A term that designates a person who is a member of the American Institute of Appraisers of the National Association of Realtors.
A court decree ordering a lower court judge, public official, or corporate officer to perform an act acquired of that office.
The difference between the amount of secured loan(s) on a property and its appraised value.
Land which barely pays the cost of working or using it.
(See Comparative Market Analysis.)
The price paid regardless of pressures, motives, or intelligence.
The highest price in terms of money which a property will bring on the open market and under all conditions required for a fair sale, i.e., the buyer and seller acting prudently, knowledgeably and neither affected by undue pressures.
Title free and clear of reasonable objections and doubts; also called merchantable title.
A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his or her consent to the agent to enter into a particular transaction on the specified terms.
A lien given by statute to persons supplying labor, materials, or other services to improve real property. Whenever a contractor, laborer, or materialman provides labor or materials to improve real property and is not paid, that person is entitled to a lien against the property as a means of securing payment. Certain statutory steps must be taken to file, record, and foreclose the lien.
A threat to use duress. (See Duress.)
(See Marketable Title.)
The combination of two estates. Also refers to the joining of one estate burdened by an encumbrance and another estate benefited by the encumbrance. Whenever a benefit and a burden are merged, the encumbrance is extinguished.
Imaginary north-south lines that intersect base lines to form a starting point for the measurement of land.
Terms used to describe the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes means measurements Bounds means boundaries.
A person under the age of majority. Someone under age 18.
An event that takes place when there is not enough cash to cover expenses and service the mortgage debt.
An intentional or negligent suggestion or statement of a material fact in a false manner with the intent of deceiving someone into taking a course of action he would not otherwise normally pursue.
Facts or circumstances that tend to justify or excuse an act or course of conduct.
A stationary, nonmotorized vehicle designed and equipped for human habitation. It may be transported to a homesite by special equipment.
Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.
A lease of property for a month at a time, under a periodic tenancy that continues for successive months until terminated by proper notice, usually 30 days.
A fixed object and point established by surveyors or others to establish land locations.
The temporary suspension, usually by stature, of the enforcement of liability for debt.
An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in the event of default as established by statute.
MORTGAGE GUARANTY INSURANCE
Insurance against financial loss available to mortgage lenders from the Mortgage Guaranty Insurance Corporation, a private company organized in 1956.
One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation: the lender under a mortgage. (See Secured Party.) A creditor (lender) under a mortgage.
One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; the borrower under a mortgage. (See Debtor.) A borrower (property owner) of money under a mortgage.
An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.
An inferior trial court having jurisdiction in cases involving up to $15,000 in money damages and in unlawful detainer actions in which the rental value is under $1,000 per month.
An agreement between the parties in a contract. The offer and acceptance of a contract.
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.