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15 Cards in this Set
- Front
- Back
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safety clause
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a contract privision that provides a time period following expiration of a listing agreement during which the agent will be compensated if there is a transaction with a buyer who was initially introduced to the property by the agent
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sale-leaseback
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a transation where the owner sells improved property and as a part of the same transaction signs a long term lease to remain in possession of its premises thus becoming the tenant of the new owner
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sales contract
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a contract between a buyer and a seller outlining the terms of the sale
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salesperson
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one who is licensed to sell real estate in a given terretory
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salvage value
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the value of a property at the end of its economic life
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satisfaction
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an intrument acknowledged that a debt has been paid in full
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second mortgage
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a mortgage that is in less than first lien position
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section
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as used in the rec survey system an area of land measuring one square mile or 640 acres
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secured loan
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a loan that is backed by property or collateral
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security
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property that is pffered as collateral for a loan
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selling broker
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the broker who secures a buyer for a listed property the selling broker may be the listing agent, sub agent or buyers agent
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separate property
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property owned individually by a spouse as opposed to community property
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servient tenement
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a property on which an easement or right of way for an adjacent
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setback
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the amount of space between the lot line and the building line usually established by a local nonzoning ordinance or restrictive covenant
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settlement statement (HUD-1)
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the form used to itemize all costs related to closing of a residential transaction covered by RESPA regulations
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