Las Vegas Real Estate Investment,

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

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.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

CERTIFICATE OF VETERAN STATUS
FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status).

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.

REMAINDER ESTATE
A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

SURVEY
The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of houses in a lot including the determination of any existing encroachments or easements.

FLOOD INSURANCE
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

CHAIN OF TITLE
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

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.

UNDERWRITING
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

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.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

CAPITAL IMPROVEMENT
Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property.

APPURTENANT
Belonging to; adjunct; appended or annexed.

BALLOON PAYMENT
The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.

CEILING
The maximum allowable interest rate of an adjustable rate mortgage.

CONSTRUCTIVE NOTICE
Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records.

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

POSSESSION
The act of either actually or constructively possessing or occupying property.

PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

SUBORDINATION AGREEMENT
An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien.