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MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

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.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

DOMICILE
The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent.

REAL PROPERTY
Land and any improvements permanently affixed to it, such as buildings.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

MORTGAGE BROKER
A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans.

ESCROW
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

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