Real Estate Investment Vacation,

MALL
A landscaped public area set aside for pedestrian traffic.

FEASIBILITY STUDY
An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design.

FEE SIMPLE
The largest estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land: it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee.

YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.

MASTER PLAN
A comprehensive plan to guide the long-term physical development of a particular area.

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

RELEASE
The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.

PRE-QUALIFICATION
The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application.

LINE OF CREDIT
A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

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

TIME IS OF THE ESSENCE
The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

ENTIRETY, TENANCY BY
A form of joint ownership of property between husband and wife with the right of survivorship.

APPURTENANT
Belonging to; adjunct; appended or annexed.

TENANT
In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease.

FINANCE FEE
A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.

MORTGAGE BANKER
An individual or company that originates and/or services mortgage loans.

NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

DUAL AGENCY
Representing both principals (buyer and seller) to a transaction.

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

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

IMPOUND 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 impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)