"E" Vocab Flashcards
Earnest Money
down payment made by a buyer of Real estate as evidence of good faith
Easement
the right of one party to use the land of another for a particular purpose, such as to lay utility lines
Easement Appurtenant
easements created for the beneficial use of an adjoining property. They are created in the name of the property, not the property owner. Appurtenant means ‘belongs to’, consequently, easements appurtenant belong to or run with the land
Easement by Necessity
an easement, granted by law and requiring court action, that is deemed necessary for the full enjoyment of a parcel of land.
Easement by Prescription
a means of acquiring an easement by continued, open, and hostile use of someone else’s property for a statutorily defined period of time
Easement in Gross
a personal right granted by an owner with no requirement that the easement holder own adjoining land
Economic Life
the period of time over which an improved property will generate sufficient income to justify its continued existence
Effective Age
an appraister’s estimate of the physical condition of a building. The actual age of a building may be different than its effective age
Emblements
Cultivated crops; generally considered to be personal property
Eminent Domain
the right of a gov’t to take private property for public use upon payment of its fair market value
Encroachment
a trespass caused when a structure, such as a wall or fence, invades another person’s land or air space
Encumbrance
Anything that affects or limits the title to a property such as easements, leases, mortgages, or restrictions
Equitable Title
the interest in a piece of real estate held by a buyer who has agreed to purchase the property, but has not yet completed the transaction; the interest of a buyer under a contract for deed
Equity
the difference between the curent market value of a property and the outstanding indebtness due on it
Erosion
the gradual wearing away of land by wind, water, and other natural processes
Escalation Clause
a clause in a lease allowing the lessor to charge more rent based on an increase in costs; sometimes called a pass–through clause
Escheat
the claim to property by the state when the owner dies intestate and no heirs can be found
Escrow
the deposit of funds and/or documents with a disinterested third party for safekeeping until the terms of the escrow agreement have been met
Estate
an interest in real property. The sum total of all the eral property and personal property owned by an individual
Estate At Sufferance
exists when a tenant, without the consent of the owner, refuses to move out of a facility after the expiration of a lease
Estate at Will
exists when a tenant stays in a facility after the expiration of a lease, but with the ownter’s permission. This may occur when the two parties are negotiating new lease terms
Estate for years
a leasehold estate granting possession for a definite period of time
Estoppel Certificate
a document that certifies the outstanding amount owed on a mortgage loan, as well as the rate of interest
Exchange
a transaction in which property is traded for another property, rather than sold for money or other consideration
Exclusive Agency Listing
a contract between a property owner and one broker that only gives the broker the right to sell the property for a fee within a specified period of time but does not obligate the owner to pay the broker a fee if the owner produces his or her own buyer without the brokers’s assistance. but Barred from appointing another broker within this time period.
Exclusive right to sell
a contract between a property owner and a broker that gives the broker the right to collect a commission regardless of who sells the property during the specified period of time of the agreement
Execution
the signing of a contract
Executor
a person named in a will to administer an estate. The court will appoint an administrator if no executor is named
Executory Contract
a contract in which one or more of the obligations have yet to be performed (executed)
External Obsolesence
a loss in value of a property due to factors outside the property, such as a change in surrounding land use
