
| 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. |
|
| DEFENDANT |
| The party being sued in a lawsuit; the party against whom
an action is filed. |
|
| DEFERRED MAINTENANCE |
| Maintenance and accumulated repairs that have been
postponed. |
|
| DEFICIENCY JUDGEMENT |
| 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. |
|
| DELIVERY (OF A DEED) |
| The unconditional, irrevocable intent of a grantor
immediately to divest (give up) an interest in real estate by
a deed or other instrument. |
|
| DEPOSIT |
| Money given to another as security to ensure the
performance of a contract. The money is usually intended to be
applied toward the puchase price of property, or forfeited on
failure to complete the contract. |
|
| DEPOSIT RECEIPT |
| A contract used in the he real estate business that
includes the terms of the contract and acts as a receipt for
"earnest money" to bind an offer for property by the
prospective purchaser. The name given to most real estate
contracts containing the terms of the sale of real estate, and
receipt for earnest money (deposited). |
|
| DEPRECIATION |
| 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. |
|
| DESIST AND REFRAIN ORDER |
| An order that the Real Estate Commissioner is empowered by
law and refrain from committing an act in violation of the
Real Estate Law. |
|
| DETERIORATION |
| The process of gradual worsening or depreciation. |
|
| DEVISE |
| A gift of real property by deed. |
|
| DEVISEE |
| One who receives real property under a will. |
|
| DICTUM |
| A written observation, remark, or opinion by a judge
to可llustrate 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. |
|
| DIRECTIONAL GROWTH |
| The direction in which the residential sections of a city
seem destined or determined to grow. |
|
| DISCLOSURE STATEMENT |
| 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. |
|
| DISCOUNT |
| 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.
In an ARM with an initial disacount rate, the lender gives up
a number of percentage points in interest to give a lower rate
(lower payments) for a part of the mortgage term (usually one
year or less). After the discount period, the ARM will
probably go up depending on the index rate.
|
|
| DISCOUNT POINTS |
| A fee charged by the lender when making an FHA or VA loan
to offset the lower interest rate the lender will receive
compared with conventional loan interest rates. One point is
equal to 1 percent. |
|
| DISCOUNT RATE |
| The interest rate that is charged on money borrowed by
banks from the Federal Reserve System. |
|
| DISCOUNTED TRUST DEED |
| An investment in this kind of deed can be a perfect
investment. |
|
| DISCRIMINATORY CONDUCT |
| The DRE Regulations state that discriminatory conduct is a
basis for disciplinary action. |
|
| DISSOLUTION OF MARRIAGE |
| A divorce. |
|
| DISTRICT COURT |
| 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 $10,000, and in cases involving a federal question.
|
|
| DIVESTMENT |
| The elimination or removal of a right or title, usually
applied to the cancellation of an estate in land. |
|
| DOMICILE |
| A person's permanent residence. |
|
| DOMINANT TENEMENT |
| The tenement obtaining the benefit of an easement
appurtenant.冉hat parcel of land that benefits from an easement
across another parcel of property (servient tenement). |
|
| DONEE |
| The person to whom a gift is made. |
|
| DONOR |
| The person who makes a gift. |
|
| DOUBLE ESCROW |
| 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. |
|
| DOWER |
| The right that a wife has in her husband's estate at his
death. Dower has been abolished in California. |
|
| DUE PROCESS OF LAW |
| A constitutional guarantee that the government will not
interfere with a person's private property rights without
following procedural safeguards prescribed by law. |
|
| DUE-ON-ENCUMBRANCE CLAUSE |
| A clause in a deed of trust or mortgage that provides that
upon the execrtion of additonal 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. |
|
| DUE-ON-SALE CLAUSE |
| 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. |
|
| DURESS |
| Unlawful constraint by force or fear. E.I.R. Abbreviation
for Environmental Impact Report. |
|
| |
| EARNEST MONEY DEPOSIT |
| A deposit of money paid by a buyer for real property as
evidence of good faith. Can not be given back to the buyer
unless he obtains written permission from the
seller. |
|
| EASEMENT |
| A right, privilege, or interest that one party has to use
the land of another. Example: A right of way. A legal right to
use another's land for one's benefit or the benefit of one's
property (right-of-way). |
|
| EASEMENT APPURTENANT |
| An easement created for the benfit 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. |
|
|
EASEMENT IN GROSS |
| An easement that benefits a particular individual, not a
parcel of property. Involves only a servient estate. A public
utility easement is an example. |
|
| EASY QUALIFIER MORTGAGE |
| This may be referred to as "low doc" or "no doc" loan.
|
|
| EAVES |
| The lower projecting edge of a roof over the
wall. |
|
| ECONOMIC LIFE |
| The remaining useful life of an improvement or structure;
that period during which an improvement will yield a return on
the investment. |
|
| ECONOMIC OBSOLESCENCE |
| 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. |
|
| EFFECTIVE GROSS INCOME |
| The amount of net income that remains after the deduction
from gross income of vacancy and credit lossess. |
|
| EGRESS |
| Exit; the act or avenue or leaving property. |
|
| EMBLEMENTS |
| Things that grow on the land require annual planting and
cultivation. |
|
| EMINENT DOMAIN |
| 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. |
|
| ENCROACHMENT |
| The projection of a structure onto the land of an
adjoining owner. A structure or natural object that unlawfully
extends into another's property. |
|
| ENCUMBRANCE |
| Any claim, interest, or right inproperty 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. |
|
| ENDORSEMENT |
| See Indorsement. |
|
| ENVIRONMENTAL IMPACT REPORT |
| A report that must be prepared whenever any agency or
indvidual considers a project that may have a significant
impact on the environment, as directed by the California
Environmental Quality Act. |
|
| EQUAL CREDIT OPPORTUNITY ACT |
| Prohibits discrimination amongst lenders. |
|
| EQUAL HOUSING OPPORTUNITY |
| Prohibits discrimination in the listing, sale, lease,
rental or financing of real property due to race, creed,
religon, sex, marital status or handicap. Should apply exactly
the same in all real estate |
|
| EQUAL PROTECTION |
| The Fourteenth Amendment to the U.S. Constitution and
similar provisions in the California 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.) |
|
| EQUITY |
- The interest or value that on owner has in real property
over and above the liens against it.
- A part of our justice system by which courts seek to
supplement the strict terms of the law to fairness under the
circumstances, rather than on fixed legal priciples or
statutes.
- Ownership in property, determined by calculating the
fair market value less the amoutn of liens and
encumbrances.
|
|
| EQUITY BUILD-UP |
| The increase of the owner's equity due to mortgage
pricipal reduction and value appreciation. |
|
| EQUITY OF REDEMPTION |
| The right to redeem property during the foreclosure
period. In California the mortgagor has the right to redeem
within 12 months after the foreclosure sale. |
|
| EROSION |
| The wearing away of the surface of the land by the action
of wind, water, and glaciers, for example. |
|
| ESCALATOR CLAUSE |
| 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 shal increase. |
|
| ESCHEAT |
| 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. |
|
| ESCROW |
| The deposit of instruments and funds with a third neutral
party with instructions to carry out the provisions of an
agreement or contract. A complete or perfect escrow is one in
which everything has been deposited to enable carrying out the
instructions. The neutral third party (stakeholder) who holds
deeds or other documents pursuant to instructions for delivery
upon completion or occurrence of certain
conditions. |
|
| ESTATE |
|
The degree, quantity, nature, and extent of the interest
that a person has in real property.
- Ownership interest in real estate.
- The quality and quantity of rights in property
|
|
| ESTATE AT WILL |
| 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. Thirty days' notice are now required to terminate this
type of estate in California. |
|
| ESTATE FOR LIFE |
| A freehold estate whose duration is measured by and
limited to the life or lives of one or more persons.
|
|
| ESTATE FOR PERIOD TO PERIOD |
| 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. |
|
| ESTATE FOR YEARS |
| 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. |
|
| ESTATE OF INHERITANCE |
| An estate that may go to the heirs of the deceased. All
freehold estates are estates of inheritance, except life
estates. |
|
| ESTOP |
| To ban, stop, or impede. |
|
| ESTOPPEL |
| 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. An agency is created this way when an individual
knowingly allows another individual to act as their agent
without authorizing such acts. |
|
| ET AL |
| Abbreviation meaning and others (other person).
|
|
| ET UX |
| Abbreviation meaning and wife. |
|
| ETHICS |
| 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. Refers to a branch of philosophhy
that deals with moral science and moral principles. It is a
debateable subject and can not be legislated. It is based on
what each individual feels is good or bad. |
|
| ETHNIC |
| The seller of a property is not allowed to ask the buyer
their ethnic background. |
|
| EVICTION |
| Dispossession by legal process, as in the termination of a
tenant's right to possession through re-entry or other legal
proceedings. |
|
| EVIDENCE |
| All relevant information, facts, and exhibits admissible
in a trial. |
|
| EX PARTE |
| By only one party or side. For example, an injunction
obtained by evidence presented by only one side, without
notice to the other parties. |
|
| EXCEPTION |
| (See Reservation.) |
|
| EXCHANGE |
| A reciprocal transfer of properties between two or more
parties. |
|
| EXCLUSIVE AGENCY |
| 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. |
|
| EXCLUSIVE AGENCY LISTING |
| 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 commision. |
|
| EXCLUSIVE RIGHT TO SELL AGENCY |
| 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. |
|
| EXCLUSIVE-RIGHT-TO-SELL LISTING |
| 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.
|
|
| EXCULPATORY CLAUSE |
| 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. |
|
| EXECUTE |
| 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.
|
|
| EXECUTION LIEN |
| 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. |
|
| EXECUTOR |
| A persone 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. |
|
| EXPANSIBLE HOUSE |
| A home designed for expansion and additions in the future.
|
|
| EXPANSION JOINT |
| A fiber strip used to separate units of concrete to
prevent cracking due to expansion as a result of temperature
changes. |
|
| FACADE |
| The face of a building, especially the front face.
|
|
| FAIR MARKET VALUE |
| The amount of money that would be paid for a property
offered on the open market for a reasonable length of time
with both the buyer and the seller knowing all uses to which
the property could be put and with neither party being under
pressure to buy or sell. See market Value. |
|
| FALSE PROMISE |
| A statement used to influence or persuade. |
|
| FANNY MAE |
| The Federal National Mortgage Association (FNMA).
|
|
| FARM |
| It is a specific geographical location in which an agent
walks every month in order to obtain listings. |
|
| FEDERAL DEPOSIT INSURANCE |
| A federal corporation that insures deposits in commercial
CORPORATION banks (FDIC). |
|
| FEDERAL FAIR HOUSING ACT |
| Was setablished under Title VIII of the United States
Civil Rights Act of 1969. It was amended in 1988. t was
created to provide fair housing through out the United States.
|
|
| FEDERAL HOME LOAN BANK (FHLB) |
| A district bank of the Federal Home Loan Bank System
that„lends only to savings and loan associations who are
members. |
|
| FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC)
|
| A federal corporation that provides savings and loan
associations with a secondary mortgage money market for loans.
It is also known as Freddy Mac. |
|
| FEDERAL HOUSING ADMINISTRATION |
| An agency of the federal government that insures mortgage
(FHA) loans. |
|
| FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA)
|
| A federal corporation that provides lenders with a
secondary mortgage money market. |
|
| FEDERAL RESERVE SYSTEM |
| 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. |
|
| FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
(FSLIC) |
| A federal corporation that insures deposits in savings and
loan associations. |
|
| FEE |
| An estate of inheritance in real property for life.
|
|
| FEE SIMPLE |
| 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. |
|
| FEE SIMPLE ABSOLUTE |
| 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.
|
|
| FEE SIMPLE DEFEASIBLE |
| 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.
|
|
| FEE SIMPLE SUBJECT TO A CONDITION
SUBSEQUENT |
| 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. |
|
| FHA |
| The FHA does not loan money. The FHA loan may be paid off
at any time without a penalty. Discount points on a FHA loan
may be paid by the buyer or the seller The down payment on a
FHA loan is usually LESS than the down payment on a
conventional loan. |
|
| FIDUCIARY |
| A person in a position of trust and confidence, as between
principal and broker. A fiduciary may not make a profit from
his or her position without first disclosing it to the
beneficiary. |
|
| FINANCIAL FREEDOM |
| Most be have no game plan to reach financial freedom.
|
|
| FINANCING STATEMENT |
| 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. |
|
| FINDER'S FEE |
| 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. |
|
| FINISH FLOOR |
| The final covering on the floor, such as wood, linoleum,
cork, or carpet. |
|
| FIRE STOP |
| A solid, tight closure of a concealed space placed to
prevent the spread of fire and smoke through the space.
|
|
| FIRST AMENDMENT |
| The constitutional amendment guaranteeing freedom of
speech, press, assembly, and religion. |
|
| FIXTURE |
| An item of personal property that has been so attached to
real property as to be considered part of that real property.
|
|
| FIXTURES |
| 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. |
|
| FLASHING |
| Sheet metal or similar material used to protect a building
form water seepage. |
|
| FLIPPER PROPERTY |
| Any property bought for immediatel resale and profit.
|
|
| FLIPPER PROPERTY |
| Any property bought for immediatel resale and profit.
|
|
| FOOTING |
| The base or bottom of a foundation wall, pier. or column.
|
|
| FORCIBLE DETAINER |
| Wrongful retention of property by actual or constructive
force. |
|
| FORCIBLE ENTRY |
| Entry into property without the consent of the owner, by
acts that constitute more than mere trespass. |
|
| FORECLOSURE |
| 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. |
|
| FOREFEITURE |
| Loss of a legal right, interest, or title by
default. |
|
| FORMAL WILL |
| A will signed by the testator in the presence of two or
more witnesses, who must themselves sign the
will. |
|
| FOUNDATION |
| 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. |
|
| FOURTEENTH AMENDMENT |
| 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. |
|
| FRAUD |
| 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. |
|
| FREEHOLD |
| An estate of fee. An estate in real property that is
either a life estate or an estate in fee. |
|
| FRONT FOOT |
| 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. |
|
| FROSTLINE |
| The depth of frost penetration in the soil. |
|
| FRUCTUS |
| 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. |
|
| FURRING |
| Strips of wood or metal fastened to wall to even it, form
air space, or to give the wall greater thickness.
|
|
| FUTURE ADVANCES |
| 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. |
|
| FUTURE INTEREST |
