All of "E"

Question 1

Early Payment Default

Answer 1

A mortgage loan that is more than 90 days late or into a default status.

Question 2

Earnest Money Deposit

Answer 2

A sum of money you put down to demonstrate your seriousness about buying a home.

Question 3

Easement

Answer 3

A right to cross or otherwise use someone else’s land for a specified purpose. (Access to someone else’s land)

Primary easements:
-Right of way
-Right of entry for any purpose
-Right to support of land
-Right of light and air
-Right to do some act that may amount to a problem
-Right to place or keep something

Question 4

Economic Obsolescence

Answer 4

The loos of value resulting from external economic factors to an asset/assets. (Decreased demand or changed regulations)

Question 5

Effective Interest Rate

Answer 5

The real return on a savings account when calculating interest instead of the stated rate.

Question 6

Eminent Domain

Answer 6

The power of the gov’t to take private property and convert it into public use.

Question 7

Employer-Assisted Housing

Answer 7

A program that assists help with grants, loans, down payments, security deposits.

Question 8

Encroachment

Answer 8

An interference with or onto another’s property. (Lets say you built something and it crosses onto your neighbors property)

Question 9

Encumbrance

Answer 9

A claim attached to property that may lessen it’s value. (A mortgage or other charge on property)

Question 10

Entitlement

Answer 10

A right to a benefit granted upon legal requirement. (That you deserve these certain privileges)

Question 11

Equal Credit Opportunity Act (ECOA/ Regulation B)

Answer 11

A federal statute that prohibits lenders from discriminating against credit applicants based on race, etc, for their ability to repay.

Question 12

Equitable Mortgage

Answer 12

A transaction that has the intent but not the form of a mortgage. (It’s like a security for the mortgage by the lender)

Question 13

Equity

Answer 13

The amount by which an interest in property exceeds secured claims or liens. (OR)
The difference between the value of the property and all encumbrances on it.

Question 14

Escrow

Answer 14

A legal arrangement in which a 3rd party temporarily holds money or property until they are told to hand it over.

Question 15

Escrow Accounts

Answer 15

An account held in the name of the depositor and an escrow agent that is returnable to the depositor . (Items held in escrow until a financial transaction is completed)

Question 16

Escrow Agent

Answer 16

A neutral 3rd party entity who holds onto funds and assets related to a transaction till sale is closed on.

Question 17

Escrow Agreement

Answer 17

The instruction given to a 3rd party to have an escrow hold certain assets.

Question 18

Escrow Contract

Answer 18

The contract among buyer, seller, and escrow holder, setting forth rights and responsibilities off each.

Question 19

Escrow Holdback

Answer 19

The act of collecting funds that will be refunded after repairs on the new property.

Question 20

Eviction

Question 21

Eviction

Answer 21

The act of dispossessing a person of land or rental property. (Removal of a tenant)

Question 22

Exclusive Right-To-Sell Listing

Answer 22

A contract between the listing agent and the property owner. (The broker gets commission even if the seller sells the house)

Question 23

Exclusive Agency Listing

Answer 23

A listing giving one agent the right to sell, other than the owner. (Which the broker does not get commission if the seller sells the property themselves)

Question 24

Executor

Answer 24

A person named by a testator to carry out the provisions of the testators will. (When someone dies they make sure all property is distributed and all debts are paid)