1. The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.
2. The accumulated losss in value that has affected the improvements on real property

1. A written contract between a buyer and seller setting out the terms of sale.
2. An installment sales contract covering real property, especially a long-term contract

1. The liquidation of a financial obligation on an installment basis, which includes both principal and interest.
2. 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.

1. To affirm to be true or genuine.
2. An official act establishing authenticity.

1. One entitled to benefit from a trust.
2. The lender on the security of a note and deed of trust. The creditor (lender) under a deed of trust

1. Personal property.
2. This term is sometimes used in a law to describe any interest in real or personal property other than a freehold.

1. The act of taking private property for public use by a political subdivision.
2. A declaration by proper governmental authorities that a structure is unfit for use. The taking of private property for public use through th exercise of the power of eminent domain.

A provision in a contract stating that the contract will not go into effect or that it will terminate upon the occurrence of some specified future event.

1. A restriction added to a conveyance that, upon the occurrence or nonocurrence of a some act or event, causes the estate to be defeated.
2. A contractual provision that upon the occurrence or nonoccurrence of a stated act or event, an obligation is created , destroyed, or defeate

Notice given by the public records; that which is considered equivalent to acutal notice even though there is not actual notice.

1. Notice given by a recorded document.
2. Notice imputed by a law because a person could have discovered certain facts upon reasonable investigation, and a "reasonable man" in the same situation would have conducted such an investigation.

1. The transfer of the title of real property from one to another.
2. 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.

The wrongful appropriation of another's goods to one's own use; to change from one character or use to another.

1. In tort, an unauthorized claim of ownership over another's personal property.
2. In property,the change of character of property from real to personal , or vice versa.

CURTAIL SCHEDULE

1. A party who "owns" the property that is subject to a security interest.
2. A person who owes a debt

1. Failure to fulfill a duty or promise or to discharge an obligation.
2. Omission or failure to perform any act. Failure to perform a legal duty or to discharge a promise

EASEMENT IN GROSS

1. The interest or value that on owner has in real property over and above the liens against it.
2. 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.
3. Ownership in property, determined by calculating the fair market value less the amoutn of liens and encumbrances.

The degree, quantity, nature, and extent of the interest that a person has in real property.

1. Ownership interest in real estate.
2. The quality and quantity of rights in property

1. To transfer.
2. A deed.
3. When used in a deed, a technical term implying certain warranties. A transfer or¥conveyance of real estate.

1. Earnings from the ground only.
2. Earnings of improved property after an allowance is made for earnings of improvements.
3. A perpetual rent that a grantor in some states may reserve to himself or herself and his or her heirs when he or she conveys real property.

One who has taken a negotiable note, check, or bill of exchange in due course

1. before it was past due;
2. in good faith;
3. without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her;
4. for value. Someone who acquires a negotiable instrument in good faith and without any actual or constructive notice of defect. The acquisition must occur before the note's maturity. Such a holder takes the note free from any personal defenses (such as failure of consideration, fraud in the inducement) that may be available against the maker

1. A home upon which the owner or owners have recorded a Declaration of Homestead, as provided by California statutes, that protects the home against judgments up to a specified amount.
2. A probate homestead is a similarly protected home property set aside by a California probate court for a widow or minor children. A special, limited exemption against certain judgments available to qualified homeowners.

Any increase.

1. A term frequently used to refer to the increased value of land because of population growth and increased wealth in the community.
2. "Unearned increment" is used in this connection since the values increased without effort on the part of the owner.

1. The act of signing one's name on the back of a check or a note, with or without further qualification.
2. The signature described above.

INSTITUTIONAL LENDER

1. The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
2. As defined by the courts, it is the highest price estimated in terms of money that a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser with knowledge of the property's use and capabilities for use.

1. A person under the age of majority.
2. In California all persons under eighteen years of age - the age of majority in California. Someone under age 18.

MUTUAL WATER COMPANY

A water company organized by or for water-users in a given district, with the object of securing an ample water supply at a reasonable rate. Stock is issued to users.

Either the failure to act as a reasonable, prudent person, or the performance of an act that would not be done by a reasonable, prudent person.

An individual licensed by the state to charge a fee for acknowledging signatures on instruments.

A signed written instrument promising payment of a stated sum of money . Shortened name for a promissory note.

A promisor; a person to whom another is bound by a promise or another obligation.

A mortgage containing a clause that permits the mortgagor or trustor to borrow additional money without rewriting the mortgage or deed of trust.

A verbal agreement, one not reduced to writing.

Placement of a house on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street, and protection from outside noises.

An improvement that is not the highest and best use for the site on which it is placed, by reason of excessive size or cost.

Any unexplained overages in the trust account must be held in trust by the licesee and must be maintained in a seperate record.

Any unexplained overages in the trust account must be held in trust by the licesee and must be maintained in a seperate record.

The part of the roof that extends beyond the walls and that shades buildings and covers walks.

The right of a person to use and possess property to the exclusion of others.

A wall erected on the line between two adjoining properties that are under different ownership for the use of both owners.

Oral or verbal.

Hardwood flooring laid in squares or patterns.

A legal action by which co-owners seek to sever their joint ownership. The physical division of property between co-owners, usually through court action.

A provision in a promissory note, deed of trust, or mortgage, permitting the debtor to pay off the obligation before maturity.

The term, as applied to nails, that serves as a measure of nail length and is abbreviated by the letter d.

Baseboard heating or any system in which the heat registers are located along the outside walls of a room, especially under the windows.

A person who petitions the court on a special proceeding or a motion.

A column of masonry used to support other structural members.

The incline or rise of a roof.

The party who initiates a lawsuit; the person who sues another.

Deposition of personal property by a debtor with a creditor as security for a debt or engagement.

One who is given a pledge as security. (See Security Party)

One who gives a pledge as security. (See Debtor)

The appreciation in unit value created by joining smaller ownerships into one large single ownership.

1. Laminated wood made up in panels.
2. Several thicknesses of wood glued together with grains at different angles for strength.

A point is equal to one percent of the principle amount of a mortgage loan. Lenders freqently change points in both fixed-rate and adjustable-rate mortgages in order to increase the yeild on the mortgage and to cover loan costs. These points are usually collected at closing and may be paind by the borrower or the home seller, or may be split between them.

A house manufactured, and sometimes partly assembled, before delivery to the building site.

1. Presumptive on its face.
2. Assumed correct until overcome by further proof. Facts, evidence, or documents that are taken at face value and presumed to be as they appear (unless proven otherwise).

The (client) employer of an agent. Someone who hires an agent to act on his behalf. The term also refers to the amount of an outstanding loan (exclusive of interest).

That which comes first in point of time or right. superior, higher, or¥preferred rank or position.

Closeness or mutuality of a contractual relationship.

Court supervision of the collection and distribution of a deceased person's estate. This takes place in Superior Court within the county where the property is located.

The law of how to present and proceed with legal rights (for example, laws of evidence, enforcement of judgments). It is the opposite of substantative law.

An easement coupled with a power to consume resources on the burdened property.

A written promise to pay a designated sum of money at a future date.

Anything that may be owned. Anything of value in which the law permits ownership.

Money awarded by the court for the sole purpose of punishing the wrongdoer, and not designed to compensate the injured party for his damages.

A mortgage or deed of trust given as part or all of the consideration for the purchase of property or given as security for a loan to obtain money for all or part of the purchase price.

A molding whose profile resembles a quarter of a circle. QUASI Almost as if it were.

A contract implied by law; that is, the law will imply and consider certain relationships as if they were a contract.

The right of an owner to the use of property without interference with his or her possession or use.

A court action brought to establish title and to remove a cloud from the title.

A method of heating, usually consisting of coils or pipes placed in the floor, wall, or ceiling.

One of a series of boards of a roof designed to support roof loads.

A strip of land six miles wide, determined by a government survey, running in a north-south direction.

Can be a good source to find first trust deeds that can be purchased at a discount.

An organization whose members consist primarily of real estate brokers and salespersons.

A special arrangement under federal and state law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes.

A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors.

1. The rate of interest necessary to provide for the return of an investment.
2. A provision in tax laws that reduces certain benefits from claiming depreciation.

Buying back one's property after a judicial sale. The repurchasing of one's property after a judicial sale.

A legal action to correct a mistake in a deed or other document.

Refusal to accept an offer. Repudiation of an offer automatically terminates the offer.

The gradual lowering of water from the usual watermark.

To send back to a lower court for further action.

The consideration paid by a tenant for possession of property under a lease.

The cancelling of a contract by either mutual consent of the parties or legal action.

A right or interest retained by a grantor when conveying property; also called an exception.

That portion of a person's estate that has not been specifically devised.

Prohibits the giving and receiving of of kickbacks and unearned fees.

ARESPONDEAT SUPERIOR

RESPONDENT

The person against whom an appeal is taken; the opposite of an appellant.

RESTRICTION

RETALIATORY EVICTION

A landlord's attempt to evict a tenant from a lease because the tenant has used the remedies available under the warranty of habitability.

REVERSION

REVOCATION

Withdrawal of an offer or other right, thereby voiding and destroying that offer or right. It is a recall with intent to rescind.

The horizontal line at the junction of the top edges of two sloping roof surfaces. (The rafters at both slopes are nailed at the ridge.)

The board placed on edge at the ridge of the roof to support the upper ends of the rafters; also called roof tree, ridge piece, ridge plate, or ridgepole.

The right to acquire the interest of a deceased joint-owner. It is the distinguishing feature of a joint tenancy.

The right of a landowner with regard to a stream crossing or adjoining his or her property.

1. The upright board at the back of each step of a stairway.
2. In heating, a riser is a duct slanted upward to carry hot air from the furnace to the room above.

Prohibits discrimination in employment and housing. Is enforced by the Department of Fair Employment and Housing.

A situation in which the owner of a piece of property sells it and retains occupancy be leasing it from the buyer.

A contract between buyer and seller setting out the terms of sale.

An individual licensed to sell property, but who must at all times be under the supervision and direction of a broker.

Discharge of a mortgage or deed of trust lien from the records upon payment of the secured debt. Dischange of an obligation or indebtedness by paying what is due.

An investor should not place money in a savings account if he wants to have financial freedom.

An impression mark or stamp made to attest to the execution of an instrument.

A loan secured by a second mortgage or a second deed of trust.

A square mile of land, as established by government survey, containing 640 acres.

An obligation that includes property held as security for the payment of that debt; upon default, the property may be sold to satisfy the debt.

The party having the security interest in personal property. The mortgagee, conditional seller, or pledgee is referred to as the secured party.

A deposit made to assure performance of an obligation, usually by a tenant. A sum of cash given as collateral to ensure faithful performance of specified obligations.

A term designating the interest of a secured creditor in the personal property of the debtor.

The possession of land under a claim of freehold.

A lien that is superior to or has priority over another lien. Also, the first deed of trust or lein on a property.

An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.

That parcel of property which is burdened by and encumbered with an easement.

An estate burdened by an easement.

An ordinance prohibiting the erection of a building or structure between the curb and the set-back line. (see Building Line)

Sole ownership of property. Ownership by one person.

Ownership by only one person; sole ownership.

A hand-split shingle, usually edge-grained.

Structural covering, such as boards, plywood, or wallboard, placed over the exterior studding or rafters of a house.

A deed given by court order in connection with the sale of property to satisfy a judgement.

The board or piece of metal forming the lower side of an opening, such as a door sill or window sill.

1. A fund set aside from the income from property that, with accrued interest, will eventually pay for replacement of the improvements.
2. A similar fund set aside to pay a debt.

Pipe carrying waste from the house to the main sewer line.

A structural member, usually two-by-four, on which wall and partition studs rest.

The distance between structural supports, such as walls, columns, piers, beams, and girders.

Legal charge against real estate by a public authority to pay the cost of public improvement, as distinguished from taxes levied for the general support of government.

A person's husband or wife.

An illegal procedure where individual buyers, who are usually minorities, are only shown properties in specific neighborhoods.

A promissory note that is unamortized. The principal is paid at the end of the term of the note.

An accounting procedure that sets the rate of depreciation as a fixed percentage of the amount to be depreciated; the percentage stays the same each year.

1. A timber or other support for cross-members.
2. In stairs, the support on which the stair treads rest.

Vertical supporting timbers in walls and partitions.

Support that the soil below the surface gives to the surface of the land.

1. Burdened by and liable for an obligation.
2. A method of taking over a loan without becoming personally liable for its payment

A lease given by a tenant.

Senior lien that makes it inferior to what would otherwise be a junior lien.

To substitute one person for another's legal rights to a claim or debt.

The substitution of another person in place of the creditor with regard to an obligation.

The laws describing rights and duties. Differs from procedural law, which only describes how to enforce and protect rights.

The inheritance of property.

The next succeeding owner of an interest in property. The transferee or recipient of a property interest.

The process by which a parcel of land is located on the ground and measured.

This is a short term equity loan.

A compulsory charge on property or individuals, the payment of which supports a government.

The tax value of property to the taxpayer. It is a figure used to compute capital gains and losses.

Deed issued to the pruchaser at a tax sale.

Sale of property after a period of nonpayment of taxes.

A leasehold estate. (For specific types of leases see Estates.)

Ownership by two or more persons who hold an undivided interest in real property, without right of survivorship; the interests need not be equal.

One who leases real property from the owner.

All rights in real property that pass with a conveyance of it.

The manner in which land is held.

A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.

Antlike insects that feed on wood.

A gift passing by will.

Describes a person who dies leaving a will.

A person who makes a will. Technically, a testator is a male and a testatrix is a female, although in common use testator refers to anyone who makes a will.

A notice terminating a periodic tenancy without cause, by ending a tenancy thirty days from date of service.

A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.

These words, when placed in an agreement, make it necessary that all time limitations and requirements be strictly observed.

Evidence of the owner's right or interest in property.

1. The right of ownership.
2. The evidence of a person's ownership or interest in property.

Nature of the surface of the land. Topography may be level, rolling, or mountainous.

1. A wrongful act.
2. A wrong or injury.
3. Violation of a legal right. A civil wrong, not arising from a breach of contract. Most torts lie in negligence, although they could also be intentional torts (such as assault and battery, trespass) or strict liability torts.

A person who commits a tort.

Conduct which amounts to a tort.

A territorial subdivision that is six miles long and six miles wide and that contains 36 sections, each one mile square.

Conveyance; passage of title.

It is the responsibility of the seller (transferor) to issue the statement.

The person to whom a transfer is made.

The person who makes a transfer.

Horizontal boards of a stairway.

An invasion of an owner's rights in his or her property.

1. Unauthorized entry onto another's land.
2. Invasion of another's rights or property.

The finish materials in a building, such as moldings applied around openings (window trim, door trim) or at the floor and ceiling (baseboard, cornice, picture molding).

One who holds property in trust for another. The person who holds property in trust for another. In a deed of trust, the person who holds bare legal title in trust.

The deed issued by the beneficiary after the foreclosure and sale under a deed of trust.

The private sale of property held by a trustee under a deed of trust as part of the foreclosure proceedings.?/p>

This sale must be conducted in approximately four months.

1. One who conveys his or her property to a trustee.
2. The borrower or debtor under a deed of trust.

These rights continue for five business days prior to the date of the trustee's sale.

An increase in value of real estate due to no effort on the part of the owner, often due to an increase in population.

Incapable of being enforced at law. An example of an unenforceable contract is an oral listing agreement to pay a broker a commission.

One-sided, ex parte.

Illegal.

A debt not backed by specific property to satisfy the indebtedness in case of default.?/p>

City property; closely settled property.

Claiming a rate of interest greater that that permitted by law. Charging a greater rate of interest on loans than the rate allowed by law (10 percent in many cases).

This loan does not contain a "due on sale " clause.

1. Legally sufficient and authorized by law.
2. Having force or binding force. Fully effective at law; legally sufficient.

The internal angle formed by the junction of two sloping sides of a roof.

1. Estimated worth or price.
2. The act of valuing by appraisal.

Purchaser or buyer or real property.

Seller of real property.

Thin sheets of wood placed over another material.

Against (abbreviated v. or vs.). Used in case names, with the plaintiff's name given first.

Bestowed upon someone, such as title to property. Absolute, not contingent or subject to being defeated.

A deduction from the annual property tax allowed to a qualified veteran residing on residential propery. Since July 1978, it has amounted to $40 off the normal tax bill.

To have no legal force or effect;that which is unenforceable. Unenforceable, null, having no legal effect.

Any lien placed on property with the consent of the owner or as a result of the voluntary act of the owner.

To give up a right.

An absolute undertaking or promise that certain facts are as represented. Occasionally used interchangeably with guarantee.

Distance from the surface of the ground to a depth at which natural ground water is found.

A document that directs the disposition of one's property after death.

A formal will, signed by the testator in the presence of two or more witnesses, each of whom must also sign the will.

A writ authorizing and directing the physical attachment (seizure) of property.

An order directing the sheriff to sieze property to satisfy a judgment.

An order authorizing a landlord to obtain immediate possession of a tenant's premises, pending the outcome of an unlawful detainer action or other court proceeding.

The area set off by the proper authorities in which the real property can be used for only specific purposes.