Continue Real Estate Vocab Start Letter E

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e - pro certification

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NAR professional designation of an internet professional

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Earthquake fault zone

Back 2

as defined by the state geologist, the area in such close proximity to an earthquake fault that movement of the fault presents a property hazard; location within an earthquake fault zone must be disclosed to a prospective purchaser by the seller ( or seller’s agent, if there is one)

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easement

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a right the owner of one property has to the land of another

the right to a specific use of or the right to travel over the land of another. The land being used or traveled over is the servient tenement; the land that is benefited by the use is the dominant tenement. An easement appurtenant is a property interest that belongs to the owner of the dominant tenement and is transferred with the land; and easement is gross is a personal right that usually is not transferable by its owner

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Easement by eminent domain

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An easement that is taken for a public purpose under the power of eminent domain

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easement appurtenant

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an easement right that is transferred along with title to the land that benefits from the easement

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Easement by condemnation

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taking of an easement right by a public entity

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easement by estoppel

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an easement created when a person’s words or actions led another to believe in the existence of the easement. If, in relying on those words or actions, the easement user acts to his detriment, the party will be estopped from denying the existence of the easement

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Easement by implication可能的影响 of law

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an easement that will be created by law to provide access to a parcel of land that is otherwise landlocked.

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easement by necessity

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an easement right over the land of the grantor of adjacent property that would otherwise be landlocked

an easement that may be granted by the court when no other access to property exists and the easement is necessary or reasonable use of the property.

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Easement by prescription

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an easement obtained through five years’ continuous, open, notorious, and hostile use of the property of another under a claim of right

acquiring a specfic use of or the right to travel over the land of another by statutory requirements similar to those for adverse possesssion

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Easement in gross

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an easement that is not appurtenant to land. It is personal in nature, and there is no dominant tenement.

an easement right with no accompanying property ownership right

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Ecomonic life

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the period of time over which an improved property will yield a return on investment over and above the return attributable solely to the land.

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Eave

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portion of roof that extends over the exterior wall

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Ecomonic life

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the time over which an improved property will yield a return on investment over and above the return attributable solely to the land

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economic rent

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the reasonable rental expectancy if the property were available for renting at the time of its valuation

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education, research, and recovery allocation

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a fund maintained by 20% of license fees; 12% of the fund goes into the recovery account, and 8% goes into the Education and Research Account

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elder abuse law

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requires that realty agents and escrow holders report elder financial abuse, or undue influence

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Effective gross income

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property income from all souces, less allowance for vacancy and collection losses.

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Effective rent

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scheduled rent adjusted for rental incentives given

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Electronic signatures in global and national commerce act

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enacted by congress in 2000 to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically

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Elder abuse law

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requirement that realty agents and others report elder financial abuse, fraud, or undue influence

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Emancipated minor

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a minor who is allowed to contract ( in military service, declared emancipated by a court, married, or formerly married)

a person under the age of 18 who is married, in the military service, or determined by a court to be legally able to enter into a contract as an adult.

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Emblements

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crops produced annually by labor and industry as distinguished from crops that grow natually on the land

the right of a tenant to harvest the annual crops that were the fruit of her labor, this right extends beyond the expiration of a lease

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Eminent domain

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The right of the government to acquire title to property for public use by comdemnation; the property owner receives compensation generally fair market value

the power of the government to take private property for the public good. Consideration must be given for the property taken

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Employee

Back 25

one who works under the direction and supervision of an employer

person who is hired by someone else to perform work; for purposes of the Real Estate Law, a real estate salesperson is always considered an employee under the supervision of the employing broker; for tax purposes, a real estate salesperson working for a real estate broker can be hired as an employee or as an independent contractor, if the requirements of the Internal Revenenue Service are met

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Employer

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person who hires someone else to perform work

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Ellis act

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allows landlord to go out of business and withdraw units from the reantal market

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Enabling legislation

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legislation that gives cities and counties the right to enact zoning

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Encroachment

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an intrusion into, over, or under the land of another

the unlawful intrusion of a property improvement onto adjacent property

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Encumbrance

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anything that affects or limits the fee simple title to or affects the condition or use of real estate

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Endangered species

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federal legislation limiting development when it will have a negative effect on an endangered species.

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Endangered species act (ESA)

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federal act that can limit or prohibit development when a development adversely effects a species designated as endangered

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Environmental impact report (EIR)

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evaluation of effects on the environment of a proposed development; may be required by local government

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Environmental impact report (EIR)

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evaluation of effects on the environment of a proposed development; may be required by local government

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Environmental impact report (EIR)

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evaluation of effects on the environment of a proposed development; may be required by local government

a statement required under the national environmental policy act when a federal project will affect the environment significantly

a report that can be required under the Califronia Environmental Quality Act when projects may have a significant effect on the environment

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Energy - efficiency ratio (EER)

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measure of an electrical applicance’s energy consumption found by dividing its capacity measured in british thermal units (Btu) by the number of wants of electricity need to run it.

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Equal credit opportunity act

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federal law intended to ensure that all consumers are given an equal chance to obtain credit.

act that prohibits lender discrimintaion against a borrower based on the fact that the source of income is public assistance

a federal act prohibiting credit discrimination because of sex, martial status, age, race, religion, or national origin, or because the credit applicant is receiving welfare.

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Equal dignities rule

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requires a writing if an agreement (such as a listing agreement) involves a transaction (such as the sale of real estate) that requires a writing

if an agency act must be in writing, the agency authority to perform the act also must be in writing

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Equilibrium 平衡 均衡

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period of stability in the life cycle of a building or neighborhood in which little change is evident

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Equal housing opportunity poster

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failure of a broker to post this HUD notice shifts the burden of proof to the broker as to a discrimination complaint.

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Equitable estoppel

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common - law doctrine that requires transfer of title to property if seller acquires title only after a purported sale of the property to someone else; intended to prevent unjust enrichment 丰富 改进

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Equator platform

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a system for obtaining short sale approval

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Equity

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difference between current market value and the remaining indebtedness on a property; free - and - clear property value

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Equity of redemption

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the right to redeem property during the foreclosure period, or during a statutorily prescribed time following a foreclosure sale

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Escalator clause

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provision in a lease agreement for an increase in payments based on an increase in an index, such as the Consumer Price Index

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erosion

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process of wearing away of the surface of the land by the action of the elements, most conspicuously at a time of heavy rainfall

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Escheat

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the reverting of property to the state when there are no heirs capable of inheriting

a reversion of property to the state when a person dies whiout a will or heirs

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Escrow

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the deposit of instruments, funds (with instructions), or both with a neutral third party to carry out the provisions of an agreement or a contract

neutral depositories to carry out the closing function of a real estate transaction

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Escrow holder

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escrow agent or escrow officer; neutral third party who holds in trust the funds and documents necessary to complete a transaction until all of the terms of the underlying agreement have been fulilled, at which time the funds are disbursed and documents transferred as required

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Escrow agent

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escrow holder; the neutral third - party company holding funds or something of value in trust for another or others

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Escrow instructions

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the instructions given to the escrow agent by the buyer and the seller

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Escrow instructions

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written instructions to the escrow holder specifiying the terms under which the escrow is to be conducted, including the contract or other requirements that are to be fulfilled as part of the escrow proceeding; change in the escrow instructions requires agreement of both parties to the underlying contract

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Escrow offices

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the employee of the escrow agent who handles the escrow

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Estate

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an interest in property

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Estate

Back 55

an interest in property

the interest held by the owner of property

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Estate at sufference

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the occupancy of a tenant after the lease term expires

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Estate at will

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a tenancy in which the tenant’s time of possession is indefinite

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Estate for years

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a tenancy for a fixed term

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Estoppel

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the legal doctrine that people cannot raise a right or defense after their words or actions to the contrary led another party to act to that party’s detriment

a bar against future conduct. By acting as if an agency relationship exists, a principal is prevented by estoppel from denying it in future

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Estate from period to period

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Periodic tenancy; a tenancy for a fixed term, authomatically renewed for the same term unless owner or tenant gives the other written notice of intention to terminate the tenancy

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ethics

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morals. The golden rule is considered to be the test of whether an act is ethical

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Exchange

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a means of trading equities in two or more real properties, treated as a signle transaction through a single escrow

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Eviction

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removal of a tenant by action of law

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Exception in a deed

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an exclusion of part of the property from a grant

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Exclusive - agency listing

Back 65

a listing agreement employing a broker as as sole agent for a seller of real property under the terms of which the broker is entitled to compensation if the proeprty is sold through any other borker, but not if a sale is negotiated by the owner without the services of an agent

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Estate tax

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federal or state tax on the value of property owned by a decedent at the time of death

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Exclusive - authorization - and - right - to sell listing

Back 67

a listing agreement employing a broker as agent for a seller of real property under the terms of which the broker is entitled to compensation if the listed proeprty is sold during the duration of the listing, whether by the listing agent, another agent, or the owner acting without the services of an agent

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Exclusionary zoning

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zoning that excludes stated uses, such as adult entertainment

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Executor/executrix

Back 69

personal representative of the estate of a decedent, named in the decedent’s will

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Eviction

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Disposseession by process of law

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Exclusive agency listing

Back 71

a listing agreement employing a broker as sole agent for a seller of real property under the terms of which the broker is entitled to compensation if the property is sold through nay other broker, but not if a sale is negotiated by the owner without the services of an agent

a listing whereby the owner can sell the property personally without paying a commission, but if it is sold by any agent, the listing agent is entitled to a commission

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Exclusive authorization and right to sell listing

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a listing whereby the agent is entitled to a commission no matter who sells the property, including the owner,

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Exculpatory clauses

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clauses in an agreement that purport to relieve a party of all obligation for his or her acts, or failure to act.

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Executed contract

Back 74

written agreement that has been signed by all parties; agreement that has been completed according to its terms

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Executed contract

Back 75

written agreement that has been signed by all parties; agreement that has been completed according to its terms

a contract that has been fully performed

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Execution

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the signing of an instrument

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Executor

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personal representative of the estate of a decedent, named in the decedent’s will.

party appointed by testator to administer their estate

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Executory contract

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A contract that has yet to be performed fully

a greement with terms that have not yet been completed

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Express agent

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agent identified in written or oral agency agreement

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Exemplary damages ( punitive damages）

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monetary damages to punish or make an example of a wrongdoer for willful, wrongful conduct

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Express agreement

Back 81

an agreement established by written or oral communication of the parties that both parties acknowledge as their intention

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Express agency

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an agency agreement that is stated either verbally or in writing

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Express reservation

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property interest identified in deed as retained by grantor

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External obsolesscence

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economic or environmental obsolescence; loss in value due to outside causes, such as changes in nearby land use.

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Express authority

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The stated authority of an agrent (written or verbal)

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extended - coverage policy of title insurance

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a policy that includes coverage for rights of parties in possession and claims that a survey would have revealved, as well as other risks.

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extended - coverage policy of title insurance

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a policy that includes coverage for rights of parties in possession and claims that a survey would have revealved, as well as other risks.

policy of title insurance, primarily intended for the benefit of lender, that includes coverage of items that would ordinarily be discovered by a property inspection, such as rights of parties in possession of the property.