Orange County Real Estate Appraisal,

APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

FNMA
See Federal National Mortgage Association.

BLUE SKY LAWS
State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds.

COMMINGLING
To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.

CERTIFICATE OF REASONABLE VALUE (CRV)
A certificate issued by the Veterans Administration setting forth a property's current market value estimate, based upon a VA approved appraisal.

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

MORTGAGEE
The lender in a mortgage loan transaction.

JUNIOR MORTGAGE
A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.

SALES AGREEMENT
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

GRANTEE
The person who receives from the grantor a grant of real property.

FIRST REFUSAL, RIGHT OF
The right of a person to have the first opportunity either to purchase or lease real property.

SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.

INTEREST RATE CAP
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

REAL ESTATE
The physical land and appurtenances, including any structures; for all practical purposes synonymous with real property.

PREPAID EXPENSES
Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing.

REAL PROPERTY
Land and any improvements permanently affixed to it, such as buildings.

REFINANCING
The process of paying off one loan with the proceeds from a new loan secured by the same property.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

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

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