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PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

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.

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

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.

LEVERAGE
The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing.

PROSPECT
A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

STRAIGHT NOTE
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

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).

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

OFFER AND ACCEPTANCE
The two components of a valid contract; a "meeting of the minds."

OFFSITE COSTS
Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs).

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

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.

REBATE
A reduction or kickback of a stipulated charge.

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

SHORELINE
The dividing line between private land and public beach on beachfront property.

COMPOUND INTEREST
Interest which is computed upon the principal sum plus accrued interest.

PREPAID INTEREST
Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date.

INTEREST RATE CAP
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

WARRANTY DEED
A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

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").

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

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