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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ABSORPTION
RATE
The ratio of the number of properties
in an area that have been sold against
the number available. Used to show
the volatility of a market.
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ABSTRACTION
METHOD
This method of estimating the value
of property uses similar properties
available in the same market to extract
the value of a parcel of land.
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ACCELERATION
CLAUSE
A provision in a mortgage that gives
the lender the right to demand immediate
payment of the outstanding loan balance
under certain circumstances. Usually
when the borrower defaults on the
loan.
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ACCESSORY
BUILDING
A building separate from the main
structure on a property. Often used
for a specific purpose, such as a
workshop, storage shed or garage.
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ACCRETION
The natural growth of a piece of land
resulting from forces of nature.
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ACRE
43,560 square feet. A measurement
of area.
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ACTUAL AGE
The amount of time that has passed
since a building or other structure
was built. See also: EFFECTIVE AGE
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ADJUSTMENT
DATE
The date the interest rate changes
on an adjustable rate mortgage.
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AD VAL OREM
TAX
Taxes assessed based on the value
of the land and improvements.
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ADDENDUM
A supplement to any document that
contains additional information pertinent
to the subject. Appraisers use an
addendum to further explain items
for which there was inadequate space
on the standard appraisal form.
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ADJUSTABLE-RATE
MORTGAGE (ARM)
A type of mortgage where the interest
rate varies based on a particular
index, normally the prime lending
rate.
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ADJUSTED BASIS
The value of an asset (property or
otherwise) that includes the original
price plus the value of any improvement,
and less any applicable depreciation.
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ADJUSTED SALES PRICE
An estimate of a property's sales
price, after adjustments have been
made to account for differences between
it and another comparable property.
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AESTHETIC
VALUE
The additional value a property enjoys
based on subjective criteria such
as look or appeal.
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AFFIRMATION
A declaration that a certain set of
facts are truthful.
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AFFORDABILITY
ANALYSIS
A calculation used to determine an
individual's likelihood of being able
to meet the obligations of a mortgage
for a particular property. Takes into
account the down payment, closing
costs and on-going mortgage payments.
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AGENT
A person who has been appointed to
act on behalf of another for a particular
transaction.
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AMENITY
Any feature of a property that increases
its value or desirability. These might
include natural amenities such as
location or proximity to mountains,
or man-made amenities like swimming
pools, parks or other recreation.
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AMERICAN SOCIETY
OF APPRAISERS
An organization of appraisal professionals
and others interested in the appraisal
profession.
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AMORTIZATION
The repayment of a loan through regular
periodic payment.
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AMORTIZATION
SCHEDULE
The breakdown of individual payments
throughout the life of an amortized
loan, showing both principal contribution
and debt service (interest) fees.
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AMORTIZATION
TERM
The length of time over which an amortized
loan is repaid. Mortgages are commonly
amortized over 15 or 30 years.
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ANNUAL PERCENTAGE RATE (APR)
The rate of annual interest charged
on a loan.
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ANNUITY
A sum of money paid at regular intervals,
often annually.
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APPLICATION
A form used to apply for a mortgage
loan that details a potential borrowers
income, debt, savings and other information
used to determine credit worthiness.
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APPRAISAL
A ''defensible'' and carefully documented
opinion of value. Most commonly derived
using recent sales of comparable properties
by a licensed, professional appraiser.
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APPRAISAL
FOUNDATION
A not-for-profit educational organization
established by the appraisal profession
in the United States in 1987. It is
dedicated to the advancement of professional
valuation and responsible for establishing,
improving, and promoting the Uniform
Standards of Professional Appraisal
Practice (USPAP).
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APPRAISAL
INSTITUTE
A world-wide organization dedicated
to real estate appraisal education,
publication and advocacy.
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APPRAISAL
PRINCIPLES
The basic building blocks of the property
valuation process, including property
inspection, market analysis and basic
economics.
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APPRAISAL
REPORT
The end result of the appraisal process,
usually consists of one major, standardized
form such as the Uniform Residential
Appraisal Report form 1004, as well
as all supporting documentation and
additional detail information. The
purpose of the report is to convey
the estimated value of the subject
property and support that estimate
with corroborating information.
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APPRAISAL
STANDARDS BOARD (ASB)
An independent board of the APPRAISAL
FOUNDATION, which writes, amends,
and interprets USPAP. The ASB is composed
of up to seven appraisers appointed
by the Foundation's Board of Trustees.
The ASB holds public meetings throughout
the year to interpret and amend USPAP.
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APPRAISED
VALUE
The estimated fair market value of
a property as developed by a licensed,
certified appraiser following accepted
appraisal principals.
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APPRAISER
An educated, certified professional
with extensive knowledge of real estate
markets, values and practices. The
appraiser is often the only independent
voice in any real estate transaction
with no vested interest in the ultimate
value or sales price of the property.
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APPRECIATION
The natural rise in property value
due to market forces.
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ARMS LENGTH
TRANSACTION
Any transaction in which the two parties
are unconnected and have no overt
common interests. Such a transaction
most often reflects the true market
value of a property.
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ASSESSED VALUE
The value of a property according
to jurisdictional tax assessment.
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ASSESSMENT
The function of assigning a value
to a property for the purpose of levying
taxes.
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ASSESSMENT
RATIO
The comparative relationship of a
property's assessed value to its market
value.
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ASSESSOR
The jurisdictional official who performs
the assessment and assigns the value
of a property.
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ASSET
Any item of value which a person owns.
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ASSIGNMENT
Transfer of ownership of a mortgage
usually when the loan is sold to another
company.
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ASSUMABLE
MORTGAGE
A mortgage that can be taken over
by the buyer when a home is sold.
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ASSUMPTION
When a buyer takes over, or assumes
the sellers mortgage.
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ATTACHED HOUSING
Any number of houses or other dwellings
which are physically attached to one
another, but are occupied by a number
of different people. The individual
houses may or may not be owned by
separate people as well.
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BALLOON MORTGAGE
A mortgage loan in which the monthly
payments are not large enough to repay
the loan by the end of the term. So
at the end of the term, the remaining
balance comes due in a single large
payment.
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BALLOON PAYMENT
The final large payment at the end
of a balloon mortgage term.
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BANKRUPTCY
When a person or business is unable
to pay their debts and seeks protection
of the state against creditors. Bankruptcies
remain on credit records for up to
ten years and can prevent a person
from being able to get a loan.
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BASEBOARD
Usually wood or vinyl installed around
the perimeter of a room to cover the
space where the wall and floor meet.
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BASEBOARD
HEAT
A heating system with the heating
unit located along the perimeter of
the wall where the baseboard would
be. It can be either an electric or
hot water system.
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BILL OF SALE
A physical receipt indicating the
sale of property.
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BIWEEKLY MORTGAGE
A mortgage where you make half payments
every two weeks, rather than one payment
per month. This results in making
the equivalent of 13 monthly payments
per year, rather than 12, significantly
reducing the time it takes to pay
off a thirty year mortgage.
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BLIGHTED AREA
Any region of a city or town that
has fallen into disrepair or otherwise
has become undesirable.
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BONA FIDE
Any genuine offer, made without intent
to defraud or deceive.
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BREAKER BOX
A metal box that contains circuit
breakers or fuses that control the
electrical current in the home.
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BRIDGE FINANCING
An interim loan made to facilitate
the purchase of a new home before
the buyer's current residence sells
and its equity is available to fund
the new purchase.
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BROKER
An individual who facilitates the
purchase of property by bringing together
a buyer and a seller.
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BUFFER ZONE
A segment of land between two disparate
municipal zones which acts as a shield
to keep one zone from encroaching
upon the other. Often used to separate
residential districts from commercial
areas.
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BUILDING CODE
Regulations that ensure the safety
and material compliance of new construction
within a municipality. Building codes
are localized to ensure they are adequate
to meet the risk of common hazards.
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BUILDING LINE
OR SETBACK
The statutory distance between buildings
and the property line, imposed by
municipalities, home associations,
or other agreements.
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BUILT-INS
Specific items of personal property
which are installed in a real estate
improvement such that they become
part of the building. Built-in microwave
ovens and dishwashers are common examples.
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BUCKLING
The bending of a building material
as a result of wear and tear or contact
with a substance such as water.
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BUNGALOW
A one-story, home-style dating from
the early twentieth century. Often
characterized by a low-pitched roof.
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BUY DOWN
Extra money paid in a lump sum to
reduce the interest rate of a fixed
rate mortgage for a period of time.
The extra money may be paid by the
borrower, in order to have a lower
payment at the beginning of the mortgage.
Or paid by the seller, or lender,
as incentive to buy the property or
take on the mortgage.
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CALL OPTION
A clause in a mortgage which allows
the lender to demand payment of the
outstanding balance at a specific
time.
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CAP
Associated with Adjustable Rate Mortgages.
A limit on how high monthly payments
or how much interest rates may change
within a certain time period or the
life of the mortgage.
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CAPE COD COLONIAL
A single-story house style made popular
in New England. Often characterized
by a steep roof with gables.
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CAPITAL
Accumulated goods and money which
is most often used to generate additional
income.
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CAPITAL EXPENDITURE
An outlay of funds designed to improve
the income-producing capabilities
of an asset or to extend its economic
life.
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CARPENTER
ANTS
Ants that bore through wood. Like
termites, carpenter ants like warm,
moist areas such as those found in
wood structures in this part of the
country. Carpenter ants differ from
termites in several important ways.
Carpenter ants do not ingest the wood;
rather, they tunnel through the wood
leaving a residue of sawdust. Also
differing from termites, carpenter
ants can nest anywhere; it is not
uncommon to find a carpenter ant nest
in an attic. Carpenter ants can do
a great amount of structural damage.
By the time the sawdust residue is
visible, structural damage may already
have occurred. Exterminating carpenter
ants is difficult. To exterminate
them, one must first find the nest.
Finding the nest is the most difficult
part of exterminating carpenter ants.
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CASH-OUT REFINANCE
Refinancing a mortgage at a higher
amount than the current balance in
order to transform a portion of the
equity into cash.
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CAVEAT EMPTOR
Literally translated: ''Let the buyer
beware.'' A common business tenet
whereby the buyer is responsible for
verifying any and all claims by the
seller of property.
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CERTIFICATE
OF DEPOSIT
A document showing that the bearer
has a certain amount of money, at
a particular amount interest, on deposit
with a financial institution.
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CERTIFICATE
OF DEPOSIT INDEX
An index based on the interest rate
of six month CDs. Used to set interest
rates on some Adjustable Rate Mortgages.
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CERTIFICATE
OF ELIGIBILITY
A document issued by the Veterans
Administration that certifies eligibility
for a VA loan.
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CERTIFICATE
OF OCCUPANCY
Issued by an appropriate jurisdictional
entity, this document certifies that
a building complies with all building
codes and is safe for use or habitation.
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CERTIFICATE
OF REASONABLE VALUE (CRV)
Usually based on an independent appraisal,
a CRV for a particular property establishes
the maximum amount which can be secured
by a VA mortgage.
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CERTIFICATE
OF TITLE
A document designating the legal owner
of a parcel of real estate. Usually
provided by a title or abstract company.
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CERTIFIED
GENERAL APPRAISER
Generally, any professional who has
met the local or state requirements,
and passed the appropriate certification
exam, and is capable of appraising
any type of property.
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CERTIFIED
RESIDENTIAL APPRAISER
A sub-classification of appraiser
who is only licensed to appraise residential
property, usually up to four units.
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CHAIN OF TITLE
The complete history of ownership
of a piece of property.
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CHATTEL
Any personal property which is not
attached to or an integral part of
a property. Chattel is not commonly
taken into consideration when appraising
the value of real property.
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CLEAR TITLE
Ownership of property that is not
encumbered by any counter-claim or
lien.
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CLOSING
A torturous process designed to induce
cramping in a home buyer's hands by
requiring signature on countless pieces
of documentation that nobody has ever
read. Or, the process whereby the
sale of a property is consummated
with the buyer completing all applicable
documentation, including signing the
mortgage obligation and paying all
appropriate costs associated with
the sale (CLOSING COSTS).
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CLOSING COSTS
All appropriate costs generated by
the sale of property which the parties
must pay to complete the transaction.
Costs may include appraisal fees,
origination fees, title insurance,
taxes and any points negotiated in
the deal.
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CLOSING STATEMENT
The document detailing the final financial
arrangement between a buyer and seller
and the costs paid by each.
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COLLATERAL
An asset which is placed at risk to
secure the repayment of a loan.
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CO-BORROWER
A second person sharing obligation
on the loan and title on the property.
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COLLECTION
The process a lender takes to pursue
a borrower who is delinquent on his
payments in order to bring the mortgage
current again. Includes documentation
that may be used in foreclosure.
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CO-MAKER
A second party who signs a loan, along
with the borrower, and becomes liable
for the debt should the borrower default.
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COMMON LAW
As opposed to statute law. Laws that
have been established by custom, usage
and courts over many years.
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COMMISSION
A percentage of the sales price or
a fixed fee negotiated by an agent
to compensate for the effort expended
to sell or purchase property.
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COMMON AREA
ASSESSMENTS
Fees which are charged to the tenets
or owners of properties to cover the
costs of maintaining areas shared
with other tenets or owners. Commonly
found in condominium, PUD or office
spaces.
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COMMON AREAS
Any areas, such as entryways, foyers,
pools, recreational facilities or
the like, which are shared by the
tenets or owners of property near
by. Commonly found in condominium,
PUD or office spaces.
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COMMUNITY
PROPERTY
In many jurisdictions, any property
which has been acquired by a married
couple. The ownership of the property
is considered equal unless stipulated
otherwise by both parties.
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COMPARABLES
An abbreviated term used by appraisers
to describe properties which are similar
in size, condition, location and amenities
to a subject property who's value
is being determined. The Uniform Standards
of Professional Appraisal Practice
(USPAP) establish clear guidelines
for determining a comparable property.
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COMPOUND INTEREST
Interest paid on the principal amount,
as well as any accumulated interest.
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CONCESSIONS
Additional value granted by a buyer
or seller to entice another party
to complete a deal.
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CONDEMNATION
The official process by which a property
is deemed to be uninhabitable or unusable
due to internal damage or other external
conditions.
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CONDOMINIUM
A development where individual units
are owned, but common areas and amenities
are shared equally by all owners.
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CONDOMINIUM
CONVERSION
Commonly, the conversion of a rental
property such as an apartment complex
into a CONDOMINIUM-style complex where
each unit is owned rather than leased.
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CONSTRUCTION
LOAN
A loan made to a builder or home owner
that finances the initial construction
of a property, but is replaced by
a traditional mortgage one the property
is completed.
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CONTIGUOUS
Connected to or touching along an
unbroken boundary
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CONTINGENCY
Something that must occur before something
else happens. Often used in real estate
sales when a buyer must sell a current
home before purchasing a new one.
Or, when a buyer makes an offer the
requires a complete home inspection
before it becomes official.
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CONTRACT
A legally binding agreement, oral
or written, between two parties.
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CONVENTIONAL
MORTGAGE
A traditional, real estate financing
mechanism that is not backed by any
government or other agency (FHA, VA,
etc.).
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CONVERTIBLE
ARM
A mortgage that begins as and adjustable,
that allows the borrower to convert
the loan to a fixed rate within a
specific timeframe.
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COOPERATIVE
(CO-OP)
A form of ownership where each resident
of a multiunit property owns a share
in a cooperative corporation that
owns the building. With each resident
having rights to a specific unit within
the building.
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CORPORATE
RELOCATION
A situation where a person's employer
pays all or some of the expenses associated
with moving from one location to another,
usually over a substantial distance.
Relocation expenses often include
the amounts, such as brokerage fees,
incurred in the selling and buying
of the employee's primary residence.
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COST OF FUNDS
INDEX (COFI)
An index of financial institutions
costs used to set interest rates for
some Adjustable Rate Mortgages.
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COVENANT
A stipulation in any mortgage that,
if not met, can be cause for the lender
to foreclose.
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CREDIT
A loan of money for the purchase of
property, real or personal. Credit
is either secured by an asset, such
as a home, or unsecured.
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CREDIT HISTORY
A record of debt payments, past and
present. Used by mortgage lenders
in determining credit worthiness of
individuals.
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CREDITOR
A person to whom money is owed.
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CREDIT REPORT
A detailed report of an individuals
credit, employment and residence history
prepared by a credit bureau. Used
by lenders to determine credit worthiness
of individuals.
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CREDIT REPOSITORY
Large companies that gather and store
financial and credit information about
individuals who apply for credit.
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CUL-DE-SAC
A dead-end street. One with only one
entrance/exit.
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DATE OF APPRAISAL
The specific point in time as of which
an appraiser designates the value
of a home. Often stipulated as the
date of inspection.
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DEBT
An obligation to repay some amount
owed. This may or may not be monetary.
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DEBT EQUITY
RATIO
The ratio of the amount a mortgagor
still owes on a property to the amount
of equity they have in the home. Equity
is calculated at the fair-market value
of the home, less any outstanding
mortgage debt.
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DEED
A document indicating the ownership
of a property.
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DEED-IN-LIEU
(OF FORECLOSURE)
A document given by a borrower to
a lender, transferring title of the
property. Often used to avoid credit-damaging
foreclosure procedures.
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DEED OF TRUST
A document which transfers title in
a property to a trustee, who's obligations
and powers are stipulated. Often used
in mortgage transactions.
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DEED OF RECONVEYANCE
A document which transfers ownership
of a property from a Trustee back
to a borrower who has fulfilled the
obligations of a mortgage.
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DEED OF RELEASE
A document which dismisses a lien
or other claim on a property.
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DEED OF SURRENDER
A document used to surrender any claim
a person has to a property.
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DEFAULT
The condition in which a borrower
has failed to meet the obligations
of a loan or mortgage.
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DELINQUENCY
The state in which a borrow has failed
to meet payment obligations on time.
DEPOSIT
Cash given along with an offer to
purchase property, Also called EARNEST
MONEY.
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DEPRECIATION
The natural decline in property value
due to market forces or depletion
of resources.
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DETACHED SINGLE-FAMILY
HOME
A single building improvement intended
to serve as a home for one family.
DISCOUNT POINTS
Points paid in addition to the loan
origination fee to get a lower interest
rate. One point is equal to one percent
of the loan amount.
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DISTRESSED
PROPERTY
A mortgaged property which has been
foreclosed on.
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DUE-ON-SALE
PROVISION
A clause in a mortgage giving the
lender the right to demand payment
of the full balance when the borrower
sells the property.
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DUPLEX
A single-building improvement which
is divided and provides two units
which serve as homes to two families.
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DWELLING
A house or other building which serves
as a home.
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DOWN PAYMENT
An amount paid in cash for a property,
with the intent to mortgage the remaining
amount due.
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EARNEST MONEY DEPOSIT
A cash deposit made to a home seller
to secure an offer to buy the property.
This amount is often forfeited if
the buyer decides to withdraw his
offer.
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EASEMENT
The right of a non-owner of property
to exert control over a portion or
all of the property. For example,
power companies often own an easement
over residential properties for access
to their power lines.
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ECONOMIC DEPRECIATION
The decline in property value caused
by external forces, such as neighborhood
blight or adverse development.
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ECONOMIC LIFE
The amount of time which any income-producing
property is able to provide benefits
to its owner.
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EFFECTIVE
AGE
The subjective, estimated age of a
property based on its condition, rather
than the actual time since it was
built. Excessive wear and tear can
cause a property's effective age to
be greater than its actual age.
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EMINENT DOMAIN
The legal process whereby a government
can take ownership of a piece of property
in order to convert it to public use.
Often, the property owner is paid
fair-market value for the property.
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ENCROACHMENT
A building or other improvement on
one property which invades another
property or restricts its usage.
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ENCUMBRANCE
A claim against a property. Examples
are mortgages, liens and easements.
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EQUAL CREDIT
OPPORTUNITY ACT (ECOA)
U.S. federal law requiring that lenders
afford people equal chance of getting
credit without discrimination based
on race, religion, age, sex etc
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EQUITY
The difference between the fair market
value of a property and that amount
an owner owes on any mortgages or
loans secured by the property.
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EQUITY BUILDUP
The natural increase in the amount
of equity an owner has in a property,
accumulated through market appreciation
and debt repayment.
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ERRORS AND
OMISSIONS INSURANCE
An insurance policy taken out by appraisers
to cover their liability for any mistakes
made during the appraisal process.
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ESCROW
An amount retained by a third party
in a trust to meet a future obligation.
Often used in the payment of annual
taxes or insurance for real property.
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ESCROW ACCOUNT
An account setup by a mortgage servicing
company to hold funds with which to
pay expenses such as homeowners insurance
and property taxes. An extra amount
is paid with regular principal and
interest payments that goes into the
escrow account each month.
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ESCROW ANALYSIS
An analysis performed by the lender
usually once each year to see that
the amount of money going into the
escrow account each month is correct
for the forecasted expenses.
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ESCROW DISBURSEMENTS
The payout of funds from an escrow
account to pay property expenses such
as taxes and insurance.
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ESTATE
The total of all property and assets
owned by an individual.
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EXAMINATION
OF TITLE
The report on the title of a property
from the public records or an abstract
of the title.
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EXCLUSIVE
LISTING
An agreement between the owner of
a property and a real estate agent
giving the agent exclusive right to
sell the property.
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EXECUTOR
The person named in a will to administer
the estate.
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FACADE
The front exposure of any building.
Often used to describe an artificial
or false front which is not consistent
with the construction of the rest
of the building.
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FAIR CREDIT
REPORTING ACT
A federal law regulating the way credit
agencies disclose consumer credit
reports and the remedies available
to consumers for disputing and correcting
mistakes on their credit history.
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FAIR MARKET
VALUE
The price at which two unrelated parties,
under no duress, are willing to transact
business.
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FANNIE MAE
A private, shareholder-owned company
that works to make sure mortgage money
is available for people to purchase
homes. Created by Congress in 1938,
Fannie Mae is the nation's largest
source of financing for home mortgages.
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FEDERAL DEPOSIT
INSURANCE CORPORATION (FDIC)
The U.S. Government agency created
in 1933 which maintains the stability
of and public confidence in the nation's
financial system by insuring deposits
and promoting safe and sound banking
practices.
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FEDERAL HOUSING
ADMINISTRATION (FHA)
A sub-agency of the U.S. Department
of Housing and Urban Development created
in the 1930's to facilitate the purchase
of homes by low-income, first-time
home buyers. It currently provides
federally-subsidized mortgage insurance
for private lenders.
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FEE APPRAISER
A certified, professional appraiser
who estimates the fair market value
of property and receives a set fee
in exchange.
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FEE SIMPLE
A complete, unencumbered ownership
right in a piece of property.
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FEE SIMPLE
ESTATE
A form or ownership, or holding title
to real estate. It is the most complete
form of title, having an unconditional
and unlimited interest of perpetual
duration.
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FHA MORTGAGE
A mortgage that is insured by the
Federal Housing Administration (FHA).
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FINAL VALUE
ESTIMATE
The estimated value of a piece of
property resulting from an appraisal
following the USPAP guidelines.
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FIRST MORTGAGE
The primary loan or mortgage secured
by a piece of property.
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FIXED-RATE
MORTGAGE (FRM)
A mortgage which has a fixed rate
of interest over the life of the loan.
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FIXTURE
Any piece of personal property which
becomes permanently affixed to a piece
of real property.
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FLOOD INSURANCE
Supplemental insurance which covers
a home owner for any loss due to water
damage from a flood. Often required
by lenders for homes located in FEMA-designated
flood zones.
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FLOOR PLAN
The representation of a building which
shows the basic outline of the structure,
as well as detailed information about
the positioning of rooms, hallways,
doors, stairs and other features.
Often includes detailed information
about other fixtures and amenities.
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FORECLOSURE
The process whereby a lender can claim
the property used by a borrower to
secure a mortgage and sell the property
to meet the obligations of the loan.
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FORFEITURE
The loss of property or money due
to the failure to meet the obligations
of a mortgage or loan secured by that
property.
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FRONTAGE
The segment of a property that runs
along a point of access, such as a
street or water front.
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FUNCTIONAL
OBSOLESCENCE
A decrease in the value of property
due to a feature or lack thereof which
renders the property undesirable.
Functional obsolescence can also occur
when the surrounding area changes,
rendering the property unusable for
its originally intended purpose.
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GABLE ROOF
A steeply angled, triangular roof.
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GAMBREL ROOF
A ''barn-like'' roof, where the upper
portion of the roof is less-steeply
angled than the lower part.
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GENERAL LIEN
A broad-based claim against several
properties owned by a defaulting party.
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GEORGIAN
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