Bad Credit Home Equity Loan,

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.

KIOSK
A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand.

RENTAL AGREEMENT
An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

ESCROW ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses escrow account funds on behalf of the borrower when they become due. Also known as Impound Account.

SIMPLE INTEREST
Interest computed on the principal balance only.

PERCOLATION TEST
A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water.

CONVENTIONAL LOAN
Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits.

COLLATERAL
Assets (such as your home) pledged as security for a debt.

AGENCY
A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty.

STATUTE OF FRAUDS
That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable.

CONSIDERATION
An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another.

PARTICIPATION MORTGAGE
A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.

LAND DESCRIPTION
A description of a particular piece of real property.

HUD
A federal cabinet department officially known as the Department of Housing and Urban Development.

CLOSING STATEMENT
A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement.

ALLODIAL SYSTEM
The free ownership of land by individuals.

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

SETBACK
Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

NOTICE TO QUIT
A written notice given by a landlord to his tenant, stating that the landlord intends to regain possession of the leased premises and that the tenant is required to quit and remove himself from the premises either at the end of the lease term or immediately if there is a breach of lease or if the tenancy is at will or by sufferance; sometimes refers to the notice given by the tenant to the landlord that he intends to give up possession on a stated day.

RELEASE CLAUSE
A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

NOTICE OF NONRESPONSIBILITY
A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person.

BUILDING RESIDUAL TECHNIQUE
A method of determining the value of an improvement normally used in appraising income property.

PUNCH LIST
A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.