Real Estate Vocab list 5 Flashcards
Sale and Leaseback
The selling of property to an investor while at the same time leasing it back for a specified period.
Salvage Value
The estimated economic value of an asset at the end of its economic life.
Sandwich Lease
A lease in which a lessee rents the property to another party, putting himself in the middle position.
Satisfaction of Judgment
A document which, when recorded, releases the judgement lien.
Satisfaction of Mortgage
A document stating that the mortgage debt has been paid in full.
Schedule “A”
Description page of a preliminary title report and the type of insurance being issued.
Schedule “B”
The portion of a title insurance policy that lists the exceptions to coverage by the policy.
Scheduled Gross Income
The maximum potential income a property can generate before any deductions or expenses.
Seasoned Loan
A loan repayment record that is consistent.
Secondary Market
Agencies which purchase mortgages from primary lenders thereby creating funds for additional mortgages.
Section
In the Government Rectangular Survey System, a parcel of land one mile square containing 640 acres.
Security Agreement
Under the U.C.C., a document used to secure personal property.
Servient Estate
The land against which an easement has been granted for the benefit of the dominant estate.
Setback
The distance a structure must be from a given point such as a street or an easement.
Settlement Sheet
A full disclosure of all charges and disbursements in a real estate transaction.
Sheathing
The inner covering of boards on the roof or the outside walls of a frame house.
Sheriff’s Deed
Deed given by the Sheriff at the completion of a mortgage foreclosure sale.
Sherman Antitrust Act
Prohibits certain business activities that are anti-competitive, such as price fixing.
Short Term Capital Gain
The gain on the sale of a capital asset usually held for 12 months or less.
Sill
The lowest horizontal board in a window or door frame
Simple Interest
Interest paid only on the unpaid principal balance.
Sinking Fund
A fund made up of sums of money set asked to pay a debt or meet depreciation expenses.
Situs
Land has an economic value due to its location.
Soft Money Mortgage
A mortgage given to finance a specified property. Usually a carryback between the seller and buyer that reflects an extension of credit.
Sole and Separate
Owned by one person-Severalty.
Special Service Properties
Properties such as churches and theaters having a single purpose and little demand.
Special Warranty Deed
A conveying deed in which the grantor guarantees the title of real property for only as long as he has owned it.
Specific Lien
A lien which encumbers only a certain parcel of property.
Specific Performance suit
A court action that forces a party to comply with the contract as promised.
Square Foot Method
Estimating the value of a building using the exterior measurements.
Statute of Frauds
A law that states all real estate contracts must be in writing to be enforceable (except a lease for one year or less).
Statute of Limitations
A time limit during which a legal action must take place.
Statutory Law
Laws passed by a legislative body.
Statutory Lien
A lien placed against property by operation of law.
Statutory Period of Redemption
The mortgagor’s last chance to redeem the property after the foreclosure sale by paying the entire debt.
Steering
An illegal practice that guides home buyers to a particular area of town.
Stepped-Up Basis
The basis of the property acquired from a decedent will equal the value at the time of death.
Straight Line Depreciation
A method of depreciation in which the asset is written off evenly over its useful life.
Straight Note
A note that calls for payments of interest only followed by a balloon payment of the principal.
Straw Man
One who acts for another for the purpose of concealing the other’s identity-or a third party used to create a Joint Tenancy.
Stud
The vertical supports in a wall of a frame house.
Sub-surface Rights
The right to use the land below ground level to the center of the earth.
Subagent
A licensee who represents a designated Broker but does not have the direct contractual obligation to Buyer or Seller.
Subdivision
A large tract that has been divided into smaller parcels for sale. Six or more parcels improved or unimproved any of which are less that thirty-six acres each.
Subject to
A buyer takes over real property but is not liable for the mortgage on the property.
Subjective Value
Value that is created in the minds of people.
Sublease
A re-renting of space held under a lease to a third party.
Subordination Clause
A clause in which the lien holder agrees to be secondary to a future encumbrance.
Subpoena
A written order directing a person to appear in court or produce documents.
Subrogation
The substitution of a claim for monies paid.
Substitution
An appraisal concept that states that the value of ones property is set by the cost of buying an equally desirable property.
