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30 Cards in this Set
- Front
- Back
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SALE-LEASEBACK TRANSACTION
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A METHOD OF REAL ESTATE FINANCING WHERBY AN OWNER SELLS HIS PROPERTY AND LEASES BACK FROM NEW OWNER
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SALESPERSON
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AN INDEPENDENT CONTRACTOR WHO, UNDER SUPERVISION OF A BROKER IS LICENSED TO PERFORM REAL ESTATE ACTS
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SALVAGE VALUE
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THE ESTIMATED VALUE OF AN ASSET AT THE END OF ITS ECONOMIC LIFE
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SATISFACTION OF MORTGAGE
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A CERTIFICATE ISSUED BY A MORTGAGEE WHEN MORTGAGOR HAS REPAID HIS DEBT IN FULL
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SECOND MORTGAGE
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JUNIOR MORTGAGE
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SECTION
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AS USED IN RECTANGULAR GOVERMENT SURVEY SYSTEM- A SECTION CONTAINS 640 ACRES AND IS ONE SQUARE MILE IN AREA
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SECURITY DEPOSIT
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MONEY DEPOSITED BY THE TENANT WITH THE LANDLORD TO BE HEALD IN EVENT OF DAMAGE TO PREMISES UPON THE END OF TENANCY
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SEPERATE PROPERTY
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REAL PROPERTY HEALD BY A HUSBAND AND WIFE IN SEVERALTY, AS OPPOSED TO COMMUNITY PROPERTY
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SERVIENT TENEMENT
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THE PROPERTY THROUGH WHICH AN EASEMENT OR RIGHT OF WAY PASSES TO THE BENIFIT OF THE DOMINATE TENEMENT
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SETBACK
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A ZONING RESTRICTION ON THE AMOUNT OF LAND REQUIRED BETWEEN THE LOT LINE AND THE BUILDING LINE
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SEVERALTY
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SOLE OWNERSHIP OF REAL PROPERTY
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(IS)SILENT ON
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THE SITUATION IN WHICH A CONTRACT MAKES NO MENTION OF CERTAIN CONDITIONS THAT MIGHT AFFECT INTERPRETATION OF THAT CONTRACT- THE MOST COMMON ARRANGEMENT IS ASSUMED
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SOLE AND EXCLUSIVE LISTING
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WRITTEN CONTRACT BETWEEN AN OWNER AND BROKER WHERBY THE OWNER GUARANTEES A COMMISSION TO THE BROKER IF PROPERTY IS SOLD UPON ACCEPTABLE TERMS
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SPECIAL AGENT
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ONE WHO IS AUTHORIZED BY A PRINCIPLE TO PERFORM A SPECIFIC ACT
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SPECIAL ASSESSMENT
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TAX LEVIED AGINST SPECIFIC PROPERTIES THAT WILL BENIFIT FROM A PUBLIC IMPROVEMENT, SUCH AS SEWERS OR RECREATIONAL AREAS
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SPECIAL WARRANTY DEED
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A DEED IN WHICH THE GRANTOR WARRANTS AGINST DEFECTS THAT THAT OCCURED DURING THE PERIOD OF HIS OWNERSHIP BUT NOT AGINST DEFECTS PRIOR TO THAT TIME
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SPECIFIC PERFORMANCE
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A COURT ACTION REQUIRING AN INDIVIDUAL TO CARRY OUT HIS OBLIGATIONS IN A CONTRACT
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STATUTE OF LIMINATIONS
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THE LAW APPLYING TO THE PERIOD OF TIME WITHIN WHICH A LEGAL ACTION MUST BE BROUGHT TO COURT
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STEERING
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ILLEGAL PRACTICE OF GUIDING HOME-SEEKERS INTO A SPECIFIC AREA TO EITHER MAINTAIN THE HOMOGENEITY OF THE NEIGHBORHOOD OR TO CHANGE THE AREA TO CREATE PANIC
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STRAIGHTLINE DEPRECIATION
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THE ASSUMPTION THAT VALUE DECREASES AT A CONSTANT RATE
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STRAIGHT TERM MORTGAGE
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A MORTGAGE IN WHICH THE INDEBTOR PAYS ONLY INTEREST DURING ITS TERM. NO REPAYMNET OF PRINCIPLE IS EXPECTED UNTIL IT TERMINATES
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SUBCONTRACTOR
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A CONTRACTOR WHO ENTERS INTO AN AGREEMNET WITH THE GENERAL CONTRACTOR TO PERFORM A SPECIAL PHASE OF THE CONSTRUCTION PROCESS
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SUBDIVIDER
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AN OWNERS WHOS LAND IS DIVIDED INTO TWO OR MORE LOTS AND OFFERED FOR SALE
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SUBDIVISION
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A TRACT OF LAND THAT IS TO BE DIVIDED INTO TWO OR MORE LOTS AND OFFERED FOR SALE
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SUBLEASE
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A LEASE GIVEN BY A LEASSEE TO ANOTHER PARTY FOR THE PORTION OF THE TERM OF THE LEASE
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SUBORDINATION AGREEMNET
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AN AGREEMENT WHERBY THE LENDER OF THE FIRST LIEN GIVES PRIORITY TO THE LENDER OF A SUBSEQUENT LIEN
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SUBROGATION
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SUBSTITUTING A THIRD PARTY IN THE PLACE OF A CREDITOR
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SUBSTITUTION
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THE PRINCIPLE IN APPRAISING THAT STATES THAT THE HIGHEST VALUE OF PROPERTY IS SET BY PURCHASING A SIMULAR PROPERTY WITH NO DELAY IN MAKING THE SUBSTITUTION
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SURVEY
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THE METHOD OF MEASURING BOUNDRIES AND DETERMINING LAND AREAS
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SYNDICATION
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A GROUP OF TWO OR MORE PEOPLE WHO UNITE FOR THE PURPOSE OF MAKING AND OPERATIONG AN INVESTMNET
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