E Terms Flashcards
extended coverage policy
Extends a basic fire policy (fire, lightning, and smoke) to cover additional perils, such as windstorm, hail, and riot.
et al.
“And others.” et ux. “And wife.”
express contract
A contract that is stated verbally or in writing, as opposed to an implied contract, which is understood but not stated.
exemplary damages
Punitive damages awarded in excess of compensatory damages when an action was performed with willful intent.
executory contract
A contract that has yet to be performed.
executor’s deed
A deed during probate containing the warranty that the executor(trix) has not encumbered the property.
executor
A man appointed by a will to administer the estate of a deceased; a woman is an executrix.
execution of judgment
The action of the sheriff in seizing and selling property of the debtor to satisfy a judgment.
ethics
Doing what is right, measured by application of the golden rule.
executed contract
A contract where all performance has been completed.
execute
To sign a document.
exculpatory clause
A contract provision excusing a party for injuries to another; frequently used by lessors in leases. Exculpatory clauses do not affect the rights of third parties who may be injured on the premises.
exclusive-right-to-sell listing
A listing whereby the agent is entitled to a commission if the property is sold during the listing term by anyone, including the owner.
exclusive agency listing
A listing whereby the broker is the exclusive agent of the owner, and is entitled to a commission if the broker or any other agent sells the property. If the owner sells the property without an agent, the broker is not entitled to a commission.
eviction
A dispossession by process of law.
exception in a deed
An exclusion in a deed; deeding only part of a property.
excess land
Land that does not contribute economically to use and/or value.
exchange value
The value a property has as to other goods.
exclusionary zoning
Zoning that excludes a stated use.
erosion
The wearing away of soil by acts of wind and/or water
estover
Necessity that the law allows, such as the right of a tenant to use timber for fuel and repair needs.
estoppel certificate
Statement by borrowers as to amount owed and loan terms, and that they have no defense or offsets against lender (obtained when loan is to be sold), or by tenants that they have no offset or defense against lease obligations.
estoppel
A doctrine whereby a party is barred from raising a defense when that person’s acts or words induced another party to act to his detriment.
estate on a condition subsequent
An estate given based on a specific condition. Upon breach of the condition, the grantor can declare a breach and regain the property.
errors and omissions (E&O) insurance
Malpractice insurance carried by brokers and salespeople.
estate of inheritance
An estate that can be inherited, such as a fee simple estate.
estate for years
A lease for a definite period of time, the result of an express agreement.
estate for life
A freehold interest whereby a person has property for his/her life or the life of another named person. The life tenant cannot encumber the property beyond his/her interest. At the end of the estate, the interest either reverts to the grantor or passes as a remainder interest to a third party.
estate at will
A leasehold estate for an undetermined time period; may be terminated at any time by the lessor or lessee. Most states require a statutory notice period.
estate
An interest in property.
escalator clause
A contract or lease provision allowing for payments to rise or fall.
escape clause
Lets a party out of contract responsibilities in the event of stated situations.
escheat
The reversion of property to the state when a person dies intestate and without known heirs.
escrow
A neutral depository that handles real estate closings as agent for the buyer and the seller.
earnest money
A good-faith deposit made by an offeror with an offer.
easement appurtenant
A beneficial easement that transfers with the land.
easement by estoppel
An easement created when one person’s words or actions lead another to believe in the existence of an easement, causing the second person to act to his own detriment. The person who made the assertion will be estopped by court action from denying the existence of the easement.
easement by necessity
An easement granted when there is no other possible access to a property.
encapsulation
Sealing off hazardous substances, such as painting over lead paint.
enabling act
A legislative act that confers power on local governments that they would not have otherwise. Zoning and planning powers were given under enabling acts.
employee
A person who works under the direction and supervision of an employer.
eminent domain
The government right to take private property (title or easement) for public use. It is not under police power because the owner is paid for the property taken.
emblements
Cultivated annual crops; considered to be personal property.
easement by prescription
An easement created by open, notorious, and hostile use of property for a prescribed period of time.
elevation
(1) Views of a structure from various directions on a builder’s plans.
(2) Height above sea level.
emancipated minor A minor who, under state law, may contract as an adult.
ejectment
A legal action to oust an encroacher or a trespasser.
egress
A way to exit a property.
effective gross income
The gross income less the vacancy factor and an allowance for collection loss.
effective age
An age placed on property for appraisal purposes based on the condition of the property. The effective age may be more or less than the chronological age.
economics of scale
The savings possible by increasing production.
easement in gross
A personal easement to use land of another where there is no dominant tenement being benefited.
easement
The right of a person to use another’s land.
economic rent
The rental value of a property in the marketplace.
economic life
That period for which improvements give a return attributable to the improvements alone.
encroachment
A trespass by placing an improvement on or over the land of another.
equity
(1) The difference between the value of a property and the liens against it. (2) That which is right or just.
equity of redemption
The right of a mortgagor to redeem during and after foreclosure; governed by state statute.
equity capital
Money raised by a business through selling shares in the business.
equitable title
An interest in property before receipt of legal title. Examples are a trustor under a trust deed, or a buyer under a sales contract {land contract).
equilibrium point
The price that results in a number of buyers equal to the goods available.
encumbrance
Anything that affects title or limits use, such as liens, easements, or restrictions.
equator platform
A standardized short sale system used by many lenders that allows agents to apply for short sales online.
equalization factor
A factor to bring into line low assessed valuations in some areas. The assessed value is multiplied by the factor to determine the value that the tax rate will be applied to.
Equal Credit Opportunity Act (ECOA)
A federal act that prohibits credit discrimination based on age, sex, race, or marital status, or from public assistance. equal dignities rule If an act must be in writing, the agency agreement appointing someone to perform the act must also be in writing.
Environmental Protection Agency (EPA)
An agency that enforces federal environmental standards.
environmental impact report (EIR)
A report required for projects that may have a significant effect on the environment
Endangered Species Act
Species listed as endangered or threatened have federal habitat protection.
endorsement
The signature of a holder on the back of a negotiable instrument.
energy efficiency ratio (EER)
The efficiency evaluation of electrical systems and appliances.
entitlement .
That portion of the loan the VA guarantees.
