Terms E Flashcards
Down payment made by a purchaser of real estate as evidence of good faith.
Earnest Money Deposit
A right that may be exercised by the public or individuals on, over or through the lands of others.
Easement
An easement that benefits the dominant estate and “runs with the land”. In other words, an easement appurtenant generally transfers automatically when the dominant estate is transferred.
Easement Appurtenant
An easement created by the government or government agency that has exercised its right under eminent domain.
Easement by Condemnation
The creation of an easement by one party expressly transferring the easement to another party.
Easement by Grant
An easement that is not created by express statements between the parties; but as result of surrounding circumstances that dictate that an easement must have been intended by the parties.
Easement by Implication
Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.
Easement by Necessity
Implied easements granted after the dominant estate has used the property in a hostile, continuous, and open manner for a statutorily prescribed number of years.
Easement by Prescription
A type of negative easement. This easement prevents an adjoining land owner from building any structure that would obstruct the passage of light or air form reaching the dominant land.
Easement for Light and Air
An easement that benefits an individual or a legal entity, rather than a dominant estate.
Easement in Gross
The section of the roof that overhangs the walls of a house.
Eave
A loss in value caused by influences external to the property such as increasing industrial activity near a residential neighborhood.
Economic Obsolescence
Created when electricity flows through a wire.
Electro-magnetic Field
A right of the government to acquire property for necessary public use by condemnation; the owner must be fairly compensated.
Eminent Domain
A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business.
Employee
A building, part of a building, or obstruction which intrudes upon or invades a highway or sidewalk or trespasses upon the property of another.
Encroachment
Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation.
Encumbrance
A report addressing the potential effects on the environment of a proposed federal government project.
Environmental Impact Statement
The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.
Escheat
A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.
Escrow
A leasehold estate for any specific period of time. An estate for years is not automatically renewed.
Estate for Years
An instrument executed by the mortgagor setting forth the present status and the balance due on the mortgage as of the date of the execution of the certificate.
Estoppel
A study of the nature, quality, or utility of certain property interests in which a value estimate is not necessarily required.
Ex. highest and best use, feasibility, market supply and demand, etc.
Evaluation
A legal proceeding by a lessor landlord to recover possession of real property.
Eviction
An agreement of employment by a broker to the exclusion of all other brokers; if sale is made by any other broker during that term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction.
Exclusive Agency
An agreement of employment by a broker under which the exclusive right to sell for specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is nevertheless entitled to compensation.
Exclusive Right to Sell
An agreement that has been fully performed.
Executed Contract
A person or institution appointed by a testator to carry out the terms of their will.
Executor
A contract which has not yet been fully performed (fully executed).
Executory Contract
Conditions under which a property condition disclosure statement is not required.
Exemption
A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an “implied” contract in which the existence of the contract is assumed by the circumstances.
Express Contract
An actual agency created by written or oral agreement between the principal and the agent.
Expressed Agency
