California Real Estate Appraisal,

PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

FLAG LOT
A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street.

DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

TRANSFER TAX
Tax paid when title passes from one owner to another.

GRACE PERIOD
Period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period is specified as part of the terms of the loan in the Note.

REBATE
A reduction or kickback of a stipulated charge.

NON-COMPETITION CLAUSE
A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.

MASTER PLAN
A comprehensive plan to guide the long-term physical development of a particular area.

ASSIGNMENT
The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee.

NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

LIEN
A legal claim by one person on the property of another for security for payment of a debt.

BLANKET MORTGAGE
A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.

CREDIT REPORT
A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

INCOME APPROACH
An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life.

LEGAL DESCRIPTION
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.

IMPROVED LAND
Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land.

GIFT TAX
A graduated federal tax paid by a donor upon making a gift.

FINANCE FEE
A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.

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