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APPRAISAL
The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.

ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.

AGREEMENT OF SALE
An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property.

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

ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.

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

FRAUD
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.

ENCUMBRANCE
Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.

NET INCOME
The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.

VALUE
The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

BUFFER ZONE
A strip of land separating one parcel from another.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

MEANDER LINE
An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.

SPOT LOAN
A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building.

TRUST DEED
A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender).

NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.

CONTRACT
A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

TITLE COMPANY
A company that insures title to property.

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.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

HOMESTEAD
A home which is used as a personal residence.

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