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Y

Yard – A unit of measurement that is 3 feet long. ...


X

X – An individual who cannot write may execute a legal document by affixing an “X” – his or her mark – where the signature normally goes and a witness would write the person’s name beneath the mark and then sign his or her own name. ...


W

Wainscoting – The wooden lining of an interior wall and also the lower part of a wall when it is finished different than the upper wall. ...


V

VA – See Veterans’ Administration. ...


U

Ultra vires activities – The actions of a corporation done beyond the powers granted in its charter that could lead to a lawsuit by its shareholders. ...


T

Tacking – The adding together of successive periods of adverse possession of parties in privity with each other in order to create one continuous adverse possession to meet the legal time requirement to establish title. ...


S

Safe rate – The rate of interest paid on government bonds, utility bonds or bank savings which holds mimimal chance of loss. ...


R

Race notice – The concept used in recordation of a property wherein the first party to register the property becomes the recognized owner. ...


Q

Quadrangle – A square-shaped land area used in the government survey system method of land description that is 24 miles on each side and contains 16 townships. See United States Government Survey System. ...


P

Package loan – A type of mortgage used in home financing that is inclusive and covers the real property and the improvements as well as any movable mechanical or electrical equipment. ...


O

Objective value – The value used in the income and market data approaches of appraisal that can be easily determined using data directly from the market. ...


N

NAR – See National Association of REALTORS® ...


M

MAI – See Member Appraisal Institute ...


L

Laches – An established legal doctrine under which, apart from any question of statutory limitation, courts discourage laziness and delay in the enforcements of rights and due to the delay or negligence in asserting one’s legal rights, will refuse to try suits not brought within a set reasonable ...


K

Key lot – A lot in such a position that one side is adjacent to the back of other lots which in a subdivision is considered to be a least desirable lot. ...


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