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Real Estate Words Glossary Archive


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. ...


J

Jalousie – An exterior slotted blind or shutter window like a Venetian blind used to permit ventilation while avoiding rain penetration and also to control sunlight. ...


I

Identity of interest – The system whereby the builder and sponsor of a housing project subsidized by the government have ownership interests in each other. ...


H

Habendum clause – The to have and to hold clause in a deed that describes the extent of the interest conveyed, such as fee or life estate and which is no longer an essential part of a deed. ...


G

Gable roof – A steeply pitched roof with sloping sides. ...


F

Facade – The real front or face of a building but often also used to refer to a false front. ...


E

Earnest money – A sum of money or other consideration given by a prospective purchaser as a deposit or partial payment as evidence of good faith in conjunction with an offer to purchase real property rights which if accepted will become part of the down payment. ...


D

Damages – The payment to a party who has suffered a loss or has been harmed by a sustained injury either to his or her person, property or relative rights through an act or default of another which is used to make up for the wrong. ...


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