Cleaned Glossary Su-Z Flashcards
Subagent
An agent of an agent; a person given authority by an agent to assist in carrying out orders of that agent’s principal.
Subdivided Land
Land that has been divided into two or more parcels for the purpose of development, such as a residential subdivision.
Subject Property
Property for which a value estimate is sought.
Sublease
An agreement in which a tenant transfers less than their entire leasehold estate to another person (the sublessee), such as the right to possess the entire premises for only a portion of the remainder of the lease term. Also called Sandwich Lease.
Subordination Agreement
A written agreement between lienholders on a property that changes the priority of mortgages, judgments, and other liens.
Subordination Clause
A contract clause that gives a mortgage recorded at a later date the right to take priority over an earlier recorded mortgage or existing lease.
Subprime Loans
Loans that have more risks than allowed in the conforming market. Also called B-C Loans or B-C Credit.
Substantial Performance
When a promisor doesn’t perform all of the promisor’s contractual obligations but does enough so that the promisee is required to fulfill the promisee’s part of the deal.
Substitution
A principle that says an informed buyer will not pay more for a property, or a feature in a property, than a comparable alternative.
Subsurface Rights
Rights a landowner has to the land below the surface to the center of the earth, even if these rights are not specifically documented.
Suit
A court action to enforce a legal claim or right.
Suit to Quiet Title
A lawsuit to determine who has title to a piece of property, or to remove a cloud from the title. Also called Quiet Title Action.
Superfund Amendments and Reauthorization Act (SARA)
An act that amended CERCLA, designated more money to the Superfund trust, and established new environmental laws and regulations.
Supply and Demand
An economic principle that says that for all products, goods, and services when supply exceeds demand, prices will fall, and when demand exceeds supply, prices will rise.
Surplus Land
The portion over and above what is necessary for the highest and best use of the subject property and does not have a stand-alone highest and best use.
Survey
The formal process of locating and measuring the boundaries of a property and identifying the improvements, encroachments, and easements that are associated with that parcel.
SWOT Analysis
A business planning technique that identifies and examines strengths, weaknesses, opportunities, and threats.
Syndicate
An association of people or entities formed to operate an investment business. A syndicate is not a recognized legal entity; it can be organized as a corporation, partnership, or trust. Also called Syndication.
Tacking
Successive periods of use or possession by more than one person that are added together to equal the number of years required under state law for easement by prescription or adverse possession.
Takeout Loan
A loan that provides permanent financing after construction is complete.
Taking
The government’s unconstitutional condemnation of private property for public use without just compensation.
Task Force
A temporary workgroup formed to accomplish a specific objective or project.
Tax Base
The total tax–assessed value of all real property in a particular jurisdiction.
Tax Depreciation
The expensing of the cost of business or investment property over a set number of years, determined by the IRS to be an asset’s useful life (27 1/2 years for residential property and 39 years for commercial nonresidential property).