Virginia Uncontested Divorce,

LISTING
A written employment agreement between a property owner and a broker authorizing the broker to find a buyer or a tenant for a certain real property.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

TOWNSHIP
A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.

PITI
Abbreviation for Principal, Interest, Taxes and Insurance, the components of a monthly mortgage payment.

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

CAPS (INTEREST)
Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage 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.

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

LAND
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

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.

HOTEL
A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

CLIENT TRUST ACCOUNT
An account set up by a broker to keep client's monies segregated from the broker's general funds.

BARGAIN AND SALE DEED
A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee.

BORROWER (MORTGAGOR)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.

LAND
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

ECOA
See Equal Credit Opportunity Act.

CERTIFIED PROPERTY MANAGER
A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.

OVERRIDE
A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.

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

FAIR MARKET VALUE
The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

DESCENT
The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.

Realtor in Hampton Roads, Hampton Roads Real Estate Agent www.shaunotoole.com Helping you with all your real estate needs in Hampton Roads	Chesapeake Virginia Real Estate Agent, Realtor In Chesapeake www.chesapeakeva-re.com Chesapeake Virginia Homes	Norfolk Virginia Real Estate Agent, Realtor In Norfolk www.norfolkva-re.com Norfolk Virginia Homes	Virginia Beach Real Estate Agent, Realtor In Va Beach www.virginiabeachva-re.com Virginia Beach Virginia Homes	Ads