Home Improvement License,

LIFE ESTATE
Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person.

MALL
A landscaped public area set aside for pedestrian traffic.

JUMBO LOAN
A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

UPSET PRICE
A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised.

MARKETABLE TITLE
Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title.

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

LOSS PAYEE
The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

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.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

DISCOUNT POINTS (OR POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

CERTIFIED CHECK
A check which the bank guarantees to be good, and against which a stop payment is ineffective.

RESTRICTIONS
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

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.

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

SPECIFIC PERFORMANCE
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.

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.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

MINERAL RIGHTS
Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor.

TENANCY AT WILL
A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold.

JOINT TENANCY
A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities").

FUNCTIONAL OBSOLESCENCE
A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

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.