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Economic rent
The amount of a rent property could command in the open market.
Effective yield
A return on investment calculation that considers the price paid, the time held and the interest rate.
Emblements
Annual plantings that require cultivation.
Eminent domain
The right of government to take privately held land for public use, provided fair compensation is paid.
Employment contract
Between Broker and principal (listing).
Employment Ratio
The number of service-industry jobs created by each new base-industry job.
Enabling declaration (master deed)
A document that converts a given parcel of land into a condominium subdivision.
Encroachment
The unauthorized intrusion of a building or other improvement onto another person's land.
Encumbrance
Any impediment to clear title, such as lien, lease, or easement.
Endorsement
An agreement by the insurer to extend coverage to perils not covered by the basic policy; also called a rider or attachment.
Environmental impact statement
A report that contains information regarding the effect of a proposed project on the environment.
Equal Credit Opportunity Act 275
Equitable mortgage; a written agreement that is considered to be a mortgage in its intent even though it may not follow the usual mortgage wording.
Equity
The market value of a property less the debt against it.
Equity build-up
The increase of one's equity in a property due to mortgage balance reduction and price appreciation.
Equity mortgage
A loan made against the appreciated value of the borrower's property.
Equity of redemption
The borrower's right prior to foreclosure to repay the balance due on a delinquent mortgage loan.
Escalator clause
Provision in a lease for upward and downward rent adjustments.
Escheat The reversion of a person's property to the state when he/she dies and leaves no will or heirs.
Escrow agent
The person placed in charge of an escrow.
Escrow closing
The deposit of documents and funds with a neutral third party along with instructions as to how to conduct the closing.
Escrow company
A firm that specializes in handling the closing of a transaction.
Estate
The extent of one's right in land .
Estate at will
A leasehold estate that can be terminated by the lessor or leasee at any time.
Estate for years
Any lease with a specific starting time and a specific ending time.
Estate in servalty
Owned by one person, sole ownership.
Estoppel certificate
A document in which a borrower verifies the amount he still owes and the interest rate.
Exclusion
An exception to insurance coverage.
Exclusive agency listing
A listing wherein the owner reserves the right to sell his property himself, but agrees to list with no other broker during the listing period.
Exclusive authority to sell
(same as exclusive right to sell).
Executor
A person named in a will to carry out its instructions.
Executor's deed
A deed used to convey the real property of a deceased person.
Expressed contract
A contract made orally or in writing.
Face amount
The dollar amount of insurance coverage.
Faithful performance
A requirement that an agent obey all legal instructions given to him by his principal.
Fannie Mae
A real estate industry nickname for the Federal National Mortgage Association.
Federal Deposit Insurance Corporation
Provides a secondary mortgage market facility for savings and loan associations.
Federal Savings and Loan Insurance Corporation
A government agency that insures deposits at savings and loan institutions.
Fee Simple
The largest, most complete bundle of rights one can hold in land ownership.
Fee simple determinable
A fee estate limited by the happening of a certain event.
Fee simple subject to condition subsequent
The grantor has the right to terminate the fee estate.
Fee simple upon condition precedent
Title does not take effect until a condition is preformed.
Feudal system
All land ownership rests in the name of the king.
Fiat money
Money created by the government, printing press money.
Fictitious business name
A name other than the owner's under which he may operate a business. |
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