A   
A.B.A.
ABSTRACT
ABSTRACT OF TITLE
ABSTRACT WITH LAWYER'S OPINION
ACCELERATION CLAUSE
ACCOUNTS RECEIVABLE
ACRE
ADDENDUM
ADJUSTABLE RATE MORTGAGE - (ARM)
ADVERSE POSSESSION
AGENCY
AGREEMENT
AIR RIGHTS
AMENDMENT
AMORTIZATION
ANNUM
APPRAISAL
APPRECIATION
"AS IS" CONDITION
ASSESSMENT
ASSIGN
ASSIGNEE
ASSIGNMENT
ASSIGNOR
ASSUMPTION OT MORTGAGE

B   ^ Top
BALLOON PAYMENT
BENCHMARK
BENEFICIAL INTEREST
BENEFICIARY
BID
BILL OF SALE
BLANKET MORTGAGE
BREACH OF CONTRACT
BUYER'S MARKET
BY-LAWS

C   ^ Top
CAPITAL GAINS
CAPITALIZATION
CASH FLOW
CERTIFICATE OF OCCUPANCY
CHATTEL
CLASS ACTION
CLOSING
CLOUD ON TITLE
CONDEMNATION
CONTRACT
COST APPROACH

D   ^ Top
DEED
DEFAULT
DEPRECIATION
DUAL AGENCY

E   ^ Top
EARNEST MONEY
EASEMENT
EQUITY

F  ^ Top 
FACE VALUE
FAIR MARKET VALUE
FEE SIMPLE (ABSOLUTE)
FHA
FHA LOAN
FIDUCIARY RELATIONSHIP
FORECLOSURE
FRAUD

G   ^ Top
GAIN
GENERAL LIEN
GRANTEE
GRANTOR
GROSS INCOME

H   ^ Top
HIGHEST AND BEST USE
HOMESTEAD

I  ^ Top 
IMPROVEMENTS
INCOME APPROACH
INSOLVENT
INSTALLMENT SALE
INSTRUMENT
INTEREST ONLY MORTGAGE

J   ^ Top
JOINT VENTURE
JOINT TENANCY
JUDGMENT
JUDICIAL SALE
JUNIOR MORTGAGE

K

L   ^ Top
LAND CONTRACT
LEASE HOLD ESTATE
LETTER OF INTENT
LIEN
LIS PENDENS

M   ^ Top
MARKETABLE TITLE
MARKET VALUE APPROACH
MECHANIC LIEN
MORTGAGE
MORTGAGEE
MORTGAGOR

N   ^ Top
NET INCOME
NET WORTH
NON-PERFORMING LOAN
NOTE

O   ^ Top
OFFER
OPTION

P   ^ Top
PARTITION
PAY-OFF AMOUNT
P.M.I.
PRIME RATE
PROBATE
PROMISSORY NOTE
PUBLIC SALE
PURCHASE MONEY MORTGAGE (PMM)

Q   ^ Top
QUITCLAIM DEED

R  ^ Top 
REAL ESTATE
REAL PROPERTY
REALTOR
REDEMPTION PERIOD
REGULATION "Z"
REHABILITATION (REHAB)
REFINANCING
REINSTATEMENT
REPLACEMENT COST
R.T.C.

S  ^ Top 
SBA
SECONDARY MARKET
SECOND MORTGAGE
SHERIFF'S DEED
SPECIAL ASSESSMENT
SPECIFIC PERFORMANCE
"SUBJECT TO" CLAUSE
SURFACE RIGHTS
SYNDICATE

T   ^ Top
TAX DEED
TAX SHELTER -
"TIME IS OF THE ESSENCE"
TITLE
TRUST

U

V   ^ Top
VA
VA LOAN
VENDEE
VENDOR

W   ^ Top
WAIVER
WARRANTY DEED

X

Y   ^ Top
YIELD

Z   ^ Top
ZONING

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A ^ Top

A.B.A. ^ Top  
American Bar Association.

ABSTRACT ^ Top   
A summary, condensed history.

ABSTRACT OF TITLE ^ Top   
A condensed summary of all recorded documents (conveyances and encumbrances) relating to a parcel of real estate, from which an opinion as to the condition of title may be given.

ABSTRACT WITH LAWYER'S OPINION ^ Top  
Abstract of title with lawyer's opinion as to the condition of title.

ACCELERATION CLAUSE ^ Top   
A clause in a mortgage or trust deed, which gives the lender at it's option the right to demand the entire unpaid balance of the loan due and payable. (Also known as clause 17th).

ACCOUNTS RECEIVABLE ^ Top  
Money owned for services performed or goods sold. Accounts receivable are assets and may be sold by the business to rise founds.

ACRE ^ Top   
43,560 square feet of land.

ADDENDUM ^ Top  
A form/document added to a contract or agreement also known as a Rider.

ADJUSTABLE RATE MORTGAGE - (ARM) ^ Top  
Mortgage loan under which the interest rate may periodically change.

ADVERSE POSSESSION ^ Top  
Method of acquiring title to real estate by actual, continuos, open, notorious and hostile possession of another man's real property.

AGENCY ^ Top  
A relationship in which the agent is given the authority to act on behalf of another person (Principal).

AGREEMENT ^ Top  
A meeting of minds.

AIR RIGHTS ^ Top  
The right to the air space above the real property.

AMENDMENT ^ Top  
A change to the correct or alteration to the original document/agreement without changing its principal essence.

AMORTIZATION ^ Top  
The period of time over which a debt is to be repaid in equal installments.

ANNUM ^ Top  
A year.

APPRAISAL ^ Top  
A formal opinion of value.

APPRECIATION ^ Top  
The increase of value due to the economic and social factors over a period of time.

"AS IS" CONDITION ^ Top  
"What you see is what you get". Seller does not make any guarantees or warrantees as to the physical condition of the property.

ASSESSMENT ^ Top  
An estimate of value for Tax purposes, or an additional charge to the general taxes for special improvements such as new streets, sidewalks, sewers, etc.

ASSIGN ^ Top  
To transfer interest.

ASSIGNEE ^ Top  
A person who receives the assignment.

ASSIGNMENT ^ Top  
A document transferring ones interest to another person.

ASSIGNOR ^ Top  
A person giving up the interest, giving the assignment.

ASSUMPTION OT MORTGAGE ^ Top  
An agreement by which a person assumes an existing mortgage or trust deed.


B ^ Top

BALLOON PAYMENT ^ Top   
A final payment of the entire loan balance, usually after partial amortization, due and payable in a lump sum at the maturity of the loan.

BENCHMARK ^ Top  
A permanent reference mark for surveyors.

BENEFICIAL INTEREST ^ Top  
Equitable ownership of a Land Trust.

BENEFICIARY ^ Top   
A person for who's benefit a trust is created.

BID ^ Top  
An offer.

BILL OF SALE ^ Top  
Instrument conveying the ownership to the personal property.

BLANKET MORTGAGE ^ Top  
A mortgage covering more than one property.

BREACH OF CONTRACT ^ Top  
Failure to perform provisions of a contract.

BUYER'S MARKET ^ Top  
Market where there is more properties available for sale than interested buyers.

BY-LAWS ^ Top  
Rules and regulations governing an association or corporation.

C ^ Top

CAPITAL GAINS ^ Top  
Profit earned from a sale of real estate.

CAPITALIZATION ^ Top  
A method used to estimate value of a property based on the rate of return on investment.
Income Rate = Value

CASH FLOW ^ Top  
Income generated from the operation and ownership of real estate.

CERTIFICATE OF OCCUPANCY ^ Top  
A certificate issued by a local governmental body stating that the building is in a condition to be occupied.

CHATTEL ^ Top  
Personal property.

CLASS ACTION ^ Top  
A claim brought up on behalf of a group of people.

CLOSING ^ Top  
A final procedure (settlement) involving a transfer of legal title.

CLOUD ON TITLE ^ Top  
An evidence of encumbrances.

CONDEMNATION ^ Top  
A judicial proceedings through which a governmental body takes a private property for a public use.

CONTRACT ^ Top  
A legally enforceable agreement between two parties.

COST APPROACH ^ Top  
A method used by an appraiser to estimate replacement cost of improvements less depreciation.

D ^ Top

DEED ^ Top  
Document transferring Legal Title to real estate.

DEFAULT ^ Top  
A nonperformance of duty under an agreement (contract).

DEPRECIATION ^ Top  
Imaginary decrease in value of improvements for tax purposes.

DUAL AGENCY ^ Top  
Representation of opposing parties (buyer and seller) at the same time in the same transaction.

E ^ Top

EARNEST MONEY ^ Top   
A good faith deposit.

EASEMENT ^ Top  
A right to use land of another person for a specific purpose.

EQUITY ^ Top   
The difference between the market value and what's owned on the property.

F ^ Top

FACE VALUE ^ Top   
The value of a mortgage without any discounts.

FAIR MARKET VALUE ^ Top  
The price for which a property would sale in normal market where the seller nor the buyer are under any pressure.

FEE SIMPLE (ABSOLUTE) ^ Top   
The maximum/absolute right of ownership.

FHA ^ Top  
Federal Housing Administration.

FHA LOAN ^ Top  
A loan insured by Federal Housing Administration and made by an approved local lender.

FIDUCIARY RELATIONSHIP ^ Top   
A relationship of trust and confidence between principal and agent; lawyer and client; doctor and patient; etc..

FORECLOSURE ^ Top  
A court process undertaken to sell the property to satisfy unpaid mortgage or lien.

FRAUD ^ Top  
Intended deception to obtain property, or money from another person.


G ^ Top

GAIN ^ Top  
Profit.

GENERAL LIEN ^ Top  
The right of a creditor to a lien which attaches to all property (personal and real) of the debtor.

GRANTEE ^ Top  
A person who receives.

GRANTOR ^ Top  
A person who gives.

GROSS INCOME ^ Top  
Income before expenses.

H ^ Top

HIGHEST AND BEST USE ^ Top  
The possible use of land that would produce the highest income or value.

HOMESTEAD ^ Top   
The land property that is occupied as the primary family home/residence.

I ^ Top

IMPROVEMENTS ^ Top  
A structure, generally a building.

INCOME APPROACH ^ Top  
A method used by an appraiser to estimate the value of a property by calculating it's generated income.

INSOLVENT ^ Top  
Not capable of repaying debts (bankrupted).

INSTALLMENT SALE ^ Top  
A transaction in which the sale's price is paid in installment payments over a period of time.

INSTRUMENT ^ Top  
A written legal document.

INTEREST ONLY MORTGAGE ^ Top  
A loan under which the principal amount borrowed is usually paid back in one balloon payment at the time of maturity of the loan, and during the time of the loan the borrower is obligated to pay interest payments only on the amount borrowed.

J ^ Top

JOINT VENTURE ^ Top  
An agreement between parities to conduct specific business, share the losses and profits.

JOINT TENANCY ^ Top  
Undivided interest in property which passes to the surviving joint tenant, and not to his heirs.

JUDGMENT ^ Top  
The decision of the court which when effective becomes a general lien on the defendant.

JUDICIAL SALE ^ Top  
A Sale conducted by the court order.

JUNIOR MORTGAGE ^ Top  
Mortgage of lesser priority than the prior recorded mortgage.

K

L ^ Top

LAND CONTRACT ^ Top  
The installment contract for purchase of Real Estate where the title to the property does not pass until paid in full.

LEASE HOLD ESTATE ^ Top  
Tenants right of possession for a specific period of time under a lease agreement.

LETTER OF INTENT ^ Top  
Not legally binding formal expression of interest in property. It does not create obligation, and it's not an offer, or a contract.

LIEN ^ Top  
Encumbrance against a property placed by a creditor to enforce the payment of debt.

LIS PENDENS ^ Top   
Recorded document showing a pending litigation filed in the court.

M ^ Top

MARKETABLE TITLE ^ Top  
Good clear title free of clouds.

MARKET VALUE APPROACH ^ Top  
A method used by an appraiser to establish value of a property based on comparable sales in the area.

MECHANIC LIEN ^ Top  
A lien created by and in favor of a contractor who performed work and/or furnished materials for a repair of the property.

MORTGAGE ^ Top  
A pledge of Real Estate as security for the repayment of a loan.

MORTGAGEE ^ Top  
Lender.

MORTGAGOR ^ Top  
Borrower.

N ^ Top

NET INCOME ^ Top  
Income after operating expenses.

NET WORTH ^ Top  
The difference between total assets and total liabilities.

NON-PERFORMING LOAN ^ Top  
A loan in default, usually referred by lenders to pending foreclosures.

NOTE ^ Top  
Promise to repay debt/loan.

O ^ Top

OFFER ^ Top  
A proposal; after acceptance it becomes a contract.

OPTION ^ Top  
A right given for a consideration to keep an offer to purchase or lease open for specific time.

P ^ Top

PARTITION ^ Top  
Court procedure to divide interest of parties who do not voluntarily come to agreement.

PAY-OFF AMOUNT ^ Top  
A total balance, mount of a full payment on existing loan or lien.

P.M.I. ^ Top  
Private Mortgage Insurance.

PRIME RATE ^ Top  
The most favorable interest rate charged by lenders on a short term loans to qualified customers.

PROBATE ^ Top  
Court process to prove a valid will.

PROMISSORY NOTE ^ Top  
A written unsecured note promising to pay a specified amount of money on demand, transferable to a third party.

PUBLIC SALE ^ Top  
Sale, auction open to the public.

PURCHASE MONEY MORTGAGE (PMM) ^ Top  
Seller financing as a part of the purchase price.

Q ^ Top

QUITCLAIM DEED ^ Top   
A deed conveying the title by which the grantor transfers whatever
interest he/she had without any warranties, guaranties, or obligations.

R ^ Top

REAL ESTATE ^ Top  
The bundle of legal rights and interest inherent in real estate ownership.

REAL PROPERTY ^ Top  
A portion of the earth extending down to the center of the earth, and upward into space including the surface and anything permanently affixed to the land.

REALTOR ^ Top  
A member of National Association of Realtors.

REDEMPTION PERIOD ^ Top  
A time provided by the state law during which the property owner can redeem the property from foreclosure or tax sale by paying off the amount owed plus any interest, court cost, or attorney's fee.

REGULATION "Z" ^ Top  
Issued under the Truth-in-Landing Act, requires the creditor, or a landing institutions to disclose in writing the true cost of obtaining credit.

REHABILITATION (REHAB) ^ Top  
Reconditioning, renewal of the property and improvements there on.

REFINANCING ^ Top  
Obtaining a new loan to pay off the existing one.

REINSTATEMENT ^ Top  
Making a loan current, bringing it up from a default into a good standing.

REPLACEMENT COST ^ Top  
Construction cost of building a substitute property, the same as the original, accept in the current market, at current costs.

R.T.C. ^ Top   
Resolution Trust Corporation.

S ^ Top

SBA ^ Top  
Small Business Administration.

SECONDARY MARKET ^ Top  
A market for the purpose of purchase and sale of existing mortgages usually at discounted prices to provide greater liquidity to the mortgagee/lender.

SECOND MORTGAGE ^ Top  
A mortgage recorded after a First mortgage, ranks second in priority.

SHERIFF'S DEED ^ Top  
A deed given for property purchased at a sheriff's sale, as a result of a mortgage foreclosure.

SPECIAL ASSESSMENT ^ Top  
Additional tax imposed by the local government for public improvements such as new streets, etc..

SPECIFIC PERFORMANCE ^ Top  
A legal action to complete the performance of a contract.

"SUBJECT TO" CLAUSE ^ Top  
Condition clause, it makes the agreement contingent up on the performance of that clause.

SURFACE RIGHTS ^ Top  
The right to use the surface of land.

SYNDICATE ^ Top  
Association of individuals for the purpose of business venture.

T ^ Top

TAX DEED ^ Top  
A deed to the property from Governmental body given at a public sale for delinquent taxes.

TAX SHELTER ^ Top  

"TIME IS OF THE ESSENCE" ^ Top   
Clause used to bind party to performance at/or within a specific time.

TITLE ^ Top  
The right of ownership.

TRUST ^ Top  
A fiduciary relationship under one holds the title for the benefit of another.

U

V ^ Top

VA ^ Top  
Veterans Administration.

VA LOAN ^ Top  
Loan to a qualified veteran guaranteed by the Veterans Administration and made by the local approved lender.

VENDEE ^ Top  
Buyer.

VENDOR ^ Top  
Seller.

W ^ Top

WAIVER ^ Top  
Relinquishment of a right.

WARRANTY DEED ^ Top  
A deed conveying the title to a property with a warranty of clean, clear marketable title.

X

Y ^ Top

YIELD ^ Top   
Ratio of income from an investment including all the cost and additional profit over a given period of time.

Z ^ Top

ZONING ^ Top  
A regulation and control of uses allowable for real property in the specific area.