Real Estate Appraisal Training,

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

NET WORTH
The value remaining after deducting liabilities from assets.

DEBT SERVICE
The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized.

WEAR AND TEAR
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

FIRST MORTGAGE
A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

CALL OPTION
A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender.

CANTILEVER
A projecting beam or overhanging portion supported at one end only.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

DEFICIENCY JUDGEMENT
A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt.

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

QUALIFIED FEE
An estate in fee which is subject to certain limitations imposed by the owner.

TENANCY BY THE ENTIRETY
A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property.

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

CASHIER'S CHECK (OR BANK CHECK)
A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

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.

REFORMATION
A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.

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