{"id":253077,"date":"2023-06-14T14:36:10","date_gmt":"2023-06-14T21:36:10","guid":{"rendered":"https:\/\/thelearningsource.net\/glossary\/"},"modified":"2023-06-14T15:12:01","modified_gmt":"2023-06-14T22:12:01","slug":"glossary","status":"publish","type":"page","link":"https:\/\/thelearningsource.net\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.21.0&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<div class=\"cm-glossary table modern\"><div class=\"glossary-container \"><input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"glossary_index_style\" value=\"modern-table\">\t\t<div class=\"progress-indicator\">\r\n\t\t\t<img decoding=\"async\" src=\"https:\/\/thelearningsource.net\/wp-content\/plugins\/TooltipProPlus\/assets\/css\/images\/ajax-loader.gif\" alt=\"AJAX progress indicator\"\/>\r\n\t\t<\/div>\r\n\t\t<div class=\"glossary_top_filter\">\r\n\t\t\t<div class=\"left\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"cmtt_help glossary-search-helpitem\"\r\n\t\t\t\t\t\t     data-cmtooltip=\"The search returns the partial search for the given query from both the term title and description. So it will return the results even if the given query is part of the word in the description.\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"glossary-search-label\">Search:<\/span>\r\n\t\t\t\t\t<div class=\"glossary-search-wrapper\">\r\n\t\t\t\t\t\t\t\t\t\t\t\t<input value=\"\"\r\n\t\t\t\t\t\t       placeholder=\"\"\r\n\t\t\t\t\t\t       class=\"glossary-search-term \" name=\"glossary-search-term\"\r\n\t\t\t\t\t\t       id=\"glossary-search-term\"\/>\r\n\t\t\t\t\t\t<button type=\"submit\" id=\"glossary-search\"\r\n\t\t\t\t\t\t        class=\"glossary-search button\">Search<\/button>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<a class=\"glossary-search-clear\" title=\"Clear the input\"\r\n\t\t\t\t\t   href=\"\">\r\n\t\t\t\t\t\t(clear)\t\t\t\t\t<\/a>\r\n\t\t\t\t\t<input type=\"hidden\" class=\"glossary-categories\" name=\"cat\" value=\"all\"><div class=\"cmtt-categories-filter\"> <a class=\"cmtt-glossary-category selected\">All&nbsp;categories<\/a> <a class=\"cmtt-glossary-category \" data-category-name=\"9\">Real&nbsp;Estate<\/a><\/div>\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"disable_listnav\"\r\n\t\t       value=\"1\"\/>\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"exact_search\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"show_search\"\r\n\t\t       value=\"1\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-terms\" name=\"glossary-hide-terms\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-categories\" name=\"glossary-hide-categories\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-abbrevs\" name=\"glossary-hide-abbrevs\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-synonyms\" name=\"glossary-hide-synonyms\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-perpage\" name=\"glossary-perpage\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" name=\"tooltip_language\"\r\n\t\t       value=\"\"\/>\r\n\t\t<input type=\"hidden\" name=\"language_dropdown\"\r\n\t\t       value=\"\"\/>\r\n\t\t<input type=\"hidden\" name=\"languages_for_table\"\r\n\t\t       value=\"\"\/>\r\n\t\t<div id=\"glossaryList-nav\" class=\"listNav medium\" role=\"tablist\"><\/div><ul class=\"glossaryList\" role=\"tablist\" id=\"glossaryList\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTermSet\"><li class=\"the-index-letter\"><h3 role=\"tab\">a<\/h3><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abandonment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABANDONMENT<\/div><div class=glossaryItemBody>The failure to occupy and use property that may result in a loss of rights.How do I deal with abandoned property in California?The landlord must personally deliver or mail a &quot;Notice of Right to Reclaim Abandoned Personal Property&rdquo; to the former tenant. The form of the &quot;Notice of Right to Reclaim Abandoned Personal Property&rdquo; is specified by statute. Keep the property reasonably safe during the notice period.<\/div>\"><span itemprop=\"name\">ABANDONMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The failure to occupy and use property that may result in a loss of rights.\r\n\r\nHow do I deal with abandoned property in California?\r\n\r\nThe landlord must personally deliver or mail a \u201cNotice of Right to Reclaim Abandoned Personal Property\u201d to the former tenant. The form of the \u201cNotice of Right(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abatement-of-nuisance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABATEMENT OF NUISANCE<\/div><div class=glossaryItemBody> Extinction or termination of a nuisance.<\/div>\"><span itemprop=\"name\">ABATEMENT OF NUISANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Extinction or termination of a nuisance.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/absolute-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSOLUTE OWNERSHIP<\/div><div class=glossaryItemBody> See FEE SIMPLE ESTATE.<\/div>\"><span itemprop=\"name\">ABSOLUTE OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See FEE SIMPLE ESTATE.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstract-of-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACT OF JUDGMENT<\/div><div class=glossaryItemBody> A condensation of the essential provisions of a court judgment.<\/div>\"><span itemprop=\"name\">ABSTRACT OF JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condensation of the essential provisions of a court judgment.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstract-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACT OF TITLE<\/div><div class=glossaryItemBody> A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.<\/div>\"><span itemprop=\"name\">ABSTRACT OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstraction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACTION<\/div><div class=glossaryItemBody> A method of valuing land. The indicated value of the improvement is deducted from the sale price.<\/div>\"><span itemprop=\"name\">ABSTRACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of valuing land. The indicated value of the improvement is deducted from the sale price.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accelerated-cost-recovery-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATED COST RECOVERY SYSTEM<\/div><div class=glossaryItemBody> The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS)<\/div>\"><span itemprop=\"name\">ACCELERATED COST RECOVERY SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accelerated-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATED DEPRECIATION<\/div><div class=glossaryItemBody> A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.<\/div>\"><span itemprop=\"name\">ACCELERATED DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acceleration-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATION CLAUSE<\/div><div class=glossaryItemBody> A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.<\/div>\"><span itemprop=\"name\">ACCELERATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acceptance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCEPTANCE<\/div><div class=glossaryItemBody> The act of agreeing or consenting to the terms of an offer thereby establishing the ?meeting of the minds? that is an essential element of a contract.<\/div>\"><span itemprop=\"name\">ACCEPTANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of agreeing or consenting to the terms of an offer thereby establishing the ?meeting of the minds? that is an essential element of a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/access-right\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCESS RIGHT<\/div><div class=glossaryItemBody> The right of an owner to have ingress and egress to and from owner?s property over adjoining property.<\/div>\"><span itemprop=\"name\">ACCESS RIGHT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of an owner to have ingress and egress to and from owner?s property over adjoining property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accession\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCESSION<\/div><div class=glossaryItemBody> An addition to property through the efforts of man or by natural forces.<\/div>\"><span itemprop=\"name\">ACCESSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An addition to property through the efforts of man or by natural forces.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accretion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRETION<\/div><div class=glossaryItemBody> Accession by natural forces, e.g., alluvium.<\/div>\"><span itemprop=\"name\">ACCRETION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Accession by natural forces, e.g., alluvium.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accrued-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRUED DEPRECIATION<\/div><div class=glossaryItemBody> The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.<\/div>\"><span itemprop=\"name\">ACCRUED DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accrued-items-of-expense\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRUED ITEMS OF EXPENSE<\/div><div class=glossaryItemBody> Those incurred expenses which are not yet payable. The seller?s accrued expenses are credited to the purchaser in a closing statement.<\/div>\"><span itemprop=\"name\">ACCRUED ITEMS OF EXPENSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those incurred expenses which are not yet payable. The seller?s accrued expenses are credited to the purchaser in a closing statement.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acknowledgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACKNOWLEDGMENT<\/div><div class=glossaryItemBody> A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.<\/div>\"><span itemprop=\"name\">ACKNOWLEDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acoustical-tile\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACOUSTICAL TILE<\/div><div class=glossaryItemBody> Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.<\/div>\"><span itemprop=\"name\">ACOUSTICAL TILE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acquisition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACQUISITION<\/div><div class=glossaryItemBody> The act or process by which a person procures property.<\/div>\"><span itemprop=\"name\">ACQUISITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act or process by which a person procures property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACRE<\/div><div class=glossaryItemBody> A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.<\/div>\"><span itemprop=\"name\">ACRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/actual-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACTUAL AUTHORITY<\/div><div class=glossaryItemBody> Authority expressly given by the principal or given by the law and not denied by the principal.<\/div>\"><span itemprop=\"name\">ACTUAL AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Authority expressly given by the principal or given by the law and not denied by the principal.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/actual-fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACTUAL FRAUD<\/div><div class=glossaryItemBody> An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth.<\/div>\"><span itemprop=\"name\">ACTUAL FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ad-valorem\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AD VALOREM<\/div><div class=glossaryItemBody> A Latin phrase meaning ?according to value.? Usually used in connection with real estate taxation.<\/div>\"><span itemprop=\"name\">AD VALOREM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A Latin phrase meaning ?according to value.? Usually used in connection with real estate taxation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/addendum\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADDENDUM<\/div><div class=glossaryItemBody> Additional pages of material that are added to and become part of a contract.<\/div>\"><span itemprop=\"name\">ADDENDUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Additional pages of material that are added to and become part of a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adjustable-rate-mortgage-arm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADJUSTABLE RATE MORTGAGE (ARM)<\/div><div class=glossaryItemBody> A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.<\/div>\"><span itemprop=\"name\">ADJUSTABLE RATE MORTGAGE (ARM)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adjustments\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADJUSTMENTS<\/div><div class=glossaryItemBody> In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property. 562 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ADJUSTMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property. 562 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/administrator\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADMINISTRATOR<\/div><div class=glossaryItemBody> A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)<\/div>\"><span itemprop=\"name\">ADMINISTRATOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADR<\/div><div class=glossaryItemBody> See ALTERNATIVE DISPUTE RESOLUTION.<\/div>\"><span itemprop=\"name\">ADR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See ALTERNATIVE DISPUTE RESOLUTION.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE<\/div><div class=glossaryItemBody> Transfer of funds from a lender to a borrower in advance on a loan.<\/div>\"><span itemprop=\"name\">ADVANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Transfer of funds from a lender to a borrower in advance on a loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE COMMITMENT<\/div><div class=glossaryItemBody> The institutional investor?s prior agreement to provide long-term financing upon completion of construction; also known as a ?take-out? loan commitment.<\/div>\"><span itemprop=\"name\">ADVANCE COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The institutional investor?s prior agreement to provide long-term financing upon completion of construction; also known as a ?take-out? loan commitment.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance-fees\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE FEES<\/div><div class=glossaryItemBody> A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate licensees, or representatives of licensed real estate firms.<\/div>\"><span itemprop=\"name\">ADVANCE FEES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adverse-possession\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVERSE POSSESSION<\/div><div class=glossaryItemBody> A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.<\/div>\"><span itemprop=\"name\">ADVERSE POSSESSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affiant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIANT<\/div><div class=glossaryItemBody> One who makes an affidavit or gives evidence.<\/div>\"><span itemprop=\"name\">AFFIANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who makes an affidavit or gives evidence.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affidavit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIDAVIT<\/div><div class=glossaryItemBody> A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.<\/div>\"><span itemprop=\"name\">AFFIDAVIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affidavit-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIDAVIT OF TITLE<\/div><div class=glossaryItemBody> A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant?s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or divorces, no unrecorded deeds, contracts, unpaid repairs or improvements or defects of title known to affiant and that affiant is in possession of the property.<\/div>\"><span itemprop=\"name\">AFFIDAVIT OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant?s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affirm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIRM<\/div><div class=glossaryItemBody> To confirm, to aver, to ratify, to verify. To make a declaration.<\/div>\"><span itemprop=\"name\">AFFIRM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To confirm, to aver, to ratify, to verify. To make a declaration.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGENCY<\/div><div class=glossaryItemBody> The relationship between principal and the principal?s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.<\/div>\"><span itemprop=\"name\">AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relationship between principal and the principal?s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGENT<\/div><div class=glossaryItemBody> One who acts for and with authority from another called the principal.<\/div>\"><span itemprop=\"name\">AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who acts for and with authority from another called the principal.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGREEMENT<\/div><div class=glossaryItemBody> An exchange of promises, a mutual understanding or arrangement; a contract.<\/div>\"><span itemprop=\"name\">AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An exchange of promises, a mutual understanding or arrangement; a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agreement-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGREEMENT OF SALE<\/div><div class=glossaryItemBody> A written agreement or contract between seller and purchaser in which they reach a ?meeting of minds? on the terms and conditions of the sale. The parties concur; are in harmonious opinion.<\/div>\"><span itemprop=\"name\">AGREEMENT OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written agreement or contract between seller and purchaser in which they reach a ?meeting of minds? on the terms and conditions of the sale. The parties concur; are in harmonious opinion.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/air-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AIR RIGHTS<\/div><div class=glossaryItemBody> The rights in real property to the reasonable use of the air space above the surface of the land.<\/div>\"><span itemprop=\"name\">AIR RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The rights in real property to the reasonable use of the air space above the surface of the land.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alienation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALIENATION<\/div><div class=glossaryItemBody> The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.<\/div>\"><span itemprop=\"name\">ALIENATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alienation-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALIENATION CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.<\/div>\"><span itemprop=\"name\">ALIENATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/allodial-tenure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALLODIAL TENURE<\/div><div class=glossaryItemBody> A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in contrast to feudal tenure.<\/div>\"><span itemprop=\"name\">ALLODIAL TENURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in contrast to feudal tenure.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alluvium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALLUVIUM<\/div><div class=glossaryItemBody> The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.<\/div>\"><span itemprop=\"name\">ALLUVIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alta-owners-policy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTA OWNERS POLICY<\/div><div class=glossaryItemBody>An owners extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.<\/div>\"><span itemprop=\"name\">ALTA OWNERS POLICY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An owners extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alta-title-policy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTA TITLE POLICY<\/div><div class=glossaryItemBody> (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic?s liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments. GLOSSARY 563<\/div>\"><span itemprop=\"name\">ALTA TITLE POLICY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic?s liens; unrecorded physical easements; facts a physical survey would show;(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alternative-disupute-resolution-adr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTERNATIVE DISUPUTE RESOLUTION (ADR)<\/div><div class=glossaryItemBody> The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.<\/div>\"><span itemprop=\"name\">ALTERNATIVE DISUPUTE RESOLUTION (ADR)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amenities\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMENITIES<\/div><div class=glossaryItemBody> Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements, not measured in monetary considerations but rather as tangible and intangible benefits attributable to the property, often causing greater pride in ownership.<\/div>\"><span itemprop=\"name\">AMENITIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements, not measured in monetary considerations but rather as tangible and intangible benefits attributable to the property, often causing greater(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amortization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMORTIZATION<\/div><div class=glossaryItemBody> The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.<\/div>\"><span itemprop=\"name\">AMORTIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amortized-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMORTIZED LOAN<\/div><div class=glossaryItemBody> A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.<\/div>\"><span itemprop=\"name\">AMORTIZED LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annexation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNEXATION<\/div><div class=glossaryItemBody> The attaching of personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.<\/div>\"><span itemprop=\"name\">ANNEXATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The attaching of personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annual-percentage-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNUAL PERCENTAGE RATE<\/div><div class=glossaryItemBody> The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.<\/div>\"><span itemprop=\"name\">ANNUAL PERCENTAGE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annuity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNUITY<\/div><div class=glossaryItemBody> A sum of money received at fixed intervals, such as a series of assured equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made in the future. The installment payments due to the landlord under a lease is an annuity. So are the installment payments due to a lender.<\/div>\"><span itemprop=\"name\">ANNUITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sum of money received at fixed intervals, such as a series of assured equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made in the future. The installment payments due to the landlord under a lease is an annuity. So are the installment(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/anticipation-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANTICIPATION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Affirms that value is created by anticipated benefits to be derived in the future.<\/div>\"><span itemprop=\"name\">ANTICIPATION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Affirms that value is created by anticipated benefits to be derived in the future.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appellant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPELLANT<\/div><div class=glossaryItemBody> A party appealing a court decision or ruling.<\/div>\"><span itemprop=\"name\">APPELLANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A party appealing a court decision or ruling.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appr0priation-of-water\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPR0PRIATION OF WATER<\/div><div class=glossaryItemBody> The taking, impounding or diversion of water flowing on the public domain from its natural course and the application of the water to some beneficial use personal and exclusive to the appropriator. APPURTENANCE: That which belongs to something, but not immemorially; all those rights, privileges, and improvements which belong to and pass with the transfer of the property, but which are not necessarily a part of the actual property. Appurtenances to real property pass with the real property to which they are appurtenant, unless a contrary intention is manifested. Typical appurtenances are rights-of-way, easements, water rights, and any property improvements.<\/div>\"><span itemprop=\"name\">APPR0PRIATION OF WATER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The taking, impounding or diversion of water flowing on the public domain from its natural course and the application of the water to some beneficial use personal and exclusive to the appropriator. APPURTENANCE: That which belongs to something, but not immemorially; all those rights,(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appraisal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPRAISAL<\/div><div class=glossaryItemBody> An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.<\/div>\"><span itemprop=\"name\">APPRAISAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appraiser\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPRAISER<\/div><div class=glossaryItemBody> One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.<\/div>\"><span itemprop=\"name\">APPRAISER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appurtenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPURTENANT<\/div><div class=glossaryItemBody> Belonging to; adjunct; appended or annexed to. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each apartment. Appurtenant items pass with the land when the property is transferred.<\/div>\"><span itemprop=\"name\">APPURTENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Belonging to; adjunct; appended or annexed to. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each apartment. Appurtenant items pass with the land when the property is transferred.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/apr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APR<\/div><div class=glossaryItemBody> See ANNUAL PERCENTAGE RATE.<\/div>\"><span itemprop=\"name\">APR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See ANNUAL PERCENTAGE RATE.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/arbitration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARBITRATION<\/div><div class=glossaryItemBody> A neutral third party who listens to each party?s position and makes a final binding decision.<\/div>\"><span itemprop=\"name\">ARBITRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A neutral third party who listens to each party?s position and makes a final binding decision.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/architectural-style\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARCHITECTURAL STYLE<\/div><div class=glossaryItemBody> Generally the appearance and character of a building?s design and construction.<\/div>\"><span itemprop=\"name\">ARCHITECTURAL STYLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Generally the appearance and character of a building?s design and construction.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/articles-of-incorporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARTICLES OF INCORPORATION<\/div><div class=glossaryItemBody> An instrument setting forth the basic rules and purposes under which a private corporation is formed.<\/div>\"><span itemprop=\"name\">ARTICLES OF INCORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument setting forth the basic rules and purposes under which a private corporation is formed.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/artificial-person\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARTIFICIAL PERSON<\/div><div class=glossaryItemBody> Persons created by law; a corporation.<\/div>\"><span itemprop=\"name\">ARTIFICIAL PERSON<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Persons created by law; a corporation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessed-valuation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSED VALUATION<\/div><div class=glossaryItemBody> A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. 564 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ASSESSED VALUATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. 564 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSMENT<\/div><div class=glossaryItemBody> The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners- association for maintenance and reserves.<\/div>\"><span itemprop=\"name\">ASSESSMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners- association for maintenance and reserves.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSOR<\/div><div class=glossaryItemBody> The official who has the responsibility of determining assessed values.<\/div>\"><span itemprop=\"name\">ASSESSOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The official who has the responsibility of determining assessed values.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNMENT<\/div><div class=glossaryItemBody> A transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person?s rights under a contract.<\/div>\"><span itemprop=\"name\">ASSIGNMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person?s rights under a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignment-of-rents\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNMENT OF RENTS<\/div><div class=glossaryItemBody> A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.<\/div>\"><span itemprop=\"name\">ASSIGNMENT OF RENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNOR<\/div><div class=glossaryItemBody> One who assigns or transfers property.<\/div>\"><span itemprop=\"name\">ASSIGNOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who assigns or transfers property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assigns-assignees\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNS, ASSIGNEES<\/div><div class=glossaryItemBody> Those to whom property or interests therein shall have been transferred.<\/div>\"><span itemprop=\"name\">ASSIGNS, ASSIGNEES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those to whom property or interests therein shall have been transferred.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION AGREEMENT<\/div><div class=glossaryItemBody> An undertaking or adoption of a debt or obligation primarily resting upon another person.<\/div>\"><span itemprop=\"name\">ASSUMPTION AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An undertaking or adoption of a debt or obligation primarily resting upon another person.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION FEE<\/div><div class=glossaryItemBody> A lender?s charge for changing over and processing new records for a new owner who is assuming an existing loan.<\/div>\"><span itemprop=\"name\">ASSUMPTION FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lender?s charge for changing over and processing new records for a new owner who is assuming an existing loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-of-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION OF MORTGAGE<\/div><div class=glossaryItemBody> The taking of a title to property by a grantee wherein grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.<\/div>\"><span itemprop=\"name\">ASSUMPTION OF MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The taking of a title to property by a grantee wherein grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attachment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTACHMENT<\/div><div class=glossaryItemBody> The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs arising out of the litigation.<\/div>\"><span itemprop=\"name\">ATTACHMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs arising out of the litigation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTEST<\/div><div class=glossaryItemBody> To affirm to be true or genuine; an official act establishing authenticity.<\/div>\"><span itemprop=\"name\">ATTEST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To affirm to be true or genuine; an official act establishing authenticity.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attorney-in-fact\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTORNEY IN FACT<\/div><div class=glossaryItemBody> One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.<\/div>\"><span itemprop=\"name\">ATTORNEY IN FACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/avulsion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AVULSION<\/div><div class=glossaryItemBody> A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.<\/div>\"><span itemprop=\"name\">AVULSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">b<\/h3><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/b-t-u\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>B.T.U.<\/div><div class=glossaryItemBody> British thermal unit. The quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.<\/div>\"><span itemprop=\"name\">B.T.U.<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > British thermal unit. The quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/backfill\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BACKFILL<\/div><div class=glossaryItemBody> The replacement of excavated earth into a hole or against a structure.<\/div>\"><span itemprop=\"name\">BACKFILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The replacement of excavated earth into a hole or against a structure.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/balance-sheet\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BALANCE SHEET<\/div><div class=glossaryItemBody> A statement of the financial condition of a business at a certain time showing assets, liabilities, and capital.<\/div>\"><span itemprop=\"name\">BALANCE SHEET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement of the financial condition of a business at a certain time showing assets, liabilities, and capital.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/balloon-payment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BALLOON PAYMENT<\/div><div class=glossaryItemBody> An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.<\/div>\"><span itemprop=\"name\">BALLOON PAYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bargain-and-sale-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BARGAIN AND SALE DEED<\/div><div class=glossaryItemBody> Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor?s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.<\/div>\"><span itemprop=\"name\">BARGAIN AND SALE DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor?s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/base-and-meridian\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BASE AND MERIDIAN<\/div><div class=glossaryItemBody> Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.<\/div>\"><span itemprop=\"name\">BASE AND MERIDIAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/basis\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BASIS<\/div><div class=glossaryItemBody>(1) Cost Basis?The dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the income tax to be paid upon the sale or exchange of the property. (2) Adjusted Cost Basis?The cost basis after the application of certain additions for improvements, etc., and deductions for depreciation, etc. <\/div>\"><span itemprop=\"name\">BASIS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(1) Cost Basis?The dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the \nincome tax to be paid upon the sale or exchange of the property. (2) Adjusted Cost(...)<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bearing-wall\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEARING WALL<\/div><div class=glossaryItemBody> A wall or partition which supports a part of a building, usually a roof or floor above.<\/div>\"><span itemprop=\"name\">BEARING WALL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A wall or partition which supports a part of a building, usually a roof or floor above.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bench-mark\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BENCH MARK<\/div><div class=glossaryItemBody> A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.<\/div>\"><span itemprop=\"name\">BENCH MARK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/beneficiary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BENEFICIARY<\/div><div class=glossaryItemBody> (1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title of which is vested in a trustee; (3) The lender on the security of a note and deed of trust.<\/div>\"><span itemprop=\"name\">BENEFICIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title of which is vested in a trustee; (3) The lender on the security of a note and deed of trust.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bequeath\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEQUEATH<\/div><div class=glossaryItemBody> To give or hand down by will; to leave by will. GLOSSARY 565<\/div>\"><span itemprop=\"name\">BEQUEATH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To give or hand down by will; to leave by will. GLOSSARY 565<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bequest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEQUEST<\/div><div class=glossaryItemBody> Personal property given by the terms of a will.<\/div>\"><span itemprop=\"name\">BEQUEST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Personal property given by the terms of a will.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/betterment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BETTERMENT<\/div><div class=glossaryItemBody> An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.<\/div>\"><span itemprop=\"name\">BETTERMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bill-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BILL OF SALE<\/div><div class=glossaryItemBody> A written instrument given to pass title of personal property from vendor to the vendee.<\/div>\"><span itemprop=\"name\">BILL OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument given to pass title of personal property from vendor to the vendee.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/binder\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BINDER<\/div><div class=glossaryItemBody> An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy.<\/div>\"><span itemprop=\"name\">BINDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blanket-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLANKET MORTGAGE<\/div><div class=glossaryItemBody> A single mortgage which covers more than one piece of real property.<\/div>\"><span itemprop=\"name\">BLANKET MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A single mortgage which covers more than one piece of real property.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blighted-area\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLIGHTED AREA<\/div><div class=glossaryItemBody> A district affected by detrimental influences of such extent or quantity that real property values have seriously declined as a result of adverse land use and\/or destructive economic forces; characterized by rapidly depreciating buildings, retrogression and no recognizable prospects for improvement. However, renewal programs and changes in use may lead to resurgence of such areas.<\/div>\"><span itemprop=\"name\">BLIGHTED AREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A district affected by detrimental influences of such extent or quantity that real property values have seriously declined as a result of adverse land use and\/or destructive economic forces; characterized by rapidly depreciating buildings, retrogression and no recognizable prospects for(...)<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blockbusting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLOCKBUSTING<\/div><div class=glossaryItemBody> The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing.<\/div>\"><span itemprop=\"name\">BLOCKBUSTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bona-fide\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BONA FIDE<\/div><div class=glossaryItemBody> In good faith; without fraud or deceit; authentic.<\/div>\"><span itemprop=\"name\">BONA FIDE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In good faith; without fraud or deceit; authentic.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bond\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BOND<\/div><div class=glossaryItemBody> Written evidence of an obligation given by a corporation or government entity. A surety instrument.<\/div>\"><span itemprop=\"name\">BOND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Written evidence of an obligation given by a corporation or government entity. A surety instrument.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/book-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BOOK VALUE<\/div><div class=glossaryItemBody> The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.<\/div>\"><span itemprop=\"name\">BOOK VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/breach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BREACH<\/div><div class=glossaryItemBody> The breaking of a law, or failure of duty, either by omission or commission.<\/div>\"><span itemprop=\"name\">BREACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The breaking of a law, or failure of duty, either by omission or commission.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/broker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BROKER<\/div><div class=glossaryItemBody> A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker.<\/div>\"><span itemprop=\"name\">BROKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/broker-salesperson-relationship-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BROKER-SALESPERSON RELATIONSHIP AGREEMENT<\/div><div class=glossaryItemBody> A written agreement required by the regulations of the Real Estate Commissioner setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker performing licensed activities in the name of the supervising broker.<\/div>\"><span itemprop=\"name\">BROKER-SALESPERSON RELATIONSHIP AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written agreement required by the regulations of the Real Estate Commissioner setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker performing licensed activities in the name of the supervising broker.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-code\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING CODE<\/div><div class=glossaryItemBody> A systematic regulation of construction of buildings within a municipality established by ordinance or law.<\/div>\"><span itemprop=\"name\">BUILDING CODE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A systematic regulation of construction of buildings within a municipality established by ordinance or law.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-line\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING LINE<\/div><div class=glossaryItemBody> A line set by law a certain distance from a street line in front of which an owner cannot build on owner?s lot. A setback line.<\/div>\"><span itemprop=\"name\">BUILDING LINE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A line set by law a certain distance from a street line in front of which an owner cannot build on owner?s lot. A setback line.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-market-value-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING, MARKET VALUE OF<\/div><div class=glossaryItemBody> The sum of money which the presence of that structure adds to or subtracts from the value of the land it occupies. Land valued on the basis of highest and best use.<\/div>\"><span itemprop=\"name\">BUILDING, MARKET VALUE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The sum of money which the presence of that structure adds to or subtracts from the value of the land it occupies. Land valued on the basis of highest and best use.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-restrictions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING RESTRICTIONS<\/div><div class=glossaryItemBody> Zoning, regulatory requirements or provisions in a deed limiting the type, size and use of a building.<\/div>\"><span itemprop=\"name\">BUILDING RESTRICTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Zoning, regulatory requirements or provisions in a deed limiting the type, size and use of a building.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bundle-of-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUNDLE OF RIGHTS<\/div><div class=glossaryItemBody> All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.<\/div>\"><span itemprop=\"name\">BUNDLE OF RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bureau-of-land-management\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUREAU OF LAND MANAGEMENT<\/div><div class=glossaryItemBody> A federal bureau within the Department of the Interior which manages and controls certain lands owned by the United States.<\/div>\"><span itemprop=\"name\">BUREAU OF LAND MANAGEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A federal bureau within the Department of the Interior which manages and controls certain lands owned by the United States.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/business-opportunity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUSINESS OPPORTUNITY<\/div><div class=glossaryItemBody> The assets for an existing business enterprise including its goodwill. As used in the Real Estate Law, the term includes ?the sale or lease of the business and goodwill of an existing business enterprise or opportunity.?<\/div>\"><span itemprop=\"name\">BUSINESS OPPORTUNITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The assets for an existing business enterprise including its goodwill. As used in the Real Estate Law, the term includes ?the sale or lease of the business and goodwill of an existing business enterprise or opportunity.?<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/buydown\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUYDOWN<\/div><div class=glossaryItemBody> See SUBSlDY BUYDOWN.<\/div>\"><span itemprop=\"name\">BUYDOWN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See SUBSlDY BUYDOWN.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/buyers-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUYER&#8217;S MARKET<\/div><div class=glossaryItemBody>The condition which exists when a buyer is in a more commanding position as to price and terms because real property offered for sale is in plentiful supply in relation to demand.<\/div>\"><span itemprop=\"name\">BUYER'S MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The condition which exists when a buyer is in a more commanding position as to price and terms because real property offered for sale is in plentiful supply in relation to demand.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bylaws\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BYLAWS<\/div><div class=glossaryItemBody> Rules for the conduct of the internal affairs of corporations and other organizations. 566 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">BYLAWS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Rules for the conduct of the internal affairs of corporations and other organizations. 566 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">c<\/h3><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cal-vet-program\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAL-VET PROGRAM<\/div><div class=glossaryItemBody> A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces.<\/div>\"><span itemprop=\"name\">CAL-VET PROGRAM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cap-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAP RATE<\/div><div class=glossaryItemBody> See LIFE OF LOAN CAP.<\/div>\"><span itemprop=\"name\">CAP RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See LIFE OF LOAN CAP.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capacity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPACITY<\/div><div class=glossaryItemBody> The legal ability to perform some act, such as enter into a contract or execute a deed or will.<\/div>\"><span itemprop=\"name\">CAPACITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The legal ability to perform some act, such as enter into a contract or execute a deed or will.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capital-assets\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITAL ASSETS<\/div><div class=glossaryItemBody> Assets of a permanent nature used in the production of an income, such as land, buildings, machinery and equipment, etc. Under income tax law, it is usually distinguishable from ?inventory? which comprises assets held for sale to customers in ordinary course of the taxpayer?s trade or business.<\/div>\"><span itemprop=\"name\">CAPITAL ASSETS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Assets of a permanent nature used in the production of an income, such as land, buildings, machinery and equipment, etc. Under income tax law, it is usually distinguishable from ?inventory? which comprises assets held for sale to customers in ordinary course of the taxpayer?s trade or business.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capital-gain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITAL GAIN<\/div><div class=glossaryItemBody> At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long term based upon length of holding period after acquisition. Usually taxed at lower rates than ordinary income.<\/div>\"><span itemprop=\"name\">CAPITAL GAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long term based upon length of holding period after acquisition. Usually taxed at lower rates than ordinary income.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capitalization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITALIZATION<\/div><div class=glossaryItemBody> In appraising, determining value of property by considering net income and percentage of reasonable return on the investment. The value of an income property is determined by dividing annual net income by the Capitalization Rate.<\/div>\"><span itemprop=\"name\">CAPITALIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, determining value of property by considering net income and percentage of reasonable return on the investment. The value of an income property is determined by dividing annual net income by the Capitalization Rate.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capitalization-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITALIZATION RATE<\/div><div class=glossaryItemBody>The rate of interest which is considered a reasonable return on the investment,and used in the process of determining value based upon net income. It may also be described as the yieldrate that is necessary to attract the money of the average investor to a particular kind of investment. In thecase of land improvements which depreciate, to this yield rate is added a factor to take into consideration theannual amortization factor necessary to recapture the initial investment in improvements. This amortizationfactor can be determined in various ways ? (1) straight-line depreciation method, (2) Inwood Tables and (3)Hoskold Tables. (To explore this subject in greater depth, the student should refer to current real estateappraisal texts.)<\/div>\"><span itemprop=\"name\">CAPITALIZATION RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The rate of interest which is considered a reasonable return on the investment,\nand used in the process of determining value based upon net income. It may also be described as the yield\nrate that is necessary to attract the money of the average investor to a particular kind of investment. In(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/carryback-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CARRYBACK LOAN<\/div><div class=glossaryItemBody> The extension of credit from the seller to the buyer to finance the purchase of the property, accepting a deed of trust or mortgage instead of cash. Sometimes called a purchase money loan.<\/div>\"><span itemprop=\"name\">CARRYBACK LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The extension of credit from the seller to the buyer to finance the purchase of the property, accepting a deed of trust or mortgage instead of cash. Sometimes called a purchase money loan.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/casement-windows\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CASEMENT WINDOWS<\/div><div class=glossaryItemBody> Frames of wood or metal which swing outward.<\/div>\"><span itemprop=\"name\">CASEMENT WINDOWS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Frames of wood or metal which swing outward.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cash-flow\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CASH FLOW<\/div><div class=glossaryItemBody> The net income generated by a property before depreciation and other noncash expenses.<\/div>\"><span itemprop=\"name\">CASH FLOW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The net income generated by a property before depreciation and other noncash expenses.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/caveat-emptor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAVEAT EMPTOR<\/div><div class=glossaryItemBody> Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk, absent misrepresentation.<\/div>\"><span itemprop=\"name\">CAVEAT EMPTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk, absent misrepresentation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ccim\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CCIM<\/div><div class=glossaryItemBody> Certified Commercial Investment Member.<\/div>\"><span itemprop=\"name\">CCIM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Certified Commercial Investment Member.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ccrs\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CC&#038;Rs<\/div><div class=glossaryItemBody> Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.<\/div>\"><span itemprop=\"name\">CC&Rs<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-eligibility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF ELIGIBILITY<\/div><div class=glossaryItemBody> Issued by Department of Veterans Affairs - evidence of individual?s eligibility to obtain VA loan.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF ELIGIBILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Issued by Department of Veterans Affairs - evidence of individual?s eligibility to obtain VA loan.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-reasonable-value-crv\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF REASONABLE VALUE (CRV)<\/div><div class=glossaryItemBody> The Federal VA appraisal commitment of property value.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF REASONABLE VALUE (CRV)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Federal VA appraisal commitment of property value.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-taxes-due\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF TAXES DUE<\/div><div class=glossaryItemBody> A written statement or guaranty of the condition of the taxes on a certain property made by the County Treasurer of the county wherein the property is located. Any loss resulting to any person from an error in a tax certificate shall be paid by the county which such treasurer represents.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF TAXES DUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written statement or guaranty of the condition of the taxes on a certain property made by the County Treasurer of the county wherein the property is located. Any loss resulting to any person from an error in a tax certificate shall be paid by the county which such treasurer represents.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF TITLE<\/div><div class=glossaryItemBody> A written opinion by an attorney that ownership of the particular parcel of land is as stated in the certificate.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written opinion by an attorney that ownership of the particular parcel of land is as stated in the certificate.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHAIN<\/div><div class=glossaryItemBody> A unit of measurement used by surveyors. A chain consists of 100 links equal to 66 feet.<\/div>\"><span itemprop=\"name\">CHAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A unit of measurement used by surveyors. A chain consists of 100 links equal to 66 feet.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chain-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHAIN OF TITLE<\/div><div class=glossaryItemBody> A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. GLOSSARY 567<\/div>\"><span itemprop=\"name\">CHAIN OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. GLOSSARY 567<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/change-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHANGE, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely result of cause and effect.<\/div>\"><span itemprop=\"name\">CHANGE, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely result of cause and effect.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/characteristics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHARACTERISTICS<\/div><div class=glossaryItemBody> Distinguishing features of a (residential) property.<\/div>\"><span itemprop=\"name\">CHARACTERISTICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Distinguishing features of a (residential) property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattel-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTEL MORTGAGE<\/div><div class=glossaryItemBody> A claim on personal property (instead of real property) used to secure or guarantee a promissory note. (See definition of Security Agreement and Security Interest.)<\/div>\"><span itemprop=\"name\">CHATTEL MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A claim on personal property (instead of real property) used to secure or guarantee a promissory note. (See definition of Security Agreement and Security Interest.)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattel-real\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTEL REAL<\/div><div class=glossaryItemBody> An estate related to real estate, such as a lease on real property.<\/div>\"><span itemprop=\"name\">CHATTEL REAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate related to real estate, such as a lease on real property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattels\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTELS<\/div><div class=glossaryItemBody> Goods or every species of property movable or immovable which are not real property. Personal property.<\/div>\"><span itemprop=\"name\">CHATTELS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Goods or every species of property movable or immovable which are not real property. Personal property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chose-in-action\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHOSE IN ACTION<\/div><div class=glossaryItemBody> A personal right to something not presently in the owner?s possession, but recoverable by a legal action for possession.<\/div>\"><span itemprop=\"name\">CHOSE IN ACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A personal right to something not presently in the owner?s possession, but recoverable by a legal action for possession.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/circuit-breaker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CIRCUIT BREAKER<\/div><div class=glossaryItemBody> (l) An electrical device which automatically interrupts an electric circuit when an overload occurs; may be used instead of a fuse to protect each circuit and can be reset. (2) In property taxation, a method for granting property tax relief to the elderly and disadvantaged qualified taxpayers by rebate, tax credits or cash payments. Usually limited to homeowners and renters.<\/div>\"><span itemprop=\"name\">CIRCUIT BREAKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (l) An electrical device which automatically interrupts an electric circuit when an overload occurs; may be used instead of a fuse to protect each circuit and can be reset. (2) In property taxation, a method for granting property tax relief to the elderly and disadvantaged qualified taxpayers(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING<\/div><div class=glossaryItemBody> (l) Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary lines where the lines meet to include all the tract of land.<\/div>\"><span itemprop=\"name\">CLOSING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (l) Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary lines(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing-costs\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING COSTS<\/div><div class=glossaryItemBody> The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.<\/div>\"><span itemprop=\"name\">CLOSING COSTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING STATEMENT<\/div><div class=glossaryItemBody> An accounting of funds made to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction.<\/div>\"><span itemprop=\"name\">CLOSING STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An accounting of funds made to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cloud-on-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOUD ON TITLE<\/div><div class=glossaryItemBody> A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or a quiet title legal action.<\/div>\"><span itemprop=\"name\">CLOUD ON TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or a quiet title legal action.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/co-signer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CO-SIGNER<\/div><div class=glossaryItemBody> A second party who signs a promissory note together with the primary borrower.<\/div>\"><span itemprop=\"name\">CO-SIGNER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A second party who signs a promissory note together with the primary borrower.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/code-of-ethics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CODE OF ETHICS<\/div><div class=glossaryItemBody> A set of rules and principles expressing a standard of accepted conduct for a professional group and governing the relationship of members to each other and to the organization.<\/div>\"><span itemprop=\"name\">CODE OF ETHICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A set of rules and principles expressing a standard of accepted conduct for a professional group and governing the relationship of members to each other and to the organization.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLATERAL<\/div><div class=glossaryItemBody> Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. (See definition of Security Interest. )<\/div>\"><span itemprop=\"name\">COLLATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. (See definition of Security Interest. )<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collateral-security\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLATERAL SECURITY<\/div><div class=glossaryItemBody> A separate obligation attached to contract to guarantee its performance; the transfer of property or of other contracts, or valuables, to insure the performance of a principal agreement.<\/div>\"><span itemprop=\"name\">COLLATERAL SECURITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A separate obligation attached to contract to guarantee its performance; the transfer of property or of other contracts, or valuables, to insure the performance of a principal agreement.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLUSION<\/div><div class=glossaryItemBody> An agreement between two or more persons to defraud another of rights by the forms of law, or to obtain an object forbidden by law.<\/div>\"><span itemprop=\"name\">COLLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement between two or more persons to defraud another of rights by the forms of law, or to obtain an object forbidden by law.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/color-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLOR OF TITLE<\/div><div class=glossaryItemBody> That which appears to be good title but which is not title in fact.<\/div>\"><span itemprop=\"name\">COLOR OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which appears to be good title but which is not title in fact.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-acre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL ACRE<\/div><div class=glossaryItemBody> A term applied to the remainder of an acre of newly subdivided land after the area devoted to streets, sidewalks and curbs, etc., has been deducted from the acre.<\/div>\"><span itemprop=\"name\">COMMERCIAL ACRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term applied to the remainder of an acre of newly subdivided land after the area devoted to streets, sidewalks and curbs, etc., has been deducted from the acre.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL LOAN<\/div><div class=glossaryItemBody> A personal loan from a commercial bank, usually unsecured and short term, for other than mortgage purposes.<\/div>\"><span itemprop=\"name\">COMMERCIAL LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A personal loan from a commercial bank, usually unsecured and short term, for other than mortgage purposes.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-paper\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL PAPER<\/div><div class=glossaryItemBody> Negotiable instruments such as promissory notes, letters of credit and bills of lading. Instruments developed under the law of merchant.<\/div>\"><span itemprop=\"name\">COMMERCIAL PAPER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Negotiable instruments such as promissory notes, letters of credit and bills of lading. Instruments developed under the law of merchant.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commingling\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMINGLING<\/div><div class=glossaryItemBody> The illegal mixing of personal funds with money held in trust on behalf of a client. See CONVERSION.<\/div>\"><span itemprop=\"name\">COMMINGLING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The illegal mixing of personal funds with money held in trust on behalf of a client. See CONVERSION.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMISSION<\/div><div class=glossaryItemBody> An agent?s compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.<\/div>\"><span itemprop=\"name\">COMMISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agent?s compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMITMENT<\/div><div class=glossaryItemBody> A pledge or a promise or firm agreement to do something in the future, such as a loan company giving a written commitment with specific terms of mortgage loan it will make.<\/div>\"><span itemprop=\"name\">COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pledge or a promise or firm agreement to do something in the future, such as a loan company giving a written commitment with specific terms of mortgage loan it will make.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-area\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON AREA<\/div><div class=glossaryItemBody> An entire common interest subdivision except the separate interests therein. 568 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">COMMON AREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entire common interest subdivision except the separate interests therein. 568 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-interest-subdivision\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON INTEREST SUBDIVISION<\/div><div class=glossaryItemBody> Subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The interest in common may be through membership in an association. Examples are condominiums and stock cooperatives.<\/div>\"><span itemprop=\"name\">COMMON INTEREST SUBDIVISION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The interest in common may be through membership in an association. Examples are condominiums and stock cooperatives.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON LAW<\/div><div class=glossaryItemBody> The body of law that grew from customs and practices developed and used in England ?since the memory of man runneth not to the contrary.?<\/div>\"><span itemprop=\"name\">COMMON LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The body of law that grew from customs and practices developed and used in England ?since the memory of man runneth not to the contrary.?<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-stock\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON STOCK<\/div><div class=glossaryItemBody> That class of corporate stock to which there is ordinarily attached no preference with respect to the receipt of dividends or the distribution of assets on corporate dissolution.<\/div>\"><span itemprop=\"name\">COMMON STOCK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That class of corporate stock to which there is ordinarily attached no preference with respect to the receipt of dividends or the distribution of assets on corporate dissolution.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/community-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMUNITY PROPERTY<\/div><div class=glossaryItemBody> Property acquired by husband and\/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.<\/div>\"><span itemprop=\"name\">COMMUNITY PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Property acquired by husband and\/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/compaction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPACTION<\/div><div class=glossaryItemBody> Whenever extra soil is added to a lot to fill in low places or to raise the level of the lot, the added soil is often too loose and soft to sustain the weight of the buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of buildings without the danger of their tilting, settling or cracking.<\/div>\"><span itemprop=\"name\">COMPACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Whenever extra soil is added to a lot to fill in low places or to raise the level of the lot, the added soil is often too loose and soft to sustain the weight of the buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of buildings without the(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/comparable-sales\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPARABLE SALES<\/div><div class=glossaryItemBody> Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process. Commonly called ?comparables?, they are recent selling prices of properties similarly situated in a similar market.<\/div>\"><span itemprop=\"name\">COMPARABLE SALES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process. Commonly called ?comparables?, they are recent selling prices of properties similarly situated in a similar market.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/comparison-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPARISON APPROACH<\/div><div class=glossaryItemBody> A real estate comparison method which compares a given property with similar or comparable surrounding properties; also called market comparison.<\/div>\"><span itemprop=\"name\">COMPARISON APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real estate comparison method which compares a given property with similar or comparable surrounding properties; also called market comparison.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/competent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPETENT<\/div><div class=glossaryItemBody> Legally qualified.<\/div>\"><span itemprop=\"name\">COMPETENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Legally qualified.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/competition-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPETITION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that profits tend to breed competition and excess profits tend to breed ruinous completion.<\/div>\"><span itemprop=\"name\">COMPETITION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that profits tend to breed competition and excess profits tend to breed ruinous completion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/compound-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPOUND INTEREST<\/div><div class=glossaryItemBody> Interest paid on original principal and also on the accrued and unpaid interest which has accumulated as the debt matures.<\/div>\"><span itemprop=\"name\">COMPOUND INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Interest paid on original principal and also on the accrued and unpaid interest which has accumulated as the debt matures.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conclusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONCLUSION<\/div><div class=glossaryItemBody> The final estimate of value, realized from facts, data, experience and judgment, set out in an appraisal. Appraiser?s certified conclusion.<\/div>\"><span itemprop=\"name\">CONCLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The final estimate of value, realized from facts, data, experience and judgment, set out in an appraisal. Appraiser?s certified conclusion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condemnation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDEMNATION<\/div><div class=glossaryItemBody> The act of taking private property for public use by a political subdivision upon payment to owner of just compensation. Declaration that a structure is unfit for use.<\/div>\"><span itemprop=\"name\">CONDEMNATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of taking private property for public use by a political subdivision upon payment to owner of just compensation. Declaration that a structure is unfit for use.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION<\/div><div class=glossaryItemBody> In contracts, a future and uncertain event which must happen to create an obligation or which extinguishes an existent obligation. In conveyances of real property conditions in the conveyance may cause an interest to be vested or defeated.<\/div>\"><span itemprop=\"name\">CONDITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In contracts, a future and uncertain event which must happen to create an obligation or which extinguishes an existent obligation. In conveyances of real property conditions in the conveyance may cause an interest to be vested or defeated.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition-precedent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION PRECEDENT<\/div><div class=glossaryItemBody> A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place.<\/div>\"><span itemprop=\"name\">CONDITION PRECEDENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition-subsequent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION SUBSEQUENT<\/div><div class=glossaryItemBody> A condition attached to an already-vested estate or to a contract whereby the estate is defeated or the contract extinguished through the failure or non-performance of the condition.<\/div>\"><span itemprop=\"name\">CONDITION SUBSEQUENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition attached to an already-vested estate or to a contract whereby the estate is defeated or the contract extinguished through the failure or non-performance of the condition.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL COMMITMENT<\/div><div class=glossaryItemBody> A commitment of a definite loan amount for some future unknown purchaser of satisfactory credit standing.<\/div>\"><span itemprop=\"name\">CONDITIONAL COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A commitment of a definite loan amount for some future unknown purchaser of satisfactory credit standing.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL ESTATE<\/div><div class=glossaryItemBody> Usually called, in California, Fee Simple Defeasible. An estate that is granted subject to a condition subsequent. The estate is terminable on happening of the condition.<\/div>\"><span itemprop=\"name\">CONDITIONAL ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually called, in California, Fee Simple Defeasible. An estate that is granted subject to a condition subsequent. The estate is terminable on happening of the condition.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-sale-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL SALE CONTRACT<\/div><div class=glossaryItemBody> A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled. (See definition of Security Interest.)<\/div>\"><span itemprop=\"name\">CONDITIONAL SALE CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled. (See definition of Security Interest.)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condominium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDOMINIUM<\/div><div class=glossaryItemBody> An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may be filled with air, earth, or water or any combination and need not be attached to land except by easements for access and support.<\/div>\"><span itemprop=\"name\">CONDOMINIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condominium-declaration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDOMINIUM DECLARATION<\/div><div class=glossaryItemBody> The document which establishes a condominium and describes the property rights of the unit owners. GLOSSARY 569<\/div>\"><span itemprop=\"name\">CONDOMINIUM DECLARATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The document which establishes a condominium and describes the property rights of the unit owners. GLOSSARY 569<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confession-of-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFESSION OF JUDGMENT<\/div><div class=glossaryItemBody> An entry of judgment upon the debtor?s voluntary admission or confession.<\/div>\"><span itemprop=\"name\">CONFESSION OF JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entry of judgment upon the debtor?s voluntary admission or confession.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confirmation-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFIRMATION OF SALE<\/div><div class=glossaryItemBody> A court approval of the sale of property by an executor, administrator, guardian or conservator.<\/div>\"><span itemprop=\"name\">CONFIRMATION OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court approval of the sale of property by an executor, administrator, guardian or conservator.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confiscation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFISCATION<\/div><div class=glossaryItemBody> The seizing of property without compensation.<\/div>\"><span itemprop=\"name\">CONFISCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The seizing of property without compensation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conformity-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFORMITY, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that the maximum of value is realized when a reasonable degree of homogeneity of improvements is present. Use conformity is desirable, creating and maintaining higher values.<\/div>\"><span itemprop=\"name\">CONFORMITY, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that the maximum of value is realized when a reasonable degree of homogeneity of improvements is present. Use conformity is desirable, creating and maintaining higher values.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conservation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSERVATION<\/div><div class=glossaryItemBody> The process of utilizing resources in such a manner which minimizes their depletion.<\/div>\"><span itemprop=\"name\">CONSERVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of utilizing resources in such a manner which minimizes their depletion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/consideration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSIDERATION<\/div><div class=glossaryItemBody> Anything given or promised by a party to induce another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.<\/div>\"><span itemprop=\"name\">CONSIDERATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Anything given or promised by a party to induce another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTANT<\/div><div class=glossaryItemBody> The percentage which, when applied directly to the face value of a debt, develops the annual amount of money necessary to pay a specified net rate of interest on the reducing balance and to liquidate the debt in a specified time period. For example, a 6% loan with a 20 year amortization has a constant of approximately 8 1\/2%. Thus, a $10,000 loan amortized over 20 years requires an annual payment of approximately $850.00.<\/div>\"><span itemprop=\"name\">CONSTANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage which, when applied directly to the face value of a debt, develops the annual amount of money necessary to pay a specified net rate of interest on the reducing balance and to liquidate the debt in a specified time period. For example, a 6% loan with a 20 year amortization has a(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/construction-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTION LOAN<\/div><div class=glossaryItemBody> A loan made to finance the actual construction or improvement on land. Funds are usually dispersed in increments as the construction progresses.<\/div>\"><span itemprop=\"name\">CONSTRUCTION LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan made to finance the actual construction or improvement on land. Funds are usually dispersed in increments as the construction progresses.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-eviction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE EVICTION<\/div><div class=glossaryItemBody> Breach of a covenant of warranty or quiet enjoyment, e.g., the inability of a lessee to obtain possession because of a paramount defect in title or a condition making occupancy hazardous.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE EVICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Breach of a covenant of warranty or quiet enjoyment, e.g., the inability of a lessee to obtain possession because of a paramount defect in title or a condition making occupancy hazardous.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE FRAUD<\/div><div class=glossaryItemBody> A breach of duty, as by a person in a fiduciary capacity, without an actual fraudulent intent, which gains an advantage to the person at fault by misleading another to the other?s prejudice. Any act of omission declared by law to be fraudulent, without respect to actual fraud.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A breach of duty, as by a person in a fiduciary capacity, without an actual fraudulent intent, which gains an advantage to the person at fault by misleading another to the other?s prejudice. Any act of omission declared by law to be fraudulent, without respect to actual fraud.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-notice\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE NOTICE<\/div><div class=glossaryItemBody> Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE NOTICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contiguous\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTIGUOUS<\/div><div class=glossaryItemBody> In close proximity.<\/div>\"><span itemprop=\"name\">CONTIGUOUS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In close proximity.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contour\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTOUR<\/div><div class=glossaryItemBody> The surface configuration of land. Shown on maps as a line through points of equal elevation.<\/div>\"><span itemprop=\"name\">CONTOUR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The surface configuration of land. Shown on maps as a line through points of equal elevation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT<\/div><div class=glossaryItemBody> An agreement to do or not to do a certain thing. It must have four essential elements  -  parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance.<\/div>\"><span itemprop=\"name\">CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to do or not to do a certain thing. It must have four essential elements  -  parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-bilateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, BILATERAL<\/div><div class=glossaryItemBody> A contract in which each party promises to do something.<\/div>\"><span itemprop=\"name\">CONTRACT, BILATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which each party promises to do something.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-executed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXECUTED<\/div><div class=glossaryItemBody> 1) A contract in which both parties have completely performed their contractual obligations. 2) A signed contract.<\/div>\"><span itemprop=\"name\">CONTRACT, EXECUTED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) A contract in which both parties have completely performed their contractual obligations. 2) A signed contract.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-executory\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXECUTORY<\/div><div class=glossaryItemBody> A contract in which one or both parties have not yet completed performance of their obligations.<\/div>\"><span itemprop=\"name\">CONTRACT, EXECUTORY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which one or both parties have not yet completed performance of their obligations.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-express\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXPRESS<\/div><div class=glossaryItemBody> A contract that has been put into words, either spoken or written.<\/div>\"><span itemprop=\"name\">CONTRACT, EXPRESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract that has been put into words, either spoken or written.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-implied\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, IMPLIED<\/div><div class=glossaryItemBody> An agreement that has not been put into words, but is implied by the actions of the parties.<\/div>\"><span itemprop=\"name\">CONTRACT, IMPLIED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement that has not been put into words, but is implied by the actions of the parties.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-unilateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, UNILATERAL<\/div><div class=glossaryItemBody> When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.<\/div>\"><span itemprop=\"name\">CONTRACT, UNILATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contribution-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRIBUTION, PRINCIPLE OF<\/div><div class=glossaryItemBody> A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment.<\/div>\"><span itemprop=\"name\">CONTRIBUTION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conventional-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVENTIONAL MORTGAGE<\/div><div class=glossaryItemBody> A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association. 570 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">CONVENTIONAL MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association. 570 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conversion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVERSION<\/div><div class=glossaryItemBody> (1) Change from one legal form or use to another, as converting an apartment building to condominium use. (2) The unlawful appropriation of another?s property, as in the conversion of trust funds.<\/div>\"><span itemprop=\"name\">CONVERSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (1) Change from one legal form or use to another, as converting an apartment building to condominium use. (2) The unlawful appropriation of another?s property, as in the conversion of trust funds.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conveyance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVEYANCE<\/div><div class=glossaryItemBody> An instrument in writing used to transfer (convey) title to property from one person to another, such as a deed or a trust deed.<\/div>\"><span itemprop=\"name\">CONVEYANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument in writing used to transfer (convey) title to property from one person to another, such as a deed or a trust deed.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cooperative-apartment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COOPERATIVE (apartment)<\/div><div class=glossaryItemBody> An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. In California, this type of ownership is called a ?stock cooperative.?<\/div>\"><span itemprop=\"name\">COOPERATIVE (apartment)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. In California, this type of ownership is(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corner-influence-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORNER INFLUENCE TABLE<\/div><div class=glossaryItemBody> A statistical table that may be used to estimate the added value of a corner lot.<\/div>\"><span itemprop=\"name\">CORNER INFLUENCE TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statistical table that may be used to estimate the added value of a corner lot.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORPORATION<\/div><div class=glossaryItemBody> An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for any length of time the law prescribes.<\/div>\"><span itemprop=\"name\">CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corporeal-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORPOREAL RIGHTS<\/div><div class=glossaryItemBody> Possessory rights in real property.<\/div>\"><span itemprop=\"name\">CORPOREAL RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Possessory rights in real property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/correction-lines\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORRECTION LINES<\/div><div class=glossaryItemBody> A system for compensating inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are remeasured and corrected to a full 6 miles.<\/div>\"><span itemprop=\"name\">CORRECTION LINES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A system for compensating inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are remeasured and corrected to a(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/correlation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORRELATION<\/div><div class=glossaryItemBody> A step in the appraisal process involving the interpretation of data derived from the three approaches to value (cost, market and income) leading to a single determination of value. Also frequently referred to as ?reconciliation.?<\/div>\"><span itemprop=\"name\">CORRELATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A step in the appraisal process involving the interpretation of data derived from the three approaches to value (cost, market and income) leading to a single determination of value. Also frequently referred to as ?reconciliation.?<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cost-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COST APPROACH<\/div><div class=glossaryItemBody> One of three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.<\/div>\"><span itemprop=\"name\">COST APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cotenancy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COTENANCY<\/div><div class=glossaryItemBody> Ownership of an interest in a particular parcel of land by more than one person; e.g. tenancy in common, joint tenancy.<\/div>\"><span itemprop=\"name\">COTENANCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ownership of an interest in a particular parcel of land by more than one person; e.g. tenancy in common, joint tenancy.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/counter-offer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COUNTER OFFER<\/div><div class=glossaryItemBody> A response to an offer to enter into a contract, changing some of the terms of the terms of the original offer. A counter offer is a rejection of the offer (not a form of acceptance), and does not create a binding contract unless accepted by the original offeror.<\/div>\"><span itemprop=\"name\">COUNTER OFFER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A response to an offer to enter into a contract, changing some of the terms of the terms of the original offer. A counter offer is a rejection of the offer (not a form of acceptance), and does not create a binding contract unless accepted by the original offeror.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/covenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COVENANT<\/div><div class=glossaryItemBody> An agreement or promise to do or not to do a particular act such as a promise to build a house of a particular architectural style or to use or not use property in a certain way.<\/div>\"><span itemprop=\"name\">COVENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement or promise to do or not to do a particular act such as a promise to build a house of a particular architectural style or to use or not use property in a certain way.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cpm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CPM<\/div><div class=glossaryItemBody>Certified Property Manager, a designation of the Institute of Real Estate Management.<\/div>\"><span itemprop=\"name\">CPM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Certified Property Manager, a designation of the Institute of Real Estate Management.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/crawl-hole\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CRAWL HOLE<\/div><div class=glossaryItemBody> Exterior or interior opening permitting access underneath building, as required by building codes.<\/div>\"><span itemprop=\"name\">CRAWL HOLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Exterior or interior opening permitting access underneath building, as required by building codes.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CRE<\/div><div class=glossaryItemBody> Counselor of Real Estate, Member of American Society of Real Estate Counselors.<\/div>\"><span itemprop=\"name\">CRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Counselor of Real Estate, Member of American Society of Real Estate Counselors.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/credit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CREDIT<\/div><div class=glossaryItemBody> A bookkeeping entry on the right side of an account, recording the reduction or elimination of an asset or an expense, or the creation of or addition to a liability or item of equity or revenue.<\/div>\"><span itemprop=\"name\">CREDIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A bookkeeping entry on the right side of an account, recording the reduction or elimination of an asset or an expense, or the creation of or addition to a liability or item of equity or revenue.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/curable-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURABLE DEPRECIATION<\/div><div class=glossaryItemBody> Items of physical deterioration and functional obsolescence which are customarily repaired or replaced by a prudent property owner.<\/div>\"><span itemprop=\"name\">CURABLE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Items of physical deterioration and functional obsolescence which are customarily repaired or replaced by a prudent property owner.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/current-index\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURRENT INDEX<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the current value of a recognized index as calculated and published nationally or regionally. The current index value changes periodically and is used in calculating the new note rate as of each rate adjustment date.<\/div>\"><span itemprop=\"name\">CURRENT INDEX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the current value of a recognized index as calculated and published nationally or regionally. The current index value changes periodically and is used in calculating the new note rate as of each rate adjustment date.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/curtail-schedule\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURTAIL SCHEDULE<\/div><div class=glossaryItemBody> A listing of the amounts by which the principal sum of an obligation is to be reduced by partial payments and of the dates when each payment will become payable.<\/div>\"><span itemprop=\"name\">CURTAIL SCHEDULE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing of the amounts by which the principal sum of an obligation is to be reduced by partial payments and of the dates when each payment will become payable.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">d<\/h3><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/damages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DAMAGES<\/div><div class=glossaryItemBody> The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another. Loss sustained or harm done to a person or property.<\/div>\"><span itemprop=\"name\">DAMAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another. Loss sustained or harm done to a person or property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/data-plant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DATA PLANT<\/div><div class=glossaryItemBody> An appraiser?s file of information on real estate. GLOSSARY 571<\/div>\"><span itemprop=\"name\">DATA PLANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appraiser?s file of information on real estate. GLOSSARY 571<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debenture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBENTURE<\/div><div class=glossaryItemBody> Bonds issued without security, an obligation not secured by a specific lien on property.<\/div>\"><span itemprop=\"name\">DEBENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Bonds issued without security, an obligation not secured by a specific lien on property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBIT<\/div><div class=glossaryItemBody> A bookkeeping entry on the left side of an account, recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability or item of equity or revenue.<\/div>\"><span itemprop=\"name\">DEBIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A bookkeeping entry on the left side of an account, recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability or item of equity or revenue.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debt\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBT<\/div><div class=glossaryItemBody> That which is due from one person or another; obligation, liability.<\/div>\"><span itemprop=\"name\">DEBT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which is due from one person or another; obligation, liability.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debtor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBTOR<\/div><div class=glossaryItemBody> A person who is in debt; the one owing money to another.<\/div>\"><span itemprop=\"name\">DEBTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who is in debt; the one owing money to another.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/declining-balance-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DECLINING BALANCE DEPRECIATION<\/div><div class=glossaryItemBody> A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation.<\/div>\"><span itemprop=\"name\">DECLINING BALANCE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/decree-of-foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DECREE OF FORECLOSURE<\/div><div class=glossaryItemBody> Decree by a court ordering the sale of mortgaged property and the payment of the debt owing to the lender out of the proceeds.<\/div>\"><span itemprop=\"name\">DECREE OF FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Decree by a court ordering the sale of mortgaged property and the payment of the debt owing to the lender out of the proceeds.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dedication\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEDICATION<\/div><div class=glossaryItemBody> The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public.<\/div>\"><span itemprop=\"name\">DEDICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED<\/div><div class=glossaryItemBody> Written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).<\/div>\"><span itemprop=\"name\">DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-in-lieu-of-foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED IN LIEU OF FORECLOSURE<\/div><div class=glossaryItemBody> A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.<\/div>\"><span itemprop=\"name\">DEED IN LIEU OF FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-of-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED OF TRUST<\/div><div class=glossaryItemBody> (See Trust Deed.)<\/div>\"><span itemprop=\"name\">DEED OF TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Trust Deed.)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-restrictions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED RESTRICTIONS<\/div><div class=glossaryItemBody> Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.<\/div>\"><span itemprop=\"name\">DEED RESTRICTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/default\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFAULT<\/div><div class=glossaryItemBody> Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.<\/div>\"><span itemprop=\"name\">DEFAULT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defeasance-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFEASANCE CLAUSE<\/div><div class=glossaryItemBody> The clause in a mortgage that gives the mortgagor the right to redeem mortgagor?s property upon the payment of mortgagor?s obligations to the mortgagee.<\/div>\"><span itemprop=\"name\">DEFEASANCE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The clause in a mortgage that gives the mortgagor the right to redeem mortgagor?s property upon the payment of mortgagor?s obligations to the mortgagee.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defeasible-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFEASIBLE FEE<\/div><div class=glossaryItemBody> Sometimes called a base fee or qualified fee; a fee simple absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event.<\/div>\"><span itemprop=\"name\">DEFEASIBLE FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sometimes called a base fee or qualified fee; a fee simple absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defendant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFENDANT<\/div><div class=glossaryItemBody> A person against whom legal action is initiated for the purpose of obtaining criminal sanctions (criminal defendant) or damages or other appropriate judicial relief (civil defendant) .<\/div>\"><span itemprop=\"name\">DEFENDANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person against whom legal action is initiated for the purpose of obtaining criminal sanctions (criminal defendant) or damages or other appropriate judicial relief (civil defendant) .<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deferred-maintenance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFERRED MAINTENANCE<\/div><div class=glossaryItemBody> Existing but unfulfilled requirements for repairs and rehabilitation. Postponed or delayed maintenance causing decline in a building?s physical condition.<\/div>\"><span itemprop=\"name\">DEFERRED MAINTENANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Existing but unfulfilled requirements for repairs and rehabilitation. Postponed or delayed maintenance causing decline in a building?s physical condition.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deferred-payment-options\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFERRED PAYMENT OPTIONS<\/div><div class=glossaryItemBody> The privilege of deferring income payments to take advantage of statutes affording tax benefits.<\/div>\"><span itemprop=\"name\">DEFERRED PAYMENT OPTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The privilege of deferring income payments to take advantage of statutes affording tax benefits.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deficiency-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFICIENCY JUDGMENT<\/div><div class=glossaryItemBody> A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.<\/div>\"><span itemprop=\"name\">DEFICIENCY JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/delegation-of-powers\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DELEGATION OF POWERS<\/div><div class=glossaryItemBody> The conferring by an agent upon another of all or certain of the powers that have been conferred upon the agent by the principal.<\/div>\"><span itemprop=\"name\">DELEGATION OF POWERS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The conferring by an agent upon another of all or certain of the powers that have been conferred upon the agent by the principal.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deposit-receipt\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPOSIT RECEIPT<\/div><div class=glossaryItemBody> A term used by the real estate industry to describe the written offer to purchase real property upon stated term and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance by the owner.<\/div>\"><span itemprop=\"name\">DEPOSIT RECEIPT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used by the real estate industry to describe the written offer to purchase real property upon stated term and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance by the owner.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPRECIATION<\/div><div class=glossaryItemBody> Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence. The term is also used in accounting to identify the amount of the decrease in value of an asset that is allowed in computing the value of the property for tax purposes.<\/div>\"><span itemprop=\"name\">DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence. The term is also used in accounting to identify the amount of the decrease in value of an asset that is allowed in computing the value of the property for tax purposes.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/depth-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPTH TABLE<\/div><div class=glossaryItemBody> A statistical table that may be used to estimate the value of the added depth of a lot.<\/div>\"><span itemprop=\"name\">DEPTH TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statistical table that may be used to estimate the value of the added depth of a lot.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/desist-and-refrain-order\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DESIST AND REFRAIN ORDER<\/div><div class=glossaryItemBody> An order directing a person to stop from committing an act in violation of the Real Estate Law.<\/div>\"><span itemprop=\"name\">DESIST AND REFRAIN ORDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An order directing a person to stop from committing an act in violation of the Real Estate Law.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/determinable-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DETERMINABLE FEE<\/div><div class=glossaryItemBody> An estate which may end on the happening of an event that may or may not occur.<\/div>\"><span itemprop=\"name\">DETERMINABLE FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which may end on the happening of an event that may or may not occur.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devise\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISE<\/div><div class=glossaryItemBody> A gift or disposal of real property by last will and testament.<\/div>\"><span itemprop=\"name\">DEVISE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A gift or disposal of real property by last will and testament.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devisee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISEE<\/div><div class=glossaryItemBody> One who receives a gift of real property by will.<\/div>\"><span itemprop=\"name\">DEVISEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who receives a gift of real property by will.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devisor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISOR<\/div><div class=glossaryItemBody> One who disposes of real property by will. 572 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">DEVISOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who disposes of real property by will. 572 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/directional-growth\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DIRECTIONAL GROWTH<\/div><div class=glossaryItemBody> The location or direction toward which the residential sections of a city are destined or determined to grow.<\/div>\"><span itemprop=\"name\">DIRECTIONAL GROWTH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The location or direction toward which the residential sections of a city are destined or determined to grow.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discount\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCOUNT<\/div><div class=glossaryItemBody> To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as part of the cost to the borrower of obtaining the loan.<\/div>\"><span itemprop=\"name\">DISCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as part of the cost to the borrower of obtaining the loan.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discount-points\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCOUNT POINTS<\/div><div class=glossaryItemBody> The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. This amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan.<\/div>\"><span itemprop=\"name\">DISCOUNT POINTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. This amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market(...)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discretionary-powers-of-agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCRETIONARY POWERS OF AGENCY<\/div><div class=glossaryItemBody> Those powers conferred upon an agent by the principal which empower the agent in certain circumstances to make decisions based on the agent?s own judgment.<\/div>\"><span itemprop=\"name\">DISCRETIONARY POWERS OF AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those powers conferred upon an agent by the principal which empower the agent in certain circumstances to make decisions based on the agent?s own judgment.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/disintermediation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISINTERMEDIATION<\/div><div class=glossaryItemBody> The relatively sudden withdrawal of substantial sums of money savers have deposited with savings and loan associations, commercial banks, and mutual savings banks. This term can also be considered to include life insurance policy purchasers borrowing against the value of their policies. The essence of this phenomenon is financial intermediaries losing within a short period of time billions of dollars as owners of funds held by those institutional lenders exercise their prerogative of taking them out of the hands of these financial institutions.<\/div>\"><span itemprop=\"name\">DISINTERMEDIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relatively sudden withdrawal of substantial sums of money savers have deposited with savings and loan associations, commercial banks, and mutual savings banks. This term can also be considered to include life insurance policy purchasers borrowing against the value of their policies. The(...)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/disposable-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISPOSABLE INCOME<\/div><div class=glossaryItemBody> The after-tax income a household receives to spend on personal consumption.<\/div>\"><span itemprop=\"name\">DISPOSABLE INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The after-tax income a household receives to spend on personal consumption.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dispossess\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISPOSSESS<\/div><div class=glossaryItemBody> To deprive one of the use of real estate.<\/div>\"><span itemprop=\"name\">DISPOSSESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To deprive one of the use of real estate.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/documentary-transfer-tax\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOCUMENTARY TRANSFER TAX<\/div><div class=glossaryItemBody> A state enabling act allows a county to adopt a documentary transfer tax to apply on all transfers of real property located in the county. Notice of payment is entered on face of the deed or on a separate paper filed with the deed.<\/div>\"><span itemprop=\"name\">DOCUMENTARY TRANSFER TAX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A state enabling act allows a county to adopt a documentary transfer tax to apply on all transfers of real property located in the county. Notice of payment is entered on face of the deed or on a separate paper filed with the deed.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/documents\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOCUMENTS<\/div><div class=glossaryItemBody> Legal instruments such as mortgages, contracts, deeds, options, wills, bills of sale, etc.<\/div>\"><span itemprop=\"name\">DOCUMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Legal instruments such as mortgages, contracts, deeds, options, wills, bills of sale, etc.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/donee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DONEE<\/div><div class=glossaryItemBody> A person who receives a gift.<\/div>\"><span itemprop=\"name\">DONEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who receives a gift.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/donor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DONOR<\/div><div class=glossaryItemBody> A person who makes a gift.<\/div>\"><span itemprop=\"name\">DONOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who makes a gift.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/double-declining-balance-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOUBLE DECLINING BALANCE DEPRECIATION<\/div><div class=glossaryItemBody> (See DECLINING BALANCE DEPRECIATION.)<\/div>\"><span itemprop=\"name\">DOUBLE DECLINING BALANCE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See DECLINING BALANCE DEPRECIATION.)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/draw\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DRAW<\/div><div class=glossaryItemBody> Usually applies to construction loans when disbursement of a portion of the mortgage is made in advance, as improvements to the property are made.<\/div>\"><span itemprop=\"name\">DRAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually applies to construction loans when disbursement of a portion of the mortgage is made in advance, as improvements to the property are made.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dual-agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DUAL AGENCY<\/div><div class=glossaryItemBody> An agency relationship in which the agent acts concurrently for both of the principals in a transaction.<\/div>\"><span itemprop=\"name\">DUAL AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency relationship in which the agent acts concurrently for both of the principals in a transaction.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/due-on-sale-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DUE ON SALE CLAUSE<\/div><div class=glossaryItemBody> An acceleration clause granting the lender the right to demand full payment of the mortgage upon a sale of the property.<\/div>\"><span itemprop=\"name\">DUE ON SALE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An acceleration clause granting the lender the right to demand full payment of the mortgage upon a sale of the property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/duress\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DURESS<\/div><div class=glossaryItemBody> Unlawful constraint exercised upon a person whereby he or she is forced to do some act against his or her will.<\/div>\"><span itemprop=\"name\">DURESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Unlawful constraint exercised upon a person whereby he or she is forced to do some act against his or her will.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">e<\/h3><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/earnest-money\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EARNEST MONEY<\/div><div class=glossaryItemBody> Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.<\/div>\"><span itemprop=\"name\">EARNEST MONEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/easement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EASEMENT<\/div><div class=glossaryItemBody> A right, privilege or interest limited to a specific purpose which one party has in the land of another.<\/div>\"><span itemprop=\"name\">EASEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right, privilege or interest limited to a specific purpose which one party has in the land of another.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC LIFE<\/div><div class=glossaryItemBody> The period over which a property will yield a return on the investment over and above the economic or ground rent due to land.<\/div>\"><span itemprop=\"name\">ECONOMIC LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The period over which a property will yield a return on the investment over and above the economic or ground rent due to land.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC OBSOLESCENCE<\/div><div class=glossaryItemBody> A loss in value due to factors away from the subject property but adversely affecting the value of the subject property.<\/div>\"><span itemprop=\"name\">ECONOMIC OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loss in value due to factors away from the subject property but adversely affecting the value of the subject property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-rent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC RENT<\/div><div class=glossaryItemBody> The reasonable rental expectancy if the property were available for renting at the time of its valuation.<\/div>\"><span itemprop=\"name\">ECONOMIC RENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The reasonable rental expectancy if the property were available for renting at the time of its valuation.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-age-of-improvement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE AGE OF IMPROVEMENT<\/div><div class=glossaryItemBody> The number of years of age that is indicated by the condition of the structure, distinct from chronological age.<\/div>\"><span itemprop=\"name\">EFFECTIVE AGE OF IMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The number of years of age that is indicated by the condition of the structure, distinct from chronological age.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-date-of-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE DATE OF VALUE<\/div><div class=glossaryItemBody> The specific day the conclusion of value applies. GLOSSARY 573<\/div>\"><span itemprop=\"name\">EFFECTIVE DATE OF VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The specific day the conclusion of value applies. GLOSSARY 573<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE INTEREST RATE<\/div><div class=glossaryItemBody> The percentage of interest that is actually being paid by the borrower for the use of the money, distinct from nominal interest.<\/div>\"><span itemprop=\"name\">EFFECTIVE INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of interest that is actually being paid by the borrower for the use of the money, distinct from nominal interest.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/emblements\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EMBLEMENTS<\/div><div class=glossaryItemBody> The crops and other annual plantings considered to be personal property of the cultivator.<\/div>\"><span itemprop=\"name\">EMBLEMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The crops and other annual plantings considered to be personal property of the cultivator.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/eminent-domain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EMINENT DOMAIN<\/div><div class=glossaryItemBody> The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated and the right of the private citizen to get paid is spelled out in the 5th Amendment to the United States Constitution.<\/div>\"><span itemprop=\"name\">EMINENT DOMAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated and the right of the private citizen to get paid is spelled out in the 5th Amendment to the United States Constitution.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/encroachment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ENCROACHMENT<\/div><div class=glossaryItemBody> An unlawful intrusion onto another?s adjacent property by improvements to real property, e.g. a swimming pool built across a property line.<\/div>\"><span itemprop=\"name\">ENCROACHMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An unlawful intrusion onto another?s adjacent property by improvements to real property, e.g. a swimming pool built across a property line.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/encumbrance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ENCUMBRANCE<\/div><div class=glossaryItemBody> Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.<\/div>\"><span itemprop=\"name\">ENCUMBRANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY<\/div><div class=glossaryItemBody> The interest or value which an owner has in real estate over and above the liens against it. Branch of remedial justice by and through which relief is afforded to suitors in courts of equity.<\/div>\"><span itemprop=\"name\">EQUITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest or value which an owner has in real estate over and above the liens against it. Branch of remedial justice by and through which relief is afforded to suitors in courts of equity.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-build-up\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY BUILD-UP<\/div><div class=glossaryItemBody> The increase of owner?s equity in property due to mortgage principal reduction and value appreciation.<\/div>\"><span itemprop=\"name\">EQUITY BUILD-UP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The increase of owner?s equity in property due to mortgage principal reduction and value appreciation.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-of-redemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY OF REDEMPTION<\/div><div class=glossaryItemBody> The right to redeem property during the foreclosure period, such as a mortgagor?s right to redeem within either 3 months or 1 year as may be permitted after foreclosure sale.<\/div>\"><span itemprop=\"name\">EQUITY OF REDEMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right to redeem property during the foreclosure period, such as a mortgagor?s right to redeem within either 3 months or 1 year as may be permitted after foreclosure sale.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-participation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY PARTICIPATION<\/div><div class=glossaryItemBody> A mortgage transaction in which the lender, in addition to receiving a fixed rate of interest on the loan acquires an interest in the borrower?s real property, and shares in the profits derived from the real property.<\/div>\"><span itemprop=\"name\">EQUITY PARTICIPATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage transaction in which the lender, in addition to receiving a fixed rate of interest on the loan acquires an interest in the borrower?s real property, and shares in the profits derived from the real property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/erosion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EROSION<\/div><div class=glossaryItemBody> The wearing away of land by the act of water, wind or glacial ice.<\/div>\"><span itemprop=\"name\">EROSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The wearing away of land by the act of water, wind or glacial ice.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escalation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCALATION<\/div><div class=glossaryItemBody> The right reserved by the lender to increase the amount of the payments and\/or interest upon the happening of a certain event.<\/div>\"><span itemprop=\"name\">ESCALATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right reserved by the lender to increase the amount of the payments and\/or interest upon the happening of a certain event.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escalator-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCALATOR CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies, usually tied to some index or event. Often used in long term leases to provide for rent adjustments, to cover tax and maintenance increases.<\/div>\"><span itemprop=\"name\">ESCALATOR CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies, usually tied to some index or event. Often used in long term leases to provide for rent adjustments, to cover tax and maintenance increases.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escheat\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCHEAT<\/div><div class=glossaryItemBody> The reverting of property to the State when heirs capable of inheriting are lacking.<\/div>\"><span itemprop=\"name\">ESCHEAT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The reverting of property to the State when heirs capable of inheriting are lacking.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escrow\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCROW<\/div><div class=glossaryItemBody> The deposit of instruments and\/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.<\/div>\"><span itemprop=\"name\">ESCROW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The deposit of instruments and\/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escrow-agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCROW AGENT<\/div><div class=glossaryItemBody> The neutral third party holding funds or something of value in trust for another or others.<\/div>\"><span itemprop=\"name\">ESCROW AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The neutral third party holding funds or something of value in trust for another or others.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE<\/div><div class=glossaryItemBody> As applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist in real property. The degree, quantity, nature and extent of interest which a person has in real property.<\/div>\"><span itemprop=\"name\">ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist in real property. The degree, quantity, nature and extent of interest which a person has in real property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-at-sufferance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE AT SUFFERANCE<\/div><div class=glossaryItemBody> An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant?s previous holding. Also called a tenancy at sufferance.<\/div>\"><span itemprop=\"name\">ESTATE AT SUFFERANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant?s previous holding. Also called a tenancy at sufferance.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-at-will\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE AT WILL<\/div><div class=glossaryItemBody> The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.<\/div>\"><span itemprop=\"name\">ESTATE AT WILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-for-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FOR LIFE<\/div><div class=glossaryItemBody> A possessory, freehold estate in land held by a person only for the duration of his or her life or the life or lives of another.<\/div>\"><span itemprop=\"name\">ESTATE FOR LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A possessory, freehold estate in land held by a person only for the duration of his or her life or the life or lives of another.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-for-years\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FOR YEARS<\/div><div class=glossaryItemBody> An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.<\/div>\"><span itemprop=\"name\">ESTATE FOR YEARS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-from-period-to-period\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FROM PERIOD TO PERIOD<\/div><div class=glossaryItemBody> An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.<\/div>\"><span itemprop=\"name\">ESTATE FROM PERIOD TO PERIOD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-of-inheritance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE OF INHERITANCE<\/div><div class=glossaryItemBody> An estate which may descend to heirs. All freehold estates are estates of inheritance, except estates for life.<\/div>\"><span itemprop=\"name\">ESTATE OF INHERITANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which may descend to heirs. All freehold estates are estates of inheritance, except estates for life.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estimate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTIMATE<\/div><div class=glossaryItemBody> A preliminary opinion of value. Appraise, set a value. 574 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ESTIMATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A preliminary opinion of value. Appraise, set a value. 574 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estimated-remaining-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTIMATED REMAINING LIFE<\/div><div class=glossaryItemBody> The period of time (years) it takes for the improvements to become valueless.<\/div>\"><span itemprop=\"name\">ESTIMATED REMAINING LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The period of time (years) it takes for the improvements to become valueless.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estoppel\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTOPPEL<\/div><div class=glossaryItemBody> A legal theory under which a person is barred from asserting or denying a fact because of the person?s previous acts or words.<\/div>\"><span itemprop=\"name\">ESTOPPEL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal theory under which a person is barred from asserting or denying a fact because of the person?s previous acts or words.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/et-ux\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ET UX<\/div><div class=glossaryItemBody> Abbreviation for ?et uxor.? Means ?and wife.?<\/div>\"><span itemprop=\"name\">ET UX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Abbreviation for ?et uxor.? Means ?and wife.?<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ethics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ETHICS<\/div><div class=glossaryItemBody> That branch of moral science, idealism, justness, and fairness, which treats of the duties which a member of a profession or craft owes to the public, client or partner, and to professional brethren or members. Accepted standards of right and wrong. Moral conduct, behavior or duty.<\/div>\"><span itemprop=\"name\">ETHICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That branch of moral science, idealism, justness, and fairness, which treats of the duties which a member of a profession or craft owes to the public, client or partner, and to professional brethren or members. Accepted standards of right and wrong. Moral conduct, behavior or duty.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/eviction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EVICTION<\/div><div class=glossaryItemBody> Dispossession by process of law. The act of depriving a person of the possession of lands in pursuance of the judgment of a court.<\/div>\"><span itemprop=\"name\">EVICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Dispossession by process of law. The act of depriving a person of the possession of lands in pursuance of the judgment of a court.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exceptions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCEPTIONS<\/div><div class=glossaryItemBody> Matters affecting title to a particular parcel of real property which are included from coverage of a title insurance policy.<\/div>\"><span itemprop=\"name\">EXCEPTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Matters affecting title to a particular parcel of real property which are included from coverage of a title insurance policy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exchange\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCHANGE<\/div><div class=glossaryItemBody> A means of trading equities in two or more real properties, treated as a single transaction through a single escrow.<\/div>\"><span itemprop=\"name\">EXCHANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A means of trading equities in two or more real properties, treated as a single transaction through a single escrow.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSION<\/div><div class=glossaryItemBody> General matters affecting title to real property excluded from coverage of a title insurance policy.<\/div>\"><span itemprop=\"name\">EXCLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > General matters affecting title to real property excluded from coverage of a title insurance policy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusive-agency-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSIVE AGENCY LISTING<\/div><div class=glossaryItemBody> A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.<\/div>\"><span itemprop=\"name\">EXCLUSIVE AGENCY LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusive-right-to-sell-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSIVE RIGHT TO SELL LISTING<\/div><div class=glossaryItemBody> A listing agreement employing a broker to act as agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold during the duration of the listing through another broker or by the owner without the services of an agent.<\/div>\"><span itemprop=\"name\">EXCLUSIVE RIGHT TO SELL LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing agreement employing a broker to act as agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold during the duration of the listing through another broker or by the owner without the services of an agent.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/execute\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTE<\/div><div class=glossaryItemBody> To complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.<\/div>\"><span itemprop=\"name\">EXECUTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/executor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTOR<\/div><div class=glossaryItemBody> A man named in a will to carry out its provisions as to the disposition of the estate of a deceased person. (A woman is executrix.)<\/div>\"><span itemprop=\"name\">EXECUTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A man named in a will to carry out its provisions as to the disposition of the estate of a deceased person. (A woman is executrix.)<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/executory-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTORY CONTRACT<\/div><div class=glossaryItemBody> A contract in which something remains to be done by one or both of the parties.<\/div>\"><span itemprop=\"name\">EXECUTORY CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which something remains to be done by one or both of the parties.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/expenses\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXPENSES<\/div><div class=glossaryItemBody> Certain items which appear on a closing statement in connection with a real estate sale.<\/div>\"><span itemprop=\"name\">EXPENSES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Certain items which appear on a closing statement in connection with a real estate sale.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">f<\/h3><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/facade\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FACADE<\/div><div class=glossaryItemBody> The front of a building, often used to refer to a false front and as a metaphor. FAIR MARKET VALUE. This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to buy or sell.<\/div>\"><span itemprop=\"name\">FACADE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The front of a building, often used to refer to a false front and as a metaphor. FAIR MARKET VALUE. This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fannie-mae\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FANNIE MAE<\/div><div class=glossaryItemBody> An acronymic nickname for Federal National Mortgage Association (FNMA).<\/div>\"><span itemprop=\"name\">FANNIE MAE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An acronymic nickname for Federal National Mortgage Association (FNMA).<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/farmers-home-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FARMERS HOME ADMINISTRATION<\/div><div class=glossaryItemBody> An agency of the Department of Agriculture. Primary responsibility is to provide financial assistance for farmers and others living in rural areas where financing is not available on reasonable terms from private sources.<\/div>\"><span itemprop=\"name\">FARMERS HOME ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of the Department of Agriculture. Primary responsibility is to provide financial assistance for farmers and others living in rural areas where financing is not available on reasonable terms from private sources.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-deposit-insurance-corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL DEPOSIT INSURANCE CORPORATION<\/div><div class=glossaryItemBody> (FDIC) Agency of the federal government which insures deposits at commercial banks, savings banks and savings and loans.<\/div>\"><span itemprop=\"name\">FEDERAL DEPOSIT INSURANCE CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FDIC) Agency of the federal government which insures deposits at commercial banks, savings banks and savings and loans.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-home-loan-mortgage-corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL HOME LOAN MORTGAGE CORPORATION<\/div><div class=glossaryItemBody> An independent stock company which creates a secondary market in conventional residential loans and in FHA and VA loans by purchasing mortgages.<\/div>\"><span itemprop=\"name\">FEDERAL HOME LOAN MORTGAGE CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An independent stock company which creates a secondary market in conventional residential loans and in FHA and VA loans by purchasing mortgages.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-housing-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL HOUSING ADMINISTRATION<\/div><div class=glossaryItemBody> (FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.<\/div>\"><span itemprop=\"name\">FEDERAL HOUSING ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-land-bank-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL LAND BANK SYSTEM<\/div><div class=glossaryItemBody> Federal government agency making long term loans to farmers.<\/div>\"><span itemprop=\"name\">FEDERAL LAND BANK SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal government agency making long term loans to farmers.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-national-mortgage-association\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL NATIONAL MORTGAGE ASSOCIATION<\/div><div class=glossaryItemBody> (FNMA) ?Fannie Mae? a quasipublic agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market. GLOSSARY 575<\/div>\"><span itemprop=\"name\">FEDERAL NATIONAL MORTGAGE ASSOCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FNMA) ?Fannie Mae? a quasipublic agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market. GLOSSARY 575<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-reserve-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL RESERVE SYSTEM<\/div><div class=glossaryItemBody> The federal banking system of the United States under the control of central board of governors (Federal Reserve Board) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation.<\/div>\"><span itemprop=\"name\">FEDERAL RESERVE SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The federal banking system of the United States under the control of central board of governors (Federal Reserve Board) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE<\/div><div class=glossaryItemBody> An estate of inheritance in real property.<\/div>\"><span itemprop=\"name\">FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate of inheritance in real property.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE<\/div><div class=glossaryItemBody> The maximum possible estate in land in which the owner holds unconditional power of disposition; an estate freely transferable and inheritable.<\/div>\"><span itemprop=\"name\">FEE SIMPLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The maximum possible estate in land in which the owner holds unconditional power of disposition; an estate freely transferable and inheritable.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple-defeasible\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE DEFEASIBLE<\/div><div class=glossaryItemBody> An estate in fee subject to the occurrence of a condition subsequent whereby the estate may be terminated.<\/div>\"><span itemprop=\"name\">FEE SIMPLE DEFEASIBLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate in fee subject to the occurrence of a condition subsequent whereby the estate may be terminated.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE ESTATE<\/div><div class=glossaryItemBody> The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.<\/div>\"><span itemprop=\"name\">FEE SIMPLE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/feudal-tenure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEUDAL TENURE<\/div><div class=glossaryItemBody> A real property ownership system in which ownership rests with a sovereign who may grant lesser interests in return for service or loyalty. This is in contrast to allodial tenure.<\/div>\"><span itemprop=\"name\">FEUDAL TENURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real property ownership system in which ownership rests with a sovereign who may grant lesser interests in return for service or loyalty. This is in contrast to allodial tenure.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fhlmc\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FHLMC<\/div><div class=glossaryItemBody> See FEDERAL HOME LOAN MORTGAGE CORPORATION.<\/div>\"><span itemprop=\"name\">FHLMC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See FEDERAL HOME LOAN MORTGAGE CORPORATION.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fidelity-bond\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDELITY BOND<\/div><div class=glossaryItemBody> A security posted for the discharge of an obligation of personal services.<\/div>\"><span itemprop=\"name\">FIDELITY BOND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A security posted for the discharge of an obligation of personal services.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiduciary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDUCIARY<\/div><div class=glossaryItemBody> A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency.<\/div>\"><span itemprop=\"name\">FIDUCIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiduciary-duty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDUCIARY DUTY<\/div><div class=glossaryItemBody> That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.<\/div>\"><span itemprop=\"name\">FIDUCIARY DUTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/filtering\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FILTERING<\/div><div class=glossaryItemBody> The process whereby higher-priced properties become available to lower income buyers.<\/div>\"><span itemprop=\"name\">FILTERING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process whereby higher-priced properties become available to lower income buyers.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financial-intermediary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCIAL INTERMEDIARY<\/div><div class=glossaryItemBody> Financial institutions such as commercial banks, savings and loan associations, mutual savings banks and life insurance companies which receive relatively small sums of money from the public and invest them in the form of large sums. A considerable portion of these funds are loaned on real estate.<\/div>\"><span itemprop=\"name\">FINANCIAL INTERMEDIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Financial institutions such as commercial banks, savings and loan associations, mutual savings banks and life insurance companies which receive relatively small sums of money from the public and invest them in the form of large sums. A considerable portion of these funds are loaned on real estate.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financing-process\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCING PROCESS<\/div><div class=glossaryItemBody>The systematic 5 step procedure followed by major institutional lenders inanalyzing a proposed loan, which includes ? filing of application by a borrower; lender?s analysis ofborrower and property; processing of loan documentation; closing (paying) the loan; and servicing(collection and record keeping).<\/div>\"><span itemprop=\"name\">FINANCING PROCESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The systematic 5 step procedure followed by major institutional lenders in\nanalyzing a proposed loan, which includes ? filing of application by a borrower; lender?s analysis of\nborrower and property; processing of loan documentation; closing (paying) the loan; and servicing\n(collection and(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financing-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCING STATEMENT<\/div><div class=glossaryItemBody> The instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See definition of Security Interest and Secured Party.)<\/div>\"><span itemprop=\"name\">FINANCING STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See definition of Security Interest and Secured Party.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/first-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIRST MORTGAGE<\/div><div class=glossaryItemBody> A legal document pledging collateral for a loan (See ?mortgage?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other.<\/div>\"><span itemprop=\"name\">FIRST MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal document pledging collateral for a loan (See ?mortgage?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/first-trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIRST TRUST DEED<\/div><div class=glossaryItemBody> A legal document pledging collateral for a loan (See ?trust deed?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That trust deed superior to any other.<\/div>\"><span itemprop=\"name\">FIRST TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal document pledging collateral for a loan (See ?trust deed?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That trust deed superior to any other.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiscal-controls\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FISCAL CONTROLS<\/div><div class=glossaryItemBody> Federal tax revenue and expenditure policies used to control the level of economic activity.<\/div>\"><span itemprop=\"name\">FISCAL CONTROLS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal tax revenue and expenditure policies used to control the level of economic activity.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiscal-year\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FISCAL YEAR<\/div><div class=glossaryItemBody> A business or accounting year as distinguished from a calendar year.<\/div>\"><span itemprop=\"name\">FISCAL YEAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A business or accounting year as distinguished from a calendar year.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fixity-of-location\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIXITY OF LOCATION<\/div><div class=glossaryItemBody> The physical characteristic of real estate that subjects it to the influence of its surroundings.<\/div>\"><span itemprop=\"name\">FIXITY OF LOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The physical characteristic of real estate that subjects it to the influence of its surroundings.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fixtures\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIXTURES<\/div><div class=glossaryItemBody>Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples ? plumbing fixtures, store fixtures built into the property, etc. <\/div>\"><span itemprop=\"name\">FIXTURES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Appurtenances attached to the land or improvements, which usually cannot be removed \nwithout agreement as they become real property; examples ? plumbing fixtures, store fixtures built into the property, etc. \n<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FORECLOSURE<\/div><div class=glossaryItemBody> Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.<\/div>\"><span itemprop=\"name\">FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/forfeiture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FORFEITURE<\/div><div class=glossaryItemBody> Loss of money or anything of value, due to failure to perform. 576 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">FORFEITURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss of money or anything of value, due to failure to perform. 576 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/franchise\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRANCHISE<\/div><div class=glossaryItemBody> A specified privilege awarded by a government or business firm which awards an exclusive dealership.<\/div>\"><span itemprop=\"name\">FRANCHISE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A specified privilege awarded by a government or business firm which awards an exclusive dealership.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRAUD<\/div><div class=glossaryItemBody>The intentional and successful employment of any cunning, deception, collusion, or artifice, usedto circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property andto legal injury. (Actual Fraud ? A deliberate misrepresentation or representation made in reckless disregardof its truth or its falsity, the suppression of truth, a promise made without the intention to perform it, or anyother act intended to deceive.)<\/div>\"><span itemprop=\"name\">FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The intentional and successful employment of any cunning, deception, collusion, or artifice, used\nto circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and\nto legal injury. (Actual Fraud ? A deliberate misrepresentation or representation made(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frauds-statute-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRAUDS, STATUTE OF<\/div><div class=glossaryItemBody> (See Statute of Frauds.)<\/div>\"><span itemprop=\"name\">FRAUDS, STATUTE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Statute of Frauds.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/freddie-mac\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FREDDIE MAC<\/div><div class=glossaryItemBody>(See FEDERAL HOME LOAN MORTGAGE CORPORATION.)<\/div>\"><span itemprop=\"name\">FREDDIE MAC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(See FEDERAL HOME LOAN MORTGAGE CORPORATION.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/freehold-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FREEHOLD ESTATE<\/div><div class=glossaryItemBody> An estate of indeterminable duration, e.g., fee simple or life estate.<\/div>\"><span itemprop=\"name\">FREEHOLD ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate of indeterminable duration, e.g., fee simple or life estate.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/front-foot\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONT FOOT<\/div><div class=glossaryItemBody>Property measurement for sale or valuation purposes; the property measured by the frontlinear foot on its street line?each front foot extending the depth of the lot.<\/div>\"><span itemprop=\"name\">FRONT FOOT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Property measurement for sale or valuation purposes; the property measured by the front\nlinear foot on its street line?each front foot extending the depth of the lot.\n<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/front-money\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONT MONEY<\/div><div class=glossaryItemBody> The minimum amount of money necessary to initiate a real estate venture, to get the transaction underway.<\/div>\"><span itemprop=\"name\">FRONT MONEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The minimum amount of money necessary to initiate a real estate venture, to get the transaction underway.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frontage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONTAGE<\/div><div class=glossaryItemBody> A term used to describe or identify that part of a parcel of land or an improvement on the land which faces a street. The term is also used to refer to the lineal extent of the land or improvement that is parallel to and facing the street, e.g., a 75-foot frontage.<\/div>\"><span itemprop=\"name\">FRONTAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used to describe or identify that part of a parcel of land or an improvement on the land which faces a street. The term is also used to refer to the lineal extent of the land or improvement that is parallel to and facing the street, e.g., a 75-foot frontage.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frostline\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FROSTLINE<\/div><div class=glossaryItemBody> The depth of frost penetration in the soil. Varies in different parts of the country. Footings should be placed below this depth to prevent movement.<\/div>\"><span itemprop=\"name\">FROSTLINE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The depth of frost penetration in the soil. Varies in different parts of the country. Footings should be placed below this depth to prevent movement.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fully-indexed-note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FULLY INDEXED NOTE RATE<\/div><div class=glossaryItemBody> As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note.<\/div>\"><span itemprop=\"name\">FULLY INDEXED NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/functional-obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FUNCTIONAL OBSOLESCENCE<\/div><div class=glossaryItemBody> A loss of value due to adverse factors from within the structure which affect the utility of the structure, value and marketability.<\/div>\"><span itemprop=\"name\">FUNCTIONAL OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loss of value due to adverse factors from within the structure which affect the utility of the structure, value and marketability.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/future-benefits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FUTURE BENEFITS<\/div><div class=glossaryItemBody> The anticipated benefits the present owner will receive from the property in the future.<\/div>\"><span itemprop=\"name\">FUTURE BENEFITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The anticipated benefits the present owner will receive from the property in the future.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">g<\/h3><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gable-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GABLE ROOF<\/div><div class=glossaryItemBody> A pitched roof with sloping sides.<\/div>\"><span itemprop=\"name\">GABLE ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pitched roof with sloping sides.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GAIN<\/div><div class=glossaryItemBody> A profit, benefit, or value increase.<\/div>\"><span itemprop=\"name\">GAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A profit, benefit, or value increase.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gambrel-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GAMBREL ROOF<\/div><div class=glossaryItemBody> A curb roof, having a steep lower slope with a flatter upper slope above.<\/div>\"><span itemprop=\"name\">GAMBREL ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A curb roof, having a steep lower slope with a flatter upper slope above.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/general-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GENERAL LIEN<\/div><div class=glossaryItemBody> A lien on all the property of a debtor.<\/div>\"><span itemprop=\"name\">GENERAL LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien on all the property of a debtor.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gift-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GIFT DEED<\/div><div class=glossaryItemBody> A deed for which there is no consideration.<\/div>\"><span itemprop=\"name\">GIFT DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed for which there is no consideration.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/goodwill\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOODWILL<\/div><div class=glossaryItemBody> An intangible but salable asset of a business derived from the expectation of continued public patronage.<\/div>\"><span itemprop=\"name\">GOODWILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An intangible but salable asset of a business derived from the expectation of continued public patronage.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/government-national-mortgage-association\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<\/div><div class=glossaryItemBody> An agency of HUD, which functions in the secondary mortgage market, primarily in social housing programs. Commonly called by the acronymic nickname ?Ginnie Mae? (GNMA).<\/div>\"><span itemprop=\"name\">GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of HUD, which functions in the secondary mortgage market, primarily in social housing programs. Commonly called by the acronymic nickname ?Ginnie Mae? (GNMA).<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/government-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOVERNMENT SURVEY<\/div><div class=glossaryItemBody> A method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.<\/div>\"><span itemprop=\"name\">GOVERNMENT SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grade\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADE<\/div><div class=glossaryItemBody> Ground level at the foundation.<\/div>\"><span itemprop=\"name\">GRADE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ground level at the foundation.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/graduated-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADUATED LEASE<\/div><div class=glossaryItemBody> Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.<\/div>\"><span itemprop=\"name\">GRADUATED LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/graduated-payment-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADUATED PAYMENT MORTGAGE<\/div><div class=glossaryItemBody> Providing for partially deferred payments of principal at start of loan. (There are a variety of plans.) Usually after the first five years of the loan term the principal and interest payment are substantially higher, to make up principal portion of payments lost at the beginning of the loan. (See Variable Interest Rate.)<\/div>\"><span itemprop=\"name\">GRADUATED PAYMENT MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Providing for partially deferred payments of principal at start of loan. (There are a variety of plans.) Usually after the first five years of the loan term the principal and interest payment are substantially higher, to make up principal portion of payments lost at the beginning of the loan.(...)<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANT<\/div><div class=glossaryItemBody> A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words ?convey? and ?transfer? have the same effect. GLOSSARY 577<\/div>\"><span itemprop=\"name\">GRANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words ?convey? and ?transfer? have the same effect. GLOSSARY 577<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grant-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANT DEED<\/div><div class=glossaryItemBody> A limited warranty deed using the word ?grant? or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.<\/div>\"><span itemprop=\"name\">GRANT DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A limited warranty deed using the word ?grant? or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grantee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANTEE<\/div><div class=glossaryItemBody> A person to whom a grant is made.<\/div>\"><span itemprop=\"name\">GRANTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person to whom a grant is made.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grantor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANTOR<\/div><div class=glossaryItemBody> A person who transfers his or her interest in property to another by grant.<\/div>\"><span itemprop=\"name\">GRANTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who transfers his or her interest in property to another by grant.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gratuitous-agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRATUITOUS AGENT<\/div><div class=glossaryItemBody> A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal?s instructions once he or she undertakes to act as an agent.<\/div>\"><span itemprop=\"name\">GRATUITOUS AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal?s instructions once he or she undertakes to act as an agent.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grid\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRID<\/div><div class=glossaryItemBody> A chart used in rating the borrower risk, property and the neighborhood.<\/div>\"><span itemprop=\"name\">GRID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A chart used in rating the borrower risk, property and the neighborhood.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS INCOME<\/div><div class=glossaryItemBody> Total income from property before any expenses are deducted.<\/div>\"><span itemprop=\"name\">GROSS INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Total income from property before any expenses are deducted.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-margin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS MARGIN<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish the new note rate.<\/div>\"><span itemprop=\"name\">GROSS MARGIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish the new note rate.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-national-product-gnp\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS NATIONAL PRODUCT (GNP)<\/div><div class=glossaryItemBody> The total value of all goods and services produced in an economy during a given period of time.<\/div>\"><span itemprop=\"name\">GROSS NATIONAL PRODUCT (GNP)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The total value of all goods and services produced in an economy during a given period of time.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS RATE<\/div><div class=glossaryItemBody> A method of collecting interest by adding total interest to the principal of the loan at the outset of the term.<\/div>\"><span itemprop=\"name\">GROSS RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of collecting interest by adding total interest to the principal of the loan at the outset of the term.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-rent-multiplier\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS RENT MULTIPLIER<\/div><div class=glossaryItemBody>A number which, times the gross income of a property, produces anestimate of value of the property. Example ? The gross income from an unfurnished apartment building is$200,000 per annum. If an appraiser uses a gross multiplier of 7%, then it is said that based on the grossmultiplier the value of the building is $1,400,000.<\/div>\"><span itemprop=\"name\">GROSS RENT MULTIPLIER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A number which, times the gross income of a property, produces an\nestimate of value of the property. Example ? The gross income from an unfurnished apartment building is\n$200,000 per annum. If an appraiser uses a gross multiplier of 7%, then it is said that based on the gross\nmultiplier the(...)<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ground-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROUND LEASE<\/div><div class=glossaryItemBody> An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user.<\/div>\"><span itemprop=\"name\">GROUND LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ground-rent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROUND RENT<\/div><div class=glossaryItemBody> Earnings of improved property credited to earnings of the ground itself after allowance is made for earnings of improvements; often termed economic rent.<\/div>\"><span itemprop=\"name\">GROUND RENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Earnings of improved property credited to earnings of the ground itself after allowance is made for earnings of improvements; often termed economic rent.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">h<\/h3><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/habendum-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HABENDUM CLAUSE<\/div><div class=glossaryItemBody> The ?to have and to hold? clause which may be found in a deed.<\/div>\"><span itemprop=\"name\">HABENDUM CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The ?to have and to hold? clause which may be found in a deed.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/heir\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HEIR<\/div><div class=glossaryItemBody> One who inherits property at the death of the owner of the land, if the owner has died without a will.<\/div>\"><span itemprop=\"name\">HEIR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who inherits property at the death of the owner of the land, if the owner has died without a will.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/highest-and-best-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HIGHEST AND BEST USE<\/div><div class=glossaryItemBody> An appraisal phrase meaning that use which at the time of an appraisal is most likely to produce the greatest net return to the land and\/or buildings over a given period of time; that use which will produce the greatest amount of amenities or profit. This is the starting point for appraisal.<\/div>\"><span itemprop=\"name\">HIGHEST AND BEST USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appraisal phrase meaning that use which at the time of an appraisal is most likely to produce the greatest net return to the land and\/or buildings over a given period of time; that use which will produce the greatest amount of amenities or profit. This is the starting point for appraisal.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hip-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HIP ROOF<\/div><div class=glossaryItemBody> A pitched roof with sloping sides and ends.<\/div>\"><span itemprop=\"name\">HIP ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pitched roof with sloping sides and ends.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/holder-in-due-course\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOLDER IN DUE COURSE<\/div><div class=glossaryItemBody> One who has taken a note, check or bill of exchange in due course: 1. before it was overdue; 2. in good faith and for value; and 3. without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.<\/div>\"><span itemprop=\"name\">HOLDER IN DUE COURSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who has taken a note, check or bill of exchange in due course: 1. before it was overdue; 2. in good faith and for value; and 3. without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/holdover-tenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOLDOVER TENANT<\/div><div class=glossaryItemBody> Tenant who remains in possession of leased property after the expiration of the lease term.<\/div>\"><span itemprop=\"name\">HOLDOVER TENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Tenant who remains in possession of leased property after the expiration of the lease term.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/homestead-exemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOMESTEAD  (exemption)<\/div><div class=glossaryItemBody> A statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.<\/div>\"><span itemprop=\"name\">HOMESTEAD  (exemption)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/housing-financial-discrimination-act-of-1977-holden-act\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOUSING FINANCIAL DISCRIMINATION ACT OF 1977 (Holden Act)<\/div><div class=glossaryItemBody> California Health and Safety Code Section 35800, et seq., designed primarily to eliminate discrimination in lending practices based upon the character of the neighborhood in which real property is located. (See Redlining.)<\/div>\"><span itemprop=\"name\">HOUSING FINANCIAL DISCRIMINATION ACT OF 1977 (Holden Act)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > California Health and Safety Code Section 35800, et seq., designed primarily to eliminate discrimination in lending practices based upon the character of the neighborhood in which real property is located. (See Redlining.)<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HUD<\/div><div class=glossaryItemBody> The Department of Housing and Urban Development which is responsible for the implementation and administration of U.S. government housing and urban development programs.<\/div>\"><span itemprop=\"name\">HUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Department of Housing and Urban Development which is responsible for the implementation and administration of U.S. government housing and urban development programs.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hundred-percent-location\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HUNDRED PERCENT LOCATION<\/div><div class=glossaryItemBody> A city retail business location which is considered the best available for attracting business.<\/div>\"><span itemprop=\"name\">HUNDRED PERCENT LOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A city retail business location which is considered the best available for attracting business.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hypothecate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HYPOTHECATE<\/div><div class=glossaryItemBody> To pledge a thing as security without the necessity of giving up possession of it. 578 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">HYPOTHECATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To pledge a thing as security without the necessity of giving up possession of it. 578 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">i<\/h3><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/imperative-necessity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IMPERATIVE NECESSITY<\/div><div class=glossaryItemBody> Circumstances under which an agent has expanded authority in an emergency, including the power to disobey instructions where it is clearly in the interests of the principal and where there is no time to obtain instructions from the principal.<\/div>\"><span itemprop=\"name\">IMPERATIVE NECESSITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Circumstances under which an agent has expanded authority in an emergency, including the power to disobey instructions where it is clearly in the interests of the principal and where there is no time to obtain instructions from the principal.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/impounds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IMPOUNDS<\/div><div class=glossaryItemBody> A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and\/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The combined principal, interest, taxes and insurance payment is commonly termed a PITI payment.<\/div>\"><span itemprop=\"name\">IMPOUNDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and\/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/income-capitalization-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCOME (CAPITALIZATION) APPROACH<\/div><div class=glossaryItemBody>One of the three methods of the appraisal processgenerally applied to income producing property, and involves a three-step process? (1) find net annualincome, (2) set an appropriate capitalization rate or ?present worth? factor, and (3) capitalize the incomedividing the net income by the capitalization rate.<\/div>\"><span itemprop=\"name\">INCOME (CAPITALIZATION) APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >One of the three methods of the appraisal process\ngenerally applied to income producing property, and involves a three-step process? (1) find net annual\nincome, (2) set an appropriate capitalization rate or ?present worth? factor, and (3) capitalize the income\ndividing the net income by the(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/incompetent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCOMPETENT<\/div><div class=glossaryItemBody> One who is mentally incompetent, incapable; any person who, though not insane, is, by reason of old age, disease, weakness of mind, or any other cause, unable, unassisted, to properly manage and take care of self or property and by reason thereof would be likely to be deceived or imposed upon by artful or designing persons.<\/div>\"><span itemprop=\"name\">INCOMPETENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is mentally incompetent, incapable; any person who, though not insane, is, by reason of old age, disease, weakness of mind, or any other cause, unable, unassisted, to properly manage and take care of self or property and by reason thereof would be likely to be deceived or imposed upon(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/incorporeal-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCORPOREAL RIGHTS<\/div><div class=glossaryItemBody> Nonpossessory rights in real estate, a rising out of ownership, such as rents.<\/div>\"><span itemprop=\"name\">INCORPOREAL RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Nonpossessory rights in real estate, a rising out of ownership, such as rents.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCREMENT<\/div><div class=glossaryItemBody> An increase. Most frequently used to refer to the increase of value of land that accompanies population growth and increasing wealth in the community. The term ?unearned increment? is used in this connection since values are supposed to have increased without effort on the part of the owner.<\/div>\"><span itemprop=\"name\">INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An increase. Most frequently used to refer to the increase of value of land that accompanies population growth and increasing wealth in the community. The term ?unearned increment? is used in this connection since values are supposed to have increased without effort on the part of the owner.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indemnity-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDEMNITY AGREEMENT<\/div><div class=glossaryItemBody> An agreement by the maker of the document to repay the addressee of the agreement up to the limit stated for any loss due to the contingency stated on the agreement.<\/div>\"><span itemprop=\"name\">INDEMNITY AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement by the maker of the document to repay the addressee of the agreement up to the limit stated for any loss due to the contingency stated on the agreement.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indenture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDENTURE<\/div><div class=glossaryItemBody> A formal written instrument made between two or more persons in different interests, such as a lease.<\/div>\"><span itemprop=\"name\">INDENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A formal written instrument made between two or more persons in different interests, such as a lease.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/independent-contractor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDEPENDENT CONTRACTOR<\/div><div class=glossaryItemBody> A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.<\/div>\"><span itemprop=\"name\">INDEPENDENT CONTRACTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indorsement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDORSEMENT<\/div><div class=glossaryItemBody> The act of signing one?s name on the back of a check or note, with or without further qualification.<\/div>\"><span itemprop=\"name\">INDORSEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of signing one?s name on the back of a check or note, with or without further qualification.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/initial-note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INITIAL NOTE RATE<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.<\/div>\"><span itemprop=\"name\">INITIAL NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/initial-rate-discount\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INITIAL RATE DISCOUNT<\/div><div class=glossaryItemBody> As applies to an adjustable rate mortgage, the index value at the time of loan application plus the margin less the initial note rate.<\/div>\"><span itemprop=\"name\">INITIAL RATE DISCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As applies to an adjustable rate mortgage, the index value at the time of loan application plus the margin less the initial note rate.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/injunction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INJUNCTION<\/div><div class=glossaryItemBody> A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.<\/div>\"><span itemprop=\"name\">INJUNCTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT NOTE<\/div><div class=glossaryItemBody> A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.<\/div>\"><span itemprop=\"name\">INSTALLMENT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-reporting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT REPORTING<\/div><div class=glossaryItemBody> A method of reporting capital gains by installments for successive tax years to minimize the impact of the totality of the capital gains tax in the year of the sale.<\/div>\"><span itemprop=\"name\">INSTALLMENT REPORTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of reporting capital gains by installments for successive tax years to minimize the impact of the totality of the capital gains tax in the year of the sale.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT SALES CONTRACT<\/div><div class=glossaryItemBody> Commonly called contract of sale or ?land contract.? Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller, and upon default by buyer (vendee) the payments may be forfeited.<\/div>\"><span itemprop=\"name\">INSTALLMENT SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Commonly called contract of sale or ?land contract.? Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller, and upon default by buyer (vendee) the payments may be forfeited.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/institutional-lenders\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTITUTIONAL LENDERS<\/div><div class=glossaryItemBody> A financial intermediary or depository, such as a savings and loan association, commercial bank, or life insurance company, which pools money of its depositors and then invests funds in various ways, including trust deed and mortgage loans.<\/div>\"><span itemprop=\"name\">INSTITUTIONAL LENDERS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financial intermediary or depository, such as a savings and loan association, commercial bank, or life insurance company, which pools money of its depositors and then invests funds in various ways, including trust deed and mortgage loans.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/instrument\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTRUMENT<\/div><div class=glossaryItemBody>A written legal document; created to effect the rights of the parties, giving formalexpression to a legal act or agreement for the purpose of creating, modifying or terminating a right. Realestate lenders? basic instruments are ? promissory notes, deeds of trust, mortgages, installment salescontracts, leases, assignments.<\/div>\"><span itemprop=\"name\">INSTRUMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A written legal document; created to effect the rights of the parties, giving formal\nexpression to a legal act or agreement for the purpose of creating, modifying or terminating a right. Real\nestate lenders? basic instruments are ? promissory notes, deeds of trust, mortgages, installment(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST<\/div><div class=glossaryItemBody> A portion, share or right in something. Partial, not complete ownership. The charge in dollars for the use of money for a period of time. In a sense, the ?rent? paid for the use of money. GLOSSARY 579<\/div>\"><span itemprop=\"name\">INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A portion, share or right in something. Partial, not complete ownership. The charge in dollars for the use of money for a period of time. In a sense, the ?rent? paid for the use of money. GLOSSARY 579<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-extra-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST EXTRA LOAN<\/div><div class=glossaryItemBody> A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only.<\/div>\"><span itemprop=\"name\">INTEREST EXTRA LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-only-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST ONLY LOAN<\/div><div class=glossaryItemBody> A straight, non-amortizing loan in which the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity.<\/div>\"><span itemprop=\"name\">INTEREST ONLY LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A straight, non-amortizing loan in which the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST RATE<\/div><div class=glossaryItemBody> The percentage of a sum of money charged for its use. Rent or charge paid for use of money, expressed as a percentage per month or year of the sum borrowed.<\/div>\"><span itemprop=\"name\">INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of a sum of money charged for its use. Rent or charge paid for use of money, expressed as a percentage per month or year of the sum borrowed.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interim-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERIM LOAN<\/div><div class=glossaryItemBody> A short-term, temporary loan used until permanent financing is available, e.g., a construction loan.<\/div>\"><span itemprop=\"name\">INTERIM LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A short-term, temporary loan used until permanent financing is available, e.g., a construction loan.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/intermediation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERMEDIATION<\/div><div class=glossaryItemBody> The process of pooling and supplying funds for investment by financial institutions called intermediaries. The process is dependent on individual savers placing their funds with these institutions and foregoing opportunities to directly invest in the investments selected.<\/div>\"><span itemprop=\"name\">INTERMEDIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of pooling and supplying funds for investment by financial institutions called intermediaries. The process is dependent on individual savers placing their funds with these institutions and foregoing opportunities to directly invest in the investments selected.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interpleader\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERPLEADER<\/div><div class=glossaryItemBody> A court proceeding initiated by the stakeholder of property who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property.<\/div>\"><span itemprop=\"name\">INTERPLEADER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court proceeding initiated by the stakeholder of property who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interval-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERVAL OWNERSHIP<\/div><div class=glossaryItemBody> A form of timeshare ownership. (See Timeshare Ownership.)<\/div>\"><span itemprop=\"name\">INTERVAL OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A form of timeshare ownership. (See Timeshare Ownership.)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/intestate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTESTATE<\/div><div class=glossaryItemBody> A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.<\/div>\"><span itemprop=\"name\">INTESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/involuntary-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INVOLUNTARY LIEN<\/div><div class=glossaryItemBody> A lien imposed against property without consent of an owner; example - taxes, special assessments, federal income tax liens, etc.<\/div>\"><span itemprop=\"name\">INVOLUNTARY LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien imposed against property without consent of an owner; example - taxes, special assessments, federal income tax liens, etc.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/irrevocable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IRREVOCABLE<\/div><div class=glossaryItemBody> Incapable of being recalled or revoked, unchangeable.<\/div>\"><span itemprop=\"name\">IRREVOCABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Incapable of being recalled or revoked, unchangeable.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/irrigation-districts\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IRRIGATION DISTRICTS<\/div><div class=glossaryItemBody> Quasi-political districts created under special laws to provide for water services to property owners in the district; an operation governed to a great extent by law.<\/div>\"><span itemprop=\"name\">IRRIGATION DISTRICTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Quasi-political districts created under special laws to provide for water services to property owners in the district; an operation governed to a great extent by law.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">j<\/h3><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT NOTE<\/div><div class=glossaryItemBody> A note signed by two or more persons who have equal liability for payment.<\/div>\"><span itemprop=\"name\">JOINT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note signed by two or more persons who have equal liability for payment.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-tenancy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT TENANCY<\/div><div class=glossaryItemBody> Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.<\/div>\"><span itemprop=\"name\">JOINT TENANCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-venture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT VENTURE<\/div><div class=glossaryItemBody> Two or more individuals or firms joining together on a single project as partners.<\/div>\"><span itemprop=\"name\">JOINT VENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Two or more individuals or firms joining together on a single project as partners.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUDGMENT<\/div><div class=glossaryItemBody> The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.<\/div>\"><span itemprop=\"name\">JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/judgment-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUDGMENT LIEN<\/div><div class=glossaryItemBody> A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.<\/div>\"><span itemprop=\"name\">JUDGMENT LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/junior-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUNIOR MORTGAGE<\/div><div class=glossaryItemBody> A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later-recorded mortgage.<\/div>\"><span itemprop=\"name\">JUNIOR MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later-recorded mortgage.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/jurisdiction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JURISDICTION<\/div><div class=glossaryItemBody> The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.<\/div>\"><span itemprop=\"name\">JURISDICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">l<\/h3><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/laches\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LACHES<\/div><div class=glossaryItemBody> Delay or negligence in asserting one?s legal rights.<\/div>\"><span itemprop=\"name\">LACHES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Delay or negligence in asserting one?s legal rights.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND<\/div><div class=glossaryItemBody> The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.<\/div>\"><span itemprop=\"name\">LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land-and-improvement-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND AND IMPROVEMENT LOAN<\/div><div class=glossaryItemBody> A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.<\/div>\"><span itemprop=\"name\">LAND AND IMPROVEMENT LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND CONTRACT<\/div><div class=glossaryItemBody> A contract used in a sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract, installment sales contract or real property sales contract. (See REAL PROPERTY SALES CONTRACT for statutory definition.)<\/div>\"><span itemprop=\"name\">LAND CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract used in a sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract, installment sales contract or real property sales contract. (See REAL PROPERTY(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/landlord\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LANDLORD<\/div><div class=glossaryItemBody> One who rents his or her property to another. The lessor under a lease.<\/div>\"><span itemprop=\"name\">LANDLORD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who rents his or her property to another. The lessor under a lease.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/late-charge\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATE CHARGE<\/div><div class=glossaryItemBody> A charge assessed by a lender against a borrower failing to make loan installment payments when due. 580 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">LATE CHARGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A charge assessed by a lender against a borrower failing to make loan installment payments when due. 580 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/later-date-order\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATER DATE ORDER<\/div><div class=glossaryItemBody> The commitment for an owner?s title insurance policy issued by a title insurance company which covers the seller?s title as of the date of the contract. When the sale closes the purchaser orders the title company to record the deed to purchaser and bring down their examination to cover this later date so as to show purchaser as owner of the property.<\/div>\"><span itemprop=\"name\">LATER DATE ORDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The commitment for an owner?s title insurance policy issued by a title insurance company which covers the seller?s title as of the date of the contract. When the sale closes the purchaser orders the title company to record the deed to purchaser and bring down their examination to cover this(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lateral-support\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATERAL SUPPORT<\/div><div class=glossaryItemBody> The support which the soil of an adjoining owner gives to a neighbor?s land.<\/div>\"><span itemprop=\"name\">LATERAL SUPPORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The support which the soil of an adjoining owner gives to a neighbor?s land.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEASE<\/div><div class=glossaryItemBody> A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.<\/div>\"><span itemprop=\"name\">LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/leasehold-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEASEHOLD ESTATE<\/div><div class=glossaryItemBody> A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.<\/div>\"><span itemprop=\"name\">LEASEHOLD ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/legal-description\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEGAL DESCRIPTION<\/div><div class=glossaryItemBody> A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.<\/div>\"><span itemprop=\"name\">LEGAL DESCRIPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lessee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LESSEE<\/div><div class=glossaryItemBody> One who contracts to rent, occupy, and use property under a lease agreement; a tenant.<\/div>\"><span itemprop=\"name\">LESSEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who contracts to rent, occupy, and use property under a lease agreement; a tenant.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lessor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LESSOR<\/div><div class=glossaryItemBody> An owner who enters into a lease agreement with a tenant; a landlord.<\/div>\"><span itemprop=\"name\">LESSOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An owner who enters into a lease agreement with a tenant; a landlord.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/level-payment-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVEL-PAYMENT MORTGAGE<\/div><div class=glossaryItemBody> A loan on real estate that is paid off by making a series of equal (or nearly equal) regular payments. Part of the payment is usually interest on the loan and part of it reduces the amount of the unpaid principal balance of the loan. Also sometimes called an ?amortized mortgage? or ?installment mortgage.?<\/div>\"><span itemprop=\"name\">LEVEL-PAYMENT MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan on real estate that is paid off by making a series of equal (or nearly equal) regular payments. Part of the payment is usually interest on the loan and part of it reduces the amount of the unpaid principal balance of the loan. Also sometimes called an ?amortized mortgage? or(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/leverage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVERAGE<\/div><div class=glossaryItemBody> The use of debt financing of an investment to maximize the return per dollar of equity invested.<\/div>\"><span itemprop=\"name\">LEVERAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The use of debt financing of an investment to maximize the return per dollar of equity invested.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/levy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVY<\/div><div class=glossaryItemBody> To impose a tax.<\/div>\"><span itemprop=\"name\">LEVY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To impose a tax.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIEN<\/div><div class=glossaryItemBody>A form of encumbrance which usually makes specific property security for the payment of a debt ordischarge of an obligation. Example ? judgments, taxes, mortgages, deeds of trust, etc.LIFE ESTATE ? An estate or interest in real property, which is held for the duration of the life of somecertain person. It may be limited by the life of the person holding it or by the life of some other person.<\/div>\"><span itemprop=\"name\">LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A form of encumbrance which usually makes specific property security for the payment of a debt or\ndischarge of an obligation. Example ? judgments, taxes, mortgages, deeds of trust, etc.\nLIFE ESTATE ? An estate or interest in real property, which is held for the duration of the life of(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/life-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIFE ESTATE<\/div><div class=glossaryItemBody> An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.<\/div>\"><span itemprop=\"name\">LIFE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/life-of-loan-cap-cap-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIFE OF LOAN CAP (CAP RATE)<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.<\/div>\"><span itemprop=\"name\">LIFE OF LOAN CAP (CAP RATE)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/limitations-statute-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIMITATIONS, STATUTE OF<\/div><div class=glossaryItemBody> The commonly used identifying term for various statutes which require that a legal action be commenced within a prescribed time after the accrual of the right to seek legal relief.<\/div>\"><span itemprop=\"name\">LIMITATIONS, STATUTE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The commonly used identifying term for various statutes which require that a legal action be commenced within a prescribed time after the accrual of the right to seek legal relief.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/limited-partnership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIMITED PARTNERSHIP<\/div><div class=glossaryItemBody> A partnership consisting of a general partner or partners and limited partners in which the general partners manage and control the business affairs of the partnership while limited partners are essentially investors taking no part in the management of the partnership and having no liability for the debts of the partnership in excess of their invested capital.<\/div>\"><span itemprop=\"name\">LIMITED PARTNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A partnership consisting of a general partner or partners and limited partners in which the general partners manage and control the business affairs of the partnership while limited partners are essentially investors taking no part in the management of the partnership and having no liability(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lintel\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LINTEL<\/div><div class=glossaryItemBody> A horizontal board that supports the load over an opening such as a door or window.<\/div>\"><span itemprop=\"name\">LINTEL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A horizontal board that supports the load over an opening such as a door or window.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidated-damages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDATED DAMAGES<\/div><div class=glossaryItemBody> A sum agreed upon by the parties to be full damages if a certain event occurs.<\/div>\"><span itemprop=\"name\">LIQUIDATED DAMAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sum agreed upon by the parties to be full damages if a certain event occurs.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidated-damages-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDATED DAMAGES CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract by which the parties by agreement fix the damages in advance for a breach of the contract.<\/div>\"><span itemprop=\"name\">LIQUIDATED DAMAGES CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract by which the parties by agreement fix the damages in advance for a breach of the contract.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDITY<\/div><div class=glossaryItemBody> Holdings in or the ability to convert assets to cash or its equivalent. The ease with which a person is able to pay maturing obligations.<\/div>\"><span itemprop=\"name\">LIQUIDITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holdings in or the ability to convert assets to cash or its equivalent. The ease with which a person is able to pay maturing obligations.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lis-pendens\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIS PENDENS<\/div><div class=glossaryItemBody> A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally ?suit pending;? usually recorded so as to give constructive notice of pending litigation.<\/div>\"><span itemprop=\"name\">LIS PENDENS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally ?suit pending;? usually recorded so as to give constructive notice of pending litigation.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LISTING<\/div><div class=glossaryItemBody> An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter?s property; listing contracts are entered into for the purpose of securing persons to buy, lease, or rent property. Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.<\/div>\"><span itemprop=\"name\">LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter?s property; listing contracts are entered into for the purpose of securing persons to buy, lease, or rent property. Employment of an agent by a prospective(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/livery-of-seisin-seizin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIVERY OF SEISIN (SEIZIN)<\/div><div class=glossaryItemBody> The appropriate ceremony at common law for transferring the possession of lands by a grantor to a grantee. GLOSSARY 581<\/div>\"><span itemprop=\"name\">LIVERY OF SEISIN (SEIZIN)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The appropriate ceremony at common law for transferring the possession of lands by a grantor to a grantee. GLOSSARY 581<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN ADMINISTRATION<\/div><div class=glossaryItemBody> Also called loan servicing Mortgage bankers not only originate loans, but also ?service? them from origination to maturity of the loan through handling of loan payments, delinquencies, impounds, payoffs and releases.<\/div>\"><span itemprop=\"name\">LOAN ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Also called loan servicing Mortgage bankers not only originate loans, but also ?service? them from origination to maturity of the loan through handling of loan payments, delinquencies, impounds, payoffs and releases.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-application\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN APPLICATION<\/div><div class=glossaryItemBody> The loan application is a source of information on which the lender bases a decision to make the loan; defines the terms of the loan contract, gives the name of the borrower, place of employment, salary, bank accounts, and credit references, and describes the real estate that is to be mortgaged. It also stipulates the amount of loan being applied for and repayment terms.<\/div>\"><span itemprop=\"name\">LOAN APPLICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The loan application is a source of information on which the lender bases a decision to make the loan; defines the terms of the loan contract, gives the name of the borrower, place of employment, salary, bank accounts, and credit references, and describes the real estate that is to be(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-closing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN CLOSING<\/div><div class=glossaryItemBody> When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage. The disbursal procedure of funds is similar to the closing of a real estate sales escrow. The borrower can expect to receive less than the amount of the loan, as title, recording, service, and other fees may be withheld, or can expect to deposit the cost of these items into the loan escrow. This process is sometimes called ?funding? the loan.<\/div>\"><span itemprop=\"name\">LOAN CLOSING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage. The disbursal procedure of funds is similar to the closing of a real estate sales escrow. The borrower can expect to receive less than the amount of the loan, as title, recording,(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN COMMITMENT<\/div><div class=glossaryItemBody> Lender?s contractual commitment to make a loan based on the appraisal and underwriting.<\/div>\"><span itemprop=\"name\">LOAN COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lender?s contractual commitment to make a loan based on the appraisal and underwriting.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-to-value-rati0\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN-TO-VALUE RATI0<\/div><div class=glossaryItemBody> The percentage of a property?s value that a lender can or may loan to a borrower. For example, if the ratio is 80% this means that a lender may loan 80% of the property?s appraised value to a borrower.<\/div>\"><span itemprop=\"name\">LOAN-TO-VALUE RATI0<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of a property?s value that a lender can or may loan to a borrower. For example, if the ratio is 80% this means that a lender may loan 80% of the property?s appraised value to a borrower.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">m<\/h3><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mai\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MAI<\/div><div class=glossaryItemBody> Member of the Appraisal Institute. Designates a person who is a member of the American Institute of Real Estate Appraisers.<\/div>\"><span itemprop=\"name\">MAI<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Member of the Appraisal Institute. Designates a person who is a member of the American Institute of Real Estate Appraisers.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/margin-of-security\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARGIN OF SECURITY<\/div><div class=glossaryItemBody> The difference between the amount of the mortgage loan (s) and the appraised value of the property.<\/div>\"><span itemprop=\"name\">MARGIN OF SECURITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The difference between the amount of the mortgage loan (s) and the appraised value of the property.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/marginal-land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARGINAL LAND<\/div><div class=glossaryItemBody> Land which barely pays the cost of working or using.<\/div>\"><span itemprop=\"name\">MARGINAL LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Land which barely pays the cost of working or using.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-data-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET DATA APPROACH<\/div><div class=glossaryItemBody> One of the three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.<\/div>\"><span itemprop=\"name\">MARKET DATA APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of the three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-price\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET PRICE<\/div><div class=glossaryItemBody> The price paid regardless of pressures, motives or intelligence.<\/div>\"><span itemprop=\"name\">MARKET PRICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The price paid regardless of pressures, motives or intelligence.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET VALUE<\/div><div class=glossaryItemBody> The highest price in terms of money which a property will bring in a competitive and 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.<\/div>\"><span itemprop=\"name\">MARKET VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The highest price in terms of money which a property will bring in a competitive and 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.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/marketable-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKETABLE TITLE<\/div><div class=glossaryItemBody> Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.<\/div>\"><span itemprop=\"name\">MARKETABLE TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/material-fact\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MATERIAL FACT<\/div><div class=glossaryItemBody> 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 the particular transaction on the specified terms.<\/div>\"><span itemprop=\"name\">MATERIAL FACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 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 the particular transaction on the specified terms.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/maturity-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MATURITY DATE<\/div><div class=glossaryItemBody> The date by which a loan is to be paid in full.<\/div>\"><span itemprop=\"name\">MATURITY DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The date by which a loan is to be paid in full.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mechanics-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MECHANIC&#8217;S LIEN<\/div><div class=glossaryItemBody>A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.<\/div>\"><span itemprop=\"name\">MECHANIC'S LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mediation-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MEDIATION CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract requiring mediation in the event of a dispute.<\/div>\"><span itemprop=\"name\">MEDIATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract requiring mediation in the event of a dispute.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/meridians\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MERIDIANS<\/div><div class=glossaryItemBody> Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.<\/div>\"><span itemprop=\"name\">MERIDIANS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mesne-profits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MESNE PROFITS<\/div><div class=glossaryItemBody> Profit from land use accruing between two periods as for example moneys owed to the owner of land by a person who has illegally occupied the land after the owner takes title, but before taking possession.<\/div>\"><span itemprop=\"name\">MESNE PROFITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Profit from land use accruing between two periods as for example moneys owed to the owner of land by a person who has illegally occupied the land after the owner takes title, but before taking possession.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/metes-and-bounds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>METES AND BOUNDS<\/div><div class=glossaryItemBody> A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.<\/div>\"><span itemprop=\"name\">METES AND BOUNDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mile\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MILE<\/div><div class=glossaryItemBody> 5,280 feet.<\/div>\"><span itemprop=\"name\">MILE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 5,280 feet.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/minor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MINOR<\/div><div class=glossaryItemBody> A person under 18 years of age. 582 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">MINOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person under 18 years of age. 582 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/misplaced-improvements\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MISPLACED IMPROVEMENTS<\/div><div class=glossaryItemBody> Improvements on land which do not conform to the most profitable use of the site.<\/div>\"><span itemprop=\"name\">MISPLACED IMPROVEMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Improvements on land which do not conform to the most profitable use of the site.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/misrepresentation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MISREPRESENTATION<\/div><div class=glossaryItemBody> A false or misleading statement or assertion.<\/div>\"><span itemprop=\"name\">MISREPRESENTATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A false or misleading statement or assertion.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mobilehome\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MOBILEHOME<\/div><div class=glossaryItemBody> As defined in Business and Professions Code Section 10131.6(c), ?mobilehome? means a structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system. ?Mobilehome? does not include a recreational vehicle, as defined in Section 18010.5 of the Health and Safety Code, a commercial coach, as defined in Section 18012 of the Health and Safety Code, or factory-built housing, as defined in Section 19971 of the Health and Safety Code.<\/div>\"><span itemprop=\"name\">MOBILEHOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As defined in Business and Professions Code Section 10131.6(c), ?mobilehome? means a structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system. ?Mobilehome? does not include a recreational(...)<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/modular\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MODULAR<\/div><div class=glossaryItemBody> A system for the construction of dwellings and other improvements to real property through the on-site assembly of component parts (modules) that have been mass produced away from the building site.<\/div>\"><span itemprop=\"name\">MODULAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A system for the construction of dwellings and other improvements to real property through the on-site assembly of component parts (modules) that have been mass produced away from the building site.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/moldings\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MOLDINGS<\/div><div class=glossaryItemBody> Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.<\/div>\"><span itemprop=\"name\">MOLDINGS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/monetary-controls\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MONETARY CONTROLS<\/div><div class=glossaryItemBody> Federal Reserve tools for regulating the availability of money and credit to influence the level of economic activity, such as adjusting discount rates, reserve requirements, etc.<\/div>\"><span itemprop=\"name\">MONETARY CONTROLS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal Reserve tools for regulating the availability of money and credit to influence the level of economic activity, such as adjusting discount rates, reserve requirements, etc.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/monument\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MONUMENT<\/div><div class=glossaryItemBody> A fixed object and point established by surveyors to establish land locations.<\/div>\"><span itemprop=\"name\">MONUMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A fixed object and point established by surveyors to establish land locations.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/moratorium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORATORIUM<\/div><div class=glossaryItemBody> The temporary suspension, usually by statute, of the enforcement of liability of debt. Temporary suspension of development or utilities connections imposed by local government.<\/div>\"><span itemprop=\"name\">MORATORIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The temporary suspension, usually by statute, of the enforcement of liability of debt. Temporary suspension of development or utilities connections imposed by local government.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE<\/div><div class=glossaryItemBody> An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in event of default is established by statute.<\/div>\"><span itemprop=\"name\">MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in event of default is established by statute.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-banker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE BANKER<\/div><div class=glossaryItemBody> A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.<\/div>\"><span itemprop=\"name\">MORTGAGE BANKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-contracts-with-warrants\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE CONTRACTS WITH WARRANTS<\/div><div class=glossaryItemBody> Warrants make the mortgage more attractive to the lender by providing both the greater security that goes with a mortgage, and the opportunity of a greater return through the right to buy either stock in the borrower?s company or a portion of the income property itself.<\/div>\"><span itemprop=\"name\">MORTGAGE CONTRACTS WITH WARRANTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Warrants make the mortgage more attractive to the lender by providing both the greater security that goes with a mortgage, and the opportunity of a greater return through the right to buy either stock in the borrower?s company or a portion of the income property itself.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-guaranty-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE GUARANTY INSURANCE<\/div><div class=glossaryItemBody> Insurance against financial loss available to mortgage lenders from private mortgage insurance companies (PMICs).<\/div>\"><span itemprop=\"name\">MORTGAGE GUARANTY INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insurance against financial loss available to mortgage lenders from private mortgage insurance companies (PMICs).<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-investment-company\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE INVESTMENT COMPANY<\/div><div class=glossaryItemBody> A company or group of private investors that buys mortgages for investment purposes.<\/div>\"><span itemprop=\"name\">MORTGAGE INVESTMENT COMPANY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A company or group of private investors that buys mortgages for investment purposes.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-loan-disclosure-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE LOAN DISCLOSURE STATEMENT<\/div><div class=glossaryItemBody> The statement on a form approved by the Real Estate Commissioner which is required by law to be furnished by a mortgage loan broker to the prospective borrower of loans of a statutorily-prescribed amount before the borrower becomes obligated to complete the loan.<\/div>\"><span itemprop=\"name\">MORTGAGE LOAN DISCLOSURE STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The statement on a form approved by the Real Estate Commissioner which is required by law to be furnished by a mortgage loan broker to the prospective borrower of loans of a statutorily-prescribed amount before the borrower becomes obligated to complete the loan.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgagee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGEE<\/div><div class=glossaryItemBody> One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender or creditor. (See definition of secured party.)<\/div>\"><span itemprop=\"name\">MORTGAGEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender or creditor. (See definition of secured party.)<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgagor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGOR<\/div><div class=glossaryItemBody> One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; a borrower.<\/div>\"><span itemprop=\"name\">MORTGAGOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; a borrower.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/multiple-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MULTIPLE LISTING<\/div><div class=glossaryItemBody> A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provisions that all members will have the opportunity to find an interested buyer; a cooperative listing insuring owner property will receive a wider market exposure.<\/div>\"><span itemprop=\"name\">MULTIPLE LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provisions that all members will have the opportunity to find an interested buyer; a cooperative listing insuring owner property will receive a wider market exposure.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/multiple-listing-service\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MULTIPLE LISTING SERVICE<\/div><div class=glossaryItemBody> An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.<\/div>\"><span itemprop=\"name\">MULTIPLE LISTING SERVICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mutual-savings-banks\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MUTUAL SAVINGS BANKS<\/div><div class=glossaryItemBody> Financial institutions owned by depositors each of whom has rights to net earnings of the bank in proportion to his or her deposits.<\/div>\"><span itemprop=\"name\">MUTUAL SAVINGS BANKS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Financial institutions owned by depositors each of whom has rights to net earnings of the bank in proportion to his or her deposits.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mutual-water-company\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MUTUAL WATER COMPANY<\/div><div class=glossaryItemBody> 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. GLOSSARY 583<\/div>\"><span itemprop=\"name\">MUTUAL WATER COMPANY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 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. GLOSSARY 583<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">n<\/h3><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/narrative-appraisal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NARRATIVE APPRAISAL<\/div><div class=glossaryItemBody> A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.<\/div>\"><span itemprop=\"name\">NARRATIVE APPRAISAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/negative-amortization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NEGATIVE AMORTIZATION<\/div><div class=glossaryItemBody> Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.<\/div>\"><span itemprop=\"name\">NEGATIVE AMORTIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/negotiable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NEGOTIABLE<\/div><div class=glossaryItemBody> Capable of being negotiated, assignable or transferable in the ordinary course of business.<\/div>\"><span itemprop=\"name\">NEGOTIABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Capable of being negotiated, assignable or transferable in the ordinary course of business.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET INCOME<\/div><div class=glossaryItemBody> The money remaining after expenses are deducted from income; the profit.<\/div>\"><span itemprop=\"name\">NET INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The money remaining after expenses are deducted from income; the profit.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET LEASE<\/div><div class=glossaryItemBody> A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.<\/div>\"><span itemprop=\"name\">NET LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET LISTING<\/div><div class=glossaryItemBody> A listing which provides that the agent may retain as compensation for agent?s services all sums received over and above a net price to the owner.<\/div>\"><span itemprop=\"name\">NET LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing which provides that the agent may retain as compensation for agent?s services all sums received over and above a net price to the owner.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/nominal-interest-rates\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOMINAL INTEREST RATES<\/div><div class=glossaryItemBody> The percentage of interest that is stated in loan documents.<\/div>\"><span itemprop=\"name\">NOMINAL INTEREST RATES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of interest that is stated in loan documents.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/nonconforming-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NONCONFORMING USE<\/div><div class=glossaryItemBody> A property use that doesn?t? conform to current zoning requirements, but is allowed because the property was being used in that way before the present zoning ordinance was enacted.<\/div>\"><span itemprop=\"name\">NONCONFORMING USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A property use that doesn?t? conform to current zoning requirements, but is allowed because the property was being used in that way before the present zoning ordinance was enacted.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notary-public\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTARY PUBLIC<\/div><div class=glossaryItemBody> An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.<\/div>\"><span itemprop=\"name\">NOTARY PUBLIC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTE<\/div><div class=glossaryItemBody> A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.<\/div>\"><span itemprop=\"name\">NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTE RATE<\/div><div class=glossaryItemBody> This rate determines the amount of interest charged on an annual basis to the borrower. Also called the ?accrual rate?, ?contract rate? or ?coupon rate.?<\/div>\"><span itemprop=\"name\">NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This rate determines the amount of interest charged on an annual basis to the borrower. Also called the ?accrual rate?, ?contract rate? or ?coupon rate.?<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE<\/div><div class=glossaryItemBody>(l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact,imputed to a person by law, which should have been discovered because of the person?s actual notice ofcircumstances and the inquiry that a prudent person would have been expected to make. (3) Legal Notice?Information required to be given by law.<\/div>\"><span itemprop=\"name\">NOTICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact,\nimputed to a person by law, which should have been discovered because of the person?s actual notice of\ncircumstances and the inquiry that a prudent person would have been expected to make. (3) Legal(...)<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice-of-nonresponsibility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE OF NONRESPONSIBILITY<\/div><div class=glossaryItemBody> A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefor; notice must be verified, recorded and posted.<\/div>\"><span itemprop=\"name\">NOTICE OF NONRESPONSIBILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefor; notice must be verified, recorded and posted.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice-to-quit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE TO QUIT<\/div><div class=glossaryItemBody> A notice to a tenant to vacate rented property.<\/div>\"><span itemprop=\"name\">NOTICE TO QUIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice to a tenant to vacate rented property.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/novation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOVATION<\/div><div class=glossaryItemBody> The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.<\/div>\"><span itemprop=\"name\">NOVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/null-and-void\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NULL AND VOID<\/div><div class=glossaryItemBody> Of no legal validity or effect.<\/div>\"><span itemprop=\"name\">NULL AND VOID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Of no legal validity or effect.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">o<\/h3><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OBSOLESCENCE<\/div><div class=glossaryItemBody> Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income. May be functional or economic.<\/div>\"><span itemprop=\"name\">OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income. May be functional or economic.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/offer-to-purchase\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OFFER TO PURCHASE<\/div><div class=glossaryItemBody> The proposal made to an owner of property by a potential buyer to purchase the property under stated terms.<\/div>\"><span itemprop=\"name\">OFFER TO PURCHASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The proposal made to an owner of property by a potential buyer to purchase the property under stated terms.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/offset-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OFFSET STATEMENT<\/div><div class=glossaryItemBody> Statement by owner of property or owner of lien against property setting forth the present status of liens against said property.<\/div>\"><span itemprop=\"name\">OFFSET STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Statement by owner of property or owner of lien against property setting forth the present status of liens against said property.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-end-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN-END MORTGAGE<\/div><div class=glossaryItemBody> A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without rewriting the mortgage.<\/div>\"><span itemprop=\"name\">OPEN-END MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without rewriting the mortgage.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-housing-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN HOUSING LAW<\/div><div class=glossaryItemBody> Congress passed a law in April 1968 which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.<\/div>\"><span itemprop=\"name\">OPEN HOUSING LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Congress passed a law in April 1968 which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN LISTING<\/div><div class=glossaryItemBody> An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.<\/div>\"><span itemprop=\"name\">OPEN LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able(...)<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/opinion-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPINION OF TITLE<\/div><div class=glossaryItemBody> An attorney?s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title. 584 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">OPINION OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An attorney?s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title. 584 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/option\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPTION<\/div><div class=glossaryItemBody> A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.<\/div>\"><span itemprop=\"name\">OPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/oral-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ORAL CONTRACT<\/div><div class=glossaryItemBody> A verbal agreement; one which is not reduced to writing.<\/div>\"><span itemprop=\"name\">ORAL CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A verbal agreement; one which is not reduced to writing.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/orientation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ORIENTATION<\/div><div class=glossaryItemBody> Placing a structure on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street and protection from outside noises.<\/div>\"><span itemprop=\"name\">ORIENTATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Placing a structure on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street and protection from outside noises.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ostensible-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OSTENSIBLE AUTHORITY<\/div><div class=glossaryItemBody> That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal.<\/div>\"><span itemprop=\"name\">OSTENSIBLE AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/overimprovement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OVERIMPROVEMENT<\/div><div class=glossaryItemBody> An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost.<\/div>\"><span itemprop=\"name\">OVERIMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OWNERSHIP<\/div><div class=glossaryItemBody> The right of one or more persons to possess and use property to the exclusion of all others. A collection of rights to the use and enjoyment of property.<\/div>\"><span itemprop=\"name\">OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of one or more persons to possess and use property to the exclusion of all others. A collection of rights to the use and enjoyment of property.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">p<\/h3><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/package-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PACKAGE MORTGAGE<\/div><div class=glossaryItemBody> A type of mortgage used in home financing covering real property, improvements, and movable equipment\/appliances.<\/div>\"><span itemprop=\"name\">PACKAGE MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A type of mortgage used in home financing covering real property, improvements, and movable equipment\/appliances.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/par-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAR VALUE<\/div><div class=glossaryItemBody> Market value, nominal value.<\/div>\"><span itemprop=\"name\">PAR VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Market value, nominal value.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/paramount-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARAMOUNT TITLE<\/div><div class=glossaryItemBody> Title which is superior or foremost to all others.<\/div>\"><span itemprop=\"name\">PARAMOUNT TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Title which is superior or foremost to all others.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/participation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTICIPATION<\/div><div class=glossaryItemBody> Sharing of an interest in a property by a lender. In addition to base interest on mortgage loans on income properties, a percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as a minimum occupancy or percentage of net income after expenses, debt service and taxes. Also called equity participation or revenue sharing.<\/div>\"><span itemprop=\"name\">PARTICIPATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sharing of an interest in a property by a lender. In addition to base interest on mortgage loans on income properties, a percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as a minimum occupancy or percentage of net income after expenses,(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/parties-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTIES (PARTY)<\/div><div class=glossaryItemBody> Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.<\/div>\"><span itemprop=\"name\">PARTIES (PARTY)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTITION<\/div><div class=glossaryItemBody> A division of real or personal property or the proceeds therefrom among co-owners.<\/div>\"><span itemprop=\"name\">PARTITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A division of real or personal property or the proceeds therefrom among co-owners.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partition-action\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTITION ACTION<\/div><div class=glossaryItemBody> Court proceedings by which co-owners seek to sever their joint ownership.<\/div>\"><span itemprop=\"name\">PARTITION ACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Court proceedings by which co-owners seek to sever their joint ownership.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partnership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTNERSHIP<\/div><div class=glossaryItemBody>A decision of the California Supreme Court has defined a partnership in the followingterms ? ?A partnership as between partners themselves may be defined to be a contract of two or morepersons to unite their property, labor or skill, or some of them, in prosecution of some joint or lawfulbusiness, and to share the profits in certain proportions.? A voluntary association of two or more persons tocarry on a business or venture on terms of mutual participation in profits and losses.<\/div>\"><span itemprop=\"name\">PARTNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A decision of the California Supreme Court has defined a partnership in the following\nterms ? ?A partnership as between partners themselves may be defined to be a contract of two or more\npersons to unite their property, labor or skill, or some of them, in prosecution of some joint or(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/party-wall\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTY WALL<\/div><div class=glossaryItemBody> A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.<\/div>\"><span itemprop=\"name\">PARTY WALL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/patent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PATENT<\/div><div class=glossaryItemBody> Conveyance of title to government land.<\/div>\"><span itemprop=\"name\">PATENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Conveyance of title to government land.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-adjustment-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT ADJUSTMENT DATE<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the date the borrower?s monthly principal and interest payment may change.<\/div>\"><span itemprop=\"name\">PAYMENT ADJUSTMENT DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the date the borrower?s monthly principal and interest payment may change.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-cap\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT CAP<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, this limits the amount of increase in the borrower?s monthly principal and interest at the payment adjustment date, if the principal and interest increase called for by the interest rate increase exceeds the payment cap percentage. This limitation is often at the borrower?s option and may result in negative amortization.<\/div>\"><span itemprop=\"name\">PAYMENT CAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, this limits the amount of increase in the borrower?s monthly principal and interest at the payment adjustment date, if the principal and interest increase called for by the interest rate increase exceeds the payment cap percentage. This limitation(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT RATE<\/div><div class=glossaryItemBody>With respect to an adjustable rate mortgage, the rate at which the borrower repays theloan?reflects buydowns or payment caps.<\/div>\"><span itemprop=\"name\">PAYMENT RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >With respect to an adjustable rate mortgage, the rate at which the borrower repays the\nloan?reflects buydowns or payment caps.\n<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/penalty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PENALTY<\/div><div class=glossaryItemBody> An extra payment or charge required of the borrower for deviating from the terms of the original loan agreement. Usually levied for being late in making regular payment or for paying off the loan before it is due, known as ?late charges? and ?prepayment penalties.?<\/div>\"><span itemprop=\"name\">PENALTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An extra payment or charge required of the borrower for deviating from the terms of the original loan agreement. Usually levied for being late in making regular payment or for paying off the loan before it is due, known as ?late charges? and ?prepayment penalties.?<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/percentage-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERCENTAGE LEASE<\/div><div class=glossaryItemBody> Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provision for a minimum rental.<\/div>\"><span itemprop=\"name\">PERCENTAGE LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provision for a minimum rental.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/perimeter-heating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERIMETER HEATING<\/div><div class=glossaryItemBody> Baseboard heating, or any system in which the heat registers are located along the outside walls of a room, especially under the windows. GLOSSARY 585<\/div>\"><span itemprop=\"name\">PERIMETER HEATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Baseboard heating, or any system in which the heat registers are located along the outside walls of a room, especially under the windows. GLOSSARY 585<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/periodic-interest-rate-cap\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERIODIC INTEREST RATE CAP<\/div><div class=glossaryItemBody> With respect to an adjustable rate mortgage, limits the increase or decrease in the note rate at each rate adjustment, thereby limiting the borrower?s payment increase or decrease at the time of adjustment.<\/div>\"><span itemprop=\"name\">PERIODIC INTEREST RATE CAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With respect to an adjustable rate mortgage, limits the increase or decrease in the note rate at each rate adjustment, thereby limiting the borrower?s payment increase or decrease at the time of adjustment.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/personal-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERSONAL PROPERTY<\/div><div class=glossaryItemBody> Any property which is not real property.<\/div>\"><span itemprop=\"name\">PERSONAL PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any property which is not real property.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/physical-deterioration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PHYSICAL DETERIORATION<\/div><div class=glossaryItemBody> Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable.<\/div>\"><span itemprop=\"name\">PHYSICAL DETERIORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plaintiff\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLAINTIFF<\/div><div class=glossaryItemBody> In a court action, the one who sues; the complainant.<\/div>\"><span itemprop=\"name\">PLAINTIFF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In a court action, the one who sues; the complainant.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planned-development\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNED DEVELOPMENT<\/div><div class=glossaryItemBody> A subdivision consisting of separately owned parcels of land together with membership in an association which owns common area. Sometimes the owners of separate interests also have an undivided interest in the common area.<\/div>\"><span itemprop=\"name\">PLANNED DEVELOPMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A subdivision consisting of separately owned parcels of land together with membership in an association which owns common area. Sometimes the owners of separate interests also have an undivided interest in the common area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planned-unit-development\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNED UNIT DEVELOPMENT<\/div><div class=glossaryItemBody> (PUD) A term sometimes used to describe a planned development. A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.<\/div>\"><span itemprop=\"name\">PLANNED UNIT DEVELOPMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (PUD) A term sometimes used to describe a planned development. A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planning-commission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNING COMMISSION<\/div><div class=glossaryItemBody> An agency of local government charged with planning the development, redevelopment or preservation of an area.<\/div>\"><span itemprop=\"name\">PLANNING COMMISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of local government charged with planning the development, redevelopment or preservation of an area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plat-of-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLAT (of survey)<\/div><div class=glossaryItemBody> A map of land made by a surveyor showing the boundaries, buildings, and other improvements.<\/div>\"><span itemprop=\"name\">PLAT (of survey)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A map of land made by a surveyor showing the boundaries, buildings, and other improvements.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledge\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGE<\/div><div class=glossaryItemBody> The depositing of personal property by a debtor with a creditor as security for a debt or engagement.<\/div>\"><span itemprop=\"name\">PLEDGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The depositing of personal property by a debtor with a creditor as security for a debt or engagement.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledgee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGEE<\/div><div class=glossaryItemBody> One who is given a pledge or a security. (See definition of Secured Party.)<\/div>\"><span itemprop=\"name\">PLEDGEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is given a pledge or a security. (See definition of Secured Party.)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledgor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGOR<\/div><div class=glossaryItemBody> One who offers a pledge or gives security. (See definition of debtor.)<\/div>\"><span itemprop=\"name\">PLEDGOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who offers a pledge or gives security. (See definition of debtor.)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plottage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLOTTAGE<\/div><div class=glossaryItemBody> A term used in appraising to designate the increased value of two or more contiguous lots when they are joined under single ownership and available for use as a larger single lot. Also called assemblage.<\/div>\"><span itemprop=\"name\">PLOTTAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in appraising to designate the increased value of two or more contiguous lots when they are joined under single ownership and available for use as a larger single lot. Also called assemblage.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plottage-increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLOTTAGE INCREMENT<\/div><div class=glossaryItemBody> The appreciation in unit value created by joining smaller ownerships into one large single ownership.<\/div>\"><span itemprop=\"name\">PLOTTAGE INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The appreciation in unit value created by joining smaller ownerships into one large single ownership.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/points\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POINTS<\/div><div class=glossaryItemBody> See Discount Points.<\/div>\"><span itemprop=\"name\">POINTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See Discount Points.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/police-power\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POLICE POWER<\/div><div class=glossaryItemBody> The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.<\/div>\"><span itemprop=\"name\">POLICE POWER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/power-of-attorney\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POWER OF ATTORNEY<\/div><div class=glossaryItemBody> A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an attorney in fact.<\/div>\"><span itemprop=\"name\">POWER OF ATTORNEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an attorney in fact.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/power-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POWER OF SALE<\/div><div class=glossaryItemBody> The power of a mortgagee or trustee when the instrument so provides to sell the secured property without judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or deed of trust.<\/div>\"><span itemprop=\"name\">POWER OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The power of a mortgagee or trustee when the instrument so provides to sell the secured property without judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or deed of trust.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prefabricated-house\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREFABRICATED HOUSE<\/div><div class=glossaryItemBody> A house manufactured and sometimes partly assembled before delivery to building site.<\/div>\"><span itemprop=\"name\">PREFABRICATED HOUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A house manufactured and sometimes partly assembled before delivery to building site.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/preferred-stock\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREFERRED STOCK<\/div><div class=glossaryItemBody> A class of corporate stock entitled to preferential treatment such as priority in distribution of dividends.<\/div>\"><span itemprop=\"name\">PREFERRED STOCK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A class of corporate stock entitled to preferential treatment such as priority in distribution of dividends.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepaid-items-of-expense\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAID ITEMS OF EXPENSE<\/div><div class=glossaryItemBody> Prorations of prepaid items of expense which are credited to the seller in the closing escrow statement.<\/div>\"><span itemprop=\"name\">PREPAID ITEMS OF EXPENSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Prorations of prepaid items of expense which are credited to the seller in the closing escrow statement.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepayment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAYMENT<\/div><div class=glossaryItemBody> Provision made for loan payments to be larger than those specified in the note.<\/div>\"><span itemprop=\"name\">PREPAYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Provision made for loan payments to be larger than those specified in the note.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepayment-penalty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAYMENT PENALTY<\/div><div class=glossaryItemBody> The charge payable to a lender by a borrower under the terms of the loan agreement if the borrower pays off the outstanding principal balance of the loan prior to its maturity.<\/div>\"><span itemprop=\"name\">PREPAYMENT PENALTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The charge payable to a lender by a borrower under the terms of the loan agreement if the borrower pays off the outstanding principal balance of the loan prior to its maturity.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prescription\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRESCRIPTION<\/div><div class=glossaryItemBody> The means of acquiring incorporeal interests in land, usually an easement, by immemorial or long continued use. The time is ordinarily the term of the statute of limitations.<\/div>\"><span itemprop=\"name\">PRESCRIPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The means of acquiring incorporeal interests in land, usually an easement, by immemorial or long continued use. The time is ordinarily the term of the statute of limitations.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/presumption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRESUMPTION<\/div><div class=glossaryItemBody> An assumption of fact that the law requires to be made from another fact or group of facts found or otherwise established in the section.<\/div>\"><span itemprop=\"name\">PRESUMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An assumption of fact that the law requires to be made from another fact or group of facts found or otherwise established in the section.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prima-facie\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIMA FACIE<\/div><div class=glossaryItemBody> Latin meaning first sight, a fact presumed to be true until disproved. 586 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">PRIMA FACIE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Latin meaning first sight, a fact presumed to be true until disproved. 586 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/principal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRINCIPAL<\/div><div class=glossaryItemBody> This term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of the loan. Also, one of the main parties in a real estate transaction, such as a buyer, borrower, seller, lessor.<\/div>\"><span itemprop=\"name\">PRINCIPAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of the loan. Also, one of the main parties in a real estate transaction, such as a buyer, borrower, seller, lessor.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/principal-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRINCIPAL NOTE<\/div><div class=glossaryItemBody> The promissory note which is secured by the mortgage or trust deed.<\/div>\"><span itemprop=\"name\">PRINCIPAL NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The promissory note which is secured by the mortgage or trust deed.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prior-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIOR LIEN<\/div><div class=glossaryItemBody> A lien which is senior or superior to others.<\/div>\"><span itemprop=\"name\">PRIOR LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien which is senior or superior to others.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/priority-of-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIORITY OF LIEN<\/div><div class=glossaryItemBody> The order in which liens are given legal precedence or preference.<\/div>\"><span itemprop=\"name\">PRIORITY OF LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The order in which liens are given legal precedence or preference.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/private-mortgage-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVATE MORTGAGE INSURANCE<\/div><div class=glossaryItemBody> Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI).<\/div>\"><span itemprop=\"name\">PRIVATE MORTGAGE INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI).<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/privity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVITY<\/div><div class=glossaryItemBody> Mutual relationship to the same rights of property, contractual relationship.<\/div>\"><span itemprop=\"name\">PRIVITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mutual relationship to the same rights of property, contractual relationship.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/privity-of-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVITY OF CONTRACT<\/div><div class=glossaryItemBody> The relationship which exists between the persons who are parties to a contract.<\/div>\"><span itemprop=\"name\">PRIVITY OF CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relationship which exists between the persons who are parties to a contract.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pro-rata\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRO RATA<\/div><div class=glossaryItemBody> In proportion; according to a certain percentage or proportion of a whole.<\/div>\"><span itemprop=\"name\">PRO RATA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In proportion; according to a certain percentage or proportion of a whole.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/procuring-cause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROCURING CAUSE<\/div><div class=glossaryItemBody> That cause originating from a series of events that, without break in continuity, results in the prime object of an agent?s employment producing a final buyer; the real estate agent who first procures a ready, willing, and able buyer for the agreed upon price and terms and is entitled to the commission.<\/div>\"><span itemprop=\"name\">PROCURING CAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That cause originating from a series of events that, without break in continuity, results in the prime object of an agent?s employment producing a final buyer; the real estate agent who first procures a ready, willing, and able buyer for the agreed upon price and terms and is entitled to the(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/progress-payments\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROGRESS PAYMENTS<\/div><div class=glossaryItemBody> Scheduled, periodic, and partial payment of construction loan funds to a builder as each construction stage is completed.<\/div>\"><span itemprop=\"name\">PROGRESS PAYMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Scheduled, periodic, and partial payment of construction loan funds to a builder as each construction stage is completed.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/progression-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROGRESSION, PRINCIPLE OF<\/div><div class=glossaryItemBody> The worth of a lesser valued residence tends to be enhanced by association with higher valued residences in the same area.<\/div>\"><span itemprop=\"name\">PROGRESSION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The worth of a lesser valued residence tends to be enhanced by association with higher valued residences in the same area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/promissory-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROMISSORY NOTE<\/div><div class=glossaryItemBody> Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its payment. The evidence of the debt.<\/div>\"><span itemprop=\"name\">PROMISSORY NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its payment. The evidence of the debt.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROPERTY<\/div><div class=glossaryItemBody> Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is classified into two groups, personal property and real property.<\/div>\"><span itemprop=\"name\">PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is classified into two groups, personal property and real property.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/property-management\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROPERTY MANAGEMENT<\/div><div class=glossaryItemBody> A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.<\/div>\"><span itemprop=\"name\">PROPERTY MANAGEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRORATION<\/div><div class=glossaryItemBody> Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advance. If a property is sold during this time, the seller wants a refund on that portion of the advance payment that has not been used at the time the title to the property is transferred. For example, if the property is sold two years later, seller will want to receive 1\/3 of the advance premium that was paid. Usually done in escrow by escrow holder at time of closing the transaction.<\/div>\"><span itemprop=\"name\">PRORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advance. If a property is sold during this time, the seller wants a refund on that portion of the advance payment that has not(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proration-of-taxes\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRORATION OF TAXES<\/div><div class=glossaryItemBody> To divide or prorate the taxes equally or proportionately to time of use, usually between seller and buyer.<\/div>\"><span itemprop=\"name\">PRORATION OF TAXES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To divide or prorate the taxes equally or proportionately to time of use, usually between seller and buyer.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proximate-cause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROXIMATE CAUSE<\/div><div class=glossaryItemBody> That cause of an event which, in a natural and continuous sequence unbroken by any new cause, produced that event, and without which the event would not have happened. Also, the procuring cause.<\/div>\"><span itemprop=\"name\">PROXIMATE CAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That cause of an event which, in a natural and continuous sequence unbroken by any new cause, produced that event, and without which the event would not have happened. Also, the procuring cause.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/public-records\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PUBLIC RECORDS<\/div><div class=glossaryItemBody> Records which by law impart constructive notice of matters relating to land.<\/div>\"><span itemprop=\"name\">PUBLIC RECORDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Records which by law impart constructive notice of matters relating to land.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/public-trustee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PUBLIC TRUSTEE<\/div><div class=glossaryItemBody> The county public official whose office has been created by statute to whom title to real property in certain states, e.g., Colorado, is conveyed by Trust Deed for the use and benefit of the beneficiary, who usually is the lender.<\/div>\"><span itemprop=\"name\">PUBLIC TRUSTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The county public official whose office has been created by statute to whom title to real property in certain states, e.g., Colorado, is conveyed by Trust Deed for the use and benefit of the beneficiary, who usually is the lender.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-and-installment-saleback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE AND INSTALLMENT SALEBACK<\/div><div class=glossaryItemBody> Involves purchase of the property upon completion of construction and immediate saleback on a long-term installment contract.<\/div>\"><span itemprop=\"name\">PURCHASE AND INSTALLMENT SALEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Involves purchase of the property upon completion of construction and immediate saleback on a long-term installment contract.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-and-leaseback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE AND LEASEBACK<\/div><div class=glossaryItemBody> Involves the purchase of property by buyer and immediate leaseback to seller.<\/div>\"><span itemprop=\"name\">PURCHASE AND LEASEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Involves the purchase of property by buyer and immediate leaseback to seller.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-money-mortgage-or-trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE MONEY MORTGAGE OR TRUST DEED<\/div><div class=glossaryItemBody> A trust deed or mortgage given as part or all of the purchase consideration for real property. In some states the purchase money mortgage or trust deed loan can be made by a seller who extends credit to the buyer of property or by a third party lender (typically a financial institution) that makes a loan to the buyer of real property for a portion of the purchase price to be paid for the property. In many states there are legal limitations upon mortgagees and trust deed beneficiaries collecting deficiency judgments against the purchase money borrower after the collateral hypothecated under such security instruments has been sold through the foreclosure process. Generally no deficiency judgment is allowed if the collateral property under the mortgage or trust deed is residential property of four units or less with the debtor occupying the property as a place of residence.<\/div>\"><span itemprop=\"name\">PURCHASE MONEY MORTGAGE OR TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A trust deed or mortgage given as part or all of the purchase consideration for real property. In some states the purchase money mortgage or trust deed loan can be made by a seller who extends credit to the buyer of property or by a third party lender (typically a financial institution) that(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-of-land-leaseback-and-leasehold-mortgages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE OF LAND, LEASEBACK AND LEASEHOLD MORTGAGES<\/div><div class=glossaryItemBody> An arrangement whereby land is purchased by the lender and leased back to the developer with a mortgage negotiated on the resulting leasehold of the income property constructed. The lender receives an annual ground rent, plus a percentage of income from the property. GLOSSARY 587<\/div>\"><span itemprop=\"name\">PURCHASE OF LAND, LEASEBACK AND LEASEHOLD MORTGAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An arrangement whereby land is purchased by the lender and leased back to the developer with a mortgage negotiated on the resulting leasehold of the income property constructed. The lender receives an annual ground rent, plus a percentage of income from the property. GLOSSARY 587<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">q<\/h3><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quantity-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUANTITY SURVEY<\/div><div class=glossaryItemBody> A highly technical process in arriving at cost estimate of new construction and sometimes referred to in the building trade as the ?price take-off? method. It involves a detailed estimate of the quantities of raw material (lumber, plaster, brick, cement, etc.,) used as well as the current price of the material and installation costs. These factors are all added together to arrive at the cost of a structure. It is usually used by contractors and experienced estimators.<\/div>\"><span itemprop=\"name\">QUANTITY SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A highly technical process in arriving at cost estimate of new construction and sometimes referred to in the building trade as the ?price take-off? method. It involves a detailed estimate of the quantities of raw material (lumber, plaster, brick, cement, etc.,) used as well as the current(...)<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quarter-round\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUARTER ROUND<\/div><div class=glossaryItemBody> A molding that presents a profile of a quarter circle.<\/div>\"><span itemprop=\"name\">QUARTER ROUND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A molding that presents a profile of a quarter circle.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quiet-enjoyment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUIET ENJOYMENT<\/div><div class=glossaryItemBody> Right of an owner or tenant to the use of the property without interference of possession.<\/div>\"><span itemprop=\"name\">QUIET ENJOYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Right of an owner or tenant to the use of the property without interference of possession.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quiet-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUIET TITLE<\/div><div class=glossaryItemBody> A court action brought to establish title; to remove a cloud on the title.<\/div>\"><span itemprop=\"name\">QUIET TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court action brought to establish title; to remove a cloud on the title.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quitclaim-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUITCLAIM DEED<\/div><div class=glossaryItemBody> A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.<\/div>\"><span itemprop=\"name\">QUITCLAIM DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">r<\/h3><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/radiant-heating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RADIANT HEATING<\/div><div class=glossaryItemBody> A method of heating, usually consisting of coils, or pipes placed in the floor, wall, or ceiling.<\/div>\"><span itemprop=\"name\">RADIANT HEATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of heating, usually consisting of coils, or pipes placed in the floor, wall, or ceiling.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/range\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RANGE<\/div><div class=glossaryItemBody> A strip or column of land six miles wide, determined by a government survey, running in a northsouth direction, lying east or west of a principal meridian.<\/div>\"><span itemprop=\"name\">RANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A strip or column of land six miles wide, determined by a government survey, running in a northsouth direction, lying east or west of a principal meridian.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/range-lines\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RANGE LINES<\/div><div class=glossaryItemBody> A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.<\/div>\"><span itemprop=\"name\">RANGE LINES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rate-adjustment-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RATE ADJUSTMENT DATE<\/div><div class=glossaryItemBody> With respect to an adjustable rate mortgage, the date the borrower?s note rate may change.<\/div>\"><span itemprop=\"name\">RATE ADJUSTMENT DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With respect to an adjustable rate mortgage, the date the borrower?s note rate may change.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ratification\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RATIFICATION<\/div><div class=glossaryItemBody> The adoption or approval of an act performed on behalf of a person without previous authorization, such as the approval by a principal of previously unauthorized acts of an agent, after the acts have been performed.<\/div>\"><span itemprop=\"name\">RATIFICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The adoption or approval of an act performed on behalf of a person without previous authorization, such as the approval by a principal of previously unauthorized acts of an agent, after the acts have been performed.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ready-willing-and-able-buyer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>READY, WILLING AND ABLE BUYER<\/div><div class=glossaryItemBody> One who is fully prepared to enter into the contract, really wants to buy, and unquestionably meets the financing requirements of purchase.<\/div>\"><span itemprop=\"name\">READY, WILLING AND ABLE BUYER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is fully prepared to enter into the contract, really wants to buy, and unquestionably meets the financing requirements of purchase.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE<\/div><div class=glossaryItemBody> (See Real Property.)<\/div>\"><span itemprop=\"name\">REAL ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Real Property.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-board\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE BOARD<\/div><div class=glossaryItemBody> An organization whose members consist primarily of real estate brokers and salespersons.<\/div>\"><span itemprop=\"name\">REAL ESTATE BOARD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An organization whose members consist primarily of real estate brokers and salespersons.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-investment-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE INVESTMENT TRUST<\/div><div class=glossaryItemBody> (See REIT).<\/div>\"><span itemprop=\"name\">REAL ESTATE INVESTMENT TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See REIT).<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-settlement-procedures-act-respa\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)<\/div><div class=glossaryItemBody> A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.<\/div>\"><span itemprop=\"name\">REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-syndicate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE SYNDICATE<\/div><div class=glossaryItemBody> An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.<\/div>\"><span itemprop=\"name\">REAL ESTATE SYNDICATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE TRUST<\/div><div class=glossaryItemBody> A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes, profits being passed to individual investors who are taxed.<\/div>\"><span itemprop=\"name\">REAL ESTATE TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes, profits being passed to individual investors who are taxed.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY<\/div><div class=glossaryItemBody> Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. 588 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">REAL PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. 588 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property-loan-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY LOAN LAW<\/div><div class=glossaryItemBody> Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specified range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges that a borrower may pay with respect to the loan.<\/div>\"><span itemprop=\"name\">REAL PROPERTY LOAN LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specified range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property-sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY SALES CONTRACT<\/div><div class=glossaryItemBody> An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.<\/div>\"><span itemprop=\"name\">REAL PROPERTY SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/recapture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECAPTURE<\/div><div class=glossaryItemBody> The process of recovery by an owner of money invested by employing the use of a rate of interest necessary to provide for the return of an investment; not to be confused with interest rate, which is a rate of return on an investment.<\/div>\"><span itemprop=\"name\">RECAPTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of recovery by an owner of money invested by employing the use of a rate of interest necessary to provide for the return of an investment; not to be confused with interest rate, which is a rate of return on an investment.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reconveyance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECONVEYANCE<\/div><div class=glossaryItemBody> The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.<\/div>\"><span itemprop=\"name\">RECONVEYANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/recording\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECORDING<\/div><div class=glossaryItemBody> The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially placed on file. Documents filed with the Recorder are considered to be placed on open notice to the general public of that county. Claims against property usually are given a priority on the basis of the time and the date they are recorded with the most preferred claim going to the earliest one recorded and the next claim going to the next earliest one recorded, and so on. This type of notice is called ?constructive notice? or ?legal notice?.<\/div>\"><span itemprop=\"name\">RECORDING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redeem\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDEEM<\/div><div class=glossaryItemBody> To buy back; repurchase; recover.<\/div>\"><span itemprop=\"name\">REDEEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To buy back; repurchase; recover.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDEMPTION<\/div><div class=glossaryItemBody> Buying back one?s property after a judicial sale.<\/div>\"><span itemprop=\"name\">REDEMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Buying back one?s property after a judicial sale.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redlining\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDLINING<\/div><div class=glossaryItemBody> A lending policy, illegal in California, of denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institution to the credit worthiness of the individual loan applicant.<\/div>\"><span itemprop=\"name\">REDLINING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lending policy, illegal in California, of denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institution to the credit worthiness of the(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/refinancing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REFINANCING<\/div><div class=glossaryItemBody> The paying-off of an existing obligation and assuming a new obligation in its place. To finance anew, or extend or renew existing financing.<\/div>\"><span itemprop=\"name\">REFINANCING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The paying-off of an existing obligation and assuming a new obligation in its place. To finance anew, or extend or renew existing financing.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reformation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REFORMATION<\/div><div class=glossaryItemBody> An action to correct a mistake in a deed or other document.<\/div>\"><span itemprop=\"name\">REFORMATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An action to correct a mistake in a deed or other document.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rehabilitation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REHABILITATION<\/div><div class=glossaryItemBody> The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.<\/div>\"><span itemprop=\"name\">REHABILITATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REIT<\/div><div class=glossaryItemBody>A Real Estate Investment Trust is a business trust which deals principally with interest in land?generally organized to conform to the Internal Revenue Code.<\/div>\"><span itemprop=\"name\">REIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A Real Estate Investment Trust is a business trust which deals principally with interest in land?\ngenerally organized to conform to the Internal Revenue Code.\n<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/release-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RELEASE CLAUSE<\/div><div class=glossaryItemBody> A stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.<\/div>\"><span itemprop=\"name\">RELEASE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/release-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RELEASE DEED<\/div><div class=glossaryItemBody> An instrument executed by the mortgagee or the trustee reconveying to the mortgagor or trustor the real estate which secured the loan after the debt has been paid in full.<\/div>\"><span itemprop=\"name\">RELEASE DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument executed by the mortgagee or the trustee reconveying to the mortgagor or trustor the real estate which secured the loan after the debt has been paid in full.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/remainder\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REMAINDER<\/div><div class=glossaryItemBody> An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.<\/div>\"><span itemprop=\"name\">REMAINDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/remainder-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REMAINDER DEPRECIATION<\/div><div class=glossaryItemBody> The possible future loss in value of an improvement to real property.<\/div>\"><span itemprop=\"name\">REMAINDER DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The possible future loss in value of an improvement to real property.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/renegotiable-rate-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RENEGOTIABLE RATE MORTGAGE<\/div><div class=glossaryItemBody> A loan secured by a long term mortgage which provides for renegotiation, at pre-determined intervals, of the interest rate (for a maximum variation of five percent over the life of the mortgage.)<\/div>\"><span itemprop=\"name\">RENEGOTIABLE RATE MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan secured by a long term mortgage which provides for renegotiation, at pre-determined intervals, of the interest rate (for a maximum variation of five percent over the life of the mortgage.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/renunciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RENUNCIATION<\/div><div class=glossaryItemBody> When someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship.<\/div>\"><span itemprop=\"name\">RENUNCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/replacement-cost\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REPLACEMENT COST<\/div><div class=glossaryItemBody> The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.<\/div>\"><span itemprop=\"name\">REPLACEMENT COST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reproduction-cost\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REPRODUCTION COST<\/div><div class=glossaryItemBody> The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset. GLOSSARY 589<\/div>\"><span itemprop=\"name\">REPRODUCTION COST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset. GLOSSARY 589<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rescission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESCISSION<\/div><div class=glossaryItemBody> The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.<\/div>\"><span itemprop=\"name\">RESCISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rescission-of-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESCISSION OF CONTRACT<\/div><div class=glossaryItemBody> The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.<\/div>\"><span itemprop=\"name\">RESCISSION OF CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reservation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESERVATION<\/div><div class=glossaryItemBody> A right retained by a grantor in conveying property.<\/div>\"><span itemprop=\"name\">RESERVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right retained by a grantor in conveying property.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reserves\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESERVES<\/div><div class=glossaryItemBody> 1) In a common interest subdivisions, an accumulation of funds collected from owners for future replacement and major maintenance of the common area and facilities. 2) With regard to mortgage loans, an accumulation of funds, collected by the lender from the borrower as part of each monthly mortgage payment, an amount allocated to pay property taxes and insurance when they are due.<\/div>\"><span itemprop=\"name\">RESERVES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) In a common interest subdivisions, an accumulation of funds collected from owners for future replacement and major maintenance of the common area and facilities. 2) With regard to mortgage loans, an accumulation of funds, collected by the lender from the borrower as part of each monthly(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/respa\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESPA<\/div><div class=glossaryItemBody> (See Real Estate Settlement Procedures Act.)<\/div>\"><span itemprop=\"name\">RESPA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Real Estate Settlement Procedures Act.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/restriction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESTRICTION<\/div><div class=glossaryItemBody>A limitation on the use of real property. Property restrictions fall into two generalclassifications?public and private. Zoning ordinances are examples of the former type. Restrictions may becreated by private owners, typically by appropriate clauses in deeds, or in agreements, or in general plans ofentire subdivisions. Usually they assume the form of a covenant, or promise to do or not to do a certainthing.<\/div>\"><span itemprop=\"name\">RESTRICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A limitation on the use of real property. Property restrictions fall into two general\nclassifications?public and private. Zoning ordinances are examples of the former type. Restrictions may be\ncreated by private owners, typically by appropriate clauses in deeds, or in agreements, or in general(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/retrospective-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RETROSPECTIVE VALUE<\/div><div class=glossaryItemBody> The value of the property as of a previous date.<\/div>\"><span itemprop=\"name\">RETROSPECTIVE VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The value of the property as of a previous date.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/return\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RETURN<\/div><div class=glossaryItemBody> Profit from an investment; the yield.<\/div>\"><span itemprop=\"name\">RETURN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Profit from an investment; the yield.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reversion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVERSION<\/div><div class=glossaryItemBody> The right to future possession or enjoyment by a person, or the person?s heirs, creating the preceding estate. (For example, at the end of a lease.)<\/div>\"><span itemprop=\"name\">REVERSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right to future possession or enjoyment by a person, or the person?s heirs, creating the preceding estate. (For example, at the end of a lease.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reversionary-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVERSIONARY INTEREST<\/div><div class=glossaryItemBody> The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.<\/div>\"><span itemprop=\"name\">REVERSIONARY INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/revocation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVOCATION<\/div><div class=glossaryItemBody> When someone who granted or offered something withdraws it; as when a principal withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a salesperson or broker license.<\/div>\"><span itemprop=\"name\">REVOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When someone who granted or offered something withdraws it; as when a principal withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a salesperson or broker license.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-of-survivorship\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT OF SURVIVORSHIP<\/div><div class=glossaryItemBody> The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.<\/div>\"><span itemprop=\"name\">RIGHT OF SURVIVORSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-of-way\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT OF WAY<\/div><div class=glossaryItemBody> A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner?s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone, telegraph, or electric power lines; or the right to place underground water mains, gas mains, or sewer mains.<\/div>\"><span itemprop=\"name\">RIGHT OF WAY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner?s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone,(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-title-and-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT, TITLE AND INTEREST<\/div><div class=glossaryItemBody> A term used in deeds to denote that the grantor is conveying all of that to which grantor held claim.<\/div>\"><span itemprop=\"name\">RIGHT, TITLE AND INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in deeds to denote that the grantor is conveying all of that to which grantor held claim.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/riparian-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIPARIAN RIGHTS<\/div><div class=glossaryItemBody> The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners.<\/div>\"><span itemprop=\"name\">RIPARIAN RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/risk-analysis\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RISK ANALYSIS<\/div><div class=glossaryItemBody> A study made, usually by a lender, of the various factors that might affect the repayment of a loan.<\/div>\"><span itemprop=\"name\">RISK ANALYSIS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A study made, usually by a lender, of the various factors that might affect the repayment of a loan.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/risk-rating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RISK RATING<\/div><div class=glossaryItemBody> A process used by the lender to decide on the soundness of making a loan and to reduce all the various factors affecting the repayment of the loan to a qualified rating of some kind.<\/div>\"><span itemprop=\"name\">RISK RATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A process used by the lender to decide on the soundness of making a loan and to reduce all the various factors affecting the repayment of the loan to a qualified rating of some kind.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">s<\/h3><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sale-and-leaseback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALE AND LEASEBACK<\/div><div class=glossaryItemBody> A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer?s investment.<\/div>\"><span itemprop=\"name\">SALE AND LEASEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer?s investment.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sale-leaseback-buy-back\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALE-LEASEBACK-BUY-BACK<\/div><div class=glossaryItemBody> A sale and leaseback transaction in which the leaseholder has the option to buy back the original property after a specified period of time.<\/div>\"><span itemprop=\"name\">SALE-LEASEBACK-BUY-BACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sale and leaseback transaction in which the leaseholder has the option to buy back the original property after a specified period of time.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALES CONTRACT<\/div><div class=glossaryItemBody> A contract by which buyer and seller agree to terms of a sale.<\/div>\"><span itemprop=\"name\">SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract by which buyer and seller agree to terms of a sale.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/salvage-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALVAGE VALUE<\/div><div class=glossaryItemBody> In computing depreciation for tax purposes, the reasonably anticipated fair market value of the property at the end of its useful life and must be considered with all but the declining balance methods of depreciation.<\/div>\"><span itemprop=\"name\">SALVAGE VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In computing depreciation for tax purposes, the reasonably anticipated fair market value of the property at the end of its useful life and must be considered with all but the declining balance methods of depreciation.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sandwich-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SANDWICH LEASE<\/div><div class=glossaryItemBody> A leasehold interest which lies between the primary lease and the operating lease. 590 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">SANDWICH LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A leasehold interest which lies between the primary lease and the operating lease. 590 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sash\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SASH<\/div><div class=glossaryItemBody> Wood or metal frames containing one or more window panes.<\/div>\"><span itemprop=\"name\">SASH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Wood or metal frames containing one or more window panes.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/satisfaction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SATISFACTION<\/div><div class=glossaryItemBody> Discharge of a mortgage or trust deed from the records upon payment of the debt.<\/div>\"><span itemprop=\"name\">SATISFACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Discharge of a mortgage or trust deed from the records upon payment of the debt.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/satisfaction-piece\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SATISFACTION PIECE<\/div><div class=glossaryItemBody> An instrument for recording and acknowledging payment of an indebtedness secured by a mortgage.<\/div>\"><span itemprop=\"name\">SATISFACTION PIECE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument for recording and acknowledging payment of an indebtedness secured by a mortgage.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/scribing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SCRIBING<\/div><div class=glossaryItemBody> Fitting woodwork to an irregular surface.<\/div>\"><span itemprop=\"name\">SCRIBING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Fitting woodwork to an irregular surface.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/seal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEAL<\/div><div class=glossaryItemBody> An impression made to attest the execution of an instrument.<\/div>\"><span itemprop=\"name\">SEAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An impression made to attest the execution of an instrument.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secondary-financing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECONDARY FINANCING<\/div><div class=glossaryItemBody> A loan secured by a second mortgage or trust deed on real property. These can be third, fourth, fifth, sixth mortgages or trust deeds, on and on ad infinitum.<\/div>\"><span itemprop=\"name\">SECONDARY FINANCING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan secured by a second mortgage or trust deed on real property. These can be third, fourth, fifth, sixth mortgages or trust deeds, on and on ad infinitum.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secondary-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECONDARY MARKET<\/div><div class=glossaryItemBody> The buying and selling of existing deeds of trust and promissory notes. The primary market is the one in which lenders loan money to borrowers; the secondary market is the one in which the lenders sell their loans to the large secondary marketing agencies (FNMA, FHLMC, and GNMA) or to other investors.<\/div>\"><span itemprop=\"name\">SECONDARY MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The buying and selling of existing deeds of trust and promissory notes. The primary market is the one in which lenders loan money to borrowers; the secondary market is the one in which the lenders sell their loans to the large secondary marketing agencies (FNMA, FHLMC, and GNMA) or to other(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/section\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECTION<\/div><div class=glossaryItemBody> Section of land is established by government survey, contains 640 acres and is one mile square.<\/div>\"><span itemprop=\"name\">SECTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Section of land is established by government survey, contains 640 acres and is one mile square.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secured-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURED PARTY<\/div><div class=glossaryItemBody> This is the party having the security interest. Thus the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party. (Uniform Commercial Code.)<\/div>\"><span itemprop=\"name\">SECURED PARTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This is the party having the security interest. Thus the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party. (Uniform Commercial Code.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/security-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURITY AGREEMENT<\/div><div class=glossaryItemBody> An agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.)<\/div>\"><span itemprop=\"name\">SECURITY AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/security-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURITY INTEREST<\/div><div class=glossaryItemBody>A term designating the interest of the creditor in the property of the debtor in alltypes of credit transactions. It thus replaces such terms as the following ? chattel mortgage; pledge; trustreceipt; chattel trust; equipment trust; conditional sale; inventory lien; etc., according to UniformCommercial Code usage.<\/div>\"><span itemprop=\"name\">SECURITY INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A term designating the interest of the creditor in the property of the debtor in all\ntypes of credit transactions. It thus replaces such terms as the following ? chattel mortgage; pledge; trust\nreceipt; chattel trust; equipment trust; conditional sale; inventory lien; etc., according to(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/seisin-seizin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEISIN (SEIZIN)<\/div><div class=glossaryItemBody> Possession of real estate by one entitled thereto.<\/div>\"><span itemprop=\"name\">SEISIN (SEIZIN)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Possession of real estate by one entitled thereto.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sellers-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SELLER&#8217;S MARKET<\/div><div class=glossaryItemBody>The market condition which exists when a seller is in a more commanding position as to price and terms because demand exceeds supply.<\/div>\"><span itemprop=\"name\">SELLER'S MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The market condition which exists when a seller is in a more commanding position as to price and terms because demand exceeds supply.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/separate-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEPARATE PROPERTY<\/div><div class=glossaryItemBody> Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance, (3) from rents and profits on separate property, and (4) with the proceeds from other separate property.<\/div>\"><span itemprop=\"name\">SEPARATE PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance, (3) from rents and profits on separate property, and (4) with the proceeds from other separate property.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/septic-tank\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEPTIC TANK<\/div><div class=glossaryItemBody> An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.<\/div>\"><span itemprop=\"name\">SEPTIC TANK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/servicing-loans\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SERVICING LOANS<\/div><div class=glossaryItemBody>Supervising and administering a loan after it has been made. This involves such things as: collecting the payments, keeping accounting records, computing the interest and principal, foreclosure of defaulted loans, and so on.<\/div>\"><span itemprop=\"name\">SERVICING LOANS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Supervising and administering a loan after it has been made. This involves such things as: collecting the payments, keeping accounting records, computing the interest and principal, foreclosure of defaulted loans, and so on.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/set-back-ordinance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SET BACK ORDINANCE<\/div><div class=glossaryItemBody> An ordinance requiring improvements built on property to be a specified distance from the property line, street or curb.<\/div>\"><span itemprop=\"name\">SET BACK ORDINANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An ordinance requiring improvements built on property to be a specified distance from the property line, street or curb.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/severalty-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEVERALTY OWNERSHIP<\/div><div class=glossaryItemBody> Owned by one person only. Sole ownership.<\/div>\"><span itemprop=\"name\">SEVERALTY OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Owned by one person only. Sole ownership.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/shared-appreciation-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SHARED APPRECIATION MORTGAGE<\/div><div class=glossaryItemBody> A loan having a fixed rate of interest set below the market rate for the term of the loan which also provides for contingent interest to be paid to the lender on a certain percentage of appreciation in the value of the property against which the loan is secured upon transfer or sale of the property or the repayment of the loan.<\/div>\"><span itemprop=\"name\">SHARED APPRECIATION MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan having a fixed rate of interest set below the market rate for the term of the loan which also provides for contingent interest to be paid to the lender on a certain percentage of appreciation in the value of the property against which the loan is secured upon transfer or sale of the(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sheriffs-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SHERIFF&#8217;S DEED<\/div><div class=glossaryItemBody>Deed given by court order in connection with sale of property to satisfy a judgment.<\/div>\"><span itemprop=\"name\">SHERIFF'S DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Deed given by court order in connection with sale of property to satisfy a judgment.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/simple-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SIMPLE INTEREST<\/div><div class=glossaryItemBody> Interest computed on the principal amount of a loan only as distinguished from compound interest.<\/div>\"><span itemprop=\"name\">SIMPLE INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Interest computed on the principal amount of a loan only as distinguished from compound interest.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sinking-fund\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SINKING FUND<\/div><div class=glossaryItemBody> Fund set aside from the income from property which, with accrued interest, will eventually pay for replacement of the improvements.<\/div>\"><span itemprop=\"name\">SINKING FUND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Fund set aside from the income from property which, with accrued interest, will eventually pay for replacement of the improvements.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/slander-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SLANDER OF TITLE<\/div><div class=glossaryItemBody>False and malicious statements disparaging an owner&#039;s title to property and resulting in actual pecuniary damage to the owner.<\/div>\"><span itemprop=\"name\">SLANDER OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >False and malicious statements disparaging an owner's title to property and resulting in actual pecuniary damage to the owner.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-assessment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL ASSESSMENT<\/div><div class=glossaryItemBody> 1) Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements. 2) In a common interest subdivision, a GLOSSARY 591 charge, in addition to the regular assessment, levied by the association against owners in the development, for unanticipated repairs or maintenance on the common area or capital improvement of the common area.<\/div>\"><span itemprop=\"name\">SPECIAL ASSESSMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements. 2) In a common interest subdivision, a GLOSSARY 591 charge, in addition to the regular assessment, levied by the association against owners in(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-power-of-attorney\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL POWER OF ATTORNEY<\/div><div class=glossaryItemBody> A written instrument whereby a principal confers limited authority upon an agent to perform certain prescribed acts on behalf of the principal.<\/div>\"><span itemprop=\"name\">SPECIAL POWER OF ATTORNEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument whereby a principal confers limited authority upon an agent to perform certain prescribed acts on behalf of the principal.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL WARRANTY DEED<\/div><div class=glossaryItemBody>A deed in which the grantor warrants or guarantees the title only against defects arising during grantor&#039;s ownership of the property and not against defects existing before the time of grantor&#039;s ownership.<\/div>\"><span itemprop=\"name\">SPECIAL WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A deed in which the grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against defects existing before the time of grantor's ownership.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/specific-performance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIFIC PERFORMANCE<\/div><div class=glossaryItemBody> An action to compel performance of an agreement, e.g., sale of land as an alternative to damages or rescission.<\/div>\"><span itemprop=\"name\">SPECIFIC PERFORMANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An action to compel performance of an agreement, e.g., sale of land as an alternative to damages or rescission.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/srea\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SREA<\/div><div class=glossaryItemBody> Society of Real Estate Appraisers.<\/div>\"><span itemprop=\"name\">SREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Society of Real Estate Appraisers.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/standard-depth\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STANDARD DEPTH<\/div><div class=glossaryItemBody> Generally the most typical lot depth in the neighborhood.<\/div>\"><span itemprop=\"name\">STANDARD DEPTH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Generally the most typical lot depth in the neighborhood.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/standby-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STANDBY COMMITMENT<\/div><div class=glossaryItemBody>The mortgage banker frequently protects a builder by a &quot;standby&quot; agreement, under which banker agrees to make mortgage loans at an agreed price for many months into the future. The builder deposits a &quot;standby fee&quot; with the mortgage banker for this service. Frequently, the mortgage broker protects self by securing a &quot;standby&quot; from a long-term investor for the same period of time, paying a fee for this privilege.<\/div>\"><span itemprop=\"name\">STANDBY COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The mortgage banker frequently protects a builder by a \"standby\" agreement, under which banker agrees to make mortgage loans at an agreed price for many months into the future. The builder deposits a \"standby fee\" with the mortgage banker for this service. Frequently, the mortgage broker(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/statute-of-frauds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STATUTE OF FRAUDS<\/div><div class=glossaryItemBody> A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g.. contracts for the sale of real property, contracts not be performed within one year.<\/div>\"><span itemprop=\"name\">STATUTE OF FRAUDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g.. contracts for the sale of real property, contracts not be performed within one year.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/statutory-warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STATUTORY WARRANTY DEED<\/div><div class=glossaryItemBody> A short term warranty deed which warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary. This type of deed protects the purchaser in that the conveyor covenants to defend all claims against the property. If conveyor fails to do so, the new owner can defend said claims and sue the former owner.<\/div>\"><span itemprop=\"name\">STATUTORY WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A short term warranty deed which warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary. This type of deed protects the purchaser in that the conveyor covenants to defend all claims against the property. If(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/straight-line-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STRAIGHT LINE DEPRECIATION<\/div><div class=glossaryItemBody> A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.<\/div>\"><span itemprop=\"name\">STRAIGHT LINE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/straight-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STRAIGHT NOTE<\/div><div class=glossaryItemBody> A note in which a borrower repays the principal in a lump sum at maturity while interest is paid in installments or at maturity. (See Interest Only Note.)<\/div>\"><span itemprop=\"name\">STRAIGHT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note in which a borrower repays the principal in a lump sum at maturity while interest is paid in installments or at maturity. (See Interest Only Note.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subagent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBAGENT<\/div><div class=glossaryItemBody>A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent&#039;s principal.<\/div>\"><span itemprop=\"name\">SUBAGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent's principal.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subdivision\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBDIVISION<\/div><div class=glossaryItemBody>A legal definition of those divisions of real property for the purpose of sale, lease or financing which are regulated by law. For examples see California Business and Professions Code Sections 11000, 11000.1, 11004.5; California Government Code Section 66424; United States Code, Title 15, Section 1402(3).<\/div>\"><span itemprop=\"name\">SUBDIVISION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A legal definition of those divisions of real property for the purpose of sale, lease or financing which are regulated by law. For examples see California Business and Professions Code Sections 11000, 11000.1, 11004.5; California Government Code Section 66424; United States Code, Title 15,(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subject-to-a-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBJECT TO A MORTGAGE<\/div><div class=glossaryItemBody>When a grantee takes title to real property subject to a mortgage, grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that grantee can lose in the event of a foreclosure is grantee&#039;s equity in the property. (See also &quot;assumption of mortgage&quot;.) In neither case is the original maker of the note released from primary responsibility. If liability is to be assumed, the agreement must so state.<\/div>\"><span itemprop=\"name\">SUBJECT TO A MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >When a grantee takes title to real property subject to a mortgage, grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that grantee can lose in the event of a foreclosure is grantee's equity in the property. (See also(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sublease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBLEASE<\/div><div class=glossaryItemBody> A lease given by a lessee.<\/div>\"><span itemprop=\"name\">SUBLEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lease given by a lessee.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subordinate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBORDINATE<\/div><div class=glossaryItemBody> To make subject to, or junior or inferior to.<\/div>\"><span itemprop=\"name\">SUBORDINATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To make subject to, or junior or inferior to.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subordination-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBORDINATION AGREEMENT<\/div><div class=glossaryItemBody> An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.<\/div>\"><span itemprop=\"name\">SUBORDINATION AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subpoena\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBPOENA<\/div><div class=glossaryItemBody> A legal order to cause a witness to appear and give testimony.<\/div>\"><span itemprop=\"name\">SUBPOENA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal order to cause a witness to appear and give testimony.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subrogation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBROGATION<\/div><div class=glossaryItemBody> Replacing one person with another in regard to a legal right or obligation. The substitution of another person in place of the creditor, to whose rights he or she succeeds in relation to the debt. The doctrine is used very often where one person agrees to stand surety for the performance of a contract by another person.<\/div>\"><span itemprop=\"name\">SUBROGATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Replacing one person with another in regard to a legal right or obligation. The substitution of another person in place of the creditor, to whose rights he or she succeeds in relation to the debt. The doctrine is used very often where one person agrees to stand surety for the performance of a(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subsidy-buydown\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBSIDY BUYDOWN<\/div><div class=glossaryItemBody>Funds provided usually by the builder or seller to temporarily reduce the borrower&#039;s monthly principal and interest payment. 592 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">SUBSIDY BUYDOWN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Funds provided usually by the builder or seller to temporarily reduce the borrower's monthly principal and interest payment. 592 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/substitution-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBSTITUTION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution.<\/div>\"><span itemprop=\"name\">SUBSTITUTION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sum-of-the-years-digits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUM OF THE YEARS DIGITS<\/div><div class=glossaryItemBody> An accelerated depreciation method.<\/div>\"><span itemprop=\"name\">SUM OF THE YEARS DIGITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An accelerated depreciation method.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/supply-and-demand-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUPPLY AND DEMAND, PRINCIPLE OF<\/div><div class=glossaryItemBody> In appraising, a valuation principle starting that market value is affected by intersection of supply and demand forces in the market as of the appraisal date.<\/div>\"><span itemprop=\"name\">SUPPLY AND DEMAND, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, a valuation principle starting that market value is affected by intersection of supply and demand forces in the market as of the appraisal date.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/surety\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURETY<\/div><div class=glossaryItemBody>One who guarantees the performance of another Guarantor.<\/div>\"><span itemprop=\"name\">SURETY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >One who guarantees the performance of another Guarantor.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/surplus-productivity-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURPLUS PRODUCTIVITY, PRINCIPLE OF<\/div><div class=glossaryItemBody> The net income that remains after the proper costs of labor, organization and capital have been paid, which surplus is imputable to the land and tends to fix the value thereof.<\/div>\"><span itemprop=\"name\">SURPLUS PRODUCTIVITY, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The net income that remains after the proper costs of labor, organization and capital have been paid, which surplus is imputable to the land and tends to fix the value thereof.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURVEY<\/div><div class=glossaryItemBody> The process by which a parcel of land is measured and its area is ascertained.<\/div>\"><span itemprop=\"name\">SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process by which a parcel of land is measured and its area is ascertained.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/syndicate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SYNDICATE<\/div><div class=glossaryItemBody> A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability. (See real estate syndicate.)<\/div>\"><span itemprop=\"name\">SYNDICATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability. (See real estate syndicate.)<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">t<\/h3><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/take-out-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAKE-OUT LOAN<\/div><div class=glossaryItemBody> The loan arranged by the owner or builder developer for a buyer. The construction loan made for construction of the improvements is usually paid in full from the proceeds of this more permanent mortgage loan.<\/div>\"><span itemprop=\"name\">TAKE-OUT LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The loan arranged by the owner or builder developer for a buyer. The construction loan made for construction of the improvements is usually paid in full from the proceeds of this more permanent mortgage loan.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX<\/div><div class=glossaryItemBody> Enforced charge exacted of persons, corporations and organizations by the government to be used to support government services and programs.<\/div>\"><span itemprop=\"name\">TAX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Enforced charge exacted of persons, corporations and organizations by the government to be used to support government services and programs.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX DEED<\/div><div class=glossaryItemBody> The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.<\/div>\"><span itemprop=\"name\">TAX DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-free-exchange\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX-FREE EXCHANGE<\/div><div class=glossaryItemBody> The trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of trade.<\/div>\"><span itemprop=\"name\">TAX-FREE EXCHANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of trade.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX SALE<\/div><div class=glossaryItemBody> Sale of property after a period of nonpayment of taxes.<\/div>\"><span itemprop=\"name\">TAX SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sale of property after a period of nonpayment of taxes.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenancy-in-common\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANCY IN COMMON<\/div><div class=glossaryItemBody> Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interests need not be equal.<\/div>\"><span itemprop=\"name\">TENANCY IN COMMON<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interests need not be equal.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANT<\/div><div class=glossaryItemBody> The party who has legal possession and use of real property belonging to another.<\/div>\"><span itemprop=\"name\">TENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The party who has legal possession and use of real property belonging to another.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenants-by-the-entireties\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANTS BY THE ENTIRETIES<\/div><div class=glossaryItemBody> Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon depth of one spouse it becomes the property of the survivor.<\/div>\"><span itemprop=\"name\">TENANTS BY THE ENTIRETIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon depth of one spouse it becomes the property of the survivor.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tentative-map\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENTATIVE MAP<\/div><div class=glossaryItemBody> The Subdivision Map Act requires subdividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the planning commission is required to be filed with the planning commission.<\/div>\"><span itemprop=\"name\">TENTATIVE MAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Subdivision Map Act requires subdividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenure-in-land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENURE IN LAND<\/div><div class=glossaryItemBody> The mode or manner by which an estate in lands is held. All rights and title rest with owner.<\/div>\"><span itemprop=\"name\">TENURE IN LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The mode or manner by which an estate in lands is held. All rights and title rest with owner.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/termite-shield\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TERMITE SHIELD<\/div><div class=glossaryItemBody> A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.<\/div>\"><span itemprop=\"name\">TERMITE SHIELD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/termites\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TERMITES<\/div><div class=glossaryItemBody> Ant-like insects which feed on wood and are highly destructive to wooden structures.<\/div>\"><span itemprop=\"name\">TERMITES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ant-like insects which feed on wood and are highly destructive to wooden structures.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/testator\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TESTATOR<\/div><div class=glossaryItemBody> One who makes a will.<\/div>\"><span itemprop=\"name\">TESTATOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who makes a will.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/third-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>THIRD PARTY<\/div><div class=glossaryItemBody> Persons who are not parties to a contract which affects an interest they have in the object of the contract.<\/div>\"><span itemprop=\"name\">THIRD PARTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Persons who are not parties to a contract which affects an interest they have in the object of the contract.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/threshold\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>THRESHOLD<\/div><div class=glossaryItemBody> A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.<\/div>\"><span itemprop=\"name\">THRESHOLD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tidelands\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIDELANDS<\/div><div class=glossaryItemBody> Lands that are covered and uncovered by the ebb and flow of the tide.<\/div>\"><span itemprop=\"name\">TIDELANDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lands that are covered and uncovered by the ebb and flow of the tide.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-is-of-the-essence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME IS OF THE ESSENCE<\/div><div class=glossaryItemBody> A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.<\/div>\"><span itemprop=\"name\">TIME IS OF THE ESSENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE ESTATE<\/div><div class=glossaryItemBody> A right of occupancy in a time-share project (subdivision) which is coupled with an estate in the real property. GLOSSARY 593<\/div>\"><span itemprop=\"name\">TIME-SHARE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right of occupancy in a time-share project (subdivision) which is coupled with an estate in the real property. GLOSSARY 593<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-project\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE PROJECT<\/div><div class=glossaryItemBody> A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.<\/div>\"><span itemprop=\"name\">TIME-SHARE PROJECT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE USE<\/div><div class=glossaryItemBody> A license or contractual or membership right of occupancy in a timeshare project which is not coupled with an estate in the real property.<\/div>\"><span itemprop=\"name\">TIME-SHARE USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A license or contractual or membership right of occupancy in a timeshare project which is not coupled with an estate in the real property.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE<\/div><div class=glossaryItemBody>Indicates the &quot;fee&quot; position of lawful ownership and right to property. Bundle of Rights possessed by an owner. Combination of all elements constituting proof of ownership.<\/div>\"><span itemprop=\"name\">TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Indicates the \"fee\" position of lawful ownership and right to property. Bundle of Rights possessed by an owner. Combination of all elements constituting proof of ownership.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE INSURANCE<\/div><div class=glossaryItemBody> Insurance to protect a real property owner or lender up to a specified amount against certain types of loss, e.g., defective or unmarketable title.<\/div>\"><span itemprop=\"name\">TITLE INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insurance to protect a real property owner or lender up to a specified amount against certain types of loss, e.g., defective or unmarketable title.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-report\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE REPORT<\/div><div class=glossaryItemBody> A report which discloses condition of the title, made by a title company preliminary to issuance of title insurance policy.<\/div>\"><span itemprop=\"name\">TITLE REPORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A report which discloses condition of the title, made by a title company preliminary to issuance of title insurance policy.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-theory\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE THEORY<\/div><div class=glossaryItemBody> Mortgage arrangement whereby title to mortgaged real property vests in the lender. Some states give greater protection to mortgage lenders and assume lenders have title interest. Distinguished from Lien Theory States.<\/div>\"><span itemprop=\"name\">TITLE THEORY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mortgage arrangement whereby title to mortgaged real property vests in the lender. Some states give greater protection to mortgage lenders and assume lenders have title interest. Distinguished from Lien Theory States.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/topography\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOPOGRAPHY<\/div><div class=glossaryItemBody>Nature of the surface of land; topography may be level, rolling, mountainous. Variation in earth&#039;s surface.<\/div>\"><span itemprop=\"name\">TOPOGRAPHY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Nature of the surface of land; topography may be level, rolling, mountainous. Variation in earth's surface.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/torrens-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TORRENS TITLE<\/div><div class=glossaryItemBody> System of title records provided by state law (no longer used in California)<\/div>\"><span itemprop=\"name\">TORRENS TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > System of title records provided by state law (no longer used in California)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tort\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TORT<\/div><div class=glossaryItemBody> Any wrongful act (not involving a breach of contract) for which a civil section will lie for the person wronged.<\/div>\"><span itemprop=\"name\">TORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any wrongful act (not involving a breach of contract) for which a civil section will lie for the person wronged.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/townhouse\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOWNHOUSE<\/div><div class=glossaryItemBody> One of a row of houses usually of the same or similar design with common side walls or with a very narrow space between adjacent side walls.<\/div>\"><span itemprop=\"name\">TOWNHOUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of a row of houses usually of the same or similar design with common side walls or with a very narrow space between adjacent side walls.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/township\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOWNSHIP<\/div><div class=glossaryItemBody> In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.<\/div>\"><span itemprop=\"name\">TOWNSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trade-fixtures\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRADE FIXTURES<\/div><div class=glossaryItemBody> Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant.<\/div>\"><span itemprop=\"name\">TRADE FIXTURES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trade-in\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRADE-IN<\/div><div class=glossaryItemBody>An increasingly popular method of guaranteeing an owner a minimum amount of cash on sale of owner&#039;s present property to permit owner to purchase another. If the property is not sold within a specified time at the listed price, the broker agrees to arrange financing to personally purchase the property at an agreed upon discount.<\/div>\"><span itemprop=\"name\">TRADE-IN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An increasingly popular method of guaranteeing an owner a minimum amount of cash on sale of owner's present property to permit owner to purchase another. If the property is not sold within a specified time at the listed price, the broker agrees to arrange financing to personally purchase the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/transfer-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRANSFER FEE<\/div><div class=glossaryItemBody> A charge made by a lending institution holding or collecting on a real estate mortgage to change its records to reflect a different ownership.<\/div>\"><span itemprop=\"name\">TRANSFER FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A charge made by a lending institution holding or collecting on a real estate mortgage to change its records to reflect a different ownership.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trust-account\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUST ACCOUNT<\/div><div class=glossaryItemBody>An account separate and apart and physically segregated from broker&#039;s own funds, in which broker is required by law to deposit all funds collected for clients.<\/div>\"><span itemprop=\"name\">TRUST ACCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An account separate and apart and physically segregated from broker's own funds, in which broker is required by law to deposit all funds collected for clients.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUST DEED<\/div><div class=glossaryItemBody> Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.<\/div>\"><span itemprop=\"name\">TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trustee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUSTEE<\/div><div class=glossaryItemBody> One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.<\/div>\"><span itemprop=\"name\">TRUSTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trustor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUSTOR<\/div><div class=glossaryItemBody> One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.<\/div>\"><span itemprop=\"name\">TRUSTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/truth-in-lending\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUTH IN LENDING<\/div><div class=glossaryItemBody> The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction. 594 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">TRUTH IN LENDING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction. 594 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">u<\/h3><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/underimprovement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDERIMPROVEMENT<\/div><div class=glossaryItemBody> An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site.<\/div>\"><span itemprop=\"name\">UNDERIMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/underwriting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDERWRITING<\/div><div class=glossaryItemBody> Insuring something against loss; guaranteeing financially.<\/div>\"><span itemprop=\"name\">UNDERWRITING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insuring something against loss; guaranteeing financially.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/undue-influence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDUE INFLUENCE<\/div><div class=glossaryItemBody>Use of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage over another&#039;s weakness of mind, or distress or necessity.<\/div>\"><span itemprop=\"name\">UNDUE INFLUENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Use of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage over another's weakness of mind, or distress or necessity.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/unearned-increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNEARNED INCREMENT<\/div><div class=glossaryItemBody> An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.<\/div>\"><span itemprop=\"name\">UNEARNED INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/uniform-commercial-code\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNIFORM COMMERCIAL CODE<\/div><div class=glossaryItemBody> Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.<\/div>\"><span itemprop=\"name\">UNIFORM COMMERCIAL CODE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/unit-in-place-method\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNIT-IN-PLACE METHOD<\/div><div class=glossaryItemBody> The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceilings, roofs, etc., (including labor and overhead).<\/div>\"><span itemprop=\"name\">UNIT-IN-PLACE METHOD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceilings, roofs, etc., (including labor and overhead).<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/urban-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>URBAN PROPERTY<\/div><div class=glossaryItemBody> City property; closely settled property.<\/div>\"><span itemprop=\"name\">URBAN PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > City property; closely settled property.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/usury\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>USURY<\/div><div class=glossaryItemBody> On a loan, claiming a rate of interest greater than that permitted by law.<\/div>\"><span itemprop=\"name\">USURY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > On a loan, claiming a rate of interest greater than that permitted by law.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/utilities\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UTILITIES<\/div><div class=glossaryItemBody>Refers to services rendered by public utility companies, such as: water, gas, electricity, telephone.<\/div>\"><span itemprop=\"name\">UTILITIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Refers to services rendered by public utility companies, such as: water, gas, electricity, telephone.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/utility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UTILITY<\/div><div class=glossaryItemBody> The ability to give satisfaction and\/or excite desire for possession. An element of value.<\/div>\"><span itemprop=\"name\">UTILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The ability to give satisfaction and\/or excite desire for possession. An element of value.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">v<\/h3><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/va-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VA LOAN<\/div><div class=glossaryItemBody>A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran&#039;s Affairs guarantees the lender payment of the mortgage.<\/div>\"><span itemprop=\"name\">VA LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vacancy-factor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VACANCY FACTOR<\/div><div class=glossaryItemBody>The percentage of a building&#039;s space that is not rented over a given period.<\/div>\"><span itemprop=\"name\">VACANCY FACTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The percentage of a building's space that is not rented over a given period.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valid\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALID<\/div><div class=glossaryItemBody> Having force, or binding force; legally sufficient and authorized by law.<\/div>\"><span itemprop=\"name\">VALID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Having force, or binding force; legally sufficient and authorized by law.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valley\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALLEY<\/div><div class=glossaryItemBody> The internal angle formed by the junction of two sloping sides of a roof.<\/div>\"><span itemprop=\"name\">VALLEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The internal angle formed by the junction of two sloping sides of a roof.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valuation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALUATION<\/div><div class=glossaryItemBody> Estimated worth or price. Estimation. The act of valuing by appraisal.<\/div>\"><span itemprop=\"name\">VALUATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Estimated worth or price. Estimation. The act of valuing by appraisal.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALUE<\/div><div class=glossaryItemBody> Present worth of future benefits arising out of ownership to typical users\/investors.<\/div>\"><span itemprop=\"name\">VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Present worth of future benefits arising out of ownership to typical users\/investors.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/variable-interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VARIABLE INTEREST RATE<\/div><div class=glossaryItemBody> (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.<\/div>\"><span itemprop=\"name\">VARIABLE INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vendee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENDEE<\/div><div class=glossaryItemBody> A purchaser; buyer.<\/div>\"><span itemprop=\"name\">VENDEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A purchaser; buyer.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vendor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENDOR<\/div><div class=glossaryItemBody> A seller.<\/div>\"><span itemprop=\"name\">VENDOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A seller.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/veneer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENEER<\/div><div class=glossaryItemBody> Thin sheets of wood.<\/div>\"><span itemprop=\"name\">VENEER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Thin sheets of wood.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/verification\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VERIFICATION<\/div><div class=glossaryItemBody> Sworn statement before a duly qualified officer to correctness of contents of an instrument.<\/div>\"><span itemprop=\"name\">VERIFICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sworn statement before a duly qualified officer to correctness of contents of an instrument.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vested\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VESTED<\/div><div class=glossaryItemBody> Bestowed upon someone; secured by someone, such as title to property.<\/div>\"><span itemprop=\"name\">VESTED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Bestowed upon someone; secured by someone, such as title to property.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/void\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOID<\/div><div class=glossaryItemBody> To have no force or effect; that which is unenforceable.<\/div>\"><span itemprop=\"name\">VOID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To have no force or effect; that which is unenforceable.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/voidable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOIDABLE<\/div><div class=glossaryItemBody> That which is capable of being adjudged void, but is not void unless action is taken to make it so.<\/div>\"><span itemprop=\"name\">VOIDABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which is capable of being adjudged void, but is not void unless action is taken to make it so.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/voluntary-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOLUNTARY LIEN<\/div><div class=glossaryItemBody> Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.<\/div>\"><span itemprop=\"name\">VOLUNTARY LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">w<\/h3><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wainscoting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WAINSCOTING<\/div><div class=glossaryItemBody> Wood lining of an interior wall; lower section of a wall when finished differently from the upper part.<\/div>\"><span itemprop=\"name\">WAINSCOTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Wood lining of an interior wall; lower section of a wall when finished differently from the upper part.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/waive\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WAIVE<\/div><div class=glossaryItemBody> To relinquish, or abandon; to forego a right to enforce or require anything.<\/div>\"><span itemprop=\"name\">WAIVE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To relinquish, or abandon; to forego a right to enforce or require anything.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WARRANTY DEED<\/div><div class=glossaryItemBody> A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern practice of GLOSSARY 595 securing title insurance policies which have reduced the importance of express and implied warranty in deeds.<\/div>\"><span itemprop=\"name\">WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern(...)<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/warranty-of-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WARRANTY OF AUTHORITY<\/div><div class=glossaryItemBody> A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.<\/div>\"><span itemprop=\"name\">WARRANTY OF AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/waste\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WASTE<\/div><div class=glossaryItemBody> The destruction, or material alteration of, or injury to premises by a tenant.<\/div>\"><span itemprop=\"name\">WASTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The destruction, or material alteration of, or injury to premises by a tenant.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/water-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WATER TABLE<\/div><div class=glossaryItemBody> Distance from surface of ground to a depth at which natural groundwater is found.<\/div>\"><span itemprop=\"name\">WATER TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Distance from surface of ground to a depth at which natural groundwater is found.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wear-and-tear\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WEAR AND TEAR<\/div><div class=glossaryItemBody> Depreciation of an asset due to ordinary usage.<\/div>\"><span itemprop=\"name\">WEAR AND TEAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Depreciation of an asset due to ordinary usage.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/will\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WILL<\/div><div class=glossaryItemBody>A written, legal declaration of a person expressing his or her desires for the disposition of that person&#039;s property after his or her death.<\/div>\"><span itemprop=\"name\">WILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A written, legal declaration of a person expressing his or her desires for the disposition of that person's property after his or her death.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wrap-around-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WRAP AROUND MORTGAGE<\/div><div class=glossaryItemBody> A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.<\/div>\"><span itemprop=\"name\">WRAP AROUND MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">x<\/h3><\/li><li class=\" ln-23\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/x\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>X<\/div><div class=glossaryItemBody>An individual who cannot write may execute a legal document by affixing an X (his\/her mark) where the signature normally goes. Beneath the mark a witness then writes the person&#039;s name and signs his or her own name as witness.<\/div>\"><span itemprop=\"name\">X<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An individual who cannot write may execute a legal document by affixing an X (his\/her mark) where the signature normally goes. Beneath the mark a witness then writes the person's name and signs his or her own name as witness.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">y<\/h3><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yard\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YARD<\/div><div class=glossaryItemBody> A unit of measurement 3 feet long.<\/div>\"><span itemprop=\"name\">YARD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A unit of measurement 3 feet long.<\/dfn><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yield\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YIELD<\/div><div class=glossaryItemBody> The interest earned by an investor on an investment (or by a bank on the money it has loaned). Also, called return.<\/div>\"><span itemprop=\"name\">YIELD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest earned by an investor on an investment (or by a bank on the money it has loaned). Also, called return.<\/dfn><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yield-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YIELD RATE<\/div><div class=glossaryItemBody> The yield expressed as a percentage of the total investment. Also, called rate of return.<\/div>\"><span itemprop=\"name\">YIELD RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The yield expressed as a percentage of the total investment. Also, called rate of return.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">z<\/h3><\/li><li class=\" ln-25\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/zone\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ZONE<\/div><div class=glossaryItemBody> The area set off by the proper authorities for specific use; an area subject to certain restrictions or restraints.<\/div>\"><span itemprop=\"name\">ZONE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The area set off by the proper authorities for specific use; an area subject to certain restrictions or restraints.<\/dfn><\/li><li class=\" ln-25\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/zoning\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ZONING<\/div><div class=glossaryItemBody> Act of city or county authorities specifying type of use to which property may be put in specific areas.<\/div>\"><span itemprop=\"name\">ZONING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Act of city or county authorities specifying type of use to which property may be put in specific areas.<\/dfn><\/li><\/ul><\/div><div class=\"clear clearfix cmtt-clearfix\"><\/div><\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"cm-glossary table modern\"><div class=\"glossary-container \"><input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"glossary_index_style\" value=\"modern-table\">\t\t<div class=\"progress-indicator\">\r\n\t\t\t<img decoding=\"async\" src=\"https:\/\/thelearningsource.net\/wp-content\/plugins\/TooltipProPlus\/assets\/css\/images\/ajax-loader.gif\" alt=\"AJAX progress indicator\"\/>\r\n\t\t<\/div>\r\n\t\t<div class=\"glossary_top_filter\">\r\n\t\t\t<div class=\"left\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"cmtt_help glossary-search-helpitem\"\r\n\t\t\t\t\t\t     data-cmtooltip=\"The search returns the partial search for the given query from both the term title and description. So it will return the results even if the given query is part of the word in the description.\"><\/div>\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"glossary-search-label\">Search:<\/span>\r\n\t\t\t\t\t<div class=\"glossary-search-wrapper\">\r\n\t\t\t\t\t\t\t\t\t\t\t\t<input value=\"\"\r\n\t\t\t\t\t\t       placeholder=\"\"\r\n\t\t\t\t\t\t       class=\"glossary-search-term \" name=\"glossary-search-term\"\r\n\t\t\t\t\t\t       id=\"glossary-search-term\"\/>\r\n\t\t\t\t\t\t<button type=\"submit\" id=\"glossary-search\"\r\n\t\t\t\t\t\t        class=\"glossary-search button\">Search<\/button>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<a class=\"glossary-search-clear\" title=\"Clear the input\"\r\n\t\t\t\t\t   href=\"\">\r\n\t\t\t\t\t\t(clear)\t\t\t\t\t<\/a>\r\n\t\t\t\t\t<input type=\"hidden\" class=\"glossary-categories\" name=\"cat\" value=\"all\"><div class=\"cmtt-categories-filter\"> <a class=\"cmtt-glossary-category selected\">All&nbsp;categories<\/a> <a class=\"cmtt-glossary-category \" data-category-name=\"9\">Real&nbsp;Estate<\/a><\/div>\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"disable_listnav\"\r\n\t\t       value=\"1\"\/>\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"exact_search\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"cmtt-attribute-field\" name=\"show_search\"\r\n\t\t       value=\"1\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-terms\" name=\"glossary-hide-terms\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-categories\" name=\"glossary-hide-categories\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-abbrevs\" name=\"glossary-hide-abbrevs\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-hide-synonyms\" name=\"glossary-hide-synonyms\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" class=\"glossary-perpage\" name=\"glossary-perpage\"\r\n\t\t       value=\"0\"\/>\r\n\t\t<input type=\"hidden\" name=\"tooltip_language\"\r\n\t\t       value=\"\"\/>\r\n\t\t<input type=\"hidden\" name=\"language_dropdown\"\r\n\t\t       value=\"\"\/>\r\n\t\t<input type=\"hidden\" name=\"languages_for_table\"\r\n\t\t       value=\"\"\/>\r\n\t\t<div id=\"glossaryList-nav\" class=\"listNav medium\" role=\"tablist\"><\/div><ul class=\"glossaryList\" role=\"tablist\" id=\"glossaryList\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTermSet\"><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">a<\/h3><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abandonment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABANDONMENT<\/div><div class=glossaryItemBody>The failure to occupy and use property that may result in a loss of rights.How do I deal with abandoned property in California?The landlord must personally deliver or mail a &quot;Notice of Right to Reclaim Abandoned Personal Property&rdquo; to the former tenant. The form of the &quot;Notice of Right to Reclaim Abandoned Personal Property&rdquo; is specified by statute. Keep the property reasonably safe during the notice period.<\/div>\"><span itemprop=\"name\">ABANDONMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The failure to occupy and use property that may result in a loss of rights.\r\n\r\nHow do I deal with abandoned property in California?\r\n\r\nThe landlord must personally deliver or mail a \u201cNotice of Right to Reclaim Abandoned Personal Property\u201d to the former tenant. The form of the \u201cNotice of Right(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abatement-of-nuisance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABATEMENT OF NUISANCE<\/div><div class=glossaryItemBody> Extinction or termination of a nuisance.<\/div>\"><span itemprop=\"name\">ABATEMENT OF NUISANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Extinction or termination of a nuisance.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/absolute-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSOLUTE OWNERSHIP<\/div><div class=glossaryItemBody> See FEE SIMPLE ESTATE.<\/div>\"><span itemprop=\"name\">ABSOLUTE OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See FEE SIMPLE ESTATE.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstract-of-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACT OF JUDGMENT<\/div><div class=glossaryItemBody> A condensation of the essential provisions of a court judgment.<\/div>\"><span itemprop=\"name\">ABSTRACT OF JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condensation of the essential provisions of a court judgment.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstract-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACT OF TITLE<\/div><div class=glossaryItemBody> A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.<\/div>\"><span itemprop=\"name\">ABSTRACT OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/abstraction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ABSTRACTION<\/div><div class=glossaryItemBody> A method of valuing land. The indicated value of the improvement is deducted from the sale price.<\/div>\"><span itemprop=\"name\">ABSTRACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of valuing land. The indicated value of the improvement is deducted from the sale price.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accelerated-cost-recovery-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATED COST RECOVERY SYSTEM<\/div><div class=glossaryItemBody> The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS)<\/div>\"><span itemprop=\"name\">ACCELERATED COST RECOVERY SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accelerated-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATED DEPRECIATION<\/div><div class=glossaryItemBody> A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.<\/div>\"><span itemprop=\"name\">ACCELERATED DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acceleration-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCELERATION CLAUSE<\/div><div class=glossaryItemBody> A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.<\/div>\"><span itemprop=\"name\">ACCELERATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acceptance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCEPTANCE<\/div><div class=glossaryItemBody> The act of agreeing or consenting to the terms of an offer thereby establishing the ?meeting of the minds? that is an essential element of a contract.<\/div>\"><span itemprop=\"name\">ACCEPTANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of agreeing or consenting to the terms of an offer thereby establishing the ?meeting of the minds? that is an essential element of a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/access-right\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCESS RIGHT<\/div><div class=glossaryItemBody> The right of an owner to have ingress and egress to and from owner?s property over adjoining property.<\/div>\"><span itemprop=\"name\">ACCESS RIGHT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of an owner to have ingress and egress to and from owner?s property over adjoining property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accession\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCESSION<\/div><div class=glossaryItemBody> An addition to property through the efforts of man or by natural forces.<\/div>\"><span itemprop=\"name\">ACCESSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An addition to property through the efforts of man or by natural forces.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accretion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRETION<\/div><div class=glossaryItemBody> Accession by natural forces, e.g., alluvium.<\/div>\"><span itemprop=\"name\">ACCRETION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Accession by natural forces, e.g., alluvium.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accrued-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRUED DEPRECIATION<\/div><div class=glossaryItemBody> The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.<\/div>\"><span itemprop=\"name\">ACCRUED DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/accrued-items-of-expense\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACCRUED ITEMS OF EXPENSE<\/div><div class=glossaryItemBody> Those incurred expenses which are not yet payable. The seller?s accrued expenses are credited to the purchaser in a closing statement.<\/div>\"><span itemprop=\"name\">ACCRUED ITEMS OF EXPENSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those incurred expenses which are not yet payable. The seller?s accrued expenses are credited to the purchaser in a closing statement.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acknowledgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACKNOWLEDGMENT<\/div><div class=glossaryItemBody> A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.<\/div>\"><span itemprop=\"name\">ACKNOWLEDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acoustical-tile\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACOUSTICAL TILE<\/div><div class=glossaryItemBody> Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.<\/div>\"><span itemprop=\"name\">ACOUSTICAL TILE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acquisition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACQUISITION<\/div><div class=glossaryItemBody> The act or process by which a person procures property.<\/div>\"><span itemprop=\"name\">ACQUISITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act or process by which a person procures property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/acre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACRE<\/div><div class=glossaryItemBody> A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.<\/div>\"><span itemprop=\"name\">ACRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/actual-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACTUAL AUTHORITY<\/div><div class=glossaryItemBody> Authority expressly given by the principal or given by the law and not denied by the principal.<\/div>\"><span itemprop=\"name\">ACTUAL AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Authority expressly given by the principal or given by the law and not denied by the principal.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/actual-fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ACTUAL FRAUD<\/div><div class=glossaryItemBody> An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth.<\/div>\"><span itemprop=\"name\">ACTUAL FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ad-valorem\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AD VALOREM<\/div><div class=glossaryItemBody> A Latin phrase meaning ?according to value.? Usually used in connection with real estate taxation.<\/div>\"><span itemprop=\"name\">AD VALOREM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A Latin phrase meaning ?according to value.? Usually used in connection with real estate taxation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/addendum\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADDENDUM<\/div><div class=glossaryItemBody> Additional pages of material that are added to and become part of a contract.<\/div>\"><span itemprop=\"name\">ADDENDUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Additional pages of material that are added to and become part of a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adjustable-rate-mortgage-arm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADJUSTABLE RATE MORTGAGE (ARM)<\/div><div class=glossaryItemBody> A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.<\/div>\"><span itemprop=\"name\">ADJUSTABLE RATE MORTGAGE (ARM)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adjustments\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADJUSTMENTS<\/div><div class=glossaryItemBody> In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property. 562 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ADJUSTMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property. 562 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/administrator\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADMINISTRATOR<\/div><div class=glossaryItemBody> A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)<\/div>\"><span itemprop=\"name\">ADMINISTRATOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADR<\/div><div class=glossaryItemBody> See ALTERNATIVE DISPUTE RESOLUTION.<\/div>\"><span itemprop=\"name\">ADR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See ALTERNATIVE DISPUTE RESOLUTION.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE<\/div><div class=glossaryItemBody> Transfer of funds from a lender to a borrower in advance on a loan.<\/div>\"><span itemprop=\"name\">ADVANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Transfer of funds from a lender to a borrower in advance on a loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE COMMITMENT<\/div><div class=glossaryItemBody> The institutional investor?s prior agreement to provide long-term financing upon completion of construction; also known as a ?take-out? loan commitment.<\/div>\"><span itemprop=\"name\">ADVANCE COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The institutional investor?s prior agreement to provide long-term financing upon completion of construction; also known as a ?take-out? loan commitment.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/advance-fees\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVANCE FEES<\/div><div class=glossaryItemBody> A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate licensees, or representatives of licensed real estate firms.<\/div>\"><span itemprop=\"name\">ADVANCE FEES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/adverse-possession\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ADVERSE POSSESSION<\/div><div class=glossaryItemBody> A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.<\/div>\"><span itemprop=\"name\">ADVERSE POSSESSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affiant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIANT<\/div><div class=glossaryItemBody> One who makes an affidavit or gives evidence.<\/div>\"><span itemprop=\"name\">AFFIANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who makes an affidavit or gives evidence.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affidavit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIDAVIT<\/div><div class=glossaryItemBody> A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.<\/div>\"><span itemprop=\"name\">AFFIDAVIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affidavit-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIDAVIT OF TITLE<\/div><div class=glossaryItemBody> A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant?s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or divorces, no unrecorded deeds, contracts, unpaid repairs or improvements or defects of title known to affiant and that affiant is in possession of the property.<\/div>\"><span itemprop=\"name\">AFFIDAVIT OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant?s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/affirm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AFFIRM<\/div><div class=glossaryItemBody> To confirm, to aver, to ratify, to verify. To make a declaration.<\/div>\"><span itemprop=\"name\">AFFIRM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To confirm, to aver, to ratify, to verify. To make a declaration.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGENCY<\/div><div class=glossaryItemBody> The relationship between principal and the principal?s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.<\/div>\"><span itemprop=\"name\">AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relationship between principal and the principal?s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGENT<\/div><div class=glossaryItemBody> One who acts for and with authority from another called the principal.<\/div>\"><span itemprop=\"name\">AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who acts for and with authority from another called the principal.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGREEMENT<\/div><div class=glossaryItemBody> An exchange of promises, a mutual understanding or arrangement; a contract.<\/div>\"><span itemprop=\"name\">AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An exchange of promises, a mutual understanding or arrangement; a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/agreement-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AGREEMENT OF SALE<\/div><div class=glossaryItemBody> A written agreement or contract between seller and purchaser in which they reach a ?meeting of minds? on the terms and conditions of the sale. The parties concur; are in harmonious opinion.<\/div>\"><span itemprop=\"name\">AGREEMENT OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written agreement or contract between seller and purchaser in which they reach a ?meeting of minds? on the terms and conditions of the sale. The parties concur; are in harmonious opinion.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/air-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AIR RIGHTS<\/div><div class=glossaryItemBody> The rights in real property to the reasonable use of the air space above the surface of the land.<\/div>\"><span itemprop=\"name\">AIR RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The rights in real property to the reasonable use of the air space above the surface of the land.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alienation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALIENATION<\/div><div class=glossaryItemBody> The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.<\/div>\"><span itemprop=\"name\">ALIENATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alienation-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALIENATION CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.<\/div>\"><span itemprop=\"name\">ALIENATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/allodial-tenure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALLODIAL TENURE<\/div><div class=glossaryItemBody> A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in contrast to feudal tenure.<\/div>\"><span itemprop=\"name\">ALLODIAL TENURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in contrast to feudal tenure.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alluvium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALLUVIUM<\/div><div class=glossaryItemBody> The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.<\/div>\"><span itemprop=\"name\">ALLUVIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alta-owners-policy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTA OWNERS POLICY<\/div><div class=glossaryItemBody>An owners extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.<\/div>\"><span itemprop=\"name\">ALTA OWNERS POLICY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An owners extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alta-title-policy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTA TITLE POLICY<\/div><div class=glossaryItemBody> (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic?s liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments. GLOSSARY 563<\/div>\"><span itemprop=\"name\">ALTA TITLE POLICY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic?s liens; unrecorded physical easements; facts a physical survey would show;(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/alternative-disupute-resolution-adr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ALTERNATIVE DISUPUTE RESOLUTION (ADR)<\/div><div class=glossaryItemBody> The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.<\/div>\"><span itemprop=\"name\">ALTERNATIVE DISUPUTE RESOLUTION (ADR)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amenities\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMENITIES<\/div><div class=glossaryItemBody> Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements, not measured in monetary considerations but rather as tangible and intangible benefits attributable to the property, often causing greater pride in ownership.<\/div>\"><span itemprop=\"name\">AMENITIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements, not measured in monetary considerations but rather as tangible and intangible benefits attributable to the property, often causing greater(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amortization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMORTIZATION<\/div><div class=glossaryItemBody> The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.<\/div>\"><span itemprop=\"name\">AMORTIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/amortized-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AMORTIZED LOAN<\/div><div class=glossaryItemBody> A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.<\/div>\"><span itemprop=\"name\">AMORTIZED LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annexation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNEXATION<\/div><div class=glossaryItemBody> The attaching of personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.<\/div>\"><span itemprop=\"name\">ANNEXATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The attaching of personal property to land so that the law views it as part of the real property (a fixture). Annexation can be actual or constructive.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annual-percentage-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNUAL PERCENTAGE RATE<\/div><div class=glossaryItemBody> The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.<\/div>\"><span itemprop=\"name\">ANNUAL PERCENTAGE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/annuity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANNUITY<\/div><div class=glossaryItemBody> A sum of money received at fixed intervals, such as a series of assured equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made in the future. The installment payments due to the landlord under a lease is an annuity. So are the installment payments due to a lender.<\/div>\"><span itemprop=\"name\">ANNUITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sum of money received at fixed intervals, such as a series of assured equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made in the future. The installment payments due to the landlord under a lease is an annuity. So are the installment(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/anticipation-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ANTICIPATION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Affirms that value is created by anticipated benefits to be derived in the future.<\/div>\"><span itemprop=\"name\">ANTICIPATION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Affirms that value is created by anticipated benefits to be derived in the future.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appellant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPELLANT<\/div><div class=glossaryItemBody> A party appealing a court decision or ruling.<\/div>\"><span itemprop=\"name\">APPELLANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A party appealing a court decision or ruling.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appr0priation-of-water\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPR0PRIATION OF WATER<\/div><div class=glossaryItemBody> The taking, impounding or diversion of water flowing on the public domain from its natural course and the application of the water to some beneficial use personal and exclusive to the appropriator. APPURTENANCE: That which belongs to something, but not immemorially; all those rights, privileges, and improvements which belong to and pass with the transfer of the property, but which are not necessarily a part of the actual property. Appurtenances to real property pass with the real property to which they are appurtenant, unless a contrary intention is manifested. Typical appurtenances are rights-of-way, easements, water rights, and any property improvements.<\/div>\"><span itemprop=\"name\">APPR0PRIATION OF WATER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The taking, impounding or diversion of water flowing on the public domain from its natural course and the application of the water to some beneficial use personal and exclusive to the appropriator. APPURTENANCE: That which belongs to something, but not immemorially; all those rights,(...)<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appraisal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPRAISAL<\/div><div class=glossaryItemBody> An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.<\/div>\"><span itemprop=\"name\">APPRAISAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appraiser\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPRAISER<\/div><div class=glossaryItemBody> One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.<\/div>\"><span itemprop=\"name\">APPRAISER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/appurtenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APPURTENANT<\/div><div class=glossaryItemBody> Belonging to; adjunct; appended or annexed to. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each apartment. Appurtenant items pass with the land when the property is transferred.<\/div>\"><span itemprop=\"name\">APPURTENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Belonging to; adjunct; appended or annexed to. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each apartment. Appurtenant items pass with the land when the property is transferred.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/apr\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>APR<\/div><div class=glossaryItemBody> See ANNUAL PERCENTAGE RATE.<\/div>\"><span itemprop=\"name\">APR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See ANNUAL PERCENTAGE RATE.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/arbitration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARBITRATION<\/div><div class=glossaryItemBody> A neutral third party who listens to each party?s position and makes a final binding decision.<\/div>\"><span itemprop=\"name\">ARBITRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A neutral third party who listens to each party?s position and makes a final binding decision.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/architectural-style\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARCHITECTURAL STYLE<\/div><div class=glossaryItemBody> Generally the appearance and character of a building?s design and construction.<\/div>\"><span itemprop=\"name\">ARCHITECTURAL STYLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Generally the appearance and character of a building?s design and construction.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/articles-of-incorporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARTICLES OF INCORPORATION<\/div><div class=glossaryItemBody> An instrument setting forth the basic rules and purposes under which a private corporation is formed.<\/div>\"><span itemprop=\"name\">ARTICLES OF INCORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument setting forth the basic rules and purposes under which a private corporation is formed.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/artificial-person\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ARTIFICIAL PERSON<\/div><div class=glossaryItemBody> Persons created by law; a corporation.<\/div>\"><span itemprop=\"name\">ARTIFICIAL PERSON<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Persons created by law; a corporation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessed-valuation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSED VALUATION<\/div><div class=glossaryItemBody> A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. 564 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ASSESSED VALUATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property. 564 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSMENT<\/div><div class=glossaryItemBody> The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners- association for maintenance and reserves.<\/div>\"><span itemprop=\"name\">ASSESSMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners- association for maintenance and reserves.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assessor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSESSOR<\/div><div class=glossaryItemBody> The official who has the responsibility of determining assessed values.<\/div>\"><span itemprop=\"name\">ASSESSOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The official who has the responsibility of determining assessed values.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNMENT<\/div><div class=glossaryItemBody> A transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person?s rights under a contract.<\/div>\"><span itemprop=\"name\">ASSIGNMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person?s rights under a contract.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignment-of-rents\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNMENT OF RENTS<\/div><div class=glossaryItemBody> A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.<\/div>\"><span itemprop=\"name\">ASSIGNMENT OF RENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assignor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNOR<\/div><div class=glossaryItemBody> One who assigns or transfers property.<\/div>\"><span itemprop=\"name\">ASSIGNOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who assigns or transfers property.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assigns-assignees\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSIGNS, ASSIGNEES<\/div><div class=glossaryItemBody> Those to whom property or interests therein shall have been transferred.<\/div>\"><span itemprop=\"name\">ASSIGNS, ASSIGNEES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those to whom property or interests therein shall have been transferred.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION AGREEMENT<\/div><div class=glossaryItemBody> An undertaking or adoption of a debt or obligation primarily resting upon another person.<\/div>\"><span itemprop=\"name\">ASSUMPTION AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An undertaking or adoption of a debt or obligation primarily resting upon another person.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION FEE<\/div><div class=glossaryItemBody> A lender?s charge for changing over and processing new records for a new owner who is assuming an existing loan.<\/div>\"><span itemprop=\"name\">ASSUMPTION FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lender?s charge for changing over and processing new records for a new owner who is assuming an existing loan.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/assumption-of-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ASSUMPTION OF MORTGAGE<\/div><div class=glossaryItemBody> The taking of a title to property by a grantee wherein grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.<\/div>\"><span itemprop=\"name\">ASSUMPTION OF MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The taking of a title to property by a grantee wherein grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attachment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTACHMENT<\/div><div class=glossaryItemBody> The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs arising out of the litigation.<\/div>\"><span itemprop=\"name\">ATTACHMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs arising out of the litigation.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTEST<\/div><div class=glossaryItemBody> To affirm to be true or genuine; an official act establishing authenticity.<\/div>\"><span itemprop=\"name\">ATTEST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To affirm to be true or genuine; an official act establishing authenticity.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/attorney-in-fact\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ATTORNEY IN FACT<\/div><div class=glossaryItemBody> One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.<\/div>\"><span itemprop=\"name\">ATTORNEY IN FACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.<\/dfn><\/li><li class=\" ln-0\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/avulsion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>AVULSION<\/div><div class=glossaryItemBody> A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.<\/div>\"><span itemprop=\"name\">AVULSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">b<\/h3><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/b-t-u\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>B.T.U.<\/div><div class=glossaryItemBody> British thermal unit. The quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.<\/div>\"><span itemprop=\"name\">B.T.U.<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > British thermal unit. The quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/backfill\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BACKFILL<\/div><div class=glossaryItemBody> The replacement of excavated earth into a hole or against a structure.<\/div>\"><span itemprop=\"name\">BACKFILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The replacement of excavated earth into a hole or against a structure.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/balance-sheet\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BALANCE SHEET<\/div><div class=glossaryItemBody> A statement of the financial condition of a business at a certain time showing assets, liabilities, and capital.<\/div>\"><span itemprop=\"name\">BALANCE SHEET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statement of the financial condition of a business at a certain time showing assets, liabilities, and capital.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/balloon-payment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BALLOON PAYMENT<\/div><div class=glossaryItemBody> An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.<\/div>\"><span itemprop=\"name\">BALLOON PAYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bargain-and-sale-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BARGAIN AND SALE DEED<\/div><div class=glossaryItemBody> Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor?s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.<\/div>\"><span itemprop=\"name\">BARGAIN AND SALE DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor?s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/base-and-meridian\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BASE AND MERIDIAN<\/div><div class=glossaryItemBody> Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.<\/div>\"><span itemprop=\"name\">BASE AND MERIDIAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/basis\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BASIS<\/div><div class=glossaryItemBody>(1) Cost Basis?The dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the income tax to be paid upon the sale or exchange of the property. (2) Adjusted Cost Basis?The cost basis after the application of certain additions for improvements, etc., and deductions for depreciation, etc. <\/div>\"><span itemprop=\"name\">BASIS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(1) Cost Basis?The dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the \nincome tax to be paid upon the sale or exchange of the property. (2) Adjusted Cost(...)<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bearing-wall\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEARING WALL<\/div><div class=glossaryItemBody> A wall or partition which supports a part of a building, usually a roof or floor above.<\/div>\"><span itemprop=\"name\">BEARING WALL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A wall or partition which supports a part of a building, usually a roof or floor above.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bench-mark\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BENCH MARK<\/div><div class=glossaryItemBody> A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.<\/div>\"><span itemprop=\"name\">BENCH MARK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/beneficiary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BENEFICIARY<\/div><div class=glossaryItemBody> (1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title of which is vested in a trustee; (3) The lender on the security of a note and deed of trust.<\/div>\"><span itemprop=\"name\">BENEFICIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title of which is vested in a trustee; (3) The lender on the security of a note and deed of trust.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bequeath\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEQUEATH<\/div><div class=glossaryItemBody> To give or hand down by will; to leave by will. GLOSSARY 565<\/div>\"><span itemprop=\"name\">BEQUEATH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To give or hand down by will; to leave by will. GLOSSARY 565<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bequest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BEQUEST<\/div><div class=glossaryItemBody> Personal property given by the terms of a will.<\/div>\"><span itemprop=\"name\">BEQUEST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Personal property given by the terms of a will.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/betterment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BETTERMENT<\/div><div class=glossaryItemBody> An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.<\/div>\"><span itemprop=\"name\">BETTERMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bill-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BILL OF SALE<\/div><div class=glossaryItemBody> A written instrument given to pass title of personal property from vendor to the vendee.<\/div>\"><span itemprop=\"name\">BILL OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument given to pass title of personal property from vendor to the vendee.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/binder\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BINDER<\/div><div class=glossaryItemBody> An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy.<\/div>\"><span itemprop=\"name\">BINDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blanket-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLANKET MORTGAGE<\/div><div class=glossaryItemBody> A single mortgage which covers more than one piece of real property.<\/div>\"><span itemprop=\"name\">BLANKET MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A single mortgage which covers more than one piece of real property.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blighted-area\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLIGHTED AREA<\/div><div class=glossaryItemBody> A district affected by detrimental influences of such extent or quantity that real property values have seriously declined as a result of adverse land use and\/or destructive economic forces; characterized by rapidly depreciating buildings, retrogression and no recognizable prospects for improvement. However, renewal programs and changes in use may lead to resurgence of such areas.<\/div>\"><span itemprop=\"name\">BLIGHTED AREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A district affected by detrimental influences of such extent or quantity that real property values have seriously declined as a result of adverse land use and\/or destructive economic forces; characterized by rapidly depreciating buildings, retrogression and no recognizable prospects for(...)<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/blockbusting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BLOCKBUSTING<\/div><div class=glossaryItemBody> The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing.<\/div>\"><span itemprop=\"name\">BLOCKBUSTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bona-fide\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BONA FIDE<\/div><div class=glossaryItemBody> In good faith; without fraud or deceit; authentic.<\/div>\"><span itemprop=\"name\">BONA FIDE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In good faith; without fraud or deceit; authentic.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bond\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BOND<\/div><div class=glossaryItemBody> Written evidence of an obligation given by a corporation or government entity. A surety instrument.<\/div>\"><span itemprop=\"name\">BOND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Written evidence of an obligation given by a corporation or government entity. A surety instrument.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/book-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BOOK VALUE<\/div><div class=glossaryItemBody> The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.<\/div>\"><span itemprop=\"name\">BOOK VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/breach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BREACH<\/div><div class=glossaryItemBody> The breaking of a law, or failure of duty, either by omission or commission.<\/div>\"><span itemprop=\"name\">BREACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The breaking of a law, or failure of duty, either by omission or commission.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/broker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BROKER<\/div><div class=glossaryItemBody> A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker.<\/div>\"><span itemprop=\"name\">BROKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/broker-salesperson-relationship-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BROKER-SALESPERSON RELATIONSHIP AGREEMENT<\/div><div class=glossaryItemBody> A written agreement required by the regulations of the Real Estate Commissioner setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker performing licensed activities in the name of the supervising broker.<\/div>\"><span itemprop=\"name\">BROKER-SALESPERSON RELATIONSHIP AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written agreement required by the regulations of the Real Estate Commissioner setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker performing licensed activities in the name of the supervising broker.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-code\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING CODE<\/div><div class=glossaryItemBody> A systematic regulation of construction of buildings within a municipality established by ordinance or law.<\/div>\"><span itemprop=\"name\">BUILDING CODE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A systematic regulation of construction of buildings within a municipality established by ordinance or law.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-line\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING LINE<\/div><div class=glossaryItemBody> A line set by law a certain distance from a street line in front of which an owner cannot build on owner?s lot. A setback line.<\/div>\"><span itemprop=\"name\">BUILDING LINE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A line set by law a certain distance from a street line in front of which an owner cannot build on owner?s lot. A setback line.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-market-value-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING, MARKET VALUE OF<\/div><div class=glossaryItemBody> The sum of money which the presence of that structure adds to or subtracts from the value of the land it occupies. Land valued on the basis of highest and best use.<\/div>\"><span itemprop=\"name\">BUILDING, MARKET VALUE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The sum of money which the presence of that structure adds to or subtracts from the value of the land it occupies. Land valued on the basis of highest and best use.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/building-restrictions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUILDING RESTRICTIONS<\/div><div class=glossaryItemBody> Zoning, regulatory requirements or provisions in a deed limiting the type, size and use of a building.<\/div>\"><span itemprop=\"name\">BUILDING RESTRICTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Zoning, regulatory requirements or provisions in a deed limiting the type, size and use of a building.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bundle-of-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUNDLE OF RIGHTS<\/div><div class=glossaryItemBody> All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.<\/div>\"><span itemprop=\"name\">BUNDLE OF RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bureau-of-land-management\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUREAU OF LAND MANAGEMENT<\/div><div class=glossaryItemBody> A federal bureau within the Department of the Interior which manages and controls certain lands owned by the United States.<\/div>\"><span itemprop=\"name\">BUREAU OF LAND MANAGEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A federal bureau within the Department of the Interior which manages and controls certain lands owned by the United States.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/business-opportunity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUSINESS OPPORTUNITY<\/div><div class=glossaryItemBody> The assets for an existing business enterprise including its goodwill. As used in the Real Estate Law, the term includes ?the sale or lease of the business and goodwill of an existing business enterprise or opportunity.?<\/div>\"><span itemprop=\"name\">BUSINESS OPPORTUNITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The assets for an existing business enterprise including its goodwill. As used in the Real Estate Law, the term includes ?the sale or lease of the business and goodwill of an existing business enterprise or opportunity.?<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/buydown\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUYDOWN<\/div><div class=glossaryItemBody> See SUBSlDY BUYDOWN.<\/div>\"><span itemprop=\"name\">BUYDOWN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See SUBSlDY BUYDOWN.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/buyers-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BUYER&#8217;S MARKET<\/div><div class=glossaryItemBody>The condition which exists when a buyer is in a more commanding position as to price and terms because real property offered for sale is in plentiful supply in relation to demand.<\/div>\"><span itemprop=\"name\">BUYER'S MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The condition which exists when a buyer is in a more commanding position as to price and terms because real property offered for sale is in plentiful supply in relation to demand.<\/dfn><\/li><li class=\" ln-1\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/bylaws\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>BYLAWS<\/div><div class=glossaryItemBody> Rules for the conduct of the internal affairs of corporations and other organizations. 566 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">BYLAWS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Rules for the conduct of the internal affairs of corporations and other organizations. 566 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">c<\/h3><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cal-vet-program\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAL-VET PROGRAM<\/div><div class=glossaryItemBody> A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces.<\/div>\"><span itemprop=\"name\">CAL-VET PROGRAM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cap-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAP RATE<\/div><div class=glossaryItemBody> See LIFE OF LOAN CAP.<\/div>\"><span itemprop=\"name\">CAP RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See LIFE OF LOAN CAP.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capacity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPACITY<\/div><div class=glossaryItemBody> The legal ability to perform some act, such as enter into a contract or execute a deed or will.<\/div>\"><span itemprop=\"name\">CAPACITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The legal ability to perform some act, such as enter into a contract or execute a deed or will.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capital-assets\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITAL ASSETS<\/div><div class=glossaryItemBody> Assets of a permanent nature used in the production of an income, such as land, buildings, machinery and equipment, etc. Under income tax law, it is usually distinguishable from ?inventory? which comprises assets held for sale to customers in ordinary course of the taxpayer?s trade or business.<\/div>\"><span itemprop=\"name\">CAPITAL ASSETS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Assets of a permanent nature used in the production of an income, such as land, buildings, machinery and equipment, etc. Under income tax law, it is usually distinguishable from ?inventory? which comprises assets held for sale to customers in ordinary course of the taxpayer?s trade or business.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capital-gain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITAL GAIN<\/div><div class=glossaryItemBody> At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long term based upon length of holding period after acquisition. Usually taxed at lower rates than ordinary income.<\/div>\"><span itemprop=\"name\">CAPITAL GAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long term based upon length of holding period after acquisition. Usually taxed at lower rates than ordinary income.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capitalization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITALIZATION<\/div><div class=glossaryItemBody> In appraising, determining value of property by considering net income and percentage of reasonable return on the investment. The value of an income property is determined by dividing annual net income by the Capitalization Rate.<\/div>\"><span itemprop=\"name\">CAPITALIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, determining value of property by considering net income and percentage of reasonable return on the investment. The value of an income property is determined by dividing annual net income by the Capitalization Rate.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/capitalization-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAPITALIZATION RATE<\/div><div class=glossaryItemBody>The rate of interest which is considered a reasonable return on the investment,and used in the process of determining value based upon net income. It may also be described as the yieldrate that is necessary to attract the money of the average investor to a particular kind of investment. In thecase of land improvements which depreciate, to this yield rate is added a factor to take into consideration theannual amortization factor necessary to recapture the initial investment in improvements. This amortizationfactor can be determined in various ways ? (1) straight-line depreciation method, (2) Inwood Tables and (3)Hoskold Tables. (To explore this subject in greater depth, the student should refer to current real estateappraisal texts.)<\/div>\"><span itemprop=\"name\">CAPITALIZATION RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The rate of interest which is considered a reasonable return on the investment,\nand used in the process of determining value based upon net income. It may also be described as the yield\nrate that is necessary to attract the money of the average investor to a particular kind of investment. In(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/carryback-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CARRYBACK LOAN<\/div><div class=glossaryItemBody> The extension of credit from the seller to the buyer to finance the purchase of the property, accepting a deed of trust or mortgage instead of cash. Sometimes called a purchase money loan.<\/div>\"><span itemprop=\"name\">CARRYBACK LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The extension of credit from the seller to the buyer to finance the purchase of the property, accepting a deed of trust or mortgage instead of cash. Sometimes called a purchase money loan.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/casement-windows\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CASEMENT WINDOWS<\/div><div class=glossaryItemBody> Frames of wood or metal which swing outward.<\/div>\"><span itemprop=\"name\">CASEMENT WINDOWS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Frames of wood or metal which swing outward.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cash-flow\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CASH FLOW<\/div><div class=glossaryItemBody> The net income generated by a property before depreciation and other noncash expenses.<\/div>\"><span itemprop=\"name\">CASH FLOW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The net income generated by a property before depreciation and other noncash expenses.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/caveat-emptor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CAVEAT EMPTOR<\/div><div class=glossaryItemBody> Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk, absent misrepresentation.<\/div>\"><span itemprop=\"name\">CAVEAT EMPTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk, absent misrepresentation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ccim\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CCIM<\/div><div class=glossaryItemBody> Certified Commercial Investment Member.<\/div>\"><span itemprop=\"name\">CCIM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Certified Commercial Investment Member.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ccrs\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CC&#038;Rs<\/div><div class=glossaryItemBody> Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.<\/div>\"><span itemprop=\"name\">CC&Rs<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-eligibility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF ELIGIBILITY<\/div><div class=glossaryItemBody> Issued by Department of Veterans Affairs - evidence of individual?s eligibility to obtain VA loan.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF ELIGIBILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Issued by Department of Veterans Affairs - evidence of individual?s eligibility to obtain VA loan.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-reasonable-value-crv\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF REASONABLE VALUE (CRV)<\/div><div class=glossaryItemBody> The Federal VA appraisal commitment of property value.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF REASONABLE VALUE (CRV)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Federal VA appraisal commitment of property value.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-taxes-due\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF TAXES DUE<\/div><div class=glossaryItemBody> A written statement or guaranty of the condition of the taxes on a certain property made by the County Treasurer of the county wherein the property is located. Any loss resulting to any person from an error in a tax certificate shall be paid by the county which such treasurer represents.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF TAXES DUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written statement or guaranty of the condition of the taxes on a certain property made by the County Treasurer of the county wherein the property is located. Any loss resulting to any person from an error in a tax certificate shall be paid by the county which such treasurer represents.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/certificate-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CERTIFICATE OF TITLE<\/div><div class=glossaryItemBody> A written opinion by an attorney that ownership of the particular parcel of land is as stated in the certificate.<\/div>\"><span itemprop=\"name\">CERTIFICATE OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written opinion by an attorney that ownership of the particular parcel of land is as stated in the certificate.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHAIN<\/div><div class=glossaryItemBody> A unit of measurement used by surveyors. A chain consists of 100 links equal to 66 feet.<\/div>\"><span itemprop=\"name\">CHAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A unit of measurement used by surveyors. A chain consists of 100 links equal to 66 feet.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chain-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHAIN OF TITLE<\/div><div class=glossaryItemBody> A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. GLOSSARY 567<\/div>\"><span itemprop=\"name\">CHAIN OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. GLOSSARY 567<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/change-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHANGE, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely result of cause and effect.<\/div>\"><span itemprop=\"name\">CHANGE, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely result of cause and effect.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/characteristics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHARACTERISTICS<\/div><div class=glossaryItemBody> Distinguishing features of a (residential) property.<\/div>\"><span itemprop=\"name\">CHARACTERISTICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Distinguishing features of a (residential) property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattel-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTEL MORTGAGE<\/div><div class=glossaryItemBody> A claim on personal property (instead of real property) used to secure or guarantee a promissory note. (See definition of Security Agreement and Security Interest.)<\/div>\"><span itemprop=\"name\">CHATTEL MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A claim on personal property (instead of real property) used to secure or guarantee a promissory note. (See definition of Security Agreement and Security Interest.)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattel-real\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTEL REAL<\/div><div class=glossaryItemBody> An estate related to real estate, such as a lease on real property.<\/div>\"><span itemprop=\"name\">CHATTEL REAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate related to real estate, such as a lease on real property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chattels\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHATTELS<\/div><div class=glossaryItemBody> Goods or every species of property movable or immovable which are not real property. Personal property.<\/div>\"><span itemprop=\"name\">CHATTELS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Goods or every species of property movable or immovable which are not real property. Personal property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/chose-in-action\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CHOSE IN ACTION<\/div><div class=glossaryItemBody> A personal right to something not presently in the owner?s possession, but recoverable by a legal action for possession.<\/div>\"><span itemprop=\"name\">CHOSE IN ACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A personal right to something not presently in the owner?s possession, but recoverable by a legal action for possession.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/circuit-breaker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CIRCUIT BREAKER<\/div><div class=glossaryItemBody> (l) An electrical device which automatically interrupts an electric circuit when an overload occurs; may be used instead of a fuse to protect each circuit and can be reset. (2) In property taxation, a method for granting property tax relief to the elderly and disadvantaged qualified taxpayers by rebate, tax credits or cash payments. Usually limited to homeowners and renters.<\/div>\"><span itemprop=\"name\">CIRCUIT BREAKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (l) An electrical device which automatically interrupts an electric circuit when an overload occurs; may be used instead of a fuse to protect each circuit and can be reset. (2) In property taxation, a method for granting property tax relief to the elderly and disadvantaged qualified taxpayers(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING<\/div><div class=glossaryItemBody> (l) Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary lines where the lines meet to include all the tract of land.<\/div>\"><span itemprop=\"name\">CLOSING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (l) Process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds. (2) Condition in description of real property by courses and distances at the boundary lines(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing-costs\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING COSTS<\/div><div class=glossaryItemBody> The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.<\/div>\"><span itemprop=\"name\">CLOSING COSTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/closing-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOSING STATEMENT<\/div><div class=glossaryItemBody> An accounting of funds made to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction.<\/div>\"><span itemprop=\"name\">CLOSING STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An accounting of funds made to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cloud-on-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CLOUD ON TITLE<\/div><div class=glossaryItemBody> A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or a quiet title legal action.<\/div>\"><span itemprop=\"name\">CLOUD ON TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A claim, encumbrance or condition which impairs the title to real property until disproved or eliminated as for example through a quitclaim deed or a quiet title legal action.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/co-signer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CO-SIGNER<\/div><div class=glossaryItemBody> A second party who signs a promissory note together with the primary borrower.<\/div>\"><span itemprop=\"name\">CO-SIGNER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A second party who signs a promissory note together with the primary borrower.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/code-of-ethics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CODE OF ETHICS<\/div><div class=glossaryItemBody> A set of rules and principles expressing a standard of accepted conduct for a professional group and governing the relationship of members to each other and to the organization.<\/div>\"><span itemprop=\"name\">CODE OF ETHICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A set of rules and principles expressing a standard of accepted conduct for a professional group and governing the relationship of members to each other and to the organization.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLATERAL<\/div><div class=glossaryItemBody> Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. (See definition of Security Interest. )<\/div>\"><span itemprop=\"name\">COLLATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. (See definition of Security Interest. )<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collateral-security\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLATERAL SECURITY<\/div><div class=glossaryItemBody> A separate obligation attached to contract to guarantee its performance; the transfer of property or of other contracts, or valuables, to insure the performance of a principal agreement.<\/div>\"><span itemprop=\"name\">COLLATERAL SECURITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A separate obligation attached to contract to guarantee its performance; the transfer of property or of other contracts, or valuables, to insure the performance of a principal agreement.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/collusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLLUSION<\/div><div class=glossaryItemBody> An agreement between two or more persons to defraud another of rights by the forms of law, or to obtain an object forbidden by law.<\/div>\"><span itemprop=\"name\">COLLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement between two or more persons to defraud another of rights by the forms of law, or to obtain an object forbidden by law.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/color-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COLOR OF TITLE<\/div><div class=glossaryItemBody> That which appears to be good title but which is not title in fact.<\/div>\"><span itemprop=\"name\">COLOR OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which appears to be good title but which is not title in fact.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-acre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL ACRE<\/div><div class=glossaryItemBody> A term applied to the remainder of an acre of newly subdivided land after the area devoted to streets, sidewalks and curbs, etc., has been deducted from the acre.<\/div>\"><span itemprop=\"name\">COMMERCIAL ACRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term applied to the remainder of an acre of newly subdivided land after the area devoted to streets, sidewalks and curbs, etc., has been deducted from the acre.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL LOAN<\/div><div class=glossaryItemBody> A personal loan from a commercial bank, usually unsecured and short term, for other than mortgage purposes.<\/div>\"><span itemprop=\"name\">COMMERCIAL LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A personal loan from a commercial bank, usually unsecured and short term, for other than mortgage purposes.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commercial-paper\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMERCIAL PAPER<\/div><div class=glossaryItemBody> Negotiable instruments such as promissory notes, letters of credit and bills of lading. Instruments developed under the law of merchant.<\/div>\"><span itemprop=\"name\">COMMERCIAL PAPER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Negotiable instruments such as promissory notes, letters of credit and bills of lading. Instruments developed under the law of merchant.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commingling\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMINGLING<\/div><div class=glossaryItemBody> The illegal mixing of personal funds with money held in trust on behalf of a client. See CONVERSION.<\/div>\"><span itemprop=\"name\">COMMINGLING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The illegal mixing of personal funds with money held in trust on behalf of a client. See CONVERSION.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMISSION<\/div><div class=glossaryItemBody> An agent?s compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.<\/div>\"><span itemprop=\"name\">COMMISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agent?s compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMITMENT<\/div><div class=glossaryItemBody> A pledge or a promise or firm agreement to do something in the future, such as a loan company giving a written commitment with specific terms of mortgage loan it will make.<\/div>\"><span itemprop=\"name\">COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pledge or a promise or firm agreement to do something in the future, such as a loan company giving a written commitment with specific terms of mortgage loan it will make.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-area\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON AREA<\/div><div class=glossaryItemBody> An entire common interest subdivision except the separate interests therein. 568 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">COMMON AREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entire common interest subdivision except the separate interests therein. 568 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-interest-subdivision\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON INTEREST SUBDIVISION<\/div><div class=glossaryItemBody> Subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The interest in common may be through membership in an association. Examples are condominiums and stock cooperatives.<\/div>\"><span itemprop=\"name\">COMMON INTEREST SUBDIVISION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The interest in common may be through membership in an association. Examples are condominiums and stock cooperatives.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON LAW<\/div><div class=glossaryItemBody> The body of law that grew from customs and practices developed and used in England ?since the memory of man runneth not to the contrary.?<\/div>\"><span itemprop=\"name\">COMMON LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The body of law that grew from customs and practices developed and used in England ?since the memory of man runneth not to the contrary.?<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/common-stock\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMON STOCK<\/div><div class=glossaryItemBody> That class of corporate stock to which there is ordinarily attached no preference with respect to the receipt of dividends or the distribution of assets on corporate dissolution.<\/div>\"><span itemprop=\"name\">COMMON STOCK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That class of corporate stock to which there is ordinarily attached no preference with respect to the receipt of dividends or the distribution of assets on corporate dissolution.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/community-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMMUNITY PROPERTY<\/div><div class=glossaryItemBody> Property acquired by husband and\/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.<\/div>\"><span itemprop=\"name\">COMMUNITY PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Property acquired by husband and\/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/compaction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPACTION<\/div><div class=glossaryItemBody> Whenever extra soil is added to a lot to fill in low places or to raise the level of the lot, the added soil is often too loose and soft to sustain the weight of the buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of buildings without the danger of their tilting, settling or cracking.<\/div>\"><span itemprop=\"name\">COMPACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Whenever extra soil is added to a lot to fill in low places or to raise the level of the lot, the added soil is often too loose and soft to sustain the weight of the buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of buildings without the(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/comparable-sales\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPARABLE SALES<\/div><div class=glossaryItemBody> Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process. Commonly called ?comparables?, they are recent selling prices of properties similarly situated in a similar market.<\/div>\"><span itemprop=\"name\">COMPARABLE SALES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process. Commonly called ?comparables?, they are recent selling prices of properties similarly situated in a similar market.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/comparison-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPARISON APPROACH<\/div><div class=glossaryItemBody> A real estate comparison method which compares a given property with similar or comparable surrounding properties; also called market comparison.<\/div>\"><span itemprop=\"name\">COMPARISON APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real estate comparison method which compares a given property with similar or comparable surrounding properties; also called market comparison.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/competent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPETENT<\/div><div class=glossaryItemBody> Legally qualified.<\/div>\"><span itemprop=\"name\">COMPETENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Legally qualified.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/competition-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPETITION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that profits tend to breed competition and excess profits tend to breed ruinous completion.<\/div>\"><span itemprop=\"name\">COMPETITION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that profits tend to breed competition and excess profits tend to breed ruinous completion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/compound-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COMPOUND INTEREST<\/div><div class=glossaryItemBody> Interest paid on original principal and also on the accrued and unpaid interest which has accumulated as the debt matures.<\/div>\"><span itemprop=\"name\">COMPOUND INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Interest paid on original principal and also on the accrued and unpaid interest which has accumulated as the debt matures.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conclusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONCLUSION<\/div><div class=glossaryItemBody> The final estimate of value, realized from facts, data, experience and judgment, set out in an appraisal. Appraiser?s certified conclusion.<\/div>\"><span itemprop=\"name\">CONCLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The final estimate of value, realized from facts, data, experience and judgment, set out in an appraisal. Appraiser?s certified conclusion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condemnation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDEMNATION<\/div><div class=glossaryItemBody> The act of taking private property for public use by a political subdivision upon payment to owner of just compensation. Declaration that a structure is unfit for use.<\/div>\"><span itemprop=\"name\">CONDEMNATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of taking private property for public use by a political subdivision upon payment to owner of just compensation. Declaration that a structure is unfit for use.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION<\/div><div class=glossaryItemBody> In contracts, a future and uncertain event which must happen to create an obligation or which extinguishes an existent obligation. In conveyances of real property conditions in the conveyance may cause an interest to be vested or defeated.<\/div>\"><span itemprop=\"name\">CONDITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In contracts, a future and uncertain event which must happen to create an obligation or which extinguishes an existent obligation. In conveyances of real property conditions in the conveyance may cause an interest to be vested or defeated.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition-precedent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION PRECEDENT<\/div><div class=glossaryItemBody> A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place.<\/div>\"><span itemprop=\"name\">CONDITION PRECEDENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condition-subsequent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITION SUBSEQUENT<\/div><div class=glossaryItemBody> A condition attached to an already-vested estate or to a contract whereby the estate is defeated or the contract extinguished through the failure or non-performance of the condition.<\/div>\"><span itemprop=\"name\">CONDITION SUBSEQUENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition attached to an already-vested estate or to a contract whereby the estate is defeated or the contract extinguished through the failure or non-performance of the condition.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL COMMITMENT<\/div><div class=glossaryItemBody> A commitment of a definite loan amount for some future unknown purchaser of satisfactory credit standing.<\/div>\"><span itemprop=\"name\">CONDITIONAL COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A commitment of a definite loan amount for some future unknown purchaser of satisfactory credit standing.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL ESTATE<\/div><div class=glossaryItemBody> Usually called, in California, Fee Simple Defeasible. An estate that is granted subject to a condition subsequent. The estate is terminable on happening of the condition.<\/div>\"><span itemprop=\"name\">CONDITIONAL ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually called, in California, Fee Simple Defeasible. An estate that is granted subject to a condition subsequent. The estate is terminable on happening of the condition.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conditional-sale-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDITIONAL SALE CONTRACT<\/div><div class=glossaryItemBody> A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled. (See definition of Security Interest.)<\/div>\"><span itemprop=\"name\">CONDITIONAL SALE CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled. (See definition of Security Interest.)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condominium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDOMINIUM<\/div><div class=glossaryItemBody> An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may be filled with air, earth, or water or any combination and need not be attached to land except by easements for access and support.<\/div>\"><span itemprop=\"name\">CONDOMINIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/condominium-declaration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONDOMINIUM DECLARATION<\/div><div class=glossaryItemBody> The document which establishes a condominium and describes the property rights of the unit owners. GLOSSARY 569<\/div>\"><span itemprop=\"name\">CONDOMINIUM DECLARATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The document which establishes a condominium and describes the property rights of the unit owners. GLOSSARY 569<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confession-of-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFESSION OF JUDGMENT<\/div><div class=glossaryItemBody> An entry of judgment upon the debtor?s voluntary admission or confession.<\/div>\"><span itemprop=\"name\">CONFESSION OF JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entry of judgment upon the debtor?s voluntary admission or confession.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confirmation-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFIRMATION OF SALE<\/div><div class=glossaryItemBody> A court approval of the sale of property by an executor, administrator, guardian or conservator.<\/div>\"><span itemprop=\"name\">CONFIRMATION OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court approval of the sale of property by an executor, administrator, guardian or conservator.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/confiscation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFISCATION<\/div><div class=glossaryItemBody> The seizing of property without compensation.<\/div>\"><span itemprop=\"name\">CONFISCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The seizing of property without compensation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conformity-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONFORMITY, PRINCIPLE OF<\/div><div class=glossaryItemBody> Holds that the maximum of value is realized when a reasonable degree of homogeneity of improvements is present. Use conformity is desirable, creating and maintaining higher values.<\/div>\"><span itemprop=\"name\">CONFORMITY, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holds that the maximum of value is realized when a reasonable degree of homogeneity of improvements is present. Use conformity is desirable, creating and maintaining higher values.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conservation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSERVATION<\/div><div class=glossaryItemBody> The process of utilizing resources in such a manner which minimizes their depletion.<\/div>\"><span itemprop=\"name\">CONSERVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of utilizing resources in such a manner which minimizes their depletion.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/consideration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSIDERATION<\/div><div class=glossaryItemBody> Anything given or promised by a party to induce another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.<\/div>\"><span itemprop=\"name\">CONSIDERATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Anything given or promised by a party to induce another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTANT<\/div><div class=glossaryItemBody> The percentage which, when applied directly to the face value of a debt, develops the annual amount of money necessary to pay a specified net rate of interest on the reducing balance and to liquidate the debt in a specified time period. For example, a 6% loan with a 20 year amortization has a constant of approximately 8 1\/2%. Thus, a $10,000 loan amortized over 20 years requires an annual payment of approximately $850.00.<\/div>\"><span itemprop=\"name\">CONSTANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage which, when applied directly to the face value of a debt, develops the annual amount of money necessary to pay a specified net rate of interest on the reducing balance and to liquidate the debt in a specified time period. For example, a 6% loan with a 20 year amortization has a(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/construction-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTION LOAN<\/div><div class=glossaryItemBody> A loan made to finance the actual construction or improvement on land. Funds are usually dispersed in increments as the construction progresses.<\/div>\"><span itemprop=\"name\">CONSTRUCTION LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan made to finance the actual construction or improvement on land. Funds are usually dispersed in increments as the construction progresses.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-eviction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE EVICTION<\/div><div class=glossaryItemBody> Breach of a covenant of warranty or quiet enjoyment, e.g., the inability of a lessee to obtain possession because of a paramount defect in title or a condition making occupancy hazardous.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE EVICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Breach of a covenant of warranty or quiet enjoyment, e.g., the inability of a lessee to obtain possession because of a paramount defect in title or a condition making occupancy hazardous.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE FRAUD<\/div><div class=glossaryItemBody> A breach of duty, as by a person in a fiduciary capacity, without an actual fraudulent intent, which gains an advantage to the person at fault by misleading another to the other?s prejudice. Any act of omission declared by law to be fraudulent, without respect to actual fraud.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A breach of duty, as by a person in a fiduciary capacity, without an actual fraudulent intent, which gains an advantage to the person at fault by misleading another to the other?s prejudice. Any act of omission declared by law to be fraudulent, without respect to actual fraud.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/constructive-notice\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONSTRUCTIVE NOTICE<\/div><div class=glossaryItemBody> Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.<\/div>\"><span itemprop=\"name\">CONSTRUCTIVE NOTICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Notice of the condition of title to real property given by the official records of a government entity which does not require actual knowledge of the information.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contiguous\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTIGUOUS<\/div><div class=glossaryItemBody> In close proximity.<\/div>\"><span itemprop=\"name\">CONTIGUOUS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In close proximity.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contour\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTOUR<\/div><div class=glossaryItemBody> The surface configuration of land. Shown on maps as a line through points of equal elevation.<\/div>\"><span itemprop=\"name\">CONTOUR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The surface configuration of land. Shown on maps as a line through points of equal elevation.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT<\/div><div class=glossaryItemBody> An agreement to do or not to do a certain thing. It must have four essential elements  -  parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance.<\/div>\"><span itemprop=\"name\">CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to do or not to do a certain thing. It must have four essential elements  -  parties capable of contracting, consent of the parties, a lawful object, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-bilateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, BILATERAL<\/div><div class=glossaryItemBody> A contract in which each party promises to do something.<\/div>\"><span itemprop=\"name\">CONTRACT, BILATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which each party promises to do something.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-executed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXECUTED<\/div><div class=glossaryItemBody> 1) A contract in which both parties have completely performed their contractual obligations. 2) A signed contract.<\/div>\"><span itemprop=\"name\">CONTRACT, EXECUTED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) A contract in which both parties have completely performed their contractual obligations. 2) A signed contract.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-executory\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXECUTORY<\/div><div class=glossaryItemBody> A contract in which one or both parties have not yet completed performance of their obligations.<\/div>\"><span itemprop=\"name\">CONTRACT, EXECUTORY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which one or both parties have not yet completed performance of their obligations.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-express\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, EXPRESS<\/div><div class=glossaryItemBody> A contract that has been put into words, either spoken or written.<\/div>\"><span itemprop=\"name\">CONTRACT, EXPRESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract that has been put into words, either spoken or written.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-implied\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, IMPLIED<\/div><div class=glossaryItemBody> An agreement that has not been put into words, but is implied by the actions of the parties.<\/div>\"><span itemprop=\"name\">CONTRACT, IMPLIED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement that has not been put into words, but is implied by the actions of the parties.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contract-unilateral\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRACT, UNILATERAL<\/div><div class=glossaryItemBody> When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.<\/div>\"><span itemprop=\"name\">CONTRACT, UNILATERAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/contribution-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONTRIBUTION, PRINCIPLE OF<\/div><div class=glossaryItemBody> A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment.<\/div>\"><span itemprop=\"name\">CONTRIBUTION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conventional-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVENTIONAL MORTGAGE<\/div><div class=glossaryItemBody> A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association. 570 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">CONVENTIONAL MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association. 570 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conversion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVERSION<\/div><div class=glossaryItemBody> (1) Change from one legal form or use to another, as converting an apartment building to condominium use. (2) The unlawful appropriation of another?s property, as in the conversion of trust funds.<\/div>\"><span itemprop=\"name\">CONVERSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (1) Change from one legal form or use to another, as converting an apartment building to condominium use. (2) The unlawful appropriation of another?s property, as in the conversion of trust funds.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/conveyance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CONVEYANCE<\/div><div class=glossaryItemBody> An instrument in writing used to transfer (convey) title to property from one person to another, such as a deed or a trust deed.<\/div>\"><span itemprop=\"name\">CONVEYANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument in writing used to transfer (convey) title to property from one person to another, such as a deed or a trust deed.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cooperative-apartment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COOPERATIVE (apartment)<\/div><div class=glossaryItemBody> An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. In California, this type of ownership is called a ?stock cooperative.?<\/div>\"><span itemprop=\"name\">COOPERATIVE (apartment)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. In California, this type of ownership is(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corner-influence-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORNER INFLUENCE TABLE<\/div><div class=glossaryItemBody> A statistical table that may be used to estimate the added value of a corner lot.<\/div>\"><span itemprop=\"name\">CORNER INFLUENCE TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statistical table that may be used to estimate the added value of a corner lot.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORPORATION<\/div><div class=glossaryItemBody> An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for any length of time the law prescribes.<\/div>\"><span itemprop=\"name\">CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law it may continue for(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/corporeal-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORPOREAL RIGHTS<\/div><div class=glossaryItemBody> Possessory rights in real property.<\/div>\"><span itemprop=\"name\">CORPOREAL RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Possessory rights in real property.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/correction-lines\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORRECTION LINES<\/div><div class=glossaryItemBody> A system for compensating inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are remeasured and corrected to a full 6 miles.<\/div>\"><span itemprop=\"name\">CORRECTION LINES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A system for compensating inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are remeasured and corrected to a(...)<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/correlation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CORRELATION<\/div><div class=glossaryItemBody> A step in the appraisal process involving the interpretation of data derived from the three approaches to value (cost, market and income) leading to a single determination of value. Also frequently referred to as ?reconciliation.?<\/div>\"><span itemprop=\"name\">CORRELATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A step in the appraisal process involving the interpretation of data derived from the three approaches to value (cost, market and income) leading to a single determination of value. Also frequently referred to as ?reconciliation.?<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cost-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COST APPROACH<\/div><div class=glossaryItemBody> One of three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.<\/div>\"><span itemprop=\"name\">COST APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cotenancy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COTENANCY<\/div><div class=glossaryItemBody> Ownership of an interest in a particular parcel of land by more than one person; e.g. tenancy in common, joint tenancy.<\/div>\"><span itemprop=\"name\">COTENANCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ownership of an interest in a particular parcel of land by more than one person; e.g. tenancy in common, joint tenancy.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/counter-offer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COUNTER OFFER<\/div><div class=glossaryItemBody> A response to an offer to enter into a contract, changing some of the terms of the terms of the original offer. A counter offer is a rejection of the offer (not a form of acceptance), and does not create a binding contract unless accepted by the original offeror.<\/div>\"><span itemprop=\"name\">COUNTER OFFER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A response to an offer to enter into a contract, changing some of the terms of the terms of the original offer. A counter offer is a rejection of the offer (not a form of acceptance), and does not create a binding contract unless accepted by the original offeror.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/covenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>COVENANT<\/div><div class=glossaryItemBody> An agreement or promise to do or not to do a particular act such as a promise to build a house of a particular architectural style or to use or not use property in a certain way.<\/div>\"><span itemprop=\"name\">COVENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement or promise to do or not to do a particular act such as a promise to build a house of a particular architectural style or to use or not use property in a certain way.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cpm\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CPM<\/div><div class=glossaryItemBody>Certified Property Manager, a designation of the Institute of Real Estate Management.<\/div>\"><span itemprop=\"name\">CPM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Certified Property Manager, a designation of the Institute of Real Estate Management.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/crawl-hole\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CRAWL HOLE<\/div><div class=glossaryItemBody> Exterior or interior opening permitting access underneath building, as required by building codes.<\/div>\"><span itemprop=\"name\">CRAWL HOLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Exterior or interior opening permitting access underneath building, as required by building codes.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/cre\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CRE<\/div><div class=glossaryItemBody> Counselor of Real Estate, Member of American Society of Real Estate Counselors.<\/div>\"><span itemprop=\"name\">CRE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Counselor of Real Estate, Member of American Society of Real Estate Counselors.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/credit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CREDIT<\/div><div class=glossaryItemBody> A bookkeeping entry on the right side of an account, recording the reduction or elimination of an asset or an expense, or the creation of or addition to a liability or item of equity or revenue.<\/div>\"><span itemprop=\"name\">CREDIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A bookkeeping entry on the right side of an account, recording the reduction or elimination of an asset or an expense, or the creation of or addition to a liability or item of equity or revenue.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/curable-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURABLE DEPRECIATION<\/div><div class=glossaryItemBody> Items of physical deterioration and functional obsolescence which are customarily repaired or replaced by a prudent property owner.<\/div>\"><span itemprop=\"name\">CURABLE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Items of physical deterioration and functional obsolescence which are customarily repaired or replaced by a prudent property owner.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/current-index\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURRENT INDEX<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the current value of a recognized index as calculated and published nationally or regionally. The current index value changes periodically and is used in calculating the new note rate as of each rate adjustment date.<\/div>\"><span itemprop=\"name\">CURRENT INDEX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the current value of a recognized index as calculated and published nationally or regionally. The current index value changes periodically and is used in calculating the new note rate as of each rate adjustment date.<\/dfn><\/li><li class=\" ln-2\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/curtail-schedule\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>CURTAIL SCHEDULE<\/div><div class=glossaryItemBody> A listing of the amounts by which the principal sum of an obligation is to be reduced by partial payments and of the dates when each payment will become payable.<\/div>\"><span itemprop=\"name\">CURTAIL SCHEDULE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing of the amounts by which the principal sum of an obligation is to be reduced by partial payments and of the dates when each payment will become payable.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">d<\/h3><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/damages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DAMAGES<\/div><div class=glossaryItemBody> The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another. Loss sustained or harm done to a person or property.<\/div>\"><span itemprop=\"name\">DAMAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another. Loss sustained or harm done to a person or property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/data-plant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DATA PLANT<\/div><div class=glossaryItemBody> An appraiser?s file of information on real estate. GLOSSARY 571<\/div>\"><span itemprop=\"name\">DATA PLANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appraiser?s file of information on real estate. GLOSSARY 571<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debenture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBENTURE<\/div><div class=glossaryItemBody> Bonds issued without security, an obligation not secured by a specific lien on property.<\/div>\"><span itemprop=\"name\">DEBENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Bonds issued without security, an obligation not secured by a specific lien on property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBIT<\/div><div class=glossaryItemBody> A bookkeeping entry on the left side of an account, recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability or item of equity or revenue.<\/div>\"><span itemprop=\"name\">DEBIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A bookkeeping entry on the left side of an account, recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability or item of equity or revenue.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debt\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBT<\/div><div class=glossaryItemBody> That which is due from one person or another; obligation, liability.<\/div>\"><span itemprop=\"name\">DEBT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which is due from one person or another; obligation, liability.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/debtor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEBTOR<\/div><div class=glossaryItemBody> A person who is in debt; the one owing money to another.<\/div>\"><span itemprop=\"name\">DEBTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who is in debt; the one owing money to another.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/declining-balance-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DECLINING BALANCE DEPRECIATION<\/div><div class=glossaryItemBody> A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation.<\/div>\"><span itemprop=\"name\">DECLINING BALANCE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/decree-of-foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DECREE OF FORECLOSURE<\/div><div class=glossaryItemBody> Decree by a court ordering the sale of mortgaged property and the payment of the debt owing to the lender out of the proceeds.<\/div>\"><span itemprop=\"name\">DECREE OF FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Decree by a court ordering the sale of mortgaged property and the payment of the debt owing to the lender out of the proceeds.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dedication\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEDICATION<\/div><div class=glossaryItemBody> The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public.<\/div>\"><span itemprop=\"name\">DEDICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED<\/div><div class=glossaryItemBody> Written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).<\/div>\"><span itemprop=\"name\">DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee).<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-in-lieu-of-foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED IN LIEU OF FORECLOSURE<\/div><div class=glossaryItemBody> A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.<\/div>\"><span itemprop=\"name\">DEED IN LIEU OF FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-of-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED OF TRUST<\/div><div class=glossaryItemBody> (See Trust Deed.)<\/div>\"><span itemprop=\"name\">DEED OF TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Trust Deed.)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deed-restrictions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEED RESTRICTIONS<\/div><div class=glossaryItemBody> Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.<\/div>\"><span itemprop=\"name\">DEED RESTRICTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/default\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFAULT<\/div><div class=glossaryItemBody> Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.<\/div>\"><span itemprop=\"name\">DEFAULT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defeasance-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFEASANCE CLAUSE<\/div><div class=glossaryItemBody> The clause in a mortgage that gives the mortgagor the right to redeem mortgagor?s property upon the payment of mortgagor?s obligations to the mortgagee.<\/div>\"><span itemprop=\"name\">DEFEASANCE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The clause in a mortgage that gives the mortgagor the right to redeem mortgagor?s property upon the payment of mortgagor?s obligations to the mortgagee.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defeasible-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFEASIBLE FEE<\/div><div class=glossaryItemBody> Sometimes called a base fee or qualified fee; a fee simple absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event.<\/div>\"><span itemprop=\"name\">DEFEASIBLE FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sometimes called a base fee or qualified fee; a fee simple absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/defendant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFENDANT<\/div><div class=glossaryItemBody> A person against whom legal action is initiated for the purpose of obtaining criminal sanctions (criminal defendant) or damages or other appropriate judicial relief (civil defendant) .<\/div>\"><span itemprop=\"name\">DEFENDANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person against whom legal action is initiated for the purpose of obtaining criminal sanctions (criminal defendant) or damages or other appropriate judicial relief (civil defendant) .<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deferred-maintenance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFERRED MAINTENANCE<\/div><div class=glossaryItemBody> Existing but unfulfilled requirements for repairs and rehabilitation. Postponed or delayed maintenance causing decline in a building?s physical condition.<\/div>\"><span itemprop=\"name\">DEFERRED MAINTENANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Existing but unfulfilled requirements for repairs and rehabilitation. Postponed or delayed maintenance causing decline in a building?s physical condition.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deferred-payment-options\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFERRED PAYMENT OPTIONS<\/div><div class=glossaryItemBody> The privilege of deferring income payments to take advantage of statutes affording tax benefits.<\/div>\"><span itemprop=\"name\">DEFERRED PAYMENT OPTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The privilege of deferring income payments to take advantage of statutes affording tax benefits.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deficiency-judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEFICIENCY JUDGMENT<\/div><div class=glossaryItemBody> A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.<\/div>\"><span itemprop=\"name\">DEFICIENCY JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/delegation-of-powers\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DELEGATION OF POWERS<\/div><div class=glossaryItemBody> The conferring by an agent upon another of all or certain of the powers that have been conferred upon the agent by the principal.<\/div>\"><span itemprop=\"name\">DELEGATION OF POWERS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The conferring by an agent upon another of all or certain of the powers that have been conferred upon the agent by the principal.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/deposit-receipt\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPOSIT RECEIPT<\/div><div class=glossaryItemBody> A term used by the real estate industry to describe the written offer to purchase real property upon stated term and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance by the owner.<\/div>\"><span itemprop=\"name\">DEPOSIT RECEIPT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used by the real estate industry to describe the written offer to purchase real property upon stated term and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance by the owner.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPRECIATION<\/div><div class=glossaryItemBody> Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence. The term is also used in accounting to identify the amount of the decrease in value of an asset that is allowed in computing the value of the property for tax purposes.<\/div>\"><span itemprop=\"name\">DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence. The term is also used in accounting to identify the amount of the decrease in value of an asset that is allowed in computing the value of the property for tax purposes.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/depth-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEPTH TABLE<\/div><div class=glossaryItemBody> A statistical table that may be used to estimate the value of the added depth of a lot.<\/div>\"><span itemprop=\"name\">DEPTH TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statistical table that may be used to estimate the value of the added depth of a lot.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/desist-and-refrain-order\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DESIST AND REFRAIN ORDER<\/div><div class=glossaryItemBody> An order directing a person to stop from committing an act in violation of the Real Estate Law.<\/div>\"><span itemprop=\"name\">DESIST AND REFRAIN ORDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An order directing a person to stop from committing an act in violation of the Real Estate Law.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/determinable-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DETERMINABLE FEE<\/div><div class=glossaryItemBody> An estate which may end on the happening of an event that may or may not occur.<\/div>\"><span itemprop=\"name\">DETERMINABLE FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which may end on the happening of an event that may or may not occur.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devise\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISE<\/div><div class=glossaryItemBody> A gift or disposal of real property by last will and testament.<\/div>\"><span itemprop=\"name\">DEVISE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A gift or disposal of real property by last will and testament.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devisee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISEE<\/div><div class=glossaryItemBody> One who receives a gift of real property by will.<\/div>\"><span itemprop=\"name\">DEVISEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who receives a gift of real property by will.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/devisor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DEVISOR<\/div><div class=glossaryItemBody> One who disposes of real property by will. 572 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">DEVISOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who disposes of real property by will. 572 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/directional-growth\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DIRECTIONAL GROWTH<\/div><div class=glossaryItemBody> The location or direction toward which the residential sections of a city are destined or determined to grow.<\/div>\"><span itemprop=\"name\">DIRECTIONAL GROWTH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The location or direction toward which the residential sections of a city are destined or determined to grow.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discount\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCOUNT<\/div><div class=glossaryItemBody> To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as part of the cost to the borrower of obtaining the loan.<\/div>\"><span itemprop=\"name\">DISCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as part of the cost to the borrower of obtaining the loan.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discount-points\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCOUNT POINTS<\/div><div class=glossaryItemBody> The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. This amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan.<\/div>\"><span itemprop=\"name\">DISCOUNT POINTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. This amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market(...)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/discretionary-powers-of-agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISCRETIONARY POWERS OF AGENCY<\/div><div class=glossaryItemBody> Those powers conferred upon an agent by the principal which empower the agent in certain circumstances to make decisions based on the agent?s own judgment.<\/div>\"><span itemprop=\"name\">DISCRETIONARY POWERS OF AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those powers conferred upon an agent by the principal which empower the agent in certain circumstances to make decisions based on the agent?s own judgment.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/disintermediation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISINTERMEDIATION<\/div><div class=glossaryItemBody> The relatively sudden withdrawal of substantial sums of money savers have deposited with savings and loan associations, commercial banks, and mutual savings banks. This term can also be considered to include life insurance policy purchasers borrowing against the value of their policies. The essence of this phenomenon is financial intermediaries losing within a short period of time billions of dollars as owners of funds held by those institutional lenders exercise their prerogative of taking them out of the hands of these financial institutions.<\/div>\"><span itemprop=\"name\">DISINTERMEDIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relatively sudden withdrawal of substantial sums of money savers have deposited with savings and loan associations, commercial banks, and mutual savings banks. This term can also be considered to include life insurance policy purchasers borrowing against the value of their policies. The(...)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/disposable-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISPOSABLE INCOME<\/div><div class=glossaryItemBody> The after-tax income a household receives to spend on personal consumption.<\/div>\"><span itemprop=\"name\">DISPOSABLE INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The after-tax income a household receives to spend on personal consumption.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dispossess\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DISPOSSESS<\/div><div class=glossaryItemBody> To deprive one of the use of real estate.<\/div>\"><span itemprop=\"name\">DISPOSSESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To deprive one of the use of real estate.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/documentary-transfer-tax\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOCUMENTARY TRANSFER TAX<\/div><div class=glossaryItemBody> A state enabling act allows a county to adopt a documentary transfer tax to apply on all transfers of real property located in the county. Notice of payment is entered on face of the deed or on a separate paper filed with the deed.<\/div>\"><span itemprop=\"name\">DOCUMENTARY TRANSFER TAX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A state enabling act allows a county to adopt a documentary transfer tax to apply on all transfers of real property located in the county. Notice of payment is entered on face of the deed or on a separate paper filed with the deed.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/documents\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOCUMENTS<\/div><div class=glossaryItemBody> Legal instruments such as mortgages, contracts, deeds, options, wills, bills of sale, etc.<\/div>\"><span itemprop=\"name\">DOCUMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Legal instruments such as mortgages, contracts, deeds, options, wills, bills of sale, etc.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/donee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DONEE<\/div><div class=glossaryItemBody> A person who receives a gift.<\/div>\"><span itemprop=\"name\">DONEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who receives a gift.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/donor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DONOR<\/div><div class=glossaryItemBody> A person who makes a gift.<\/div>\"><span itemprop=\"name\">DONOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who makes a gift.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/double-declining-balance-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DOUBLE DECLINING BALANCE DEPRECIATION<\/div><div class=glossaryItemBody> (See DECLINING BALANCE DEPRECIATION.)<\/div>\"><span itemprop=\"name\">DOUBLE DECLINING BALANCE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See DECLINING BALANCE DEPRECIATION.)<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/draw\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DRAW<\/div><div class=glossaryItemBody> Usually applies to construction loans when disbursement of a portion of the mortgage is made in advance, as improvements to the property are made.<\/div>\"><span itemprop=\"name\">DRAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually applies to construction loans when disbursement of a portion of the mortgage is made in advance, as improvements to the property are made.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/dual-agency\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DUAL AGENCY<\/div><div class=glossaryItemBody> An agency relationship in which the agent acts concurrently for both of the principals in a transaction.<\/div>\"><span itemprop=\"name\">DUAL AGENCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency relationship in which the agent acts concurrently for both of the principals in a transaction.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/due-on-sale-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DUE ON SALE CLAUSE<\/div><div class=glossaryItemBody> An acceleration clause granting the lender the right to demand full payment of the mortgage upon a sale of the property.<\/div>\"><span itemprop=\"name\">DUE ON SALE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An acceleration clause granting the lender the right to demand full payment of the mortgage upon a sale of the property.<\/dfn><\/li><li class=\" ln-3\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/duress\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>DURESS<\/div><div class=glossaryItemBody> Unlawful constraint exercised upon a person whereby he or she is forced to do some act against his or her will.<\/div>\"><span itemprop=\"name\">DURESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Unlawful constraint exercised upon a person whereby he or she is forced to do some act against his or her will.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">e<\/h3><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/earnest-money\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EARNEST MONEY<\/div><div class=glossaryItemBody> Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.<\/div>\"><span itemprop=\"name\">EARNEST MONEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/easement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EASEMENT<\/div><div class=glossaryItemBody> A right, privilege or interest limited to a specific purpose which one party has in the land of another.<\/div>\"><span itemprop=\"name\">EASEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right, privilege or interest limited to a specific purpose which one party has in the land of another.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC LIFE<\/div><div class=glossaryItemBody> The period over which a property will yield a return on the investment over and above the economic or ground rent due to land.<\/div>\"><span itemprop=\"name\">ECONOMIC LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The period over which a property will yield a return on the investment over and above the economic or ground rent due to land.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC OBSOLESCENCE<\/div><div class=glossaryItemBody> A loss in value due to factors away from the subject property but adversely affecting the value of the subject property.<\/div>\"><span itemprop=\"name\">ECONOMIC OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loss in value due to factors away from the subject property but adversely affecting the value of the subject property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/economic-rent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ECONOMIC RENT<\/div><div class=glossaryItemBody> The reasonable rental expectancy if the property were available for renting at the time of its valuation.<\/div>\"><span itemprop=\"name\">ECONOMIC RENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The reasonable rental expectancy if the property were available for renting at the time of its valuation.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-age-of-improvement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE AGE OF IMPROVEMENT<\/div><div class=glossaryItemBody> The number of years of age that is indicated by the condition of the structure, distinct from chronological age.<\/div>\"><span itemprop=\"name\">EFFECTIVE AGE OF IMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The number of years of age that is indicated by the condition of the structure, distinct from chronological age.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-date-of-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE DATE OF VALUE<\/div><div class=glossaryItemBody> The specific day the conclusion of value applies. GLOSSARY 573<\/div>\"><span itemprop=\"name\">EFFECTIVE DATE OF VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The specific day the conclusion of value applies. GLOSSARY 573<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/effective-interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EFFECTIVE INTEREST RATE<\/div><div class=glossaryItemBody> The percentage of interest that is actually being paid by the borrower for the use of the money, distinct from nominal interest.<\/div>\"><span itemprop=\"name\">EFFECTIVE INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of interest that is actually being paid by the borrower for the use of the money, distinct from nominal interest.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/emblements\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EMBLEMENTS<\/div><div class=glossaryItemBody> The crops and other annual plantings considered to be personal property of the cultivator.<\/div>\"><span itemprop=\"name\">EMBLEMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The crops and other annual plantings considered to be personal property of the cultivator.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/eminent-domain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EMINENT DOMAIN<\/div><div class=glossaryItemBody> The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated and the right of the private citizen to get paid is spelled out in the 5th Amendment to the United States Constitution.<\/div>\"><span itemprop=\"name\">EMINENT DOMAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of the government to acquire property for necessary public or quasi-public use by condition; the owner must be fairly compensated and the right of the private citizen to get paid is spelled out in the 5th Amendment to the United States Constitution.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/encroachment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ENCROACHMENT<\/div><div class=glossaryItemBody> An unlawful intrusion onto another?s adjacent property by improvements to real property, e.g. a swimming pool built across a property line.<\/div>\"><span itemprop=\"name\">ENCROACHMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An unlawful intrusion onto another?s adjacent property by improvements to real property, e.g. a swimming pool built across a property line.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/encumbrance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ENCUMBRANCE<\/div><div class=glossaryItemBody> Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.<\/div>\"><span itemprop=\"name\">ENCUMBRANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Anything which affects or limits the fee simple title to or value of property, e.g., mortgages or easements.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY<\/div><div class=glossaryItemBody> The interest or value which an owner has in real estate over and above the liens against it. Branch of remedial justice by and through which relief is afforded to suitors in courts of equity.<\/div>\"><span itemprop=\"name\">EQUITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest or value which an owner has in real estate over and above the liens against it. Branch of remedial justice by and through which relief is afforded to suitors in courts of equity.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-build-up\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY BUILD-UP<\/div><div class=glossaryItemBody> The increase of owner?s equity in property due to mortgage principal reduction and value appreciation.<\/div>\"><span itemprop=\"name\">EQUITY BUILD-UP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The increase of owner?s equity in property due to mortgage principal reduction and value appreciation.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-of-redemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY OF REDEMPTION<\/div><div class=glossaryItemBody> The right to redeem property during the foreclosure period, such as a mortgagor?s right to redeem within either 3 months or 1 year as may be permitted after foreclosure sale.<\/div>\"><span itemprop=\"name\">EQUITY OF REDEMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right to redeem property during the foreclosure period, such as a mortgagor?s right to redeem within either 3 months or 1 year as may be permitted after foreclosure sale.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/equity-participation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EQUITY PARTICIPATION<\/div><div class=glossaryItemBody> A mortgage transaction in which the lender, in addition to receiving a fixed rate of interest on the loan acquires an interest in the borrower?s real property, and shares in the profits derived from the real property.<\/div>\"><span itemprop=\"name\">EQUITY PARTICIPATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage transaction in which the lender, in addition to receiving a fixed rate of interest on the loan acquires an interest in the borrower?s real property, and shares in the profits derived from the real property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/erosion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EROSION<\/div><div class=glossaryItemBody> The wearing away of land by the act of water, wind or glacial ice.<\/div>\"><span itemprop=\"name\">EROSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The wearing away of land by the act of water, wind or glacial ice.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escalation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCALATION<\/div><div class=glossaryItemBody> The right reserved by the lender to increase the amount of the payments and\/or interest upon the happening of a certain event.<\/div>\"><span itemprop=\"name\">ESCALATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right reserved by the lender to increase the amount of the payments and\/or interest upon the happening of a certain event.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escalator-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCALATOR CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies, usually tied to some index or event. Often used in long term leases to provide for rent adjustments, to cover tax and maintenance increases.<\/div>\"><span itemprop=\"name\">ESCALATOR CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies, usually tied to some index or event. Often used in long term leases to provide for rent adjustments, to cover tax and maintenance increases.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escheat\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCHEAT<\/div><div class=glossaryItemBody> The reverting of property to the State when heirs capable of inheriting are lacking.<\/div>\"><span itemprop=\"name\">ESCHEAT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The reverting of property to the State when heirs capable of inheriting are lacking.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escrow\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCROW<\/div><div class=glossaryItemBody> The deposit of instruments and\/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.<\/div>\"><span itemprop=\"name\">ESCROW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The deposit of instruments and\/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/escrow-agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESCROW AGENT<\/div><div class=glossaryItemBody> The neutral third party holding funds or something of value in trust for another or others.<\/div>\"><span itemprop=\"name\">ESCROW AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The neutral third party holding funds or something of value in trust for another or others.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE<\/div><div class=glossaryItemBody> As applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist in real property. The degree, quantity, nature and extent of interest which a person has in real property.<\/div>\"><span itemprop=\"name\">ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist in real property. The degree, quantity, nature and extent of interest which a person has in real property.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-at-sufferance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE AT SUFFERANCE<\/div><div class=glossaryItemBody> An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant?s previous holding. Also called a tenancy at sufferance.<\/div>\"><span itemprop=\"name\">ESTATE AT SUFFERANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term and under the conditions of the tenant?s previous holding. Also called a tenancy at sufferance.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-at-will\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE AT WILL<\/div><div class=glossaryItemBody> The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.<\/div>\"><span itemprop=\"name\">ESTATE AT WILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-for-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FOR LIFE<\/div><div class=glossaryItemBody> A possessory, freehold estate in land held by a person only for the duration of his or her life or the life or lives of another.<\/div>\"><span itemprop=\"name\">ESTATE FOR LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A possessory, freehold estate in land held by a person only for the duration of his or her life or the life or lives of another.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-for-years\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FOR YEARS<\/div><div class=glossaryItemBody> An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.<\/div>\"><span itemprop=\"name\">ESTATE FOR YEARS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-from-period-to-period\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE FROM PERIOD TO PERIOD<\/div><div class=glossaryItemBody> An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.<\/div>\"><span itemprop=\"name\">ESTATE FROM PERIOD TO PERIOD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estate-of-inheritance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTATE OF INHERITANCE<\/div><div class=glossaryItemBody> An estate which may descend to heirs. All freehold estates are estates of inheritance, except estates for life.<\/div>\"><span itemprop=\"name\">ESTATE OF INHERITANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which may descend to heirs. All freehold estates are estates of inheritance, except estates for life.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estimate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTIMATE<\/div><div class=glossaryItemBody> A preliminary opinion of value. Appraise, set a value. 574 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">ESTIMATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A preliminary opinion of value. Appraise, set a value. 574 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estimated-remaining-life\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTIMATED REMAINING LIFE<\/div><div class=glossaryItemBody> The period of time (years) it takes for the improvements to become valueless.<\/div>\"><span itemprop=\"name\">ESTIMATED REMAINING LIFE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The period of time (years) it takes for the improvements to become valueless.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/estoppel\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ESTOPPEL<\/div><div class=glossaryItemBody> A legal theory under which a person is barred from asserting or denying a fact because of the person?s previous acts or words.<\/div>\"><span itemprop=\"name\">ESTOPPEL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal theory under which a person is barred from asserting or denying a fact because of the person?s previous acts or words.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/et-ux\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ET UX<\/div><div class=glossaryItemBody> Abbreviation for ?et uxor.? Means ?and wife.?<\/div>\"><span itemprop=\"name\">ET UX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Abbreviation for ?et uxor.? Means ?and wife.?<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ethics\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ETHICS<\/div><div class=glossaryItemBody> That branch of moral science, idealism, justness, and fairness, which treats of the duties which a member of a profession or craft owes to the public, client or partner, and to professional brethren or members. Accepted standards of right and wrong. Moral conduct, behavior or duty.<\/div>\"><span itemprop=\"name\">ETHICS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That branch of moral science, idealism, justness, and fairness, which treats of the duties which a member of a profession or craft owes to the public, client or partner, and to professional brethren or members. Accepted standards of right and wrong. Moral conduct, behavior or duty.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/eviction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EVICTION<\/div><div class=glossaryItemBody> Dispossession by process of law. The act of depriving a person of the possession of lands in pursuance of the judgment of a court.<\/div>\"><span itemprop=\"name\">EVICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Dispossession by process of law. The act of depriving a person of the possession of lands in pursuance of the judgment of a court.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exceptions\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCEPTIONS<\/div><div class=glossaryItemBody> Matters affecting title to a particular parcel of real property which are included from coverage of a title insurance policy.<\/div>\"><span itemprop=\"name\">EXCEPTIONS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Matters affecting title to a particular parcel of real property which are included from coverage of a title insurance policy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exchange\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCHANGE<\/div><div class=glossaryItemBody> A means of trading equities in two or more real properties, treated as a single transaction through a single escrow.<\/div>\"><span itemprop=\"name\">EXCHANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A means of trading equities in two or more real properties, treated as a single transaction through a single escrow.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSION<\/div><div class=glossaryItemBody> General matters affecting title to real property excluded from coverage of a title insurance policy.<\/div>\"><span itemprop=\"name\">EXCLUSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > General matters affecting title to real property excluded from coverage of a title insurance policy.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusive-agency-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSIVE AGENCY LISTING<\/div><div class=glossaryItemBody> A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.<\/div>\"><span itemprop=\"name\">EXCLUSIVE AGENCY LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing agreement employing a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/exclusive-right-to-sell-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXCLUSIVE RIGHT TO SELL LISTING<\/div><div class=glossaryItemBody> A listing agreement employing a broker to act as agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold during the duration of the listing through another broker or by the owner without the services of an agent.<\/div>\"><span itemprop=\"name\">EXCLUSIVE RIGHT TO SELL LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing agreement employing a broker to act as agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold during the duration of the listing through another broker or by the owner without the services of an agent.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/execute\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTE<\/div><div class=glossaryItemBody> To complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.<\/div>\"><span itemprop=\"name\">EXECUTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/executor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTOR<\/div><div class=glossaryItemBody> A man named in a will to carry out its provisions as to the disposition of the estate of a deceased person. (A woman is executrix.)<\/div>\"><span itemprop=\"name\">EXECUTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A man named in a will to carry out its provisions as to the disposition of the estate of a deceased person. (A woman is executrix.)<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/executory-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXECUTORY CONTRACT<\/div><div class=glossaryItemBody> A contract in which something remains to be done by one or both of the parties.<\/div>\"><span itemprop=\"name\">EXECUTORY CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract in which something remains to be done by one or both of the parties.<\/dfn><\/li><li class=\" ln-4\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/expenses\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>EXPENSES<\/div><div class=glossaryItemBody> Certain items which appear on a closing statement in connection with a real estate sale.<\/div>\"><span itemprop=\"name\">EXPENSES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Certain items which appear on a closing statement in connection with a real estate sale.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">f<\/h3><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/facade\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FACADE<\/div><div class=glossaryItemBody> The front of a building, often used to refer to a false front and as a metaphor. FAIR MARKET VALUE. This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to buy or sell.<\/div>\"><span itemprop=\"name\">FACADE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The front of a building, often used to refer to a false front and as a metaphor. FAIR MARKET VALUE. This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fannie-mae\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FANNIE MAE<\/div><div class=glossaryItemBody> An acronymic nickname for Federal National Mortgage Association (FNMA).<\/div>\"><span itemprop=\"name\">FANNIE MAE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An acronymic nickname for Federal National Mortgage Association (FNMA).<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/farmers-home-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FARMERS HOME ADMINISTRATION<\/div><div class=glossaryItemBody> An agency of the Department of Agriculture. Primary responsibility is to provide financial assistance for farmers and others living in rural areas where financing is not available on reasonable terms from private sources.<\/div>\"><span itemprop=\"name\">FARMERS HOME ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of the Department of Agriculture. Primary responsibility is to provide financial assistance for farmers and others living in rural areas where financing is not available on reasonable terms from private sources.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-deposit-insurance-corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL DEPOSIT INSURANCE CORPORATION<\/div><div class=glossaryItemBody> (FDIC) Agency of the federal government which insures deposits at commercial banks, savings banks and savings and loans.<\/div>\"><span itemprop=\"name\">FEDERAL DEPOSIT INSURANCE CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FDIC) Agency of the federal government which insures deposits at commercial banks, savings banks and savings and loans.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-home-loan-mortgage-corporation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL HOME LOAN MORTGAGE CORPORATION<\/div><div class=glossaryItemBody> An independent stock company which creates a secondary market in conventional residential loans and in FHA and VA loans by purchasing mortgages.<\/div>\"><span itemprop=\"name\">FEDERAL HOME LOAN MORTGAGE CORPORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An independent stock company which creates a secondary market in conventional residential loans and in FHA and VA loans by purchasing mortgages.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-housing-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL HOUSING ADMINISTRATION<\/div><div class=glossaryItemBody> (FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.<\/div>\"><span itemprop=\"name\">FEDERAL HOUSING ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-land-bank-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL LAND BANK SYSTEM<\/div><div class=glossaryItemBody> Federal government agency making long term loans to farmers.<\/div>\"><span itemprop=\"name\">FEDERAL LAND BANK SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal government agency making long term loans to farmers.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-national-mortgage-association\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL NATIONAL MORTGAGE ASSOCIATION<\/div><div class=glossaryItemBody> (FNMA) ?Fannie Mae? a quasipublic agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market. GLOSSARY 575<\/div>\"><span itemprop=\"name\">FEDERAL NATIONAL MORTGAGE ASSOCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (FNMA) ?Fannie Mae? a quasipublic agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market. GLOSSARY 575<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/federal-reserve-system\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEDERAL RESERVE SYSTEM<\/div><div class=glossaryItemBody> The federal banking system of the United States under the control of central board of governors (Federal Reserve Board) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation.<\/div>\"><span itemprop=\"name\">FEDERAL RESERVE SYSTEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The federal banking system of the United States under the control of central board of governors (Federal Reserve Board) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE<\/div><div class=glossaryItemBody> An estate of inheritance in real property.<\/div>\"><span itemprop=\"name\">FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate of inheritance in real property.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE<\/div><div class=glossaryItemBody> The maximum possible estate in land in which the owner holds unconditional power of disposition; an estate freely transferable and inheritable.<\/div>\"><span itemprop=\"name\">FEE SIMPLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The maximum possible estate in land in which the owner holds unconditional power of disposition; an estate freely transferable and inheritable.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple-defeasible\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE DEFEASIBLE<\/div><div class=glossaryItemBody> An estate in fee subject to the occurrence of a condition subsequent whereby the estate may be terminated.<\/div>\"><span itemprop=\"name\">FEE SIMPLE DEFEASIBLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate in fee subject to the occurrence of a condition subsequent whereby the estate may be terminated.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fee-simple-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEE SIMPLE ESTATE<\/div><div class=glossaryItemBody> The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.<\/div>\"><span itemprop=\"name\">FEE SIMPLE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/feudal-tenure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FEUDAL TENURE<\/div><div class=glossaryItemBody> A real property ownership system in which ownership rests with a sovereign who may grant lesser interests in return for service or loyalty. This is in contrast to allodial tenure.<\/div>\"><span itemprop=\"name\">FEUDAL TENURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A real property ownership system in which ownership rests with a sovereign who may grant lesser interests in return for service or loyalty. This is in contrast to allodial tenure.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fhlmc\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FHLMC<\/div><div class=glossaryItemBody> See FEDERAL HOME LOAN MORTGAGE CORPORATION.<\/div>\"><span itemprop=\"name\">FHLMC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See FEDERAL HOME LOAN MORTGAGE CORPORATION.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fidelity-bond\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDELITY BOND<\/div><div class=glossaryItemBody> A security posted for the discharge of an obligation of personal services.<\/div>\"><span itemprop=\"name\">FIDELITY BOND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A security posted for the discharge of an obligation of personal services.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiduciary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDUCIARY<\/div><div class=glossaryItemBody> A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency.<\/div>\"><span itemprop=\"name\">FIDUCIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiduciary-duty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIDUCIARY DUTY<\/div><div class=glossaryItemBody> That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.<\/div>\"><span itemprop=\"name\">FIDUCIARY DUTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/filtering\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FILTERING<\/div><div class=glossaryItemBody> The process whereby higher-priced properties become available to lower income buyers.<\/div>\"><span itemprop=\"name\">FILTERING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process whereby higher-priced properties become available to lower income buyers.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financial-intermediary\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCIAL INTERMEDIARY<\/div><div class=glossaryItemBody> Financial institutions such as commercial banks, savings and loan associations, mutual savings banks and life insurance companies which receive relatively small sums of money from the public and invest them in the form of large sums. A considerable portion of these funds are loaned on real estate.<\/div>\"><span itemprop=\"name\">FINANCIAL INTERMEDIARY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Financial institutions such as commercial banks, savings and loan associations, mutual savings banks and life insurance companies which receive relatively small sums of money from the public and invest them in the form of large sums. A considerable portion of these funds are loaned on real estate.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financing-process\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCING PROCESS<\/div><div class=glossaryItemBody>The systematic 5 step procedure followed by major institutional lenders inanalyzing a proposed loan, which includes ? filing of application by a borrower; lender?s analysis ofborrower and property; processing of loan documentation; closing (paying) the loan; and servicing(collection and record keeping).<\/div>\"><span itemprop=\"name\">FINANCING PROCESS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The systematic 5 step procedure followed by major institutional lenders in\nanalyzing a proposed loan, which includes ? filing of application by a borrower; lender?s analysis of\nborrower and property; processing of loan documentation; closing (paying) the loan; and servicing\n(collection and(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/financing-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FINANCING STATEMENT<\/div><div class=glossaryItemBody> The instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See definition of Security Interest and Secured Party.)<\/div>\"><span itemprop=\"name\">FINANCING STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The instrument which is filed in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral. (See definition of Security Interest and Secured Party.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/first-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIRST MORTGAGE<\/div><div class=glossaryItemBody> A legal document pledging collateral for a loan (See ?mortgage?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other.<\/div>\"><span itemprop=\"name\">FIRST MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal document pledging collateral for a loan (See ?mortgage?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That mortgage superior to any other.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/first-trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIRST TRUST DEED<\/div><div class=glossaryItemBody> A legal document pledging collateral for a loan (See ?trust deed?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That trust deed superior to any other.<\/div>\"><span itemprop=\"name\">FIRST TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal document pledging collateral for a loan (See ?trust deed?) that has first priority over all other claims against the property except taxes and bonded indebtedness. That trust deed superior to any other.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiscal-controls\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FISCAL CONTROLS<\/div><div class=glossaryItemBody> Federal tax revenue and expenditure policies used to control the level of economic activity.<\/div>\"><span itemprop=\"name\">FISCAL CONTROLS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal tax revenue and expenditure policies used to control the level of economic activity.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fiscal-year\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FISCAL YEAR<\/div><div class=glossaryItemBody> A business or accounting year as distinguished from a calendar year.<\/div>\"><span itemprop=\"name\">FISCAL YEAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A business or accounting year as distinguished from a calendar year.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fixity-of-location\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIXITY OF LOCATION<\/div><div class=glossaryItemBody> The physical characteristic of real estate that subjects it to the influence of its surroundings.<\/div>\"><span itemprop=\"name\">FIXITY OF LOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The physical characteristic of real estate that subjects it to the influence of its surroundings.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fixtures\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FIXTURES<\/div><div class=glossaryItemBody>Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples ? plumbing fixtures, store fixtures built into the property, etc. <\/div>\"><span itemprop=\"name\">FIXTURES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Appurtenances attached to the land or improvements, which usually cannot be removed \nwithout agreement as they become real property; examples ? plumbing fixtures, store fixtures built into the property, etc. \n<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/foreclosure\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FORECLOSURE<\/div><div class=glossaryItemBody> Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.<\/div>\"><span itemprop=\"name\">FORECLOSURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/forfeiture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FORFEITURE<\/div><div class=glossaryItemBody> Loss of money or anything of value, due to failure to perform. 576 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">FORFEITURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss of money or anything of value, due to failure to perform. 576 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/franchise\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRANCHISE<\/div><div class=glossaryItemBody> A specified privilege awarded by a government or business firm which awards an exclusive dealership.<\/div>\"><span itemprop=\"name\">FRANCHISE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A specified privilege awarded by a government or business firm which awards an exclusive dealership.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fraud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRAUD<\/div><div class=glossaryItemBody>The intentional and successful employment of any cunning, deception, collusion, or artifice, usedto circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property andto legal injury. (Actual Fraud ? A deliberate misrepresentation or representation made in reckless disregardof its truth or its falsity, the suppression of truth, a promise made without the intention to perform it, or anyother act intended to deceive.)<\/div>\"><span itemprop=\"name\">FRAUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The intentional and successful employment of any cunning, deception, collusion, or artifice, used\nto circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and\nto legal injury. (Actual Fraud ? A deliberate misrepresentation or representation made(...)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frauds-statute-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRAUDS, STATUTE OF<\/div><div class=glossaryItemBody> (See Statute of Frauds.)<\/div>\"><span itemprop=\"name\">FRAUDS, STATUTE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Statute of Frauds.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/freddie-mac\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FREDDIE MAC<\/div><div class=glossaryItemBody>(See FEDERAL HOME LOAN MORTGAGE CORPORATION.)<\/div>\"><span itemprop=\"name\">FREDDIE MAC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(See FEDERAL HOME LOAN MORTGAGE CORPORATION.)<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/freehold-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FREEHOLD ESTATE<\/div><div class=glossaryItemBody> An estate of indeterminable duration, e.g., fee simple or life estate.<\/div>\"><span itemprop=\"name\">FREEHOLD ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate of indeterminable duration, e.g., fee simple or life estate.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/front-foot\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONT FOOT<\/div><div class=glossaryItemBody>Property measurement for sale or valuation purposes; the property measured by the frontlinear foot on its street line?each front foot extending the depth of the lot.<\/div>\"><span itemprop=\"name\">FRONT FOOT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Property measurement for sale or valuation purposes; the property measured by the front\nlinear foot on its street line?each front foot extending the depth of the lot.\n<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/front-money\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONT MONEY<\/div><div class=glossaryItemBody> The minimum amount of money necessary to initiate a real estate venture, to get the transaction underway.<\/div>\"><span itemprop=\"name\">FRONT MONEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The minimum amount of money necessary to initiate a real estate venture, to get the transaction underway.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frontage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FRONTAGE<\/div><div class=glossaryItemBody> A term used to describe or identify that part of a parcel of land or an improvement on the land which faces a street. The term is also used to refer to the lineal extent of the land or improvement that is parallel to and facing the street, e.g., a 75-foot frontage.<\/div>\"><span itemprop=\"name\">FRONTAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used to describe or identify that part of a parcel of land or an improvement on the land which faces a street. The term is also used to refer to the lineal extent of the land or improvement that is parallel to and facing the street, e.g., a 75-foot frontage.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/frostline\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FROSTLINE<\/div><div class=glossaryItemBody> The depth of frost penetration in the soil. Varies in different parts of the country. Footings should be placed below this depth to prevent movement.<\/div>\"><span itemprop=\"name\">FROSTLINE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The depth of frost penetration in the soil. Varies in different parts of the country. Footings should be placed below this depth to prevent movement.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/fully-indexed-note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FULLY INDEXED NOTE RATE<\/div><div class=glossaryItemBody> As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note.<\/div>\"><span itemprop=\"name\">FULLY INDEXED NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As related to adjustable rate mortgages, the index value at the time of application plus the gross margin stated in the note.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/functional-obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FUNCTIONAL OBSOLESCENCE<\/div><div class=glossaryItemBody> A loss of value due to adverse factors from within the structure which affect the utility of the structure, value and marketability.<\/div>\"><span itemprop=\"name\">FUNCTIONAL OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loss of value due to adverse factors from within the structure which affect the utility of the structure, value and marketability.<\/dfn><\/li><li class=\" ln-5\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/future-benefits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>FUTURE BENEFITS<\/div><div class=glossaryItemBody> The anticipated benefits the present owner will receive from the property in the future.<\/div>\"><span itemprop=\"name\">FUTURE BENEFITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The anticipated benefits the present owner will receive from the property in the future.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">g<\/h3><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gable-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GABLE ROOF<\/div><div class=glossaryItemBody> A pitched roof with sloping sides.<\/div>\"><span itemprop=\"name\">GABLE ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pitched roof with sloping sides.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gain\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GAIN<\/div><div class=glossaryItemBody> A profit, benefit, or value increase.<\/div>\"><span itemprop=\"name\">GAIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A profit, benefit, or value increase.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gambrel-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GAMBREL ROOF<\/div><div class=glossaryItemBody> A curb roof, having a steep lower slope with a flatter upper slope above.<\/div>\"><span itemprop=\"name\">GAMBREL ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A curb roof, having a steep lower slope with a flatter upper slope above.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/general-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GENERAL LIEN<\/div><div class=glossaryItemBody> A lien on all the property of a debtor.<\/div>\"><span itemprop=\"name\">GENERAL LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien on all the property of a debtor.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gift-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GIFT DEED<\/div><div class=glossaryItemBody> A deed for which there is no consideration.<\/div>\"><span itemprop=\"name\">GIFT DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed for which there is no consideration.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/goodwill\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOODWILL<\/div><div class=glossaryItemBody> An intangible but salable asset of a business derived from the expectation of continued public patronage.<\/div>\"><span itemprop=\"name\">GOODWILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An intangible but salable asset of a business derived from the expectation of continued public patronage.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/government-national-mortgage-association\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<\/div><div class=glossaryItemBody> An agency of HUD, which functions in the secondary mortgage market, primarily in social housing programs. Commonly called by the acronymic nickname ?Ginnie Mae? (GNMA).<\/div>\"><span itemprop=\"name\">GOVERNMENT NATIONAL MORTGAGE ASSOCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of HUD, which functions in the secondary mortgage market, primarily in social housing programs. Commonly called by the acronymic nickname ?Ginnie Mae? (GNMA).<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/government-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GOVERNMENT SURVEY<\/div><div class=glossaryItemBody> A method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.<\/div>\"><span itemprop=\"name\">GOVERNMENT SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of specifying the location of parcel of land using prime meridians, base lines, standard parallels, guide meridians, townships and sections.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grade\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADE<\/div><div class=glossaryItemBody> Ground level at the foundation.<\/div>\"><span itemprop=\"name\">GRADE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ground level at the foundation.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/graduated-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADUATED LEASE<\/div><div class=glossaryItemBody> Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.<\/div>\"><span itemprop=\"name\">GRADUATED LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/graduated-payment-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRADUATED PAYMENT MORTGAGE<\/div><div class=glossaryItemBody> Providing for partially deferred payments of principal at start of loan. (There are a variety of plans.) Usually after the first five years of the loan term the principal and interest payment are substantially higher, to make up principal portion of payments lost at the beginning of the loan. (See Variable Interest Rate.)<\/div>\"><span itemprop=\"name\">GRADUATED PAYMENT MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Providing for partially deferred payments of principal at start of loan. (There are a variety of plans.) Usually after the first five years of the loan term the principal and interest payment are substantially higher, to make up principal portion of payments lost at the beginning of the loan.(...)<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANT<\/div><div class=glossaryItemBody> A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words ?convey? and ?transfer? have the same effect. GLOSSARY 577<\/div>\"><span itemprop=\"name\">GRANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A technical legal term in a deed of conveyance bestowing an interest in real property on another. The words ?convey? and ?transfer? have the same effect. GLOSSARY 577<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grant-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANT DEED<\/div><div class=glossaryItemBody> A limited warranty deed using the word ?grant? or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.<\/div>\"><span itemprop=\"name\">GRANT DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A limited warranty deed using the word ?grant? or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grantee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANTEE<\/div><div class=glossaryItemBody> A person to whom a grant is made.<\/div>\"><span itemprop=\"name\">GRANTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person to whom a grant is made.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grantor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRANTOR<\/div><div class=glossaryItemBody> A person who transfers his or her interest in property to another by grant.<\/div>\"><span itemprop=\"name\">GRANTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who transfers his or her interest in property to another by grant.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gratuitous-agent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRATUITOUS AGENT<\/div><div class=glossaryItemBody> A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal?s instructions once he or she undertakes to act as an agent.<\/div>\"><span itemprop=\"name\">GRATUITOUS AGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person not paid by the principal for services on behalf of the principal, who cannot be forced to act as an agent, but who becomes bound to act in good faith and obey a principal?s instructions once he or she undertakes to act as an agent.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/grid\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GRID<\/div><div class=glossaryItemBody> A chart used in rating the borrower risk, property and the neighborhood.<\/div>\"><span itemprop=\"name\">GRID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A chart used in rating the borrower risk, property and the neighborhood.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS INCOME<\/div><div class=glossaryItemBody> Total income from property before any expenses are deducted.<\/div>\"><span itemprop=\"name\">GROSS INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Total income from property before any expenses are deducted.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-margin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS MARGIN<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish the new note rate.<\/div>\"><span itemprop=\"name\">GROSS MARGIN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, an amount expressed as percentage points, stated in the note which is added to the current index value on the rate adjustment date to establish the new note rate.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-national-product-gnp\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS NATIONAL PRODUCT (GNP)<\/div><div class=glossaryItemBody> The total value of all goods and services produced in an economy during a given period of time.<\/div>\"><span itemprop=\"name\">GROSS NATIONAL PRODUCT (GNP)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The total value of all goods and services produced in an economy during a given period of time.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS RATE<\/div><div class=glossaryItemBody> A method of collecting interest by adding total interest to the principal of the loan at the outset of the term.<\/div>\"><span itemprop=\"name\">GROSS RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of collecting interest by adding total interest to the principal of the loan at the outset of the term.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/gross-rent-multiplier\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROSS RENT MULTIPLIER<\/div><div class=glossaryItemBody>A number which, times the gross income of a property, produces anestimate of value of the property. Example ? The gross income from an unfurnished apartment building is$200,000 per annum. If an appraiser uses a gross multiplier of 7%, then it is said that based on the grossmultiplier the value of the building is $1,400,000.<\/div>\"><span itemprop=\"name\">GROSS RENT MULTIPLIER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A number which, times the gross income of a property, produces an\nestimate of value of the property. Example ? The gross income from an unfurnished apartment building is\n$200,000 per annum. If an appraiser uses a gross multiplier of 7%, then it is said that based on the gross\nmultiplier the(...)<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ground-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROUND LEASE<\/div><div class=glossaryItemBody> An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user.<\/div>\"><span itemprop=\"name\">GROUND LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user.<\/dfn><\/li><li class=\" ln-6\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ground-rent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>GROUND RENT<\/div><div class=glossaryItemBody> Earnings of improved property credited to earnings of the ground itself after allowance is made for earnings of improvements; often termed economic rent.<\/div>\"><span itemprop=\"name\">GROUND RENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Earnings of improved property credited to earnings of the ground itself after allowance is made for earnings of improvements; often termed economic rent.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">h<\/h3><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/habendum-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HABENDUM CLAUSE<\/div><div class=glossaryItemBody> The ?to have and to hold? clause which may be found in a deed.<\/div>\"><span itemprop=\"name\">HABENDUM CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The ?to have and to hold? clause which may be found in a deed.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/heir\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HEIR<\/div><div class=glossaryItemBody> One who inherits property at the death of the owner of the land, if the owner has died without a will.<\/div>\"><span itemprop=\"name\">HEIR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who inherits property at the death of the owner of the land, if the owner has died without a will.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/highest-and-best-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HIGHEST AND BEST USE<\/div><div class=glossaryItemBody> An appraisal phrase meaning that use which at the time of an appraisal is most likely to produce the greatest net return to the land and\/or buildings over a given period of time; that use which will produce the greatest amount of amenities or profit. This is the starting point for appraisal.<\/div>\"><span itemprop=\"name\">HIGHEST AND BEST USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appraisal phrase meaning that use which at the time of an appraisal is most likely to produce the greatest net return to the land and\/or buildings over a given period of time; that use which will produce the greatest amount of amenities or profit. This is the starting point for appraisal.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hip-roof\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HIP ROOF<\/div><div class=glossaryItemBody> A pitched roof with sloping sides and ends.<\/div>\"><span itemprop=\"name\">HIP ROOF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A pitched roof with sloping sides and ends.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/holder-in-due-course\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOLDER IN DUE COURSE<\/div><div class=glossaryItemBody> One who has taken a note, check or bill of exchange in due course: 1. before it was overdue; 2. in good faith and for value; and 3. without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.<\/div>\"><span itemprop=\"name\">HOLDER IN DUE COURSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who has taken a note, check or bill of exchange in due course: 1. before it was overdue; 2. in good faith and for value; and 3. without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/holdover-tenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOLDOVER TENANT<\/div><div class=glossaryItemBody> Tenant who remains in possession of leased property after the expiration of the lease term.<\/div>\"><span itemprop=\"name\">HOLDOVER TENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Tenant who remains in possession of leased property after the expiration of the lease term.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/homestead-exemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOMESTEAD  (exemption)<\/div><div class=glossaryItemBody> A statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.<\/div>\"><span itemprop=\"name\">HOMESTEAD  (exemption)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/housing-financial-discrimination-act-of-1977-holden-act\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HOUSING FINANCIAL DISCRIMINATION ACT OF 1977 (Holden Act)<\/div><div class=glossaryItemBody> California Health and Safety Code Section 35800, et seq., designed primarily to eliminate discrimination in lending practices based upon the character of the neighborhood in which real property is located. (See Redlining.)<\/div>\"><span itemprop=\"name\">HOUSING FINANCIAL DISCRIMINATION ACT OF 1977 (Holden Act)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > California Health and Safety Code Section 35800, et seq., designed primarily to eliminate discrimination in lending practices based upon the character of the neighborhood in which real property is located. (See Redlining.)<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hud\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HUD<\/div><div class=glossaryItemBody> The Department of Housing and Urban Development which is responsible for the implementation and administration of U.S. government housing and urban development programs.<\/div>\"><span itemprop=\"name\">HUD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Department of Housing and Urban Development which is responsible for the implementation and administration of U.S. government housing and urban development programs.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hundred-percent-location\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HUNDRED PERCENT LOCATION<\/div><div class=glossaryItemBody> A city retail business location which is considered the best available for attracting business.<\/div>\"><span itemprop=\"name\">HUNDRED PERCENT LOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A city retail business location which is considered the best available for attracting business.<\/dfn><\/li><li class=\" ln-7\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/hypothecate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>HYPOTHECATE<\/div><div class=glossaryItemBody> To pledge a thing as security without the necessity of giving up possession of it. 578 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">HYPOTHECATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To pledge a thing as security without the necessity of giving up possession of it. 578 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">i<\/h3><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/imperative-necessity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IMPERATIVE NECESSITY<\/div><div class=glossaryItemBody> Circumstances under which an agent has expanded authority in an emergency, including the power to disobey instructions where it is clearly in the interests of the principal and where there is no time to obtain instructions from the principal.<\/div>\"><span itemprop=\"name\">IMPERATIVE NECESSITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Circumstances under which an agent has expanded authority in an emergency, including the power to disobey instructions where it is clearly in the interests of the principal and where there is no time to obtain instructions from the principal.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/impounds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IMPOUNDS<\/div><div class=glossaryItemBody> A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and\/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The combined principal, interest, taxes and insurance payment is commonly termed a PITI payment.<\/div>\"><span itemprop=\"name\">IMPOUNDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and\/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/income-capitalization-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCOME (CAPITALIZATION) APPROACH<\/div><div class=glossaryItemBody>One of the three methods of the appraisal processgenerally applied to income producing property, and involves a three-step process? (1) find net annualincome, (2) set an appropriate capitalization rate or ?present worth? factor, and (3) capitalize the incomedividing the net income by the capitalization rate.<\/div>\"><span itemprop=\"name\">INCOME (CAPITALIZATION) APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >One of the three methods of the appraisal process\ngenerally applied to income producing property, and involves a three-step process? (1) find net annual\nincome, (2) set an appropriate capitalization rate or ?present worth? factor, and (3) capitalize the income\ndividing the net income by the(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/incompetent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCOMPETENT<\/div><div class=glossaryItemBody> One who is mentally incompetent, incapable; any person who, though not insane, is, by reason of old age, disease, weakness of mind, or any other cause, unable, unassisted, to properly manage and take care of self or property and by reason thereof would be likely to be deceived or imposed upon by artful or designing persons.<\/div>\"><span itemprop=\"name\">INCOMPETENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is mentally incompetent, incapable; any person who, though not insane, is, by reason of old age, disease, weakness of mind, or any other cause, unable, unassisted, to properly manage and take care of self or property and by reason thereof would be likely to be deceived or imposed upon(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/incorporeal-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCORPOREAL RIGHTS<\/div><div class=glossaryItemBody> Nonpossessory rights in real estate, a rising out of ownership, such as rents.<\/div>\"><span itemprop=\"name\">INCORPOREAL RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Nonpossessory rights in real estate, a rising out of ownership, such as rents.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INCREMENT<\/div><div class=glossaryItemBody> An increase. Most frequently used to refer to the increase of value of land that accompanies population growth and increasing wealth in the community. The term ?unearned increment? is used in this connection since values are supposed to have increased without effort on the part of the owner.<\/div>\"><span itemprop=\"name\">INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An increase. Most frequently used to refer to the increase of value of land that accompanies population growth and increasing wealth in the community. The term ?unearned increment? is used in this connection since values are supposed to have increased without effort on the part of the owner.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indemnity-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDEMNITY AGREEMENT<\/div><div class=glossaryItemBody> An agreement by the maker of the document to repay the addressee of the agreement up to the limit stated for any loss due to the contingency stated on the agreement.<\/div>\"><span itemprop=\"name\">INDEMNITY AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement by the maker of the document to repay the addressee of the agreement up to the limit stated for any loss due to the contingency stated on the agreement.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indenture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDENTURE<\/div><div class=glossaryItemBody> A formal written instrument made between two or more persons in different interests, such as a lease.<\/div>\"><span itemprop=\"name\">INDENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A formal written instrument made between two or more persons in different interests, such as a lease.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/independent-contractor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDEPENDENT CONTRACTOR<\/div><div class=glossaryItemBody> A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.<\/div>\"><span itemprop=\"name\">INDEPENDENT CONTRACTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/indorsement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INDORSEMENT<\/div><div class=glossaryItemBody> The act of signing one?s name on the back of a check or note, with or without further qualification.<\/div>\"><span itemprop=\"name\">INDORSEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The act of signing one?s name on the back of a check or note, with or without further qualification.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/initial-note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INITIAL NOTE RATE<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.<\/div>\"><span itemprop=\"name\">INITIAL NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the note rate upon origination. This rate may differ from the fully indexed note rate.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/initial-rate-discount\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INITIAL RATE DISCOUNT<\/div><div class=glossaryItemBody> As applies to an adjustable rate mortgage, the index value at the time of loan application plus the margin less the initial note rate.<\/div>\"><span itemprop=\"name\">INITIAL RATE DISCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As applies to an adjustable rate mortgage, the index value at the time of loan application plus the margin less the initial note rate.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/injunction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INJUNCTION<\/div><div class=glossaryItemBody> A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.<\/div>\"><span itemprop=\"name\">INJUNCTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT NOTE<\/div><div class=glossaryItemBody> A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.<\/div>\"><span itemprop=\"name\">INSTALLMENT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-reporting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT REPORTING<\/div><div class=glossaryItemBody> A method of reporting capital gains by installments for successive tax years to minimize the impact of the totality of the capital gains tax in the year of the sale.<\/div>\"><span itemprop=\"name\">INSTALLMENT REPORTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of reporting capital gains by installments for successive tax years to minimize the impact of the totality of the capital gains tax in the year of the sale.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/installment-sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTALLMENT SALES CONTRACT<\/div><div class=glossaryItemBody> Commonly called contract of sale or ?land contract.? Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller, and upon default by buyer (vendee) the payments may be forfeited.<\/div>\"><span itemprop=\"name\">INSTALLMENT SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Commonly called contract of sale or ?land contract.? Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller, and upon default by buyer (vendee) the payments may be forfeited.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/institutional-lenders\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTITUTIONAL LENDERS<\/div><div class=glossaryItemBody> A financial intermediary or depository, such as a savings and loan association, commercial bank, or life insurance company, which pools money of its depositors and then invests funds in various ways, including trust deed and mortgage loans.<\/div>\"><span itemprop=\"name\">INSTITUTIONAL LENDERS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financial intermediary or depository, such as a savings and loan association, commercial bank, or life insurance company, which pools money of its depositors and then invests funds in various ways, including trust deed and mortgage loans.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/instrument\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INSTRUMENT<\/div><div class=glossaryItemBody>A written legal document; created to effect the rights of the parties, giving formalexpression to a legal act or agreement for the purpose of creating, modifying or terminating a right. Realestate lenders? basic instruments are ? promissory notes, deeds of trust, mortgages, installment salescontracts, leases, assignments.<\/div>\"><span itemprop=\"name\">INSTRUMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A written legal document; created to effect the rights of the parties, giving formal\nexpression to a legal act or agreement for the purpose of creating, modifying or terminating a right. Real\nestate lenders? basic instruments are ? promissory notes, deeds of trust, mortgages, installment(...)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST<\/div><div class=glossaryItemBody> A portion, share or right in something. Partial, not complete ownership. The charge in dollars for the use of money for a period of time. In a sense, the ?rent? paid for the use of money. GLOSSARY 579<\/div>\"><span itemprop=\"name\">INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A portion, share or right in something. Partial, not complete ownership. The charge in dollars for the use of money for a period of time. In a sense, the ?rent? paid for the use of money. GLOSSARY 579<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-extra-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST EXTRA LOAN<\/div><div class=glossaryItemBody> A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only.<\/div>\"><span itemprop=\"name\">INTEREST EXTRA LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-only-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST ONLY LOAN<\/div><div class=glossaryItemBody> A straight, non-amortizing loan in which the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity.<\/div>\"><span itemprop=\"name\">INTEREST ONLY LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A straight, non-amortizing loan in which the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTEREST RATE<\/div><div class=glossaryItemBody> The percentage of a sum of money charged for its use. Rent or charge paid for use of money, expressed as a percentage per month or year of the sum borrowed.<\/div>\"><span itemprop=\"name\">INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of a sum of money charged for its use. Rent or charge paid for use of money, expressed as a percentage per month or year of the sum borrowed.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interim-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERIM LOAN<\/div><div class=glossaryItemBody> A short-term, temporary loan used until permanent financing is available, e.g., a construction loan.<\/div>\"><span itemprop=\"name\">INTERIM LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A short-term, temporary loan used until permanent financing is available, e.g., a construction loan.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/intermediation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERMEDIATION<\/div><div class=glossaryItemBody> The process of pooling and supplying funds for investment by financial institutions called intermediaries. The process is dependent on individual savers placing their funds with these institutions and foregoing opportunities to directly invest in the investments selected.<\/div>\"><span itemprop=\"name\">INTERMEDIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of pooling and supplying funds for investment by financial institutions called intermediaries. The process is dependent on individual savers placing their funds with these institutions and foregoing opportunities to directly invest in the investments selected.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interpleader\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERPLEADER<\/div><div class=glossaryItemBody> A court proceeding initiated by the stakeholder of property who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property.<\/div>\"><span itemprop=\"name\">INTERPLEADER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court proceeding initiated by the stakeholder of property who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/interval-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTERVAL OWNERSHIP<\/div><div class=glossaryItemBody> A form of timeshare ownership. (See Timeshare Ownership.)<\/div>\"><span itemprop=\"name\">INTERVAL OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A form of timeshare ownership. (See Timeshare Ownership.)<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/intestate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INTESTATE<\/div><div class=glossaryItemBody> A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.<\/div>\"><span itemprop=\"name\">INTESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person who dies having made no will, or one which is defective in form, is said to have died intestate, in which case the estate descends to the heirs at law or next of kin.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/involuntary-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>INVOLUNTARY LIEN<\/div><div class=glossaryItemBody> A lien imposed against property without consent of an owner; example - taxes, special assessments, federal income tax liens, etc.<\/div>\"><span itemprop=\"name\">INVOLUNTARY LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien imposed against property without consent of an owner; example - taxes, special assessments, federal income tax liens, etc.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/irrevocable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IRREVOCABLE<\/div><div class=glossaryItemBody> Incapable of being recalled or revoked, unchangeable.<\/div>\"><span itemprop=\"name\">IRREVOCABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Incapable of being recalled or revoked, unchangeable.<\/dfn><\/li><li class=\" ln-8\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/irrigation-districts\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>IRRIGATION DISTRICTS<\/div><div class=glossaryItemBody> Quasi-political districts created under special laws to provide for water services to property owners in the district; an operation governed to a great extent by law.<\/div>\"><span itemprop=\"name\">IRRIGATION DISTRICTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Quasi-political districts created under special laws to provide for water services to property owners in the district; an operation governed to a great extent by law.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">j<\/h3><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT NOTE<\/div><div class=glossaryItemBody> A note signed by two or more persons who have equal liability for payment.<\/div>\"><span itemprop=\"name\">JOINT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note signed by two or more persons who have equal liability for payment.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-tenancy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT TENANCY<\/div><div class=glossaryItemBody> Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.<\/div>\"><span itemprop=\"name\">JOINT TENANCY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/joint-venture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JOINT VENTURE<\/div><div class=glossaryItemBody> Two or more individuals or firms joining together on a single project as partners.<\/div>\"><span itemprop=\"name\">JOINT VENTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Two or more individuals or firms joining together on a single project as partners.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/judgment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUDGMENT<\/div><div class=glossaryItemBody> The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.<\/div>\"><span itemprop=\"name\">JUDGMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/judgment-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUDGMENT LIEN<\/div><div class=glossaryItemBody> A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.<\/div>\"><span itemprop=\"name\">JUDGMENT LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/junior-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JUNIOR MORTGAGE<\/div><div class=glossaryItemBody> A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later-recorded mortgage.<\/div>\"><span itemprop=\"name\">JUNIOR MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later-recorded mortgage.<\/dfn><\/li><li class=\" ln-9\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/jurisdiction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>JURISDICTION<\/div><div class=glossaryItemBody> The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.<\/div>\"><span itemprop=\"name\">JURISDICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">l<\/h3><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/laches\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LACHES<\/div><div class=glossaryItemBody> Delay or negligence in asserting one?s legal rights.<\/div>\"><span itemprop=\"name\">LACHES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Delay or negligence in asserting one?s legal rights.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND<\/div><div class=glossaryItemBody> The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.<\/div>\"><span itemprop=\"name\">LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land-and-improvement-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND AND IMPROVEMENT LOAN<\/div><div class=glossaryItemBody> A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.<\/div>\"><span itemprop=\"name\">LAND AND IMPROVEMENT LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/land-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LAND CONTRACT<\/div><div class=glossaryItemBody> A contract used in a sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract, installment sales contract or real property sales contract. (See REAL PROPERTY SALES CONTRACT for statutory definition.)<\/div>\"><span itemprop=\"name\">LAND CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract used in a sale of real property whereby the seller retains title to the property until all or a prescribed part of the purchase price has been paid. Also commonly called a conditional sales contract, installment sales contract or real property sales contract. (See REAL PROPERTY(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/landlord\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LANDLORD<\/div><div class=glossaryItemBody> One who rents his or her property to another. The lessor under a lease.<\/div>\"><span itemprop=\"name\">LANDLORD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who rents his or her property to another. The lessor under a lease.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/late-charge\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATE CHARGE<\/div><div class=glossaryItemBody> A charge assessed by a lender against a borrower failing to make loan installment payments when due. 580 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">LATE CHARGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A charge assessed by a lender against a borrower failing to make loan installment payments when due. 580 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/later-date-order\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATER DATE ORDER<\/div><div class=glossaryItemBody> The commitment for an owner?s title insurance policy issued by a title insurance company which covers the seller?s title as of the date of the contract. When the sale closes the purchaser orders the title company to record the deed to purchaser and bring down their examination to cover this later date so as to show purchaser as owner of the property.<\/div>\"><span itemprop=\"name\">LATER DATE ORDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The commitment for an owner?s title insurance policy issued by a title insurance company which covers the seller?s title as of the date of the contract. When the sale closes the purchaser orders the title company to record the deed to purchaser and bring down their examination to cover this(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lateral-support\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LATERAL SUPPORT<\/div><div class=glossaryItemBody> The support which the soil of an adjoining owner gives to a neighbor?s land.<\/div>\"><span itemprop=\"name\">LATERAL SUPPORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The support which the soil of an adjoining owner gives to a neighbor?s land.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEASE<\/div><div class=glossaryItemBody> A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.<\/div>\"><span itemprop=\"name\">LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/leasehold-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEASEHOLD ESTATE<\/div><div class=glossaryItemBody> A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.<\/div>\"><span itemprop=\"name\">LEASEHOLD ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A tenant?s right to occupy real estate during the term of the lease. This is a personal property interest.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/legal-description\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEGAL DESCRIPTION<\/div><div class=glossaryItemBody> A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.<\/div>\"><span itemprop=\"name\">LEGAL DESCRIPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lessee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LESSEE<\/div><div class=glossaryItemBody> One who contracts to rent, occupy, and use property under a lease agreement; a tenant.<\/div>\"><span itemprop=\"name\">LESSEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who contracts to rent, occupy, and use property under a lease agreement; a tenant.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lessor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LESSOR<\/div><div class=glossaryItemBody> An owner who enters into a lease agreement with a tenant; a landlord.<\/div>\"><span itemprop=\"name\">LESSOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An owner who enters into a lease agreement with a tenant; a landlord.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/level-payment-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVEL-PAYMENT MORTGAGE<\/div><div class=glossaryItemBody> A loan on real estate that is paid off by making a series of equal (or nearly equal) regular payments. Part of the payment is usually interest on the loan and part of it reduces the amount of the unpaid principal balance of the loan. Also sometimes called an ?amortized mortgage? or ?installment mortgage.?<\/div>\"><span itemprop=\"name\">LEVEL-PAYMENT MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan on real estate that is paid off by making a series of equal (or nearly equal) regular payments. Part of the payment is usually interest on the loan and part of it reduces the amount of the unpaid principal balance of the loan. Also sometimes called an ?amortized mortgage? or(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/leverage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVERAGE<\/div><div class=glossaryItemBody> The use of debt financing of an investment to maximize the return per dollar of equity invested.<\/div>\"><span itemprop=\"name\">LEVERAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The use of debt financing of an investment to maximize the return per dollar of equity invested.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/levy\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LEVY<\/div><div class=glossaryItemBody> To impose a tax.<\/div>\"><span itemprop=\"name\">LEVY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To impose a tax.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIEN<\/div><div class=glossaryItemBody>A form of encumbrance which usually makes specific property security for the payment of a debt ordischarge of an obligation. Example ? judgments, taxes, mortgages, deeds of trust, etc.LIFE ESTATE ? An estate or interest in real property, which is held for the duration of the life of somecertain person. It may be limited by the life of the person holding it or by the life of some other person.<\/div>\"><span itemprop=\"name\">LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A form of encumbrance which usually makes specific property security for the payment of a debt or\ndischarge of an obligation. Example ? judgments, taxes, mortgages, deeds of trust, etc.\nLIFE ESTATE ? An estate or interest in real property, which is held for the duration of the life of(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/life-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIFE ESTATE<\/div><div class=glossaryItemBody> An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.<\/div>\"><span itemprop=\"name\">LIFE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/life-of-loan-cap-cap-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIFE OF LOAN CAP (CAP RATE)<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.<\/div>\"><span itemprop=\"name\">LIFE OF LOAN CAP (CAP RATE)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/limitations-statute-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIMITATIONS, STATUTE OF<\/div><div class=glossaryItemBody> The commonly used identifying term for various statutes which require that a legal action be commenced within a prescribed time after the accrual of the right to seek legal relief.<\/div>\"><span itemprop=\"name\">LIMITATIONS, STATUTE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The commonly used identifying term for various statutes which require that a legal action be commenced within a prescribed time after the accrual of the right to seek legal relief.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/limited-partnership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIMITED PARTNERSHIP<\/div><div class=glossaryItemBody> A partnership consisting of a general partner or partners and limited partners in which the general partners manage and control the business affairs of the partnership while limited partners are essentially investors taking no part in the management of the partnership and having no liability for the debts of the partnership in excess of their invested capital.<\/div>\"><span itemprop=\"name\">LIMITED PARTNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A partnership consisting of a general partner or partners and limited partners in which the general partners manage and control the business affairs of the partnership while limited partners are essentially investors taking no part in the management of the partnership and having no liability(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lintel\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LINTEL<\/div><div class=glossaryItemBody> A horizontal board that supports the load over an opening such as a door or window.<\/div>\"><span itemprop=\"name\">LINTEL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A horizontal board that supports the load over an opening such as a door or window.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidated-damages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDATED DAMAGES<\/div><div class=glossaryItemBody> A sum agreed upon by the parties to be full damages if a certain event occurs.<\/div>\"><span itemprop=\"name\">LIQUIDATED DAMAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sum agreed upon by the parties to be full damages if a certain event occurs.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidated-damages-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDATED DAMAGES CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract by which the parties by agreement fix the damages in advance for a breach of the contract.<\/div>\"><span itemprop=\"name\">LIQUIDATED DAMAGES CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract by which the parties by agreement fix the damages in advance for a breach of the contract.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/liquidity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIQUIDITY<\/div><div class=glossaryItemBody> Holdings in or the ability to convert assets to cash or its equivalent. The ease with which a person is able to pay maturing obligations.<\/div>\"><span itemprop=\"name\">LIQUIDITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Holdings in or the ability to convert assets to cash or its equivalent. The ease with which a person is able to pay maturing obligations.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/lis-pendens\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIS PENDENS<\/div><div class=glossaryItemBody> A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally ?suit pending;? usually recorded so as to give constructive notice of pending litigation.<\/div>\"><span itemprop=\"name\">LIS PENDENS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation; literally ?suit pending;? usually recorded so as to give constructive notice of pending litigation.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LISTING<\/div><div class=glossaryItemBody> An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter?s property; listing contracts are entered into for the purpose of securing persons to buy, lease, or rent property. Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.<\/div>\"><span itemprop=\"name\">LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter?s property; listing contracts are entered into for the purpose of securing persons to buy, lease, or rent property. Employment of an agent by a prospective(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/livery-of-seisin-seizin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LIVERY OF SEISIN (SEIZIN)<\/div><div class=glossaryItemBody> The appropriate ceremony at common law for transferring the possession of lands by a grantor to a grantee. GLOSSARY 581<\/div>\"><span itemprop=\"name\">LIVERY OF SEISIN (SEIZIN)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The appropriate ceremony at common law for transferring the possession of lands by a grantor to a grantee. GLOSSARY 581<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-administration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN ADMINISTRATION<\/div><div class=glossaryItemBody> Also called loan servicing Mortgage bankers not only originate loans, but also ?service? them from origination to maturity of the loan through handling of loan payments, delinquencies, impounds, payoffs and releases.<\/div>\"><span itemprop=\"name\">LOAN ADMINISTRATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Also called loan servicing Mortgage bankers not only originate loans, but also ?service? them from origination to maturity of the loan through handling of loan payments, delinquencies, impounds, payoffs and releases.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-application\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN APPLICATION<\/div><div class=glossaryItemBody> The loan application is a source of information on which the lender bases a decision to make the loan; defines the terms of the loan contract, gives the name of the borrower, place of employment, salary, bank accounts, and credit references, and describes the real estate that is to be mortgaged. It also stipulates the amount of loan being applied for and repayment terms.<\/div>\"><span itemprop=\"name\">LOAN APPLICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The loan application is a source of information on which the lender bases a decision to make the loan; defines the terms of the loan contract, gives the name of the borrower, place of employment, salary, bank accounts, and credit references, and describes the real estate that is to be(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-closing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN CLOSING<\/div><div class=glossaryItemBody> When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage. The disbursal procedure of funds is similar to the closing of a real estate sales escrow. The borrower can expect to receive less than the amount of the loan, as title, recording, service, and other fees may be withheld, or can expect to deposit the cost of these items into the loan escrow. This process is sometimes called ?funding? the loan.<\/div>\"><span itemprop=\"name\">LOAN CLOSING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When all conditions have been met, the loan officer authorizes the recording of the trust deed or mortgage. The disbursal procedure of funds is similar to the closing of a real estate sales escrow. The borrower can expect to receive less than the amount of the loan, as title, recording,(...)<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN COMMITMENT<\/div><div class=glossaryItemBody> Lender?s contractual commitment to make a loan based on the appraisal and underwriting.<\/div>\"><span itemprop=\"name\">LOAN COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lender?s contractual commitment to make a loan based on the appraisal and underwriting.<\/dfn><\/li><li class=\" ln-11\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/loan-to-value-rati0\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>LOAN-TO-VALUE RATI0<\/div><div class=glossaryItemBody> The percentage of a property?s value that a lender can or may loan to a borrower. For example, if the ratio is 80% this means that a lender may loan 80% of the property?s appraised value to a borrower.<\/div>\"><span itemprop=\"name\">LOAN-TO-VALUE RATI0<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of a property?s value that a lender can or may loan to a borrower. For example, if the ratio is 80% this means that a lender may loan 80% of the property?s appraised value to a borrower.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">m<\/h3><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mai\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MAI<\/div><div class=glossaryItemBody> Member of the Appraisal Institute. Designates a person who is a member of the American Institute of Real Estate Appraisers.<\/div>\"><span itemprop=\"name\">MAI<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Member of the Appraisal Institute. Designates a person who is a member of the American Institute of Real Estate Appraisers.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/margin-of-security\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARGIN OF SECURITY<\/div><div class=glossaryItemBody> The difference between the amount of the mortgage loan (s) and the appraised value of the property.<\/div>\"><span itemprop=\"name\">MARGIN OF SECURITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The difference between the amount of the mortgage loan (s) and the appraised value of the property.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/marginal-land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARGINAL LAND<\/div><div class=glossaryItemBody> Land which barely pays the cost of working or using.<\/div>\"><span itemprop=\"name\">MARGINAL LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Land which barely pays the cost of working or using.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-data-approach\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET DATA APPROACH<\/div><div class=glossaryItemBody> One of the three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.<\/div>\"><span itemprop=\"name\">MARKET DATA APPROACH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of the three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-price\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET PRICE<\/div><div class=glossaryItemBody> The price paid regardless of pressures, motives or intelligence.<\/div>\"><span itemprop=\"name\">MARKET PRICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The price paid regardless of pressures, motives or intelligence.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/market-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKET VALUE<\/div><div class=glossaryItemBody> The highest price in terms of money which a property will bring in a competitive and 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.<\/div>\"><span itemprop=\"name\">MARKET VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The highest price in terms of money which a property will bring in a competitive and 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.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/marketable-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MARKETABLE TITLE<\/div><div class=glossaryItemBody> Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.<\/div>\"><span itemprop=\"name\">MARKETABLE TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/material-fact\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MATERIAL FACT<\/div><div class=glossaryItemBody> 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 the particular transaction on the specified terms.<\/div>\"><span itemprop=\"name\">MATERIAL FACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 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 the particular transaction on the specified terms.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/maturity-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MATURITY DATE<\/div><div class=glossaryItemBody> The date by which a loan is to be paid in full.<\/div>\"><span itemprop=\"name\">MATURITY DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The date by which a loan is to be paid in full.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mechanics-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MECHANIC&#8217;S LIEN<\/div><div class=glossaryItemBody>A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.<\/div>\"><span itemprop=\"name\">MECHANIC'S LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mediation-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MEDIATION CLAUSE<\/div><div class=glossaryItemBody> A clause in a contract requiring mediation in the event of a dispute.<\/div>\"><span itemprop=\"name\">MEDIATION CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A clause in a contract requiring mediation in the event of a dispute.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/meridians\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MERIDIANS<\/div><div class=glossaryItemBody> Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.<\/div>\"><span itemprop=\"name\">MERIDIANS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mesne-profits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MESNE PROFITS<\/div><div class=glossaryItemBody> Profit from land use accruing between two periods as for example moneys owed to the owner of land by a person who has illegally occupied the land after the owner takes title, but before taking possession.<\/div>\"><span itemprop=\"name\">MESNE PROFITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Profit from land use accruing between two periods as for example moneys owed to the owner of land by a person who has illegally occupied the land after the owner takes title, but before taking possession.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/metes-and-bounds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>METES AND BOUNDS<\/div><div class=glossaryItemBody> A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.<\/div>\"><span itemprop=\"name\">METES AND BOUNDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mile\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MILE<\/div><div class=glossaryItemBody> 5,280 feet.<\/div>\"><span itemprop=\"name\">MILE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 5,280 feet.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/minor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MINOR<\/div><div class=glossaryItemBody> A person under 18 years of age. 582 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">MINOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person under 18 years of age. 582 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/misplaced-improvements\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MISPLACED IMPROVEMENTS<\/div><div class=glossaryItemBody> Improvements on land which do not conform to the most profitable use of the site.<\/div>\"><span itemprop=\"name\">MISPLACED IMPROVEMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Improvements on land which do not conform to the most profitable use of the site.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/misrepresentation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MISREPRESENTATION<\/div><div class=glossaryItemBody> A false or misleading statement or assertion.<\/div>\"><span itemprop=\"name\">MISREPRESENTATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A false or misleading statement or assertion.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mobilehome\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MOBILEHOME<\/div><div class=glossaryItemBody> As defined in Business and Professions Code Section 10131.6(c), ?mobilehome? means a structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system. ?Mobilehome? does not include a recreational vehicle, as defined in Section 18010.5 of the Health and Safety Code, a commercial coach, as defined in Section 18012 of the Health and Safety Code, or factory-built housing, as defined in Section 19971 of the Health and Safety Code.<\/div>\"><span itemprop=\"name\">MOBILEHOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > As defined in Business and Professions Code Section 10131.6(c), ?mobilehome? means a structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system. ?Mobilehome? does not include a recreational(...)<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/modular\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MODULAR<\/div><div class=glossaryItemBody> A system for the construction of dwellings and other improvements to real property through the on-site assembly of component parts (modules) that have been mass produced away from the building site.<\/div>\"><span itemprop=\"name\">MODULAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A system for the construction of dwellings and other improvements to real property through the on-site assembly of component parts (modules) that have been mass produced away from the building site.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/moldings\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MOLDINGS<\/div><div class=glossaryItemBody> Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.<\/div>\"><span itemprop=\"name\">MOLDINGS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Usually patterned strips used to provide ornamental variation of outline or contour, such as cornices, bases, window and door jambs.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/monetary-controls\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MONETARY CONTROLS<\/div><div class=glossaryItemBody> Federal Reserve tools for regulating the availability of money and credit to influence the level of economic activity, such as adjusting discount rates, reserve requirements, etc.<\/div>\"><span itemprop=\"name\">MONETARY CONTROLS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Federal Reserve tools for regulating the availability of money and credit to influence the level of economic activity, such as adjusting discount rates, reserve requirements, etc.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/monument\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MONUMENT<\/div><div class=glossaryItemBody> A fixed object and point established by surveyors to establish land locations.<\/div>\"><span itemprop=\"name\">MONUMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A fixed object and point established by surveyors to establish land locations.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/moratorium\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORATORIUM<\/div><div class=glossaryItemBody> The temporary suspension, usually by statute, of the enforcement of liability of debt. Temporary suspension of development or utilities connections imposed by local government.<\/div>\"><span itemprop=\"name\">MORATORIUM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The temporary suspension, usually by statute, of the enforcement of liability of debt. Temporary suspension of development or utilities connections imposed by local government.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE<\/div><div class=glossaryItemBody> An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in event of default is established by statute.<\/div>\"><span itemprop=\"name\">MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; a procedure for foreclosure in event of default is established by statute.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-banker\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE BANKER<\/div><div class=glossaryItemBody> A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.<\/div>\"><span itemprop=\"name\">MORTGAGE BANKER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-contracts-with-warrants\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE CONTRACTS WITH WARRANTS<\/div><div class=glossaryItemBody> Warrants make the mortgage more attractive to the lender by providing both the greater security that goes with a mortgage, and the opportunity of a greater return through the right to buy either stock in the borrower?s company or a portion of the income property itself.<\/div>\"><span itemprop=\"name\">MORTGAGE CONTRACTS WITH WARRANTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Warrants make the mortgage more attractive to the lender by providing both the greater security that goes with a mortgage, and the opportunity of a greater return through the right to buy either stock in the borrower?s company or a portion of the income property itself.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-guaranty-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE GUARANTY INSURANCE<\/div><div class=glossaryItemBody> Insurance against financial loss available to mortgage lenders from private mortgage insurance companies (PMICs).<\/div>\"><span itemprop=\"name\">MORTGAGE GUARANTY INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insurance against financial loss available to mortgage lenders from private mortgage insurance companies (PMICs).<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-investment-company\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE INVESTMENT COMPANY<\/div><div class=glossaryItemBody> A company or group of private investors that buys mortgages for investment purposes.<\/div>\"><span itemprop=\"name\">MORTGAGE INVESTMENT COMPANY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A company or group of private investors that buys mortgages for investment purposes.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgage-loan-disclosure-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGE LOAN DISCLOSURE STATEMENT<\/div><div class=glossaryItemBody> The statement on a form approved by the Real Estate Commissioner which is required by law to be furnished by a mortgage loan broker to the prospective borrower of loans of a statutorily-prescribed amount before the borrower becomes obligated to complete the loan.<\/div>\"><span itemprop=\"name\">MORTGAGE LOAN DISCLOSURE STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The statement on a form approved by the Real Estate Commissioner which is required by law to be furnished by a mortgage loan broker to the prospective borrower of loans of a statutorily-prescribed amount before the borrower becomes obligated to complete the loan.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgagee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGEE<\/div><div class=glossaryItemBody> One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender or creditor. (See definition of secured party.)<\/div>\"><span itemprop=\"name\">MORTGAGEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender or creditor. (See definition of secured party.)<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mortgagor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MORTGAGOR<\/div><div class=glossaryItemBody> One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; a borrower.<\/div>\"><span itemprop=\"name\">MORTGAGOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; a borrower.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/multiple-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MULTIPLE LISTING<\/div><div class=glossaryItemBody> A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provisions that all members will have the opportunity to find an interested buyer; a cooperative listing insuring owner property will receive a wider market exposure.<\/div>\"><span itemprop=\"name\">MULTIPLE LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing, usually an exclusive right to sell, taken by a member of an organization composed of real estate brokers, with the provisions that all members will have the opportunity to find an interested buyer; a cooperative listing insuring owner property will receive a wider market exposure.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/multiple-listing-service\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MULTIPLE LISTING SERVICE<\/div><div class=glossaryItemBody> An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.<\/div>\"><span itemprop=\"name\">MULTIPLE LISTING SERVICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mutual-savings-banks\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MUTUAL SAVINGS BANKS<\/div><div class=glossaryItemBody> Financial institutions owned by depositors each of whom has rights to net earnings of the bank in proportion to his or her deposits.<\/div>\"><span itemprop=\"name\">MUTUAL SAVINGS BANKS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Financial institutions owned by depositors each of whom has rights to net earnings of the bank in proportion to his or her deposits.<\/dfn><\/li><li class=\" ln-12\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/mutual-water-company\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>MUTUAL WATER COMPANY<\/div><div class=glossaryItemBody> 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. GLOSSARY 583<\/div>\"><span itemprop=\"name\">MUTUAL WATER COMPANY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 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. GLOSSARY 583<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">n<\/h3><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/narrative-appraisal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NARRATIVE APPRAISAL<\/div><div class=glossaryItemBody> A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.<\/div>\"><span itemprop=\"name\">NARRATIVE APPRAISAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A summary of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusion.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/negative-amortization\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NEGATIVE AMORTIZATION<\/div><div class=glossaryItemBody> Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.<\/div>\"><span itemprop=\"name\">NEGATIVE AMORTIZATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/negotiable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NEGOTIABLE<\/div><div class=glossaryItemBody> Capable of being negotiated, assignable or transferable in the ordinary course of business.<\/div>\"><span itemprop=\"name\">NEGOTIABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Capable of being negotiated, assignable or transferable in the ordinary course of business.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-income\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET INCOME<\/div><div class=glossaryItemBody> The money remaining after expenses are deducted from income; the profit.<\/div>\"><span itemprop=\"name\">NET INCOME<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The money remaining after expenses are deducted from income; the profit.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET LEASE<\/div><div class=glossaryItemBody> A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.<\/div>\"><span itemprop=\"name\">NET LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/net-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NET LISTING<\/div><div class=glossaryItemBody> A listing which provides that the agent may retain as compensation for agent?s services all sums received over and above a net price to the owner.<\/div>\"><span itemprop=\"name\">NET LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A listing which provides that the agent may retain as compensation for agent?s services all sums received over and above a net price to the owner.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/nominal-interest-rates\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOMINAL INTEREST RATES<\/div><div class=glossaryItemBody> The percentage of interest that is stated in loan documents.<\/div>\"><span itemprop=\"name\">NOMINAL INTEREST RATES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The percentage of interest that is stated in loan documents.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/nonconforming-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NONCONFORMING USE<\/div><div class=glossaryItemBody> A property use that doesn?t? conform to current zoning requirements, but is allowed because the property was being used in that way before the present zoning ordinance was enacted.<\/div>\"><span itemprop=\"name\">NONCONFORMING USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A property use that doesn?t? conform to current zoning requirements, but is allowed because the property was being used in that way before the present zoning ordinance was enacted.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notary-public\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTARY PUBLIC<\/div><div class=glossaryItemBody> An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.<\/div>\"><span itemprop=\"name\">NOTARY PUBLIC<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An appointed officer with authority to take the acknowledgment of persons executing documents, sign the certificate, and affix official seal.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTE<\/div><div class=glossaryItemBody> A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.<\/div>\"><span itemprop=\"name\">NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A signed written instrument acknowledging a debt and promising payment, according to the specified terms and conditions. A promissory note.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/note-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTE RATE<\/div><div class=glossaryItemBody> This rate determines the amount of interest charged on an annual basis to the borrower. Also called the ?accrual rate?, ?contract rate? or ?coupon rate.?<\/div>\"><span itemprop=\"name\">NOTE RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This rate determines the amount of interest charged on an annual basis to the borrower. Also called the ?accrual rate?, ?contract rate? or ?coupon rate.?<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE<\/div><div class=glossaryItemBody>(l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact,imputed to a person by law, which should have been discovered because of the person?s actual notice ofcircumstances and the inquiry that a prudent person would have been expected to make. (3) Legal Notice?Information required to be given by law.<\/div>\"><span itemprop=\"name\">NOTICE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >(l) Actual Notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact,\nimputed to a person by law, which should have been discovered because of the person?s actual notice of\ncircumstances and the inquiry that a prudent person would have been expected to make. (3) Legal(...)<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice-of-nonresponsibility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE OF NONRESPONSIBILITY<\/div><div class=glossaryItemBody> A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefor; notice must be verified, recorded and posted.<\/div>\"><span itemprop=\"name\">NOTICE OF NONRESPONSIBILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice provided by law designed to relieve property owner from responsibility for the cost of unauthorized work done on the property or materials furnished therefor; notice must be verified, recorded and posted.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/notice-to-quit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOTICE TO QUIT<\/div><div class=glossaryItemBody> A notice to a tenant to vacate rented property.<\/div>\"><span itemprop=\"name\">NOTICE TO QUIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A notice to a tenant to vacate rented property.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/novation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NOVATION<\/div><div class=glossaryItemBody> The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.<\/div>\"><span itemprop=\"name\">NOVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The substitution or exchange of a new obligation or contract for an old one by the mutual agreement of the parties.<\/dfn><\/li><li class=\" ln-13\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/null-and-void\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>NULL AND VOID<\/div><div class=glossaryItemBody> Of no legal validity or effect.<\/div>\"><span itemprop=\"name\">NULL AND VOID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Of no legal validity or effect.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">o<\/h3><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/obsolescence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OBSOLESCENCE<\/div><div class=glossaryItemBody> Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income. May be functional or economic.<\/div>\"><span itemprop=\"name\">OBSOLESCENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income. May be functional or economic.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/offer-to-purchase\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OFFER TO PURCHASE<\/div><div class=glossaryItemBody> The proposal made to an owner of property by a potential buyer to purchase the property under stated terms.<\/div>\"><span itemprop=\"name\">OFFER TO PURCHASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The proposal made to an owner of property by a potential buyer to purchase the property under stated terms.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/offset-statement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OFFSET STATEMENT<\/div><div class=glossaryItemBody> Statement by owner of property or owner of lien against property setting forth the present status of liens against said property.<\/div>\"><span itemprop=\"name\">OFFSET STATEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Statement by owner of property or owner of lien against property setting forth the present status of liens against said property.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-end-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN-END MORTGAGE<\/div><div class=glossaryItemBody> A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without rewriting the mortgage.<\/div>\"><span itemprop=\"name\">OPEN-END MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without rewriting the mortgage.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-housing-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN HOUSING LAW<\/div><div class=glossaryItemBody> Congress passed a law in April 1968 which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.<\/div>\"><span itemprop=\"name\">OPEN HOUSING LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Congress passed a law in April 1968 which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/open-listing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPEN LISTING<\/div><div class=glossaryItemBody> An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.<\/div>\"><span itemprop=\"name\">OPEN LISTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able(...)<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/opinion-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPINION OF TITLE<\/div><div class=glossaryItemBody> An attorney?s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title. 584 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">OPINION OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An attorney?s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title. 584 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/option\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OPTION<\/div><div class=glossaryItemBody> A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.<\/div>\"><span itemprop=\"name\">OPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right given for a consideration to purchase or lease a property upon specified terms within a specified time, without obligating the party who receives the right to exercise the right.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/oral-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ORAL CONTRACT<\/div><div class=glossaryItemBody> A verbal agreement; one which is not reduced to writing.<\/div>\"><span itemprop=\"name\">ORAL CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A verbal agreement; one which is not reduced to writing.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/orientation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ORIENTATION<\/div><div class=glossaryItemBody> Placing a structure on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street and protection from outside noises.<\/div>\"><span itemprop=\"name\">ORIENTATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Placing a structure on its lot with regard to its exposure to the rays of the sun, prevailing winds, privacy from the street and protection from outside noises.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ostensible-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OSTENSIBLE AUTHORITY<\/div><div class=glossaryItemBody> That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal.<\/div>\"><span itemprop=\"name\">OSTENSIBLE AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That authority which a third person reasonably believes an agent possesses because of the acts or omissions of the principal.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/overimprovement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OVERIMPROVEMENT<\/div><div class=glossaryItemBody> An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost.<\/div>\"><span itemprop=\"name\">OVERIMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost.<\/dfn><\/li><li class=\" ln-14\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>OWNERSHIP<\/div><div class=glossaryItemBody> The right of one or more persons to possess and use property to the exclusion of all others. A collection of rights to the use and enjoyment of property.<\/div>\"><span itemprop=\"name\">OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of one or more persons to possess and use property to the exclusion of all others. A collection of rights to the use and enjoyment of property.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">p<\/h3><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/package-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PACKAGE MORTGAGE<\/div><div class=glossaryItemBody> A type of mortgage used in home financing covering real property, improvements, and movable equipment\/appliances.<\/div>\"><span itemprop=\"name\">PACKAGE MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A type of mortgage used in home financing covering real property, improvements, and movable equipment\/appliances.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/par-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAR VALUE<\/div><div class=glossaryItemBody> Market value, nominal value.<\/div>\"><span itemprop=\"name\">PAR VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Market value, nominal value.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/paramount-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARAMOUNT TITLE<\/div><div class=glossaryItemBody> Title which is superior or foremost to all others.<\/div>\"><span itemprop=\"name\">PARAMOUNT TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Title which is superior or foremost to all others.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/participation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTICIPATION<\/div><div class=glossaryItemBody> Sharing of an interest in a property by a lender. In addition to base interest on mortgage loans on income properties, a percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as a minimum occupancy or percentage of net income after expenses, debt service and taxes. Also called equity participation or revenue sharing.<\/div>\"><span itemprop=\"name\">PARTICIPATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sharing of an interest in a property by a lender. In addition to base interest on mortgage loans on income properties, a percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as a minimum occupancy or percentage of net income after expenses,(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/parties-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTIES (PARTY)<\/div><div class=glossaryItemBody> Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.<\/div>\"><span itemprop=\"name\">PARTIES (PARTY)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partition\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTITION<\/div><div class=glossaryItemBody> A division of real or personal property or the proceeds therefrom among co-owners.<\/div>\"><span itemprop=\"name\">PARTITION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A division of real or personal property or the proceeds therefrom among co-owners.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partition-action\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTITION ACTION<\/div><div class=glossaryItemBody> Court proceedings by which co-owners seek to sever their joint ownership.<\/div>\"><span itemprop=\"name\">PARTITION ACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Court proceedings by which co-owners seek to sever their joint ownership.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/partnership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTNERSHIP<\/div><div class=glossaryItemBody>A decision of the California Supreme Court has defined a partnership in the followingterms ? ?A partnership as between partners themselves may be defined to be a contract of two or morepersons to unite their property, labor or skill, or some of them, in prosecution of some joint or lawfulbusiness, and to share the profits in certain proportions.? A voluntary association of two or more persons tocarry on a business or venture on terms of mutual participation in profits and losses.<\/div>\"><span itemprop=\"name\">PARTNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A decision of the California Supreme Court has defined a partnership in the following\nterms ? ?A partnership as between partners themselves may be defined to be a contract of two or more\npersons to unite their property, labor or skill, or some of them, in prosecution of some joint or(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/party-wall\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PARTY WALL<\/div><div class=glossaryItemBody> A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.<\/div>\"><span itemprop=\"name\">PARTY WALL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/patent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PATENT<\/div><div class=glossaryItemBody> Conveyance of title to government land.<\/div>\"><span itemprop=\"name\">PATENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Conveyance of title to government land.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-adjustment-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT ADJUSTMENT DATE<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, the date the borrower?s monthly principal and interest payment may change.<\/div>\"><span itemprop=\"name\">PAYMENT ADJUSTMENT DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, the date the borrower?s monthly principal and interest payment may change.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-cap\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT CAP<\/div><div class=glossaryItemBody> With regard to an adjustable rate mortgage, this limits the amount of increase in the borrower?s monthly principal and interest at the payment adjustment date, if the principal and interest increase called for by the interest rate increase exceeds the payment cap percentage. This limitation is often at the borrower?s option and may result in negative amortization.<\/div>\"><span itemprop=\"name\">PAYMENT CAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With regard to an adjustable rate mortgage, this limits the amount of increase in the borrower?s monthly principal and interest at the payment adjustment date, if the principal and interest increase called for by the interest rate increase exceeds the payment cap percentage. This limitation(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/payment-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PAYMENT RATE<\/div><div class=glossaryItemBody>With respect to an adjustable rate mortgage, the rate at which the borrower repays theloan?reflects buydowns or payment caps.<\/div>\"><span itemprop=\"name\">PAYMENT RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >With respect to an adjustable rate mortgage, the rate at which the borrower repays the\nloan?reflects buydowns or payment caps.\n<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/penalty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PENALTY<\/div><div class=glossaryItemBody> An extra payment or charge required of the borrower for deviating from the terms of the original loan agreement. Usually levied for being late in making regular payment or for paying off the loan before it is due, known as ?late charges? and ?prepayment penalties.?<\/div>\"><span itemprop=\"name\">PENALTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An extra payment or charge required of the borrower for deviating from the terms of the original loan agreement. Usually levied for being late in making regular payment or for paying off the loan before it is due, known as ?late charges? and ?prepayment penalties.?<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/percentage-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERCENTAGE LEASE<\/div><div class=glossaryItemBody> Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provision for a minimum rental.<\/div>\"><span itemprop=\"name\">PERCENTAGE LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provision for a minimum rental.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/perimeter-heating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERIMETER HEATING<\/div><div class=glossaryItemBody> Baseboard heating, or any system in which the heat registers are located along the outside walls of a room, especially under the windows. GLOSSARY 585<\/div>\"><span itemprop=\"name\">PERIMETER HEATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Baseboard heating, or any system in which the heat registers are located along the outside walls of a room, especially under the windows. GLOSSARY 585<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/periodic-interest-rate-cap\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERIODIC INTEREST RATE CAP<\/div><div class=glossaryItemBody> With respect to an adjustable rate mortgage, limits the increase or decrease in the note rate at each rate adjustment, thereby limiting the borrower?s payment increase or decrease at the time of adjustment.<\/div>\"><span itemprop=\"name\">PERIODIC INTEREST RATE CAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With respect to an adjustable rate mortgage, limits the increase or decrease in the note rate at each rate adjustment, thereby limiting the borrower?s payment increase or decrease at the time of adjustment.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/personal-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PERSONAL PROPERTY<\/div><div class=glossaryItemBody> Any property which is not real property.<\/div>\"><span itemprop=\"name\">PERSONAL PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any property which is not real property.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/physical-deterioration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PHYSICAL DETERIORATION<\/div><div class=glossaryItemBody> Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable.<\/div>\"><span itemprop=\"name\">PHYSICAL DETERIORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plaintiff\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLAINTIFF<\/div><div class=glossaryItemBody> In a court action, the one who sues; the complainant.<\/div>\"><span itemprop=\"name\">PLAINTIFF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In a court action, the one who sues; the complainant.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planned-development\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNED DEVELOPMENT<\/div><div class=glossaryItemBody> A subdivision consisting of separately owned parcels of land together with membership in an association which owns common area. Sometimes the owners of separate interests also have an undivided interest in the common area.<\/div>\"><span itemprop=\"name\">PLANNED DEVELOPMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A subdivision consisting of separately owned parcels of land together with membership in an association which owns common area. Sometimes the owners of separate interests also have an undivided interest in the common area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planned-unit-development\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNED UNIT DEVELOPMENT<\/div><div class=glossaryItemBody> (PUD) A term sometimes used to describe a planned development. A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.<\/div>\"><span itemprop=\"name\">PLANNED UNIT DEVELOPMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (PUD) A term sometimes used to describe a planned development. A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/planning-commission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLANNING COMMISSION<\/div><div class=glossaryItemBody> An agency of local government charged with planning the development, redevelopment or preservation of an area.<\/div>\"><span itemprop=\"name\">PLANNING COMMISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agency of local government charged with planning the development, redevelopment or preservation of an area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plat-of-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLAT (of survey)<\/div><div class=glossaryItemBody> A map of land made by a surveyor showing the boundaries, buildings, and other improvements.<\/div>\"><span itemprop=\"name\">PLAT (of survey)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A map of land made by a surveyor showing the boundaries, buildings, and other improvements.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledge\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGE<\/div><div class=glossaryItemBody> The depositing of personal property by a debtor with a creditor as security for a debt or engagement.<\/div>\"><span itemprop=\"name\">PLEDGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The depositing of personal property by a debtor with a creditor as security for a debt or engagement.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledgee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGEE<\/div><div class=glossaryItemBody> One who is given a pledge or a security. (See definition of Secured Party.)<\/div>\"><span itemprop=\"name\">PLEDGEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is given a pledge or a security. (See definition of Secured Party.)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pledgor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLEDGOR<\/div><div class=glossaryItemBody> One who offers a pledge or gives security. (See definition of debtor.)<\/div>\"><span itemprop=\"name\">PLEDGOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who offers a pledge or gives security. (See definition of debtor.)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plottage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLOTTAGE<\/div><div class=glossaryItemBody> A term used in appraising to designate the increased value of two or more contiguous lots when they are joined under single ownership and available for use as a larger single lot. Also called assemblage.<\/div>\"><span itemprop=\"name\">PLOTTAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in appraising to designate the increased value of two or more contiguous lots when they are joined under single ownership and available for use as a larger single lot. Also called assemblage.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/plottage-increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PLOTTAGE INCREMENT<\/div><div class=glossaryItemBody> The appreciation in unit value created by joining smaller ownerships into one large single ownership.<\/div>\"><span itemprop=\"name\">PLOTTAGE INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The appreciation in unit value created by joining smaller ownerships into one large single ownership.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/points\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POINTS<\/div><div class=glossaryItemBody> See Discount Points.<\/div>\"><span itemprop=\"name\">POINTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > See Discount Points.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/police-power\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POLICE POWER<\/div><div class=glossaryItemBody> The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.<\/div>\"><span itemprop=\"name\">POLICE POWER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/power-of-attorney\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POWER OF ATTORNEY<\/div><div class=glossaryItemBody> A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an attorney in fact.<\/div>\"><span itemprop=\"name\">POWER OF ATTORNEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an attorney in fact.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/power-of-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>POWER OF SALE<\/div><div class=glossaryItemBody> The power of a mortgagee or trustee when the instrument so provides to sell the secured property without judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or deed of trust.<\/div>\"><span itemprop=\"name\">POWER OF SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The power of a mortgagee or trustee when the instrument so provides to sell the secured property without judicial proceedings if a borrower defaults in payment of the promissory note or otherwise breaches the terms of the mortgage or deed of trust.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prefabricated-house\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREFABRICATED HOUSE<\/div><div class=glossaryItemBody> A house manufactured and sometimes partly assembled before delivery to building site.<\/div>\"><span itemprop=\"name\">PREFABRICATED HOUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A house manufactured and sometimes partly assembled before delivery to building site.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/preferred-stock\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREFERRED STOCK<\/div><div class=glossaryItemBody> A class of corporate stock entitled to preferential treatment such as priority in distribution of dividends.<\/div>\"><span itemprop=\"name\">PREFERRED STOCK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A class of corporate stock entitled to preferential treatment such as priority in distribution of dividends.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepaid-items-of-expense\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAID ITEMS OF EXPENSE<\/div><div class=glossaryItemBody> Prorations of prepaid items of expense which are credited to the seller in the closing escrow statement.<\/div>\"><span itemprop=\"name\">PREPAID ITEMS OF EXPENSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Prorations of prepaid items of expense which are credited to the seller in the closing escrow statement.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepayment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAYMENT<\/div><div class=glossaryItemBody> Provision made for loan payments to be larger than those specified in the note.<\/div>\"><span itemprop=\"name\">PREPAYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Provision made for loan payments to be larger than those specified in the note.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prepayment-penalty\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PREPAYMENT PENALTY<\/div><div class=glossaryItemBody> The charge payable to a lender by a borrower under the terms of the loan agreement if the borrower pays off the outstanding principal balance of the loan prior to its maturity.<\/div>\"><span itemprop=\"name\">PREPAYMENT PENALTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The charge payable to a lender by a borrower under the terms of the loan agreement if the borrower pays off the outstanding principal balance of the loan prior to its maturity.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prescription\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRESCRIPTION<\/div><div class=glossaryItemBody> The means of acquiring incorporeal interests in land, usually an easement, by immemorial or long continued use. The time is ordinarily the term of the statute of limitations.<\/div>\"><span itemprop=\"name\">PRESCRIPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The means of acquiring incorporeal interests in land, usually an easement, by immemorial or long continued use. The time is ordinarily the term of the statute of limitations.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/presumption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRESUMPTION<\/div><div class=glossaryItemBody> An assumption of fact that the law requires to be made from another fact or group of facts found or otherwise established in the section.<\/div>\"><span itemprop=\"name\">PRESUMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An assumption of fact that the law requires to be made from another fact or group of facts found or otherwise established in the section.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prima-facie\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIMA FACIE<\/div><div class=glossaryItemBody> Latin meaning first sight, a fact presumed to be true until disproved. 586 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">PRIMA FACIE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Latin meaning first sight, a fact presumed to be true until disproved. 586 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/principal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRINCIPAL<\/div><div class=glossaryItemBody> This term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of the loan. Also, one of the main parties in a real estate transaction, such as a buyer, borrower, seller, lessor.<\/div>\"><span itemprop=\"name\">PRINCIPAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of the loan. Also, one of the main parties in a real estate transaction, such as a buyer, borrower, seller, lessor.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/principal-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRINCIPAL NOTE<\/div><div class=glossaryItemBody> The promissory note which is secured by the mortgage or trust deed.<\/div>\"><span itemprop=\"name\">PRINCIPAL NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The promissory note which is secured by the mortgage or trust deed.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/prior-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIOR LIEN<\/div><div class=glossaryItemBody> A lien which is senior or superior to others.<\/div>\"><span itemprop=\"name\">PRIOR LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lien which is senior or superior to others.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/priority-of-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIORITY OF LIEN<\/div><div class=glossaryItemBody> The order in which liens are given legal precedence or preference.<\/div>\"><span itemprop=\"name\">PRIORITY OF LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The order in which liens are given legal precedence or preference.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/private-mortgage-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVATE MORTGAGE INSURANCE<\/div><div class=glossaryItemBody> Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI).<\/div>\"><span itemprop=\"name\">PRIVATE MORTGAGE INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI).<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/privity\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVITY<\/div><div class=glossaryItemBody> Mutual relationship to the same rights of property, contractual relationship.<\/div>\"><span itemprop=\"name\">PRIVITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mutual relationship to the same rights of property, contractual relationship.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/privity-of-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRIVITY OF CONTRACT<\/div><div class=glossaryItemBody> The relationship which exists between the persons who are parties to a contract.<\/div>\"><span itemprop=\"name\">PRIVITY OF CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The relationship which exists between the persons who are parties to a contract.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/pro-rata\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRO RATA<\/div><div class=glossaryItemBody> In proportion; according to a certain percentage or proportion of a whole.<\/div>\"><span itemprop=\"name\">PRO RATA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In proportion; according to a certain percentage or proportion of a whole.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/procuring-cause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROCURING CAUSE<\/div><div class=glossaryItemBody> That cause originating from a series of events that, without break in continuity, results in the prime object of an agent?s employment producing a final buyer; the real estate agent who first procures a ready, willing, and able buyer for the agreed upon price and terms and is entitled to the commission.<\/div>\"><span itemprop=\"name\">PROCURING CAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That cause originating from a series of events that, without break in continuity, results in the prime object of an agent?s employment producing a final buyer; the real estate agent who first procures a ready, willing, and able buyer for the agreed upon price and terms and is entitled to the(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/progress-payments\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROGRESS PAYMENTS<\/div><div class=glossaryItemBody> Scheduled, periodic, and partial payment of construction loan funds to a builder as each construction stage is completed.<\/div>\"><span itemprop=\"name\">PROGRESS PAYMENTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Scheduled, periodic, and partial payment of construction loan funds to a builder as each construction stage is completed.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/progression-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROGRESSION, PRINCIPLE OF<\/div><div class=glossaryItemBody> The worth of a lesser valued residence tends to be enhanced by association with higher valued residences in the same area.<\/div>\"><span itemprop=\"name\">PROGRESSION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The worth of a lesser valued residence tends to be enhanced by association with higher valued residences in the same area.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/promissory-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROMISSORY NOTE<\/div><div class=glossaryItemBody> Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its payment. The evidence of the debt.<\/div>\"><span itemprop=\"name\">PROMISSORY NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its payment. The evidence of the debt.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROPERTY<\/div><div class=glossaryItemBody> Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is classified into two groups, personal property and real property.<\/div>\"><span itemprop=\"name\">PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is classified into two groups, personal property and real property.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/property-management\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROPERTY MANAGEMENT<\/div><div class=glossaryItemBody> A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.<\/div>\"><span itemprop=\"name\">PROPERTY MANAGEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proration\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRORATION<\/div><div class=glossaryItemBody> Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advance. If a property is sold during this time, the seller wants a refund on that portion of the advance payment that has not been used at the time the title to the property is transferred. For example, if the property is sold two years later, seller will want to receive 1\/3 of the advance premium that was paid. Usually done in escrow by escrow holder at time of closing the transaction.<\/div>\"><span itemprop=\"name\">PRORATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advance. If a property is sold during this time, the seller wants a refund on that portion of the advance payment that has not(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proration-of-taxes\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PRORATION OF TAXES<\/div><div class=glossaryItemBody> To divide or prorate the taxes equally or proportionately to time of use, usually between seller and buyer.<\/div>\"><span itemprop=\"name\">PRORATION OF TAXES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To divide or prorate the taxes equally or proportionately to time of use, usually between seller and buyer.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/proximate-cause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PROXIMATE CAUSE<\/div><div class=glossaryItemBody> That cause of an event which, in a natural and continuous sequence unbroken by any new cause, produced that event, and without which the event would not have happened. Also, the procuring cause.<\/div>\"><span itemprop=\"name\">PROXIMATE CAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That cause of an event which, in a natural and continuous sequence unbroken by any new cause, produced that event, and without which the event would not have happened. Also, the procuring cause.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/public-records\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PUBLIC RECORDS<\/div><div class=glossaryItemBody> Records which by law impart constructive notice of matters relating to land.<\/div>\"><span itemprop=\"name\">PUBLIC RECORDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Records which by law impart constructive notice of matters relating to land.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/public-trustee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PUBLIC TRUSTEE<\/div><div class=glossaryItemBody> The county public official whose office has been created by statute to whom title to real property in certain states, e.g., Colorado, is conveyed by Trust Deed for the use and benefit of the beneficiary, who usually is the lender.<\/div>\"><span itemprop=\"name\">PUBLIC TRUSTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The county public official whose office has been created by statute to whom title to real property in certain states, e.g., Colorado, is conveyed by Trust Deed for the use and benefit of the beneficiary, who usually is the lender.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-and-installment-saleback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE AND INSTALLMENT SALEBACK<\/div><div class=glossaryItemBody> Involves purchase of the property upon completion of construction and immediate saleback on a long-term installment contract.<\/div>\"><span itemprop=\"name\">PURCHASE AND INSTALLMENT SALEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Involves purchase of the property upon completion of construction and immediate saleback on a long-term installment contract.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-and-leaseback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE AND LEASEBACK<\/div><div class=glossaryItemBody> Involves the purchase of property by buyer and immediate leaseback to seller.<\/div>\"><span itemprop=\"name\">PURCHASE AND LEASEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Involves the purchase of property by buyer and immediate leaseback to seller.<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-money-mortgage-or-trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE MONEY MORTGAGE OR TRUST DEED<\/div><div class=glossaryItemBody> A trust deed or mortgage given as part or all of the purchase consideration for real property. In some states the purchase money mortgage or trust deed loan can be made by a seller who extends credit to the buyer of property or by a third party lender (typically a financial institution) that makes a loan to the buyer of real property for a portion of the purchase price to be paid for the property. In many states there are legal limitations upon mortgagees and trust deed beneficiaries collecting deficiency judgments against the purchase money borrower after the collateral hypothecated under such security instruments has been sold through the foreclosure process. Generally no deficiency judgment is allowed if the collateral property under the mortgage or trust deed is residential property of four units or less with the debtor occupying the property as a place of residence.<\/div>\"><span itemprop=\"name\">PURCHASE MONEY MORTGAGE OR TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A trust deed or mortgage given as part or all of the purchase consideration for real property. In some states the purchase money mortgage or trust deed loan can be made by a seller who extends credit to the buyer of property or by a third party lender (typically a financial institution) that(...)<\/dfn><\/li><li class=\" ln-15\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/purchase-of-land-leaseback-and-leasehold-mortgages\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>PURCHASE OF LAND, LEASEBACK AND LEASEHOLD MORTGAGES<\/div><div class=glossaryItemBody> An arrangement whereby land is purchased by the lender and leased back to the developer with a mortgage negotiated on the resulting leasehold of the income property constructed. The lender receives an annual ground rent, plus a percentage of income from the property. GLOSSARY 587<\/div>\"><span itemprop=\"name\">PURCHASE OF LAND, LEASEBACK AND LEASEHOLD MORTGAGES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An arrangement whereby land is purchased by the lender and leased back to the developer with a mortgage negotiated on the resulting leasehold of the income property constructed. The lender receives an annual ground rent, plus a percentage of income from the property. GLOSSARY 587<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">q<\/h3><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quantity-survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUANTITY SURVEY<\/div><div class=glossaryItemBody> A highly technical process in arriving at cost estimate of new construction and sometimes referred to in the building trade as the ?price take-off? method. It involves a detailed estimate of the quantities of raw material (lumber, plaster, brick, cement, etc.,) used as well as the current price of the material and installation costs. These factors are all added together to arrive at the cost of a structure. It is usually used by contractors and experienced estimators.<\/div>\"><span itemprop=\"name\">QUANTITY SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A highly technical process in arriving at cost estimate of new construction and sometimes referred to in the building trade as the ?price take-off? method. It involves a detailed estimate of the quantities of raw material (lumber, plaster, brick, cement, etc.,) used as well as the current(...)<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quarter-round\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUARTER ROUND<\/div><div class=glossaryItemBody> A molding that presents a profile of a quarter circle.<\/div>\"><span itemprop=\"name\">QUARTER ROUND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A molding that presents a profile of a quarter circle.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quiet-enjoyment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUIET ENJOYMENT<\/div><div class=glossaryItemBody> Right of an owner or tenant to the use of the property without interference of possession.<\/div>\"><span itemprop=\"name\">QUIET ENJOYMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Right of an owner or tenant to the use of the property without interference of possession.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quiet-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUIET TITLE<\/div><div class=glossaryItemBody> A court action brought to establish title; to remove a cloud on the title.<\/div>\"><span itemprop=\"name\">QUIET TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A court action brought to establish title; to remove a cloud on the title.<\/dfn><\/li><li class=\" ln-16\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/quitclaim-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>QUITCLAIM DEED<\/div><div class=glossaryItemBody> A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.<\/div>\"><span itemprop=\"name\">QUITCLAIM DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">r<\/h3><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/radiant-heating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RADIANT HEATING<\/div><div class=glossaryItemBody> A method of heating, usually consisting of coils, or pipes placed in the floor, wall, or ceiling.<\/div>\"><span itemprop=\"name\">RADIANT HEATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of heating, usually consisting of coils, or pipes placed in the floor, wall, or ceiling.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/range\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RANGE<\/div><div class=glossaryItemBody> A strip or column of land six miles wide, determined by a government survey, running in a northsouth direction, lying east or west of a principal meridian.<\/div>\"><span itemprop=\"name\">RANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A strip or column of land six miles wide, determined by a government survey, running in a northsouth direction, lying east or west of a principal meridian.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/range-lines\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RANGE LINES<\/div><div class=glossaryItemBody> A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.<\/div>\"><span itemprop=\"name\">RANGE LINES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A series of government survey lines running north and south at six-mile intervals starting with the principal meridian and forming the east and west boundaries of townships.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rate-adjustment-date\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RATE ADJUSTMENT DATE<\/div><div class=glossaryItemBody> With respect to an adjustable rate mortgage, the date the borrower?s note rate may change.<\/div>\"><span itemprop=\"name\">RATE ADJUSTMENT DATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > With respect to an adjustable rate mortgage, the date the borrower?s note rate may change.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ratification\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RATIFICATION<\/div><div class=glossaryItemBody> The adoption or approval of an act performed on behalf of a person without previous authorization, such as the approval by a principal of previously unauthorized acts of an agent, after the acts have been performed.<\/div>\"><span itemprop=\"name\">RATIFICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The adoption or approval of an act performed on behalf of a person without previous authorization, such as the approval by a principal of previously unauthorized acts of an agent, after the acts have been performed.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/ready-willing-and-able-buyer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>READY, WILLING AND ABLE BUYER<\/div><div class=glossaryItemBody> One who is fully prepared to enter into the contract, really wants to buy, and unquestionably meets the financing requirements of purchase.<\/div>\"><span itemprop=\"name\">READY, WILLING AND ABLE BUYER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who is fully prepared to enter into the contract, really wants to buy, and unquestionably meets the financing requirements of purchase.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE<\/div><div class=glossaryItemBody> (See Real Property.)<\/div>\"><span itemprop=\"name\">REAL ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Real Property.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-board\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE BOARD<\/div><div class=glossaryItemBody> An organization whose members consist primarily of real estate brokers and salespersons.<\/div>\"><span itemprop=\"name\">REAL ESTATE BOARD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An organization whose members consist primarily of real estate brokers and salespersons.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-investment-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE INVESTMENT TRUST<\/div><div class=glossaryItemBody> (See REIT).<\/div>\"><span itemprop=\"name\">REAL ESTATE INVESTMENT TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See REIT).<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-settlement-procedures-act-respa\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)<\/div><div class=glossaryItemBody> A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.<\/div>\"><span itemprop=\"name\">REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-syndicate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE SYNDICATE<\/div><div class=glossaryItemBody> An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.<\/div>\"><span itemprop=\"name\">REAL ESTATE SYNDICATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-estate-trust\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL ESTATE TRUST<\/div><div class=glossaryItemBody> A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes, profits being passed to individual investors who are taxed.<\/div>\"><span itemprop=\"name\">REAL ESTATE TRUST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A special arrangement under Federal and State law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes, profits being passed to individual investors who are taxed.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY<\/div><div class=glossaryItemBody> Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. 588 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">REAL PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. 588 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property-loan-law\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY LOAN LAW<\/div><div class=glossaryItemBody> Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specified range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges that a borrower may pay with respect to the loan.<\/div>\"><span itemprop=\"name\">REAL PROPERTY LOAN LAW<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specified range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/real-property-sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REAL PROPERTY SALES CONTRACT<\/div><div class=glossaryItemBody> An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.<\/div>\"><span itemprop=\"name\">REAL PROPERTY SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/recapture\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECAPTURE<\/div><div class=glossaryItemBody> The process of recovery by an owner of money invested by employing the use of a rate of interest necessary to provide for the return of an investment; not to be confused with interest rate, which is a rate of return on an investment.<\/div>\"><span itemprop=\"name\">RECAPTURE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of recovery by an owner of money invested by employing the use of a rate of interest necessary to provide for the return of an investment; not to be confused with interest rate, which is a rate of return on an investment.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reconveyance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECONVEYANCE<\/div><div class=glossaryItemBody> The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.<\/div>\"><span itemprop=\"name\">RECONVEYANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/recording\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RECORDING<\/div><div class=glossaryItemBody> The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating the time of day and the date when it was officially placed on file. Documents filed with the Recorder are considered to be placed on open notice to the general public of that county. Claims against property usually are given a priority on the basis of the time and the date they are recorded with the most preferred claim going to the earliest one recorded and the next claim going to the next earliest one recorded, and so on. This type of notice is called ?constructive notice? or ?legal notice?.<\/div>\"><span itemprop=\"name\">RECORDING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process of placing a document on file with a designated public official for public notice. This public official is usually a county officer known as the County Recorder who designates the fact that a document has been presented for recording by placing a recording stamp upon it indicating(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redeem\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDEEM<\/div><div class=glossaryItemBody> To buy back; repurchase; recover.<\/div>\"><span itemprop=\"name\">REDEEM<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To buy back; repurchase; recover.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redemption\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDEMPTION<\/div><div class=glossaryItemBody> Buying back one?s property after a judicial sale.<\/div>\"><span itemprop=\"name\">REDEMPTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Buying back one?s property after a judicial sale.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/redlining\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REDLINING<\/div><div class=glossaryItemBody> A lending policy, illegal in California, of denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institution to the credit worthiness of the individual loan applicant.<\/div>\"><span itemprop=\"name\">REDLINING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lending policy, illegal in California, of denying real estate loans on properties in older, changing urban areas, usually with large minority populations, because of alleged higher lending risks without due consideration being given by the lending institution to the credit worthiness of the(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/refinancing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REFINANCING<\/div><div class=glossaryItemBody> The paying-off of an existing obligation and assuming a new obligation in its place. To finance anew, or extend or renew existing financing.<\/div>\"><span itemprop=\"name\">REFINANCING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The paying-off of an existing obligation and assuming a new obligation in its place. To finance anew, or extend or renew existing financing.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reformation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REFORMATION<\/div><div class=glossaryItemBody> An action to correct a mistake in a deed or other document.<\/div>\"><span itemprop=\"name\">REFORMATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An action to correct a mistake in a deed or other document.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rehabilitation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REHABILITATION<\/div><div class=glossaryItemBody> The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.<\/div>\"><span itemprop=\"name\">REHABILITATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reit\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REIT<\/div><div class=glossaryItemBody>A Real Estate Investment Trust is a business trust which deals principally with interest in land?generally organized to conform to the Internal Revenue Code.<\/div>\"><span itemprop=\"name\">REIT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A Real Estate Investment Trust is a business trust which deals principally with interest in land?\ngenerally organized to conform to the Internal Revenue Code.\n<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/release-clause\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RELEASE CLAUSE<\/div><div class=glossaryItemBody> A stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.<\/div>\"><span itemprop=\"name\">RELEASE CLAUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/release-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RELEASE DEED<\/div><div class=glossaryItemBody> An instrument executed by the mortgagee or the trustee reconveying to the mortgagor or trustor the real estate which secured the loan after the debt has been paid in full.<\/div>\"><span itemprop=\"name\">RELEASE DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument executed by the mortgagee or the trustee reconveying to the mortgagor or trustor the real estate which secured the loan after the debt has been paid in full.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/remainder\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REMAINDER<\/div><div class=glossaryItemBody> An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.<\/div>\"><span itemprop=\"name\">REMAINDER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real estate.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/remainder-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REMAINDER DEPRECIATION<\/div><div class=glossaryItemBody> The possible future loss in value of an improvement to real property.<\/div>\"><span itemprop=\"name\">REMAINDER DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The possible future loss in value of an improvement to real property.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/renegotiable-rate-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RENEGOTIABLE RATE MORTGAGE<\/div><div class=glossaryItemBody> A loan secured by a long term mortgage which provides for renegotiation, at pre-determined intervals, of the interest rate (for a maximum variation of five percent over the life of the mortgage.)<\/div>\"><span itemprop=\"name\">RENEGOTIABLE RATE MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan secured by a long term mortgage which provides for renegotiation, at pre-determined intervals, of the interest rate (for a maximum variation of five percent over the life of the mortgage.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/renunciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RENUNCIATION<\/div><div class=glossaryItemBody> When someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship.<\/div>\"><span itemprop=\"name\">RENUNCIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/replacement-cost\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REPLACEMENT COST<\/div><div class=glossaryItemBody> The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.<\/div>\"><span itemprop=\"name\">REPLACEMENT COST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reproduction-cost\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REPRODUCTION COST<\/div><div class=glossaryItemBody> The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset. GLOSSARY 589<\/div>\"><span itemprop=\"name\">REPRODUCTION COST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset. GLOSSARY 589<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rescission\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESCISSION<\/div><div class=glossaryItemBody> The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.<\/div>\"><span itemprop=\"name\">RESCISSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/rescission-of-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESCISSION OF CONTRACT<\/div><div class=glossaryItemBody> The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.<\/div>\"><span itemprop=\"name\">RESCISSION OF CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reservation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESERVATION<\/div><div class=glossaryItemBody> A right retained by a grantor in conveying property.<\/div>\"><span itemprop=\"name\">RESERVATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right retained by a grantor in conveying property.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reserves\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESERVES<\/div><div class=glossaryItemBody> 1) In a common interest subdivisions, an accumulation of funds collected from owners for future replacement and major maintenance of the common area and facilities. 2) With regard to mortgage loans, an accumulation of funds, collected by the lender from the borrower as part of each monthly mortgage payment, an amount allocated to pay property taxes and insurance when they are due.<\/div>\"><span itemprop=\"name\">RESERVES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) In a common interest subdivisions, an accumulation of funds collected from owners for future replacement and major maintenance of the common area and facilities. 2) With regard to mortgage loans, an accumulation of funds, collected by the lender from the borrower as part of each monthly(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/respa\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESPA<\/div><div class=glossaryItemBody> (See Real Estate Settlement Procedures Act.)<\/div>\"><span itemprop=\"name\">RESPA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (See Real Estate Settlement Procedures Act.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/restriction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RESTRICTION<\/div><div class=glossaryItemBody>A limitation on the use of real property. Property restrictions fall into two generalclassifications?public and private. Zoning ordinances are examples of the former type. Restrictions may becreated by private owners, typically by appropriate clauses in deeds, or in agreements, or in general plans ofentire subdivisions. Usually they assume the form of a covenant, or promise to do or not to do a certainthing.<\/div>\"><span itemprop=\"name\">RESTRICTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A limitation on the use of real property. Property restrictions fall into two general\nclassifications?public and private. Zoning ordinances are examples of the former type. Restrictions may be\ncreated by private owners, typically by appropriate clauses in deeds, or in agreements, or in general(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/retrospective-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RETROSPECTIVE VALUE<\/div><div class=glossaryItemBody> The value of the property as of a previous date.<\/div>\"><span itemprop=\"name\">RETROSPECTIVE VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The value of the property as of a previous date.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/return\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RETURN<\/div><div class=glossaryItemBody> Profit from an investment; the yield.<\/div>\"><span itemprop=\"name\">RETURN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Profit from an investment; the yield.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reversion\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVERSION<\/div><div class=glossaryItemBody> The right to future possession or enjoyment by a person, or the person?s heirs, creating the preceding estate. (For example, at the end of a lease.)<\/div>\"><span itemprop=\"name\">REVERSION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right to future possession or enjoyment by a person, or the person?s heirs, creating the preceding estate. (For example, at the end of a lease.)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/reversionary-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVERSIONARY INTEREST<\/div><div class=glossaryItemBody> The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.<\/div>\"><span itemprop=\"name\">REVERSIONARY INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/revocation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>REVOCATION<\/div><div class=glossaryItemBody> When someone who granted or offered something withdraws it; as when a principal withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a salesperson or broker license.<\/div>\"><span itemprop=\"name\">REVOCATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > When someone who granted or offered something withdraws it; as when a principal withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a salesperson or broker license.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-of-survivorship\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT OF SURVIVORSHIP<\/div><div class=glossaryItemBody> The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.<\/div>\"><span itemprop=\"name\">RIGHT OF SURVIVORSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-of-way\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT OF WAY<\/div><div class=glossaryItemBody> A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner?s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone, telegraph, or electric power lines; or the right to place underground water mains, gas mains, or sewer mains.<\/div>\"><span itemprop=\"name\">RIGHT OF WAY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner?s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone,(...)<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/right-title-and-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIGHT, TITLE AND INTEREST<\/div><div class=glossaryItemBody> A term used in deeds to denote that the grantor is conveying all of that to which grantor held claim.<\/div>\"><span itemprop=\"name\">RIGHT, TITLE AND INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A term used in deeds to denote that the grantor is conveying all of that to which grantor held claim.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/riparian-rights\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RIPARIAN RIGHTS<\/div><div class=glossaryItemBody> The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners.<\/div>\"><span itemprop=\"name\">RIPARIAN RIGHTS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/risk-analysis\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RISK ANALYSIS<\/div><div class=glossaryItemBody> A study made, usually by a lender, of the various factors that might affect the repayment of a loan.<\/div>\"><span itemprop=\"name\">RISK ANALYSIS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A study made, usually by a lender, of the various factors that might affect the repayment of a loan.<\/dfn><\/li><li class=\" ln-17\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/risk-rating\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>RISK RATING<\/div><div class=glossaryItemBody> A process used by the lender to decide on the soundness of making a loan and to reduce all the various factors affecting the repayment of the loan to a qualified rating of some kind.<\/div>\"><span itemprop=\"name\">RISK RATING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A process used by the lender to decide on the soundness of making a loan and to reduce all the various factors affecting the repayment of the loan to a qualified rating of some kind.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">s<\/h3><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sale-and-leaseback\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALE AND LEASEBACK<\/div><div class=glossaryItemBody> A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer?s investment.<\/div>\"><span itemprop=\"name\">SALE AND LEASEBACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer?s investment.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sale-leaseback-buy-back\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALE-LEASEBACK-BUY-BACK<\/div><div class=glossaryItemBody> A sale and leaseback transaction in which the leaseholder has the option to buy back the original property after a specified period of time.<\/div>\"><span itemprop=\"name\">SALE-LEASEBACK-BUY-BACK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A sale and leaseback transaction in which the leaseholder has the option to buy back the original property after a specified period of time.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sales-contract\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALES CONTRACT<\/div><div class=glossaryItemBody> A contract by which buyer and seller agree to terms of a sale.<\/div>\"><span itemprop=\"name\">SALES CONTRACT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A contract by which buyer and seller agree to terms of a sale.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/salvage-value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SALVAGE VALUE<\/div><div class=glossaryItemBody> In computing depreciation for tax purposes, the reasonably anticipated fair market value of the property at the end of its useful life and must be considered with all but the declining balance methods of depreciation.<\/div>\"><span itemprop=\"name\">SALVAGE VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In computing depreciation for tax purposes, the reasonably anticipated fair market value of the property at the end of its useful life and must be considered with all but the declining balance methods of depreciation.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sandwich-lease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SANDWICH LEASE<\/div><div class=glossaryItemBody> A leasehold interest which lies between the primary lease and the operating lease. 590 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">SANDWICH LEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A leasehold interest which lies between the primary lease and the operating lease. 590 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sash\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SASH<\/div><div class=glossaryItemBody> Wood or metal frames containing one or more window panes.<\/div>\"><span itemprop=\"name\">SASH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Wood or metal frames containing one or more window panes.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/satisfaction\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SATISFACTION<\/div><div class=glossaryItemBody> Discharge of a mortgage or trust deed from the records upon payment of the debt.<\/div>\"><span itemprop=\"name\">SATISFACTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Discharge of a mortgage or trust deed from the records upon payment of the debt.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/satisfaction-piece\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SATISFACTION PIECE<\/div><div class=glossaryItemBody> An instrument for recording and acknowledging payment of an indebtedness secured by a mortgage.<\/div>\"><span itemprop=\"name\">SATISFACTION PIECE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An instrument for recording and acknowledging payment of an indebtedness secured by a mortgage.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/scribing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SCRIBING<\/div><div class=glossaryItemBody> Fitting woodwork to an irregular surface.<\/div>\"><span itemprop=\"name\">SCRIBING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Fitting woodwork to an irregular surface.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/seal\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEAL<\/div><div class=glossaryItemBody> An impression made to attest the execution of an instrument.<\/div>\"><span itemprop=\"name\">SEAL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An impression made to attest the execution of an instrument.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secondary-financing\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECONDARY FINANCING<\/div><div class=glossaryItemBody> A loan secured by a second mortgage or trust deed on real property. These can be third, fourth, fifth, sixth mortgages or trust deeds, on and on ad infinitum.<\/div>\"><span itemprop=\"name\">SECONDARY FINANCING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan secured by a second mortgage or trust deed on real property. These can be third, fourth, fifth, sixth mortgages or trust deeds, on and on ad infinitum.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secondary-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECONDARY MARKET<\/div><div class=glossaryItemBody> The buying and selling of existing deeds of trust and promissory notes. The primary market is the one in which lenders loan money to borrowers; the secondary market is the one in which the lenders sell their loans to the large secondary marketing agencies (FNMA, FHLMC, and GNMA) or to other investors.<\/div>\"><span itemprop=\"name\">SECONDARY MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The buying and selling of existing deeds of trust and promissory notes. The primary market is the one in which lenders loan money to borrowers; the secondary market is the one in which the lenders sell their loans to the large secondary marketing agencies (FNMA, FHLMC, and GNMA) or to other(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/section\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECTION<\/div><div class=glossaryItemBody> Section of land is established by government survey, contains 640 acres and is one mile square.<\/div>\"><span itemprop=\"name\">SECTION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Section of land is established by government survey, contains 640 acres and is one mile square.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/secured-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURED PARTY<\/div><div class=glossaryItemBody> This is the party having the security interest. Thus the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party. (Uniform Commercial Code.)<\/div>\"><span itemprop=\"name\">SECURED PARTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > This is the party having the security interest. Thus the mortgagee, the conditional seller, the pledgee, etc., are all now referred to as the secured party. (Uniform Commercial Code.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/security-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURITY AGREEMENT<\/div><div class=glossaryItemBody> An agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.)<\/div>\"><span itemprop=\"name\">SECURITY AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/security-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SECURITY INTEREST<\/div><div class=glossaryItemBody>A term designating the interest of the creditor in the property of the debtor in alltypes of credit transactions. It thus replaces such terms as the following ? chattel mortgage; pledge; trustreceipt; chattel trust; equipment trust; conditional sale; inventory lien; etc., according to UniformCommercial Code usage.<\/div>\"><span itemprop=\"name\">SECURITY INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A term designating the interest of the creditor in the property of the debtor in all\ntypes of credit transactions. It thus replaces such terms as the following ? chattel mortgage; pledge; trust\nreceipt; chattel trust; equipment trust; conditional sale; inventory lien; etc., according to(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/seisin-seizin\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEISIN (SEIZIN)<\/div><div class=glossaryItemBody> Possession of real estate by one entitled thereto.<\/div>\"><span itemprop=\"name\">SEISIN (SEIZIN)<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Possession of real estate by one entitled thereto.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sellers-market\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SELLER&#8217;S MARKET<\/div><div class=glossaryItemBody>The market condition which exists when a seller is in a more commanding position as to price and terms because demand exceeds supply.<\/div>\"><span itemprop=\"name\">SELLER'S MARKET<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The market condition which exists when a seller is in a more commanding position as to price and terms because demand exceeds supply.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/separate-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEPARATE PROPERTY<\/div><div class=glossaryItemBody> Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance, (3) from rents and profits on separate property, and (4) with the proceeds from other separate property.<\/div>\"><span itemprop=\"name\">SEPARATE PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance, (3) from rents and profits on separate property, and (4) with the proceeds from other separate property.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/septic-tank\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEPTIC TANK<\/div><div class=glossaryItemBody> An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.<\/div>\"><span itemprop=\"name\">SEPTIC TANK<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/servicing-loans\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SERVICING LOANS<\/div><div class=glossaryItemBody>Supervising and administering a loan after it has been made. This involves such things as: collecting the payments, keeping accounting records, computing the interest and principal, foreclosure of defaulted loans, and so on.<\/div>\"><span itemprop=\"name\">SERVICING LOANS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Supervising and administering a loan after it has been made. This involves such things as: collecting the payments, keeping accounting records, computing the interest and principal, foreclosure of defaulted loans, and so on.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/set-back-ordinance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SET BACK ORDINANCE<\/div><div class=glossaryItemBody> An ordinance requiring improvements built on property to be a specified distance from the property line, street or curb.<\/div>\"><span itemprop=\"name\">SET BACK ORDINANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An ordinance requiring improvements built on property to be a specified distance from the property line, street or curb.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/severalty-ownership\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SEVERALTY OWNERSHIP<\/div><div class=glossaryItemBody> Owned by one person only. Sole ownership.<\/div>\"><span itemprop=\"name\">SEVERALTY OWNERSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Owned by one person only. Sole ownership.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/shared-appreciation-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SHARED APPRECIATION MORTGAGE<\/div><div class=glossaryItemBody> A loan having a fixed rate of interest set below the market rate for the term of the loan which also provides for contingent interest to be paid to the lender on a certain percentage of appreciation in the value of the property against which the loan is secured upon transfer or sale of the property or the repayment of the loan.<\/div>\"><span itemprop=\"name\">SHARED APPRECIATION MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A loan having a fixed rate of interest set below the market rate for the term of the loan which also provides for contingent interest to be paid to the lender on a certain percentage of appreciation in the value of the property against which the loan is secured upon transfer or sale of the(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sheriffs-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SHERIFF&#8217;S DEED<\/div><div class=glossaryItemBody>Deed given by court order in connection with sale of property to satisfy a judgment.<\/div>\"><span itemprop=\"name\">SHERIFF'S DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Deed given by court order in connection with sale of property to satisfy a judgment.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/simple-interest\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SIMPLE INTEREST<\/div><div class=glossaryItemBody> Interest computed on the principal amount of a loan only as distinguished from compound interest.<\/div>\"><span itemprop=\"name\">SIMPLE INTEREST<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Interest computed on the principal amount of a loan only as distinguished from compound interest.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sinking-fund\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SINKING FUND<\/div><div class=glossaryItemBody> Fund set aside from the income from property which, with accrued interest, will eventually pay for replacement of the improvements.<\/div>\"><span itemprop=\"name\">SINKING FUND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Fund set aside from the income from property which, with accrued interest, will eventually pay for replacement of the improvements.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/slander-of-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SLANDER OF TITLE<\/div><div class=glossaryItemBody>False and malicious statements disparaging an owner&#039;s title to property and resulting in actual pecuniary damage to the owner.<\/div>\"><span itemprop=\"name\">SLANDER OF TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >False and malicious statements disparaging an owner's title to property and resulting in actual pecuniary damage to the owner.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-assessment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL ASSESSMENT<\/div><div class=glossaryItemBody> 1) Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements. 2) In a common interest subdivision, a GLOSSARY 591 charge, in addition to the regular assessment, levied by the association against owners in the development, for unanticipated repairs or maintenance on the common area or capital improvement of the common area.<\/div>\"><span itemprop=\"name\">SPECIAL ASSESSMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > 1) Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements. 2) In a common interest subdivision, a GLOSSARY 591 charge, in addition to the regular assessment, levied by the association against owners in(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-power-of-attorney\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL POWER OF ATTORNEY<\/div><div class=glossaryItemBody> A written instrument whereby a principal confers limited authority upon an agent to perform certain prescribed acts on behalf of the principal.<\/div>\"><span itemprop=\"name\">SPECIAL POWER OF ATTORNEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A written instrument whereby a principal confers limited authority upon an agent to perform certain prescribed acts on behalf of the principal.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/special-warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIAL WARRANTY DEED<\/div><div class=glossaryItemBody>A deed in which the grantor warrants or guarantees the title only against defects arising during grantor&#039;s ownership of the property and not against defects existing before the time of grantor&#039;s ownership.<\/div>\"><span itemprop=\"name\">SPECIAL WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A deed in which the grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against defects existing before the time of grantor's ownership.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/specific-performance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SPECIFIC PERFORMANCE<\/div><div class=glossaryItemBody> An action to compel performance of an agreement, e.g., sale of land as an alternative to damages or rescission.<\/div>\"><span itemprop=\"name\">SPECIFIC PERFORMANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An action to compel performance of an agreement, e.g., sale of land as an alternative to damages or rescission.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/srea\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SREA<\/div><div class=glossaryItemBody> Society of Real Estate Appraisers.<\/div>\"><span itemprop=\"name\">SREA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Society of Real Estate Appraisers.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/standard-depth\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STANDARD DEPTH<\/div><div class=glossaryItemBody> Generally the most typical lot depth in the neighborhood.<\/div>\"><span itemprop=\"name\">STANDARD DEPTH<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Generally the most typical lot depth in the neighborhood.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/standby-commitment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STANDBY COMMITMENT<\/div><div class=glossaryItemBody>The mortgage banker frequently protects a builder by a &quot;standby&quot; agreement, under which banker agrees to make mortgage loans at an agreed price for many months into the future. The builder deposits a &quot;standby fee&quot; with the mortgage banker for this service. Frequently, the mortgage broker protects self by securing a &quot;standby&quot; from a long-term investor for the same period of time, paying a fee for this privilege.<\/div>\"><span itemprop=\"name\">STANDBY COMMITMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The mortgage banker frequently protects a builder by a \"standby\" agreement, under which banker agrees to make mortgage loans at an agreed price for many months into the future. The builder deposits a \"standby fee\" with the mortgage banker for this service. Frequently, the mortgage broker(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/statute-of-frauds\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STATUTE OF FRAUDS<\/div><div class=glossaryItemBody> A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g.. contracts for the sale of real property, contracts not be performed within one year.<\/div>\"><span itemprop=\"name\">STATUTE OF FRAUDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g.. contracts for the sale of real property, contracts not be performed within one year.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/statutory-warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STATUTORY WARRANTY DEED<\/div><div class=glossaryItemBody> A short term warranty deed which warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary. This type of deed protects the purchaser in that the conveyor covenants to defend all claims against the property. If conveyor fails to do so, the new owner can defend said claims and sue the former owner.<\/div>\"><span itemprop=\"name\">STATUTORY WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A short term warranty deed which warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary. This type of deed protects the purchaser in that the conveyor covenants to defend all claims against the property. If(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/straight-line-depreciation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STRAIGHT LINE DEPRECIATION<\/div><div class=glossaryItemBody> A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.<\/div>\"><span itemprop=\"name\">STRAIGHT LINE DEPRECIATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/straight-note\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>STRAIGHT NOTE<\/div><div class=glossaryItemBody> A note in which a borrower repays the principal in a lump sum at maturity while interest is paid in installments or at maturity. (See Interest Only Note.)<\/div>\"><span itemprop=\"name\">STRAIGHT NOTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A note in which a borrower repays the principal in a lump sum at maturity while interest is paid in installments or at maturity. (See Interest Only Note.)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subagent\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBAGENT<\/div><div class=glossaryItemBody>A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent&#039;s principal.<\/div>\"><span itemprop=\"name\">SUBAGENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent's principal.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subdivision\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBDIVISION<\/div><div class=glossaryItemBody>A legal definition of those divisions of real property for the purpose of sale, lease or financing which are regulated by law. For examples see California Business and Professions Code Sections 11000, 11000.1, 11004.5; California Government Code Section 66424; United States Code, Title 15, Section 1402(3).<\/div>\"><span itemprop=\"name\">SUBDIVISION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A legal definition of those divisions of real property for the purpose of sale, lease or financing which are regulated by law. For examples see California Business and Professions Code Sections 11000, 11000.1, 11004.5; California Government Code Section 66424; United States Code, Title 15,(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subject-to-a-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBJECT TO A MORTGAGE<\/div><div class=glossaryItemBody>When a grantee takes title to real property subject to a mortgage, grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that grantee can lose in the event of a foreclosure is grantee&#039;s equity in the property. (See also &quot;assumption of mortgage&quot;.) In neither case is the original maker of the note released from primary responsibility. If liability is to be assumed, the agreement must so state.<\/div>\"><span itemprop=\"name\">SUBJECT TO A MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >When a grantee takes title to real property subject to a mortgage, grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The most that grantee can lose in the event of a foreclosure is grantee's equity in the property. (See also(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sublease\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBLEASE<\/div><div class=glossaryItemBody> A lease given by a lessee.<\/div>\"><span itemprop=\"name\">SUBLEASE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A lease given by a lessee.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subordinate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBORDINATE<\/div><div class=glossaryItemBody> To make subject to, or junior or inferior to.<\/div>\"><span itemprop=\"name\">SUBORDINATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To make subject to, or junior or inferior to.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subordination-agreement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBORDINATION AGREEMENT<\/div><div class=glossaryItemBody> An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.<\/div>\"><span itemprop=\"name\">SUBORDINATION AGREEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subpoena\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBPOENA<\/div><div class=glossaryItemBody> A legal order to cause a witness to appear and give testimony.<\/div>\"><span itemprop=\"name\">SUBPOENA<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A legal order to cause a witness to appear and give testimony.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subrogation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBROGATION<\/div><div class=glossaryItemBody> Replacing one person with another in regard to a legal right or obligation. The substitution of another person in place of the creditor, to whose rights he or she succeeds in relation to the debt. The doctrine is used very often where one person agrees to stand surety for the performance of a contract by another person.<\/div>\"><span itemprop=\"name\">SUBROGATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Replacing one person with another in regard to a legal right or obligation. The substitution of another person in place of the creditor, to whose rights he or she succeeds in relation to the debt. The doctrine is used very often where one person agrees to stand surety for the performance of a(...)<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/subsidy-buydown\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBSIDY BUYDOWN<\/div><div class=glossaryItemBody>Funds provided usually by the builder or seller to temporarily reduce the borrower&#039;s monthly principal and interest payment. 592 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">SUBSIDY BUYDOWN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Funds provided usually by the builder or seller to temporarily reduce the borrower's monthly principal and interest payment. 592 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/substitution-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUBSTITUTION, PRINCIPLE OF<\/div><div class=glossaryItemBody> Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution.<\/div>\"><span itemprop=\"name\">SUBSTITUTION, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property, assuming no costly delay is encountered in making the substitution.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/sum-of-the-years-digits\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUM OF THE YEARS DIGITS<\/div><div class=glossaryItemBody> An accelerated depreciation method.<\/div>\"><span itemprop=\"name\">SUM OF THE YEARS DIGITS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An accelerated depreciation method.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/supply-and-demand-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SUPPLY AND DEMAND, PRINCIPLE OF<\/div><div class=glossaryItemBody> In appraising, a valuation principle starting that market value is affected by intersection of supply and demand forces in the market as of the appraisal date.<\/div>\"><span itemprop=\"name\">SUPPLY AND DEMAND, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In appraising, a valuation principle starting that market value is affected by intersection of supply and demand forces in the market as of the appraisal date.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/surety\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURETY<\/div><div class=glossaryItemBody>One who guarantees the performance of another Guarantor.<\/div>\"><span itemprop=\"name\">SURETY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >One who guarantees the performance of another Guarantor.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/surplus-productivity-principle-of\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURPLUS PRODUCTIVITY, PRINCIPLE OF<\/div><div class=glossaryItemBody> The net income that remains after the proper costs of labor, organization and capital have been paid, which surplus is imputable to the land and tends to fix the value thereof.<\/div>\"><span itemprop=\"name\">SURPLUS PRODUCTIVITY, PRINCIPLE OF<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The net income that remains after the proper costs of labor, organization and capital have been paid, which surplus is imputable to the land and tends to fix the value thereof.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/survey\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SURVEY<\/div><div class=glossaryItemBody> The process by which a parcel of land is measured and its area is ascertained.<\/div>\"><span itemprop=\"name\">SURVEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The process by which a parcel of land is measured and its area is ascertained.<\/dfn><\/li><li class=\" ln-18\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/syndicate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>SYNDICATE<\/div><div class=glossaryItemBody> A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability. (See real estate syndicate.)<\/div>\"><span itemprop=\"name\">SYNDICATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability. (See real estate syndicate.)<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">t<\/h3><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/take-out-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAKE-OUT LOAN<\/div><div class=glossaryItemBody> The loan arranged by the owner or builder developer for a buyer. The construction loan made for construction of the improvements is usually paid in full from the proceeds of this more permanent mortgage loan.<\/div>\"><span itemprop=\"name\">TAKE-OUT LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The loan arranged by the owner or builder developer for a buyer. The construction loan made for construction of the improvements is usually paid in full from the proceeds of this more permanent mortgage loan.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX<\/div><div class=glossaryItemBody> Enforced charge exacted of persons, corporations and organizations by the government to be used to support government services and programs.<\/div>\"><span itemprop=\"name\">TAX<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Enforced charge exacted of persons, corporations and organizations by the government to be used to support government services and programs.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX DEED<\/div><div class=glossaryItemBody> The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.<\/div>\"><span itemprop=\"name\">TAX DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-free-exchange\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX-FREE EXCHANGE<\/div><div class=glossaryItemBody> The trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of trade.<\/div>\"><span itemprop=\"name\">TAX-FREE EXCHANGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of trade.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tax-sale\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TAX SALE<\/div><div class=glossaryItemBody> Sale of property after a period of nonpayment of taxes.<\/div>\"><span itemprop=\"name\">TAX SALE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sale of property after a period of nonpayment of taxes.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenancy-in-common\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANCY IN COMMON<\/div><div class=glossaryItemBody> Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interests need not be equal.<\/div>\"><span itemprop=\"name\">TENANCY IN COMMON<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interests need not be equal.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenant\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANT<\/div><div class=glossaryItemBody> The party who has legal possession and use of real property belonging to another.<\/div>\"><span itemprop=\"name\">TENANT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The party who has legal possession and use of real property belonging to another.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenants-by-the-entireties\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENANTS BY THE ENTIRETIES<\/div><div class=glossaryItemBody> Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon depth of one spouse it becomes the property of the survivor.<\/div>\"><span itemprop=\"name\">TENANTS BY THE ENTIRETIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Under certain state laws, ownership of property acquired by a husband and wife during marriage, which property is jointly and equally owned. Upon depth of one spouse it becomes the property of the survivor.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tentative-map\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENTATIVE MAP<\/div><div class=glossaryItemBody> The Subdivision Map Act requires subdividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the planning commission is required to be filed with the planning commission.<\/div>\"><span itemprop=\"name\">TENTATIVE MAP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The Subdivision Map Act requires subdividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tenure-in-land\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TENURE IN LAND<\/div><div class=glossaryItemBody> The mode or manner by which an estate in lands is held. All rights and title rest with owner.<\/div>\"><span itemprop=\"name\">TENURE IN LAND<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The mode or manner by which an estate in lands is held. All rights and title rest with owner.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/termite-shield\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TERMITE SHIELD<\/div><div class=glossaryItemBody> A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.<\/div>\"><span itemprop=\"name\">TERMITE SHIELD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/termites\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TERMITES<\/div><div class=glossaryItemBody> Ant-like insects which feed on wood and are highly destructive to wooden structures.<\/div>\"><span itemprop=\"name\">TERMITES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Ant-like insects which feed on wood and are highly destructive to wooden structures.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/testator\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TESTATOR<\/div><div class=glossaryItemBody> One who makes a will.<\/div>\"><span itemprop=\"name\">TESTATOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who makes a will.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/third-party\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>THIRD PARTY<\/div><div class=glossaryItemBody> Persons who are not parties to a contract which affects an interest they have in the object of the contract.<\/div>\"><span itemprop=\"name\">THIRD PARTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Persons who are not parties to a contract which affects an interest they have in the object of the contract.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/threshold\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>THRESHOLD<\/div><div class=glossaryItemBody> A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.<\/div>\"><span itemprop=\"name\">THRESHOLD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tidelands\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIDELANDS<\/div><div class=glossaryItemBody> Lands that are covered and uncovered by the ebb and flow of the tide.<\/div>\"><span itemprop=\"name\">TIDELANDS<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Lands that are covered and uncovered by the ebb and flow of the tide.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-is-of-the-essence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME IS OF THE ESSENCE<\/div><div class=glossaryItemBody> A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.<\/div>\"><span itemprop=\"name\">TIME IS OF THE ESSENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-estate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE ESTATE<\/div><div class=glossaryItemBody> A right of occupancy in a time-share project (subdivision) which is coupled with an estate in the real property. GLOSSARY 593<\/div>\"><span itemprop=\"name\">TIME-SHARE ESTATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A right of occupancy in a time-share project (subdivision) which is coupled with an estate in the real property. GLOSSARY 593<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-project\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE PROJECT<\/div><div class=glossaryItemBody> A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.<\/div>\"><span itemprop=\"name\">TIME-SHARE PROJECT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/time-share-use\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TIME-SHARE USE<\/div><div class=glossaryItemBody> A license or contractual or membership right of occupancy in a timeshare project which is not coupled with an estate in the real property.<\/div>\"><span itemprop=\"name\">TIME-SHARE USE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A license or contractual or membership right of occupancy in a timeshare project which is not coupled with an estate in the real property.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE<\/div><div class=glossaryItemBody>Indicates the &quot;fee&quot; position of lawful ownership and right to property. Bundle of Rights possessed by an owner. Combination of all elements constituting proof of ownership.<\/div>\"><span itemprop=\"name\">TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Indicates the \"fee\" position of lawful ownership and right to property. Bundle of Rights possessed by an owner. Combination of all elements constituting proof of ownership.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-insurance\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE INSURANCE<\/div><div class=glossaryItemBody> Insurance to protect a real property owner or lender up to a specified amount against certain types of loss, e.g., defective or unmarketable title.<\/div>\"><span itemprop=\"name\">TITLE INSURANCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insurance to protect a real property owner or lender up to a specified amount against certain types of loss, e.g., defective or unmarketable title.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-report\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE REPORT<\/div><div class=glossaryItemBody> A report which discloses condition of the title, made by a title company preliminary to issuance of title insurance policy.<\/div>\"><span itemprop=\"name\">TITLE REPORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A report which discloses condition of the title, made by a title company preliminary to issuance of title insurance policy.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/title-theory\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TITLE THEORY<\/div><div class=glossaryItemBody> Mortgage arrangement whereby title to mortgaged real property vests in the lender. Some states give greater protection to mortgage lenders and assume lenders have title interest. Distinguished from Lien Theory States.<\/div>\"><span itemprop=\"name\">TITLE THEORY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Mortgage arrangement whereby title to mortgaged real property vests in the lender. Some states give greater protection to mortgage lenders and assume lenders have title interest. Distinguished from Lien Theory States.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/topography\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOPOGRAPHY<\/div><div class=glossaryItemBody>Nature of the surface of land; topography may be level, rolling, mountainous. Variation in earth&#039;s surface.<\/div>\"><span itemprop=\"name\">TOPOGRAPHY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Nature of the surface of land; topography may be level, rolling, mountainous. Variation in earth's surface.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/torrens-title\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TORRENS TITLE<\/div><div class=glossaryItemBody> System of title records provided by state law (no longer used in California)<\/div>\"><span itemprop=\"name\">TORRENS TITLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > System of title records provided by state law (no longer used in California)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/tort\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TORT<\/div><div class=glossaryItemBody> Any wrongful act (not involving a breach of contract) for which a civil section will lie for the person wronged.<\/div>\"><span itemprop=\"name\">TORT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any wrongful act (not involving a breach of contract) for which a civil section will lie for the person wronged.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/townhouse\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOWNHOUSE<\/div><div class=glossaryItemBody> One of a row of houses usually of the same or similar design with common side walls or with a very narrow space between adjacent side walls.<\/div>\"><span itemprop=\"name\">TOWNHOUSE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One of a row of houses usually of the same or similar design with common side walls or with a very narrow space between adjacent side walls.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/township\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TOWNSHIP<\/div><div class=glossaryItemBody> In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.<\/div>\"><span itemprop=\"name\">TOWNSHIP<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trade-fixtures\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRADE FIXTURES<\/div><div class=glossaryItemBody> Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant.<\/div>\"><span itemprop=\"name\">TRADE FIXTURES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade and are removable by the tenant.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trade-in\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRADE-IN<\/div><div class=glossaryItemBody>An increasingly popular method of guaranteeing an owner a minimum amount of cash on sale of owner&#039;s present property to permit owner to purchase another. If the property is not sold within a specified time at the listed price, the broker agrees to arrange financing to personally purchase the property at an agreed upon discount.<\/div>\"><span itemprop=\"name\">TRADE-IN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An increasingly popular method of guaranteeing an owner a minimum amount of cash on sale of owner's present property to permit owner to purchase another. If the property is not sold within a specified time at the listed price, the broker agrees to arrange financing to personally purchase the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/transfer-fee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRANSFER FEE<\/div><div class=glossaryItemBody> A charge made by a lending institution holding or collecting on a real estate mortgage to change its records to reflect a different ownership.<\/div>\"><span itemprop=\"name\">TRANSFER FEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A charge made by a lending institution holding or collecting on a real estate mortgage to change its records to reflect a different ownership.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trust-account\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUST ACCOUNT<\/div><div class=glossaryItemBody>An account separate and apart and physically segregated from broker&#039;s own funds, in which broker is required by law to deposit all funds collected for clients.<\/div>\"><span itemprop=\"name\">TRUST ACCOUNT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An account separate and apart and physically segregated from broker's own funds, in which broker is required by law to deposit all funds collected for clients.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trust-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUST DEED<\/div><div class=glossaryItemBody> Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.<\/div>\"><span itemprop=\"name\">TRUST DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the(...)<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trustee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUSTEE<\/div><div class=glossaryItemBody> One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.<\/div>\"><span itemprop=\"name\">TRUSTEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/trustor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUSTOR<\/div><div class=glossaryItemBody> One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.<\/div>\"><span itemprop=\"name\">TRUSTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under terms of a deed of trust.<\/dfn><\/li><li class=\" ln-19\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/truth-in-lending\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>TRUTH IN LENDING<\/div><div class=glossaryItemBody> The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction. 594 CHAPTER TWENTY-SEVEN<\/div>\"><span itemprop=\"name\">TRUTH IN LENDING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction. 594 CHAPTER TWENTY-SEVEN<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">u<\/h3><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/underimprovement\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDERIMPROVEMENT<\/div><div class=glossaryItemBody> An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site.<\/div>\"><span itemprop=\"name\">UNDERIMPROVEMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/underwriting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDERWRITING<\/div><div class=glossaryItemBody> Insuring something against loss; guaranteeing financially.<\/div>\"><span itemprop=\"name\">UNDERWRITING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Insuring something against loss; guaranteeing financially.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/undue-influence\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNDUE INFLUENCE<\/div><div class=glossaryItemBody>Use of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage over another&#039;s weakness of mind, or distress or necessity.<\/div>\"><span itemprop=\"name\">UNDUE INFLUENCE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Use of a fiduciary or confidential relationship to obtain a fraudulent or unfair advantage over another's weakness of mind, or distress or necessity.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/unearned-increment\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNEARNED INCREMENT<\/div><div class=glossaryItemBody> An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.<\/div>\"><span itemprop=\"name\">UNEARNED INCREMENT<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > An increase in value of real estate due to no effort on the part of the owner; often due to increase in population.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/uniform-commercial-code\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNIFORM COMMERCIAL CODE<\/div><div class=glossaryItemBody> Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.<\/div>\"><span itemprop=\"name\">UNIFORM COMMERCIAL CODE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Establishes a unified and comprehensive method for regulation of security transactions in personal property, superseding the existing statutes on chattel mortgages, conditional sales, trust receipts, assignment of accounts receivable and others in this field.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/unit-in-place-method\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UNIT-IN-PLACE METHOD<\/div><div class=glossaryItemBody> The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceilings, roofs, etc., (including labor and overhead).<\/div>\"><span itemprop=\"name\">UNIT-IN-PLACE METHOD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The cost of erecting a building by estimating the cost of each component part, i.e., foundations, floors, walls, windows, ceilings, roofs, etc., (including labor and overhead).<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/urban-property\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>URBAN PROPERTY<\/div><div class=glossaryItemBody> City property; closely settled property.<\/div>\"><span itemprop=\"name\">URBAN PROPERTY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > City property; closely settled property.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/usury\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>USURY<\/div><div class=glossaryItemBody> On a loan, claiming a rate of interest greater than that permitted by law.<\/div>\"><span itemprop=\"name\">USURY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > On a loan, claiming a rate of interest greater than that permitted by law.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/utilities\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UTILITIES<\/div><div class=glossaryItemBody>Refers to services rendered by public utility companies, such as: water, gas, electricity, telephone.<\/div>\"><span itemprop=\"name\">UTILITIES<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >Refers to services rendered by public utility companies, such as: water, gas, electricity, telephone.<\/dfn><\/li><li class=\" ln-20\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/utility\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>UTILITY<\/div><div class=glossaryItemBody> The ability to give satisfaction and\/or excite desire for possession. An element of value.<\/div>\"><span itemprop=\"name\">UTILITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The ability to give satisfaction and\/or excite desire for possession. An element of value.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">v<\/h3><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/va-loan\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VA LOAN<\/div><div class=glossaryItemBody>A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran&#039;s Affairs guarantees the lender payment of the mortgage.<\/div>\"><span itemprop=\"name\">VA LOAN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran's Affairs guarantees the lender payment of the mortgage.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vacancy-factor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VACANCY FACTOR<\/div><div class=glossaryItemBody>The percentage of a building&#039;s space that is not rented over a given period.<\/div>\"><span itemprop=\"name\">VACANCY FACTOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >The percentage of a building's space that is not rented over a given period.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valid\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALID<\/div><div class=glossaryItemBody> Having force, or binding force; legally sufficient and authorized by law.<\/div>\"><span itemprop=\"name\">VALID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Having force, or binding force; legally sufficient and authorized by law.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valley\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALLEY<\/div><div class=glossaryItemBody> The internal angle formed by the junction of two sloping sides of a roof.<\/div>\"><span itemprop=\"name\">VALLEY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The internal angle formed by the junction of two sloping sides of a roof.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/valuation\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALUATION<\/div><div class=glossaryItemBody> Estimated worth or price. Estimation. The act of valuing by appraisal.<\/div>\"><span itemprop=\"name\">VALUATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Estimated worth or price. Estimation. The act of valuing by appraisal.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/value\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VALUE<\/div><div class=glossaryItemBody> Present worth of future benefits arising out of ownership to typical users\/investors.<\/div>\"><span itemprop=\"name\">VALUE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Present worth of future benefits arising out of ownership to typical users\/investors.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/variable-interest-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VARIABLE INTEREST RATE<\/div><div class=glossaryItemBody> (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.<\/div>\"><span itemprop=\"name\">VARIABLE INTEREST RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > (VlRs or VMRs, Variable Mortgage Rates.) An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vendee\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENDEE<\/div><div class=glossaryItemBody> A purchaser; buyer.<\/div>\"><span itemprop=\"name\">VENDEE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A purchaser; buyer.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vendor\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENDOR<\/div><div class=glossaryItemBody> A seller.<\/div>\"><span itemprop=\"name\">VENDOR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A seller.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/veneer\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VENEER<\/div><div class=glossaryItemBody> Thin sheets of wood.<\/div>\"><span itemprop=\"name\">VENEER<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Thin sheets of wood.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/verification\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VERIFICATION<\/div><div class=glossaryItemBody> Sworn statement before a duly qualified officer to correctness of contents of an instrument.<\/div>\"><span itemprop=\"name\">VERIFICATION<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Sworn statement before a duly qualified officer to correctness of contents of an instrument.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/vested\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VESTED<\/div><div class=glossaryItemBody> Bestowed upon someone; secured by someone, such as title to property.<\/div>\"><span itemprop=\"name\">VESTED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Bestowed upon someone; secured by someone, such as title to property.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/void\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOID<\/div><div class=glossaryItemBody> To have no force or effect; that which is unenforceable.<\/div>\"><span itemprop=\"name\">VOID<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To have no force or effect; that which is unenforceable.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/voidable\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOIDABLE<\/div><div class=glossaryItemBody> That which is capable of being adjudged void, but is not void unless action is taken to make it so.<\/div>\"><span itemprop=\"name\">VOIDABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > That which is capable of being adjudged void, but is not void unless action is taken to make it so.<\/dfn><\/li><li class=\" ln-21\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/voluntary-lien\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>VOLUNTARY LIEN<\/div><div class=glossaryItemBody> Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.<\/div>\"><span itemprop=\"name\">VOLUNTARY LIEN<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">w<\/h3><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wainscoting\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WAINSCOTING<\/div><div class=glossaryItemBody> Wood lining of an interior wall; lower section of a wall when finished differently from the upper part.<\/div>\"><span itemprop=\"name\">WAINSCOTING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Wood lining of an interior wall; lower section of a wall when finished differently from the upper part.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/waive\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WAIVE<\/div><div class=glossaryItemBody> To relinquish, or abandon; to forego a right to enforce or require anything.<\/div>\"><span itemprop=\"name\">WAIVE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > To relinquish, or abandon; to forego a right to enforce or require anything.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/warranty-deed\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WARRANTY DEED<\/div><div class=glossaryItemBody> A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern practice of GLOSSARY 595 securing title insurance policies which have reduced the importance of express and implied warranty in deeds.<\/div>\"><span itemprop=\"name\">WARRANTY DEED<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons. It is commonly used in many states but in others the grant deed has supplanted it due to the modern(...)<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/warranty-of-authority\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WARRANTY OF AUTHORITY<\/div><div class=glossaryItemBody> A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.<\/div>\"><span itemprop=\"name\">WARRANTY OF AUTHORITY<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/waste\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WASTE<\/div><div class=glossaryItemBody> The destruction, or material alteration of, or injury to premises by a tenant.<\/div>\"><span itemprop=\"name\">WASTE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The destruction, or material alteration of, or injury to premises by a tenant.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/water-table\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WATER TABLE<\/div><div class=glossaryItemBody> Distance from surface of ground to a depth at which natural groundwater is found.<\/div>\"><span itemprop=\"name\">WATER TABLE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Distance from surface of ground to a depth at which natural groundwater is found.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wear-and-tear\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WEAR AND TEAR<\/div><div class=glossaryItemBody> Depreciation of an asset due to ordinary usage.<\/div>\"><span itemprop=\"name\">WEAR AND TEAR<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Depreciation of an asset due to ordinary usage.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/will\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WILL<\/div><div class=glossaryItemBody>A written, legal declaration of a person expressing his or her desires for the disposition of that person&#039;s property after his or her death.<\/div>\"><span itemprop=\"name\">WILL<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >A written, legal declaration of a person expressing his or her desires for the disposition of that person's property after his or her death.<\/dfn><\/li><li class=\" ln-22\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/wrap-around-mortgage\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>WRAP AROUND MORTGAGE<\/div><div class=glossaryItemBody> A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.<\/div>\"><span itemprop=\"name\">WRAP AROUND MORTGAGE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">x<\/h3><\/li><li class=\" ln-23\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/x\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>X<\/div><div class=glossaryItemBody>An individual who cannot write may execute a legal document by affixing an X (his\/her mark) where the signature normally goes. Beneath the mark a witness then writes the person&#039;s name and signs his or her own name as witness.<\/div>\"><span itemprop=\"name\">X<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" >An individual who cannot write may execute a legal document by affixing an X (his\/her mark) where the signature normally goes. Beneath the mark a witness then writes the person's name and signs his or her own name as witness.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">y<\/h3><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yard\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YARD<\/div><div class=glossaryItemBody> A unit of measurement 3 feet long.<\/div>\"><span itemprop=\"name\">YARD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > A unit of measurement 3 feet long.<\/dfn><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yield\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YIELD<\/div><div class=glossaryItemBody> The interest earned by an investor on an investment (or by a bank on the money it has loaned). Also, called return.<\/div>\"><span itemprop=\"name\">YIELD<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The interest earned by an investor on an investment (or by a bank on the money it has loaned). Also, called return.<\/dfn><\/li><li class=\" ln-24\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/yield-rate\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>YIELD RATE<\/div><div class=glossaryItemBody> The yield expressed as a percentage of the total investment. Also, called rate of return.<\/div>\"><span itemprop=\"name\">YIELD RATE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The yield expressed as a percentage of the total investment. Also, called rate of return.<\/dfn><\/li><li class=\"the-letter-separator\"><\/li><li class=\"the-index-letter\"><h3 role=\"tab\">z<\/h3><\/li><li class=\" ln-25\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/zone\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ZONE<\/div><div class=glossaryItemBody> The area set off by the proper authorities for specific use; an area subject to certain restrictions or restraints.<\/div>\"><span itemprop=\"name\">ZONE<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > The area set off by the proper authorities for specific use; an area subject to certain restrictions or restraints.<\/dfn><\/li><li class=\" ln-25\"  itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\" ><a href=\"https:\/\/thelearningsource.net\/glossary\/zoning\/\"  role=\"term\" class=\"glossaryLink glossary-link-title  cmtt_Real Estate\"   style=\"\"   itemprop=\"url\"  aria-describedby=\"tt\" data-cmtooltip=\"<div class=glossaryItemTitle>ZONING<\/div><div class=glossaryItemBody> Act of city or county authorities specifying type of use to which property may be put in specific areas.<\/div>\"><span itemprop=\"name\">ZONING<\/span><\/a><dfn class=\"glossary_itemdesc\" role=\"definition\"  itemprop=\"description\" > Act of city or county authorities specifying type of use to which property may be put in specific areas.<\/dfn><\/li><\/ul><\/div><div class=\"clear clearfix cmtt-clearfix\"><\/div><\/div>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"[glossary]","_et_gb_content_width":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/pages\/253077"}],"collection":[{"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/comments?post=253077"}],"version-history":[{"count":2,"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/pages\/253077\/revisions"}],"predecessor-version":[{"id":254620,"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/pages\/253077\/revisions\/254620"}],"wp:attachment":[{"href":"https:\/\/thelearningsource.net\/wp-json\/wp\/v2\/media?parent=253077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}