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373 Cards in this Set
- Front
- Back
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SAFE Act |
The secure and Fair Enforcement for Mortgage Licensing Act. Requires a licensing system for mortgage originators |
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Safety clause |
provision that protects a listing broker’s commission in the event that property is sold within a stated period to someone who was first brought to the property during the term of the listing a clause that protects the broker’s commission when a sale is consummated after a listing expires to a buyer procured by the broker a cluse in a listing that provides that should the seller sell to a person the agent negotiated with within a set period of time after the listing expires, and whose name the agent submitted to the owner in writting beofre expiration, the broker will be entitled to the sale commission |
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sale - leaseback |
a trasaction in which at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser |
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Salesperson |
a real estate licensee who must be employed by a licensed broker |
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Sales comparison approach |
market comparison approach; market data approach; appraisal method in which the sales prices of properties that are comparable in construction and location to the subject properrty are analyzed and adjusted to reflect difference between the comparables and the subject |
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Sales contract |
Land contract; installment sales contract; a contract used in a sale of real property whereby the seller retains title to t he property until all or a prescribed part of the purchase price has been paid, but no earlier than one year from the date of possession |
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sales tax |
owed to the state by retailers of tangible personal property, whether or not paid by a customer; exception is made for some items, such as food, which incurs no sales tax |
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Salvage value |
in computing depreciation for tax purposes under all but the declining balance method, the reasonably anticipated fair market value of the property at the end of its useful life |
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Sandwitch lease |
a leasehold interest bewteen the primary lease and the operating lease |
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Satisfaction |
discharge of an obligation before the end of its term by payment of the total debt owed |
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Satisfaction of mortgage |
instrument given by the mortgagee to the morgagor that releases the mortgage lien when recorded |
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Scarcity |
relative lack of supply of a product; one of the four basic elements of value that also include demand, utility, and transferability |
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S corporation |
a small corporation whose earnings are taxed as a partnership rather than as a corporation business owned by no more than 35 shareholders and incorporated following requirements of Subchapter SS of the Internal Revenue Code, which than allows income to flow directly to shareholders, avoiding double taxation |
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Scheduled rent |
rent charged, not adjusted for rental incentives |
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Secondary financing |
a loan secured by a second (or subsequent) mortgage or trust deed on real property |
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Secret agent — undisclosed agent |
the third party can hold the agent or undisclosed principal liable |
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Secondary mortgage market |
Investment opportunities involving real property securities, other than direct loans from lender to borrowers; loans may be bought, sold, or pooled to form the basis for mortgage-backed securities |
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Secret profit |
compensation in any form received by a real estate licensee without the knowledge of thelicensee’s client a profit of the agent that was not fully disclosed to the principal |
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Section |
a standard land area of on emile square, containing 640 acres, used in the rectangular survey system of land description. |
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Security agreement |
an instrument that creates a security interest in personal property |
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secure and fair enforcement for mortgage licensing act (SAFE Act) |
Law that law requires all real estate brokers ( and salespersons acting under the supervision of a broker) who make, arrange, or serviceloans secured by real property to reprot that fact to the Califronia Bureau of Real Estate by January 31, 2010 (or within 30 days of commencing the activity, whichever is later) |
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Security deposit |
an amount paid at the start of a lease term and retained by the landlord until the tenant vacates the premises, all or part of which may be kept by the landlord at that time to cover costs of any default in reant payments or reasonable costs of repairs or cleaning necessitated by the tenant’s use of the premises a deposit for the last month’s rent or to secure aginst tenant damage that must be refundable |
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Security instrument |
a written document executed by a debtor by which the described property is made security for the underlying debt a written document executed by a debtor that pledges the described property as the lender’s assurance that the underlying debt will be repaid |
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Seal |
a mark or impression to attest to authenticity of a signature. Not required in Califronia |
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Seismic hazard zone |
area specified by the Califronia Department of Conservation as being at high risk of severe earth movement |
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Self-contained report |
narrative report; most comprehanisve type of appraisal report, including a through statement of the background data supporting the opinion of value |
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Seller’s market |
real estate market with more buyers than seller |
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Self help eviction |
a nonlegal act by the lessor to force the tenant to vacate |
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Send out slip |
an agreement that if a property is disclosed, the prospective buyer will negotiate for it only through the broker who made the disclosure |
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Seprate property |
property owned by a married person other than community property, including property owned before marriage, property acquired by gift or inheritance, income from separate property, and property acquired with the proceeds of separate property property owned by a spouse in severalty rather than jointly with the other spouse |
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Servient tenement |
the land being used by another under an easement |
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Set back ordinance |
an ordinance requiring improvements built on property to be a specified distance from the property line, street, or curb |
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Settlement statement |
Document provided to buyer and seller at closing that indicates all of the income and expenses of the transaction |
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Severalty |
ownership in severalty is ownership by one individual or corporation alone |
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Severance damage |
damage to the remainder of the property resulting from the taking of a portion by eminent domain |
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Sexual harassment |
offensive sexually, related actions or language that could constitute a tort and/or discriminatory act |
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Shared appreciation mortgage (SAM) |
Security instrument in which borrower receives below market rate of interest and resulting lower payments in exchange for giving the lender an agreed on portion of future property appreciation, if any |
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Shared equity mortgage |
a financing instrument that provides for the lender to share in the property’s appreciation |
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Sheathing |
insulating and bracing material, such as plywood, applied to exterior walls of wood - frame structure, to which exterior finishing material, such as siding or masonry, is applied |
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Sheriff’s deed |
deed given to the purchaser at a court ordered sale to satisfy a judhment, without warranties a deed given after a sheriff’s sale |
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Short rate |
increased premium charged by insurance company on early cancellation of policy to compensate insurer for the fact that the original rate was calculated on the full term of the policy |
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Short sale |
a sale for less than is owed on a loan where the lender agrees to accept sale proceeds to extinguish the debt |
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simultaneous death |
when parties die in the same accident and it is unclear which on died first, they are presumed to have died at the same time. Each estate will be probated as if the person had survived the other |
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Sick building syndrome |
Illness attributed to a sealed structure; believed related to ventilation |
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Siding |
exterior wall finishing, applied in horizontal boards that can be wood, aluminum, vinyl, or a composite material |
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Siding |
exterior wall finishing, applied in horizontal boards that can be wood, aluminum, vinyl, or a composite material |
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Simple interest |
interest computed on the principal amount of a loan only |
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Sill |
wood member plaed directly on foundation; in california, state law requires anchor bolts to fasten sill to foundation for earthquake safety |
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Simple interest |
inteest computed on the principal amount of a loan only. |
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Simple interest |
inteest computed on the principal amount of a loan only. |
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Single agency |
representation of only one party to a transaction; for example, a seller’s agent or buyer’s agent |
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Simple interest |
inteest computed on the principal amount of a loan only. |
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Single agency |
representation of only one party to a transaction; for example, a seller’s agent or buyer’s agent |
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Sinking fund |
fund set aside from the income from property that, with accrued interest, eventually will pay for replacement of the improvements |
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Site value |
determination of land value exclusive of improvements |
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Six month rule |
time period in which a homeowner can sell one home and move into another, less costly one, to pay debts that would otherwise threaten a sale of the homestead |
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Small claims court (Clifornia) |
a division of the superior court. Jurisdiction is limited to $5,000 or less |
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Soffit |
encloses opening between outside wall of structure and end of room overhang |
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Solar heating |
system that uses warmth of sun; passive when sunlight is allowed to warm tiles or other materials; active when water is passed throgh solar collector, then recirculated |
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Solar shade act |
an act provideing an easement of light after a person has installed a solar collector |
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Sole proprietorship |
business owned by only one owner |
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Soldiers and sailors civil relief act |
an act that prohibits forclosures while a person is in military service and within three months thereafter except by court order |
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Social media |
interactive apps that allow for social networking |
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sole proprietorship |
only owner of a business business owned by only one owner |
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Special agent |
an agent whose authority is limited to specified duties |
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Special agent |
an agent whose authority is limited to specified duties |
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Special assessment |
appropriation in the form of a tax on property that is enhanced by the addition or renovation of improvements, such as a light rail line tax assessments for improvements, such as streets and sewers, liens for special assessments are priority liens |
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Special agent |
an agent whose authority is limited to specified duties |
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Special assessment |
appropriation in the form of a tax on property that is enhanced by the addition or renovation of improvements, such as a light rail line tax assessments for improvements, such as streets and sewers, liens for special assessments are priority liens |
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Special limitation |
a limiting condition specified in a trasnfer of fee simple ownership that, if not complied with, will immediately and automatically extinguish the estate and return title to the grantor |
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Special agent |
an agent whose authority is limited to specified duties |
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Special assessment |
appropriation in the form of a tax on property that is enhanced by the addition or renovation of improvements, such as a light rail line tax assessments for improvements, such as streets and sewers, liens for special assessments are priority liens |
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Special limitation |
a limiting condition specified in a trasnfer of fee simple ownership that, if not complied with, will immediately and automatically extinguish the estate and return title to the grantor |
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Special endorsement |
an endorsement on a negotiable instrument to a named party |
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Special power of attorney |
authorization to act for someone else for a specific purpose, such as a real estate transaction |
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Special power of attorney |
authorization to act for someone else for a specific purpose, such as a real estate transaction |
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Special studies zone |
one of the areas, typically within a quarter mile or more of an active earthquake fault, rquiring a geologic report for any new project involving improvement or structures initiated after May 4 1975; the report may be waived by city or county if the state geologist appoves |
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Special warranty deed |
a deed in which the grantor warrants or grantantess the title only against defects arising during the grantor’s ownership of the the property and not against defects existing before the time of the grantor’s ownership |
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specific lien |
creditor’s right in identified property of the debtor a lien against particular property only, such as a trust deed, mechanic’s lien, or tax lien |
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specific lien |
creditor’s right in identified property of the debtor a lien against particular property only, such as a trust deed, mechanic’s lien, or tax lien |
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Specific performance |
an action to compel a breaching party to adhere to a contract obligation, such as an action to compel the sale of land as an alternative to money damages requiring a person to perform as she agreed to perform |
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Square foot method |
way of finding reproduction cost by multiplying the current cost paer square foot of a comparable building by the number of square feeet in the subject building |
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spite fence |
a fence over 10 feet in height maliciously erected or maintained to annoy a neighbor; a spite fence is considered a nuisance |
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Staging |
preparing a home for sale showings |
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Standard policy |
Policy of title insurance that protects against fruad or other challenges to the owner’s title that would not be discovered by an examination of the property or title records |
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spot zoning |
zoning of parcels not in conformance with the general area zoning |
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Standard subdivision |
area of land divided into parcels intended for separate ownership with no common (shared) ownership by all of the owners of any of the land |
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Standby commitment |
mortgage bankeer’s promise, for which builder pays a standby fee, to make loans available to prospective purchasers on stated terms |
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Standby commitment |
mortgage bankeer’s promise, for which builder pays a standby fee, to make loans available to prospective purchasers on stated terms |
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Standby fee |
fee paid by builder to mortgage banker in exchange for agreement to make mortgagee loans available at a stated price at a future time |
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Starting time |
date on which a construction project begins (work starts or materials are provided) |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
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Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
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Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
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Step up lease |
lease with set rent that provides for periodic rent increases |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
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Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
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Step up lease |
lease with set rent that provides for periodic rent increases |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
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Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
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Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
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Step up lease |
lease with set rent that provides for periodic rent increases |
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Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
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Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
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Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
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Straight note |
a note in which a borrower repays thee principal in a lump sum at naturity, with interest due in installments or at maturity |
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Standard subdivision |
subdivision that does not contain any common areas |
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Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
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Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
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Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
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Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
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Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
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|
Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
|
|
Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
|
|
Step up lease |
lease with set rent that provides for periodic rent increases |
|
|
Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
|
|
Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
|
|
Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
|
|
Straight note |
a note in which a borrower repays thee principal in a lump sum at naturity, with interest due in installments or at maturity |
|
|
Stop notice |
a notice to a lender that a mechanic has not been paid. Unleess a bond is posted, the lender must withhold moniees due to the prime contractor |
|
|
Standard subdivision |
subdivision that does not contain any common areas |
|
|
Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
|
|
Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
|
|
Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
|
|
Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
|
|
Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
|
|
Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
|
|
Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
|
|
Step up lease |
lease with set rent that provides for periodic rent increases |
|
|
Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
|
|
Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
|
|
Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
|
|
Straight note |
a note in which a borrower repays thee principal in a lump sum at naturity, with interest due in installments or at maturity |
|
|
Stop notice |
a notice to a lender that a mechanic has not been paid. Unleess a bond is posted, the lender must withhold moniees due to the prime contractor |
|
|
Stucco |
type of plaster used for exterior finishing of walls |
|
|
Standard subdivision |
subdivision that does not contain any common areas |
|
|
Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
|
|
Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
|
|
Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
|
|
Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
|
|
Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
|
|
Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
|
|
Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
|
|
Step up lease |
lease with set rent that provides for periodic rent increases |
|
|
Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
|
|
Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
|
|
Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
|
|
Straight note |
a note in which a borrower repays thee principal in a lump sum at naturity, with interest due in installments or at maturity |
|
|
Stop notice |
a notice to a lender that a mechanic has not been paid. Unleess a bond is posted, the lender must withhold moniees due to the prime contractor |
|
|
Stucco |
type of plaster used for exterior finishing of walls |
|
|
Studs |
Vertical wall ssupports; wood studs are used in a wood - frame structure and steel studs are used in a steel - frame structure |
|
|
Standard subdivision |
subdivision that does not contain any common areas |
|
|
Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
|
|
Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
|
|
Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
|
|
Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
|
|
Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
|
|
Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
|
|
Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
|
|
Step up lease |
lease with set rent that provides for periodic rent increases |
|
|
Standard policy of title insurance |
a policy of title insurancee that covers matters of records not specifically excluded, as weell as forgery, lack of capacity of a grantor, undisclosed spousal interests, failure of delivery, federal estate tax liens, corporation deeds when a charter has expired, and deeds of agents whose capacity has ended |
|
|
Stock cooperative |
a form of subdivision, typically of an apartment building, in which each owneer in the stock cooperative is aa shareholder in a corporation that holds title to the property, each shareholder being entitled to use, rent, or sell a specific apartment unit corporate ownership of real property with each share holder entitled to occupancy of a unit under a lease |
|
|
Straight line method |
depreciation computed at a constant rate over the estimated useful life of the improvement |
|
|
Straight note |
a note in which a borrower repays thee principal in a lump sum at naturity, with interest due in installments or at maturity |
|
|
Stop notice |
a notice to a lender that a mechanic has not been paid. Unleess a bond is posted, the lender must withhold moniees due to the prime contractor |
|
|
Stucco |
type of plaster used for exterior finishing of walls |
|
|
Studs |
Vertical wall ssupports; wood studs are used in a wood - frame structure and steel studs are used in a steel - frame structure |
|
|
stratified market |
sales market difference by price |
|
|
Standard subdivision |
subdivision that does not contain any common areas |
|
|
Stare decisis |
principal that previous decisions should be used to determine present rights and obligations |
|
|
Statute of frauds |
a state law requiring that certian contracts be in writing and signed before they will be enforeceable, such as a contract for the sale of real estate thee requirement that certian agreements must be in writing to be enforceable (adopted from the common law) |
|
|
Statute of limitations |
law that stipulates the specific time period during which a legal action must be brought following the act that gives rise to it the period in which legal action must be started or the right to bring action is lost |
|
|
Statutory dedication |
dedication of an easement for public use under the porvisions of the California Subdivision Map Act |
|
|
Statutory law |
law that is based on enacted statutes rather than preecedent; civil law |
|
|
Statutory warranty deed |
a short-term warranty deed that warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary; if the seller does not do so, the neew owner can defend against said claims and sue the former owner |
|
|
Steering |
the illegal act of directing prospective homebuyers to or form a particlular residential area on the basis of the homebuyer’s race or national origin directing prospective buyers to areas based on race, religion, national origin, etc |
|
|
Step up lease |
lease with set rent that provides for periodic rent increases |
|
|
Straight note |
a note whereby interest only is paid and the entire balance is due on the due date |
|
|
Straight note |
a note whereby interest only is paid and the entire balance is due on the due date |
|
|
Strict foreclosure |
common law foreeclosure whereby the mortgagee receives the property without a sale upon the mortgagor’s default |
|
|
Strict liability |
Liable for injury occurring without regard to negligencee or fault |
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|
Strict liability |
Liable for injury occurring without regard to negligencee or fault |
|
|
subagent |
person who works through agent on client’s behalf agent appointed by an agent. Subagents have agency duties to the principal |
|
|
Strict liability |
Liable for injury occurring without regard to negligencee or fault |
|
|
subagent |
person who works through agent on client’s behalf agent appointed by an agent. Subagents have agency duties to the principal |
|
|
Subdivision |
the division of real property into separate parcels or lots for the purpose of sale, or financing |
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|
Strict liability |
Liable for injury occurring without regard to negligencee or fault |
|
|
subagent |
person who works through agent on client’s behalf agent appointed by an agent. Subagents have agency duties to the principal |
|
|
Subdivision |
the division of real property into separate parcels or lots for the purpose of sale, or financing |
|
|
Subdivided lands law |
part of the Califronia real estate law found in the business and professions code that regulates the foration, marketing, and financing of subdivisions under the authroity of the Real Estate Commissioner. |
|
|
Subdivided lands law |
a disclosure law to protect purchaseers of subdivided parcels. A public report is required for subdivisions of five or more parcels |
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|
Subdivision public report |
Issued by the real estate commissioner after a subdivision developer has met the requirements of the Subdivided lands law; provides details of the project an financing, and copy must be given to all prospective purchasers; sales may begin on the basis of an approved preliminary public report, but no sales can be closed or transactions completed until the final public report is received |
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|
Subdivision map |
document showing division of land into two or more parcels, required before subdivision approval |
|
|
Subdivision map act |
part of the government code that sets out the procedure for filing a subdivisoin plan when property is divided into two or more parcels. an act providing local control of the physical aspects of land divisions |
|
|
Subdivision public report |
Issued by the real estate commissioner after a subdivision developer has met the requirements of the Subdivided lands law; provides details of the project and financing, and a copy must be given to all prospective purchasers |
|
|
Subdivision public report |
Issued by the real estate commissioner after a subdivision developer has met the requirements of the Subdivided lands law; provides details of the project and financing, and a copy must be given to all prospective purchasers |
|
|
Subjacent support |
support from below that an excavator must provide |
|
|
Subdivision public report |
Issued by the real estate commissioner after a subdivision developer has met the requirements of the Subdivided lands law; provides details of the project and financing, and a copy must be given to all prospective purchasers |
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|
Subjacent support |
support from below that an excavator must provide |
|
|
Subject to |
purchasing a property without agreeing to pay encumbrances. If there is a default, no deficiency judgment is possible when a grantee takes title to real property “subject to” mortgage or a trust deed, the grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due, and the original maker of the note retains primary responsibility for the underlying debt or obligation |
|
|
sublease |
a lease given by a lessee (tenant) a lease given by the original leessee (sublessor) to a sublessee. The sublessee is the tenant of the sublessor and not the original lessor |
|
|
Subordination clauses |
clauses that make a mortgage or trust deed secondary to a later recorded mortgage or trust deed |
|
|
Subordination agreement |
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 |
|
|
subrogation |
substitution of one person’s rights for another’s. When an insurer pays a claim of the insured, the insurer can sue the party who caused the damaged. The insured’s rights by subrogation |
|
|
subrogation |
substitution of one person’s rights for another’s. When an insurer pays a claim of the insured, the insurer can sue the party who caused the damaged. The insured’s rights by subrogation |
|
|
Substitution |
principal of market value tends to be set by the present or recent cost of acquiring an equally desirable and valuable property, comparable in construction, utility, or both |
|
|
subrogation |
substitution of one person’s rights for another’s. When an insurer pays a claim of the insured, the insurer can sue the party who caused the damaged. The insured’s rights by subrogation |
|
|
Substitution |
principal of market value tends to be set by the present or recent cost of acquiring an equally desirable and valuable property, comparable in construction, utility, or both |
|
|
Subprime lender |
a lender who will take loans that are considered too risky by other lenders. Subprime loans bear a higheer rate of interest |
|
|
Substitution, principal of |
market value tends to be set by the present or recent cost of acquiring an equally desirable and valuable property, comparable in construction and / or utility |
|
|
Substitution, principal of |
market value tends to be set by the present or recent cost of acquiring an equally desirable and valuable property, comparable in construction and / or utility |
|
|
Substantial performance |
Inadvertent, minor variancee from the required performance |
|
|
Substitution, principal of |
market value tends to be set by the present or recent cost of acquiring an equally desirable and valuable property, comparable in construction and / or utility |
|
|
Substantial performance |
Inadvertent, minor variancee from the required performance |
|
|
Successor trustee |
person who takes control of property held in trust on death or incapacitation of original trustee |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Supreme Court (U.S.) |
Discretionary appellate jurisdiction from federal courts. As well as state courts if a federal issue is involved |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Supreme Court (U.S.) |
Discretionary appellate jurisdiction from federal courts. As well as state courts if a federal issue is involved |
|
|
Surrender |
the giving up of leasehold rights by a tenant in exchange for being released from future obligations under the lease |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Survivorship |
right of the surviving joint tenants to interests of another joint tenant on the latter’s death |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Supreme Court (U.S.) |
Discretionary appellate jurisdiction from federal courts. As well as state courts if a federal issue is involved |
|
|
Surrender |
the giving up of leasehold rights by a tenant in exchange for being released from future obligations under the lease |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Survivorship |
right of the surviving joint tenants to interests of another joint tenant on the latter’s death |
|
|
Syndicate |
a limited partnership |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Supreme Court (U.S.) |
Discretionary appellate jurisdiction from federal courts. As well as state courts if a federal issue is involved |
|
|
Surrender |
the giving up of leasehold rights by a tenant in exchange for being released from future obligations under the lease |
|
|
Summary report |
appraisal report using a standardized form, such as the Uniform Residential Appraisal Report (URAR) developed by Fannie Mae and Freddie Mac. |
|
|
Survivorship |
right of the surviving joint tenants to interests of another joint tenant on the latter’s death |
|
|
Syndicate |
a limited partnership |
|
|
Tack |
adding together successive periods of adverse possession |
|
|
Supplemental assessment |
additional “catch-up” property tax assessment following a sale or other ressessment event |
|
|
Supply and demand, principle of |
takes into account the effect on market value of the relationship betweeen the number of properties on the marrket at a given time and the number of potential buyers |
|
|
Survey |
the process by which a parcel of land is measured and its area determined the process by which a parcel of land is measured and its area ascertained |
|
|
Successive estates |
estates established to succeed other estates, such as a remainder estate to follow a life estate |
|
|
Successor liability |
liability of business purchaser for unpaid sales tax of prior owner |
|
|
Superior court (Califronia) |
Court of original jurisdiction for matters over $25,000 as well as appellate jurisdiction from the munbicipal court |
|
|
Supreme Court (California) |
Appellate jurisdiction over all Califronia courts |
|
|
Supreme Court (U.S.) |
Discretionary appellate jurisdiction from federal courts. As well as state courts if a federal issue is involved |
|
|
Surrender |
the giving up of leasehold rights by a tenant in exchange for being released from future obligations under the lease |
