Terms S Flashcards
Enacted in 1974, a federal law intended to ensure safe drinking water for the public.
Safe Drinking Water Act (SDWA)
A transaction where one sells an asset and leases it back for the long-term;therefore, one continues to be able to use the asset but no longer owns it.
Sale-and-Leaseback
Valuation method which compares a subject property’s characteristics with those of comparable properties which have recently sold in similar transactions.
Sales Comparison Approach
A document acknowledging the payment of a mortgage debt.
Satisfaction of Mortgage
The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizes) and investors. The secondary mortgage market is extremely large and liquid.
Secondary Mortgage Market
A monetary deposit given to a lender, seller or landlord as proof of intent. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction.
Security Deposit
The conduct of a trustee, an attorney, a corporate officer, or other fiduciary that consists of taking advantage of his position in a transaction and acting for his own interests rather than for the interests of his clients.
Self Dealing
An agent who represents the seller of real property.
Seller’s Agent
A small-scale sewage treatment system common in areas with no connection to main sewage pipes provided by local governments or private corporations.
Septic System
A parcel of real property that is encumbered by an easement of a dominant estate.
Servient Tenement
The distance from the curb or other established line, within which no buildings may be erected.
Setbacks
Ownership by only a single individual.
Severalty
A loan in which shares of stock are used as collateral. Typically found in cooperative purchases.
Share Loan
Joint ownership of real estate by both lender and property dwellers. When the property is eventually sold, the owner share in the proceeds, or equity. In the meantime the property occupants benefit from interest and property tax write-offs.
Shared Equity Mortgage
Panels that cover the exterior wall. Typically made of plywood or exterior grade gypsum board.
Sheathing
A veneer cover found on the side of residential construction. Typically made of wood boards (horizontal), vinyl, or aluminum.
Siding
The bottom member of wood frame stud wall.
Sill Plates
A structure which does not include a basement. The first floor is made up of a concrete slab, which lays on the ground and supported by foundation walls.
Slab-on-Grade Construction
The underside of a roof overhang.
Soffit
An agent with limited authority to act on behalf of the principal, such as created by a listing.
Special Agent
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.
Special Assessment
A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.
Special Assessment Districts
Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built.
For example: a church, theater, or school.
Special Purpose Real Estate
A document provided by Architects that describe the quality of construction.
Specifications
A lien that only binds to a specific asset or property.
Specific Lien
An order of a court which requires a party to perform a specific act, usually what is stated in a contract.
Specific Performance
(1) A licensed real estate broker that holds the license of a salesperson. (2) The developer or owner organizing and offering for sale a condominium or cooperative development.
Sponsor
The application of zoning to a specific parcel of land within a larger zoned area when the rezoning is usually at odds with a city’s master plan and current zoning restrictions.
Spot Zoning
A forecast of income and expenses for a property, typically over a three to five year period.
Stabilized Budget
A mortgage program that assists fire-time home-buyers with the purchase of a home in New York State.
State of New York Mortgage Association (SONYMA)
State law which provides that certain contracts must be in writing in order to be enforceable at law.
Statute of Frauds
A statute barring all right of action after a certain period of time from the time when a cause of action first arises.
Statute of Limitations
The practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. Steering is highly illegal.
Steering
A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date.
Straight Mortgage
A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year.
Straight-line Depreciation
Vertical framing members found in wall construction. Typically placed 12”, 16” or 24” on center.
Studs
An agent of a person already acting as an agent of a principal.
Sub-agent
The control of the division of a tract of land into individual lots by requiring development according to specific design standards and procedures adopted by local ordinances.
Subdivision Regulations
An arrangement in which the lessee (tenant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant.
Sublease
A legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another.
Subordination Agreement
Enacted in 1986, made several important changes and additions to CERCLA, including minimum cleanup requirements.
Superfund Amendments and Reauthorization Act
The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.
Survey
The right of the Department of State to deactivate a broker’s or salesperson’s license for wrongdoing.
Suspension
