REAL ESTATE - P -

REAL ESTATE - Q -

   QUALIFIED FEE ESTATE
Fee ownership with certain limitations imposed by the grantor.   

   QUALIFYING
>>_ mortgage underwriting.   

   QUANTITY SURVEY METHOD
Used in appraising to determine reproduction cost. The method specifically analyzes each item of construction including building materials and supplies, other products, labor costs, indirect costs, and builder's profit necessary to reproduce the subject property.   

   QUASI
Related to; of a similar nature.>>_ ostensible (quasi-partnership, quasi-judicial powers, and quasi-legislative powers).   

   QUASI-JUDICIAL POWERS
The powers granted by Chapter 475, F.S. to the Florida Real Estate Commission which permits them to deny applications for licensure, certification, registration, or permit, or the renewal thereof; and hold informal hearings and issue final orders in all disciplinary proceedings to suspend or revoke licensure, reprimand or fine a licensee, registrant, or permitee, or place any of the foregoing on probation.   

   QUASI-LEGISLATIVE POWERS
The powers granted by Chapter 475, F.S. to the Florida Real Estate Commission which permits them to 1) enact rules that implement its owners and duties prescribed by law; 2) enact bylaws and regulations for its own government; and 3) establish fees.   

   QUASI-PARTNERSHIP
>>_ ostensible quasi-partnership.   

   QUIET ENJOYMENT
The right of an owner of real property or a tenant occupying real property under a lease agreement to enjoy the possession of the premises in peace and without interference.   

   QUITCLAIM DEED
A type of deed in which the grantor makes no covenants for title and merely releases or relinquishes all right, title, or interest that he has in the real property, without claiming any interest whatsoever. It is commonly used to cure defects in or remove clouds from a title. >>_ cloud on title.   

   QUORUM
The minimum numbers of members of a deliberative body who must be present before meetings may be held or business conducted. For example, four members must be present for the FREC to conduct business.

REAL ESTATE - R -

   R-VALUE
A value for the resistance to heat flow. The higher the R-Value, the more resistant the material. Search by zip code at the U.S.Department of Energy web site.   

   RADON GAS
A colorless, odorless gas that develops in the earth naturally as a result of the decay of radioactive materials such as uranium.   

   RANGE
A vertical (north/south) strip of land six miles wide on either side of the principal meridian. >>_ government survey system and principal meridian.   

   RANGE LINES
The lines running every six miles east and west of the principal meridian. >>_ government survey system and principal meridian.   

   RATIFICATION (RATIFIED)
Confirmation by a party of a previous act done either by himself or by another.   

   READY, WILLING, AND ABLE
Words usually contained in listing contracts implying that a potential buyer will complete the transaction at the time and place specified in the contract; has the desire to complete the transaction under the terms and conditions of the contract; and has the financial capability to complete the transaction under the terms and conditions of the contract.   

   REAL ESTATE
The physical land at, above, and below the earth's surface. It includes any buildings, structures, fixtures, or other improvements erected on or affixed to the land, and anything growing on the land. >>_ real property (realty).   

   REAL ESTATE BROKER
A licensed person who, for compensation or with the intent to receive compensation, acts as an agent for others in the performance of one or more services of real estate; this includes transactions involving business enterprises or opportunities. As set forth in Chapter 475, F.S., the term broker also includes any person who advertises rental property information or lists; any person who is a general partner of a brokerage partnership or an officer or director of a brokerage corporation; and any person or entity who lists, advertises for sale, promotes, or sells by any means whatsoever one or more time-share periods per year on behalf of others, except as otherwise provided by law.   

   REAL ESTATE BROKERAGE
A business registered with the Department of Business and Professional Regulation that 1) buys, sells, rents, leases, exchanges, auctions, or appraises the real property of others for compensation; 2) advertises rental property information or lists; or lists, advertises for sale, or promotes; or 3) sells by any means whatsoever one or more time-share periods per year on behalf of others. A brokerage business may be registered and operated as a sole proprietorship, corporation, limited liability corporation, limited liability partnership, or general or limited partnership.   

   REAL ESTATE EDUCATION AND RESEARCH
FoundationThe major purpose of the foundation is to create and promote educational projects to expand the knowledge of the public and real estate licensees in matters pertaining to Florida real estate.   

   REAL ESTATE INVESTORS ASSOCIATION (REIA)
Formerly known as the Real Estate Securities and Syndication Institute. A trade association that represents local investor, apartment, property owner, and landlord associations with a mission to educate their members to become better real estate investors.   

   REAL ESTATE INVESTMENT TRUST (REIT)
>>_ business trust.   

   REAL ESTATE OWNED (REO)
A property that has gone through foreclosure and is now owned by the lender. The REO property did not find a buyer during the foreclosure auction so the lender takes it back. This type of property is less risky in that a buyer can obtain title insurance at closing to insure against any defects in the title whereas at a foreclosure sale, title insurance would not be available.   

   REAL ESTATE RECOVERY FUND
A fund established by statute to reimburse any person, partnership, or corporation who is adjudged by a court of law to have suffered monetary damages by reason of certain acts committed as a part of any real estate brokerage transaction involving real property in Florida by any broker or sales associate who held a valid and current license at the time the alleged act was committed.   

   REAL ESTATE SALES CONTRACT
An agreement whereby one party agrees to buy and the other party (the owner agrees to sell certain real property according to the price, terms, and conditions of the contract.Also known as an agreement for sale, an agreement of sale, a contract for purchase, a contract for sale, contract for sale and purchase, a purchase agreement, and a purchase and sale agreement.   

   REAL ESTATE SERVICES
Any real estate activities performed for another for compensation require an active real estate license (personal and business).Florida real estate license law identifies eight real estate services that require licensure if compensation is offered or expected - A BAR SALE (advertise real estate services, buy, appraise, rent or provide rental lists, sell, auction, lease, and exchange).   

   REAL ESTATE SETTLEMENT PROCEDURES ACT
(RESPA) (Regulation X)A federal law that requires lenders to fully disclose the type and amount of closing costs that borrowers are required to pay on government-under written mortgage loans, or on federally related residential mortgage loans.   RESPA ATTEMPTS TO ELIMINATE KICKBACKS.
>>_ closing costs and kickback.   

   REAL PROPERTY (REALTY)
The physical land, and generally whatever is erected on, affixed to, or growing on the land, plus the interests, benefits, and legal rights inherent in the ownership of real estate. The term realty is sometimes used to denote real property.   

   REALTOR®
A real estate professional who is a member of the National Association ofREALTORS®, a state association of REALTORS®, and a local board or association of REALTORS®. Some boards or associations permit the term to be used only by member-brokers, while others permit it to be used by member-brokers or member-sales associates.   

   REALTOR® - ASSOCIATE
In some local boards or associations of   

   REALTORS ®,
a real estate sales associate who is a member of the National Association of REALTORS ®, a state association of REALTORS®, and a local board or association of REALTORS®.   

   REALTORS® NATIONAL MARKETING INSTITUTE (RNMI)
An institute whose membership is comprised of those specializing in the brokerage of residential, commercial, and investment real property.Offers the Council of Real Estate Brokerage Managers professional certification.   

   REALTY
>>_ real property.   

   RECEIVER
A person appointed by the court to receive, preserve, and manage the property of a bankrupt or property in litigation, to receive the rents and profits generated by the property, and to apply or dispose of them at the direction of the court.   

   RECEIVERSHIP CLAUSE
Allows income from the mortgaged property to be applied to the mortgage payments should the mortgagor default. >>_ mortgagor.   

   RECOMMENDED ORDER
Issued at the end of a formal hearing by anALJ based on clear and convincing evidence; must include any findings of fact, conclusions of law, interpretation of rules and recommended penalty, if any.   

   RECONCILIATION
What an appraiser does by weighing the estimates of value that were derived from the sales comparison, cost-depreciation, and income approaches to arrive at a final estimate of market value.   

   RECORDING
Placing or entering instruments that affect the title to real property into official public records of the county in which the property is located so as to give notice of their contents. >>_ constructive notice.   

   REDDENDUM CLAUSE
The reserving clause in the deed that reserves a right or restriction in the title, not land, to the grantor (e.g., the grantor reserves the right to receive rent from the property for his life).   

   REDLINING
An illegal and discriminatory practice by financial institutions that refuse to make mortgage loans on real property in certain areas due to alleged deteriorating or otherwise undesirable conditions, and not the applicant's credit record.   

   REFEREE'S DEED IN FORECLOSURE
Used to convey property sold in a court-ordered foreclosure sale.   

   REFEREE'S DEED IN PARTITION
Used to convey property following a court-ordered partition judgment involving property owned jointly by two or more persons who desire to dissolve their joint ownership of the property but who cannot agree on the physical division (partition) of the property.   

   REFERRAL FEE
>>_ finder's fee.   

   REFINANCING
To renew financing, or obtain new financing to pay off existing debts or loans.   

registered trainee appraiser An individual registered with the Department of Business and Professional Regulation who is permitted to appraise real property under the supervision of a state-certified appraiser.   

   REGISTRATION
The placing and maintaining on record, by the DBPR, the name and address of each licensed broker and sales associate, and the name and business address of the sales associate's employer.   

   REGRESSION
A principle in appraising that a superior property will be adversely affected by itsassociation with the same type of inferior property.   

   REGULATION Z
Published in 1969 by the Federal Reserve Board of Governors and requires that a borrower be shown clearly in both dollars and a percentage amount what is actually being paid for credit. >>_ Consumer Credit Protection Act.   

   RELEASE CLAUSE
A clause in a mortgage contract that allows individual parcels of land to be released from the mortgage as they are sold and upon payment of a specified amount to the lender. >>_ blanket mortgage.   

   REMAINDER ESTATE
A future ownership interest in real property that passes to a certain person at a specified time or upon the happening of a necessary event.   

   REMAINDERMAN
One who receives the remainder of an estate in real property after a preceding estate carved out of it has expired. For example, "A," who owns land in fee simple, conveys it to "B" for twenty years, and at the end of that time, it passes to "C" (a remainderman) in fee simple.   

   RENT
An agreed sum paid at fixed intervals by the tenant to the landlord. >>_ lessee and lessor.   

   RENUNCIATION
The act by which a person abandons an acquired right without transferring it to another.   

   REPLACEMENT COST
As used in the cost-depreciation approach, the current cost of creating a building of equal utility as the building being appraised, but not necessarily with identical materials or in exact physical detail.   

   REPRODUCTION COST
As used in the cost-depreciation approach, the current cost of creating a duplicate or replica of the building being appraised by using identical materials and design.   

   RESALE CONDOMINIUM
When the seller of the condominium unit is someone other than the developer it isconsidered a resale. The buyer must be provided the condominium documents that include the articles of incorporation, association rules, bylaws, declaration, the frequently asked questions and answers, governance form, and the most recent year. end financial report.   

   RESCIND
To terminate, annul, or make void.   

   RESCISSION (OF A CONTRACT)
The act of canceling or declaring a contract void, which places each party in the position held before the contract was made.   

   RESERVE FOR REPLACEMENTS
An annual reserve fund for replacement of short-life items that wear out from time to time.   

   RESERVE REQUIREMENT
The portion of depositors' funds that regulated financial institutions must keep and not loan out. This increases or decreases the amount of money available for loans, depending upon the direction of change in the reserve requirement.   

   RESIDENTIAL SALES
The sale of improved residential property of four units or fewer, the sale of unimproved residential property intended for the use of four units or fewer, or the sale of agricultural property of 10 acres or fewer.   

   RESOLUTION
The adoption of a motion that merely expresses an opinion or the will of an official body, such as a resolution of the Florida Real Estate Commission.   

   RESPONDENT
The party who responds to a pleading in a civil matter. >>_ complainant.   

   RESTRICTION
A limitation on the use of real property which may be contained in a deed, lease, or zoning ordinance. >>_ deed restriction, private restrictions, and public restrictions.   

   RESTRICTIVE COVENANT
Recorded with the subdivision plat and affects the entire subdivision. Opposite of deed restriction because deed restrictions affect a single property.reverseTo vacate, set aside, make void, annul, or revoke. For example, the District Court of Appeals could reverse a final order of the Florida Real Estate Commission.   

   REVERSE ANNUITY MORTGAGE
A loan made by a lender to a 62 years or older homeowner against the equity in his home. The homeowner receives monthly payments directly from the lender based on the homeowner's accumulated equity in his home or through the purchase of an annuity from an insurance company.   

   REVERSION ESTATE
A future ownership interest in real property that returns or reverts to the grantor, or to his heirs, at the termination of a particular estate. For example, "A," who owns land in fee simple, conveys it to "B" for his lifetime.When "B" dies, the property reverts to "A" or his heirs in a fee simple estate.   

   REVOCATION (REVOKE)
The taking back of some power, authority, or thing granted, or rescinding a right or status that existed prior to the act of revocation (e.g., revocation of a license by the Florida Real Estate Commission).Revocation is permanent except for two situations-when the licensee filed for renewal but did not comply with the continuing or post license education requirements prior to the expiration date or when an individual files an application for licensure that contains fraudulent information.   

   RIGHT OF SURVIVORSHIP
The right of a surviving joint owner of property to receive the interest of a deceased joint owner. In Florida, a joint estate may include the right of survivorship if expressly stated in the instrument which creates the estate. >>_ joint estate joint tenancy).   

   RIGHT-OF-WAY
The right or privilege to pass over the land of another, which is often acquired by contract.   

   RIGHT TO REINSTATE
Not available in title theory states. >>_ equity of redemption and title theory.   

   RIPARIAN RIGHTS
The rights of landowners whose property borders on a river or stream.   

REAL ESTATE - S -

   S CORPORATION
A type of corporation that passes corporate income, losses, deductions, and credit through to their shareholders for federal income tax purposes. >>_ corporation for profit.   

   SAFE ACT (SAFE)
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 sets minimum standards for the licensing and registration of state licensed mortgage loan originators.>>_ mortgage loan originator.   

   SALE-LEASEBACK
A method of financing in which the owner of real property sells his property and simultaneously leases it from the buyer for an extended period of time.   

   SALES ASSOCIATE, REAL ESTATE
A person who performs one or more services of real estate, either as an employee or independent contractor, under the direction, control, or management of a licensed real estate broker or owner-developer. >>_ independent contractor.   

   SALES COMPARISON APPROACH
Appraisal method for estimating cost based on the principle of substitution.   

   SALES CONTRACT
>>_ contract for sale and purchase.   

   SANDWICH LEASE
The lease of a lessee who has sublet all or a portion of the leased space to another, who is now sandwiched between the fee-owner and the party who acquired the sublease.   

   SATISFACTION
The discharge of an obligation by paying a party; the amount awarded to him by judgment of the court.   

   SATISFACTION OF MORTGAGE
When a mortgage is paid in full, Florida law requires the lender to file a satisfaction of mortgage discharging the debt within 60 days of receiving the last payment.   

   SAVE OUR HOMES (SOH)
Chapter 193.155 F.S., states that beginning in 1995 and thereafter, homestead property shall be reassessed annually on January 1 and any change shall not exceed the lesser of 3% of the assessed value or the change in the Consumer Price Index. >>_ Consumer Price Index and homestead.   

   SAVINGS ASSOCIATION
A type of financial institution whose original function was to promote thrift and home ownership. Savings associations are chartered by either the federal or state government, and regulated by the Office of Thrift Supervision.   

   SEE OFFICE OF THRIFT SUPERVISION (OTS).
scarcityA characteristic of value, scarcity describes a limited supply relative to the demand for a specific type of property.   

   SEAL
>>_ locus sigilli (L.S.)   

   SECOND MORTGAGE
A subordinate or junior mortgage to a first mortgage.   

   SECONDARY MORTGAGE MARKET
That part of the money market in which secondary lenders, such as federal government agencies, life insurance companies, and pension funds buy and sell closed loans originated in the primary mortgage market. >>_ primary mortgage market.   

   SECTION
In the government rectangular survey method of describing real property, a tract of land that is one mile square; has an area of one square mile; and contains 640 acres.>>_ township.   

   SECURITY
A pledge given by a debtor to assure the payment of his debt, which provides the creditor with a resource to be used if the debtor fails to meet his obligation. For example, a mortgage pledges the borrower's real property as security for repayment of the debt. seller property disclosure form Usually resembles a questionnaire or a checklist and requires that the sellers give a detailed and comprehensive report on the property; usually has a signature area where the sellers also agree that this information can be given to prospective buyers.   

   SELLER'S MARKET
A market where there are more buyers relative to the number of sellers. >>_ buyer's market.   

   SEPARATE PROPERTY
The real and personal property that married persons individually own.   

   SERVIENT ESTATE
Adjoining property to a dominant estate; known as the servient estate because it suffers from the right granted by the easement. >>_ also dominant estate.   

   SEVERALTY
An estate held by a person in his own right; sole ownership.   

   SHED ROOF
A type of flat roof that slopes in one direction.   

   SHORT SALE
When the proceeds from the sale are not sufficient to cover the homeowner's mortgage obligations and other closing costs, including the real estate sales commission, property taxes, any past due association fees, and transfer taxes.Usually short sales occur when the homeowner is behind in their mortgage payments and/or other liens. The lender agrees to accept less than what is owed because the homeowner is experiencing a financial hardship and/or is upside down due to decreasing home values. >>_ upside down.   

   SINGLE AGENCY OR SINGLE AGENT
An agency relationship in which the agent has only one principal per transaction in a residential sale. For example, a single agency exists when either a seller or buyer, but not both in the same transaction, employs a broker.A plot of land set apart for some specific ...........   

   SITUS
The economic quality of real estate resulting from its location and immobility.   

   SOCIETY OF INDUSTRIAL AND OFFICE
REALTORS® professional organization that serves commercial brokerage specialists.   

   SOLE PROPRIETORSHIP
A type of business organization owned and controlled exclusively by one person.   

   SOLE TITLEHOLDER
The person holding title to property owned by a corporation sole. >>_ corporation sole.   

   SOLVENT
The ability of a person or business entity to pay debts when due from current assets.   

   SPECIAL AGENT
An individual who has been authorized to act on the employer's behalf to perform a single act. As an example, a broker employed under a listing contract to market one property is acting as a special agent.   

   SPECIAL ASSESSMENT
A one-time tax levied by local government against real property for some improvement that will increase the value of the property affected (e.g., for sewer or water mains, sidewalks, streets).   

   SPECIAL EXCEPTION
A deviation in land use that does not comply with the designated use as specified in a zoning ordinance.   

   SPECIAL FLOOD HAZARD AREAS (SFHAS)
Delineated according to National FloodInsurance Program criteria where the probability of flooding an area will be at least 1% in any given year.special-purpose property (special use property)Properties that do not fit other zoning categories (e.g., schools, libraries, courthouses, parks, and other government properties).   

   SPECIAL POWER
Limited to some special act (e.., signing a contract, deed, or mortgage).   

   SPECIAL TAX DISTRICTS
Established to support specific needs (e.g., fire protection, flood control, hospitals, and emergency ambulance service). These districts are created by the local government, the property owners who desire a special service or improvement through the local government, or by acts of the state legislature.   

   SPECIAL WARRANTY DEED
A type of bargain and sale deed in which the grantor promises only to guarantee and defend the title to the real property against lawful claims made by himself or anyone claiming by, through, or under him. This type of deed is given by corporations selling their property.   

   SPECIFIC PERFORMANCE
The actual performance of a contract by a party required to fulfill it; a type of legal action in which one party to a contract requests the court to require another party to perform according to the exact terms of the contract.   

   SPECULATIVE BUILDING
An improvement (e.g., a house) constructed by developers, contractors, or builders according to their specifications on land they own with the goal of selling the land and the building.   

   SPOUSE
One's husband or wife.   

   STATE-CERTIFIED GENERAL APPRAISER
>>_ certified general appraiser.   

   STATE-CERTIFIED RESIDENTIAL APPRAISER
>>_ certified residential appraiser.   

   STATUTE OF FRAUDS
Statutory law requiring all contracts for land or any interest in land, that cannot be fulfilled within one year, to be in writing to be enforceable. This statute applies to real estate sales contracts, option contracts, deeds, mortgages, and leases for longer than one year.   

   STATUTE OF LIMITATIONS
A Florida statute requiring a plaintiff to bring a lawsuit within a specified time period or it will be disallowed by the courts. For example, a legal action on a written contract must be started within five years and within four years on an oral agreement.   

   STATUTES
Acts by the Florida Legislature (state law) or by the United States Congress (federal law)declaring, commanding, or prohibiting something. The term is used to denote legislatively enacted laws as opposed to case, unwritten, or common laws.   

   STATUTORY RIGHT OF REDEMPTION
Allows a mortgagor in default to redeem property after foreclosure from the purchaser at the public sale.   

   STAY OF ENFORCEMENT
A motion that defendants may file when they file an appeal asking that a final order be stayed (delayed) from taking effect. If requested, the stay will be granted and the licensee may continue to operate, unless the FREC can show there is a probable danger to the public welfare. If a stay is not requested, the final order becomes effective.   

   STEERING
>>_ channeling.   

   STIGMATIZED PROPERTY
Property upon which some event with more of a psychological impact than a physical impact or defect has occurred or is occurring. Property can be stigmatized by events such as murder, suicide, or drug-related arrest, or the property may be considered haunted by ghosts or spirits.Also includes those premises on which a famous person may have once lived.   

   STIPULATION
When the Division of Real Estate's attorney meets with the licensee-respondent and their legal counsel to discuss a possible settlement, the agreement reached that states the facts of the case and the penalty determined. A stipulation must be approved by the FREC to be effective.   

   SUBAGENT
A person employed by an agent to assist in transacting the business of his principal; an agent of an agent.   

   SUBDIVIDING
Converting a raw parcel of land into smaller parcels.   

   SUBDIVISION OR SUBDIVIDED LANDS
Any contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, units, or interests; or any land, whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan.   

   SUBDIVISION PLAT MAP
An engineer's plan for land use that is superimposed onto a map of the land to be developed. It indicates the streets, public utilities, water and sewer lines, and the individual lots.   

   SUBJECT PROPERTY
The property being appraised.   

   SUBJECT TO MORTGAGE
When real property is sold subject to the mortgage, the buyer assumes liability only for the existing mortgage and the seller retains prime liability on the note. In the event of default, the buyer could lose the property and his equity in the property in a foreclosure sale.   

   SUBLEASE
A lease agreement in which a tenant leases to another party all of the leased space for less than the remaining time of the lease period and/or only part of the leased space for any time period.   

   SUBORDINATION AGREEMENT
An agreement which allows the rights of one person to rank below the rights of another. For example, the holder of a first mortgage may agree to take a second mortgage position, and thus subordinate or relinquish his priority position to a new mortgage. The subordination clause provides that the mortgagee will allow another mortgage to assume a superior position in priority.   

   SUBPOENA
A command to appear in court or at a hearing, usually for the purpose of giving testimony on a certain matter.   

   SUBROGATION
The substitution of one party in the place of another who has a claim against a third party.   

   SUBSEQUENT
Later in time, following, succeeding.   

   SUBSURFACE RIGHTS
Include the right in a parcel of real estate to explore, drill, or dig below its surface forminerals (e.g., gas, oil, coal) and water. The mineral rights and certain water rights may be sold or leased.   

   SUIT FOR DECLARATORY DECREE
Legal action used by a broker who claims an interest in disputed escrow deposits.   

   SUIT FOR INTERPLEADER
Legal request used by a broker who does not claim an interest in disputed escrow deposits and places them with the court registry.   

   SUIT TO QUIET TITLE
A proceeding to establish a plaintiffs claim to real property by bringing into court any adverse claimant, and require him to establish his claim or thereafter be prevented from doing so.   

   SUMMARY SUSPENSION
An emergency suspension of a license.   

   SUPPLY
A quantity of something. There is an inverse relationship between supply and demand. Supply factors include the availability of land, materials, skilled labor, and construction loans. >>_ demand.   

   SUPREME COURT (FLORIDA)
The highest appellate court with statewide jurisdiction; court of last resort.   

   SURFACE RIGHTS
Include the right to control, occupy, and use the surface area of a parcel of real estate along with land and water rights (e.g., building improvements on land and growing crops on it).   

   SURPLUS MONEY ACTION
A junior mortgage holder who is holding a second or subsequent mortgage position may file a surplus money action so that any funds that are collected at the foreclosure sale will pay all senior claims as well as his or her own against the borrower.   
   SURVEY
1) The process by which a parcel or tract of land is measured, and its boundaries and contents determined; 2) a map, plat, or explanation of the results of a survey.   

   SURVEYOR
One who makes surveys and determines the area of a parcel or tract of land, the length and direction of its boundary lines, and contour of its surface.   

   SUSCIPIENT FUNCTION
Function of businesses (e.g., flower shops, ice cream stores) in commercial areas that depend on attracting passerby traffic.   

   SUSPENSION OF A RIGHT (SUSPEND)
The act by which a person is temporarily deprived of the exercise of a right for a period of time. For example, the Florida Real Estate Commission has the power to suspend the license of a broker or sales associate for a maximum period of 10 years.   

   SYNDICATION
>>_ business trust.   

REAL ESTATE - T -

   TANGIBLE PROPERTY
Real or personal property that may be touched and possessed (e.g., land, buildings, trees, cars, boats, jewelry).   

   TAXABLE INCOME
For IRS purposes, the gross income minus any allowable tax deductions. For real estate purposes, the net operating income plus reserve for replacements minus the financing costs and allowable depreciation.   

   TAXABLE VALUE
The property tax rate is applied to the difference between the total assessed value and all exempt value to determine the property tax due.   

   TAX CERTIFICATE
Failure to pay real property taxes results in the public sale of tax certificates which gives the certificate buyer a right to the delinquent property tax plus interest.   

   TAX DEED
A deed used to convey title to real property that has been foreclosed by a court order for nonpayment of real estate taxes. >>_ deed.   

   TAX LIEN
A lien on real or personal property in favor of local, state, or federal government which may be foreclosed for nonpayment of taxes.   

   TAX RATE
Property tax rates are set by the millage which is determined by the taxing district governing bodies (e.g., city, county, water management, school board, and special districts).   

   TAX SHELTER
Created when deductions exceed taxable income.   

   TAX VALUE
Also known as assessment value or what the property is valued for assessment purposes; often less than real market value.   

   TEASER RATE
The low, temporary, introductory interest rate for an adjustable rate mortgage. >>_ adjustable rate mortgage.   

   TELEPHONE SOLICITATION
The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or service.   

   TENANCY AT SUFFERANCE
A tenancy created when a tenant's legal rights have ended, but he remains in possession of the landlord's property without agreement; also known as a holdover tenant. >>_ nonfreehold estate.   

   TENANCY AT WILL
A tenancy created by either an oral or written agreement that exists whenever a landlord grants the possession and use of his real property to a tenant for an indefinite period of time (sometimes referred to as a rental agreement). >>_ nonfreehold estate.   

   TENANCY (ESTATE) BY THE ENTIRETIES
A form of joint ownership that can exist only between a husband and wife, which is normally created when they acquire title to real property at the same time. On the death of one spouse, the surviving spouse becomes the sole owner of the property.   

   TENANCY (ESTATE) FOR YEARS
A tenancy created when a landlord grants the possession and use of his real property to a tenant for a definite period of time (e.g., a certain number of days, weeks, months, or years from a given date). It is created by a written lease containing specific beginning and ending dates as agreed between the parties.   

   TENANCY IN COMMON
A form of joint ownership in which two or more persons called co-tenants own a separate and distinct share of real or personal property. A tenancy in common cannot provide for the right of survivorship since each co-tenant can sell, give, will, or otherwise dispose of his interest in the property at any time.   

   TENANT
>>_ lessee.   

   TENDER
1) An offer of money to satisfy a claim; 2) an unconditional offer to perform combined with the ability to carry out the offer and produce certain subject matter.   

   TENENDUM CLAUSE
The clause in the deed that states that the land together with any improvements to the land is being conveyed to the grantee.   

   TERMINUS
A post or stone marking a boundary. Metes means terminus or measurements (e.g., inches, feet, yards, and miles). >>_ metes and bounds method.   

   TERMITE INSPECTION
A physical inspection of real property for the presence of termites.   

   TERM MORTGAGE (STRAIGHT TERM)
A mortgage that requires the payment of interest only at specified intervals, with the entire principal amount borrowed due at the loan maturity date.   

   TESTATE
A person who dies and leaves a will is said to die testate.   

   TESTIMONIUM CLAUSE
The clause in the deed that contains the statement, "In witness whereof the parties to these presents have hereunto set their hands and seals." thrift institutionsOrganizations that primarily accept savings account deposits and invest most of the proceeds in mortgages; savings banks, savings associations, and credit unions are other examples of thrift institutions.   

   TIME IS OF THE ESSENCE
A contract provision that means that the parties will be held to exactly that time period specified. The party that is late is in breach of contract.   

   TIME-SHARE
A plan or arrangement in which a purchaser receives a fee simple interest in or a right to use a time-share unit, such as an apartment, condominium, or cooperative unit, for a specified period of time each year—usually one week. If the purchaser is merely granted a right to use an accommodation, it may consist of a lease, rental agreement, license, or club membership.   

   TITLE
The right by which a party is entitled to the present or future ownership of real estate.Ownership includes the right of possession, occupancy, use, enjoyment, and disposition of the property. Title is also the evidence of ownership of real estate. One who owns property has title to it.   

   TITLE INSURANCE
A title insurance company's guarantee against loss or damage from defects or encumbrances in the title to a specified parcel of land to which the company has not taken an exception. >>_ mortgagee title policy and owner's title policy.   

   TITLE PLANT
A duplicate set of the public records that include copies of all the essential recorded instruments affecting title to real estate.   

   TITLE SEARCH
An examination of the public records and other publicly available records for documents that affect title to a parcel of real estate to determine whether any defects exist in the chain of title. >>_ chain of title.   

   TITLE THEORY
A view that a mortgage conveys legal title to the mortgaged real property to the lender until the terms and conditions of the mortgage contract are satisfied by the borrower. >>_ lien theory.   

   TLOT
In the shape of a T typically used in alternation in a block; used to provide variety in terms of distance of the houses from the street; allows for higher density building along an area with limited attraction access. Suffers from runaway cars and headlights.   

   TOPOGRAPHY
The nature and contour of the surface of land.   

   TORT
A wrongful act or injury, other than breach of contract, which permits the wronged party to bring a civil suit against the alleged wrongdoer for damages suffered.   

   TOWNSHIP
In the government survey system of describing real property, a tract of land that is six miles square; has an area of 36 square miles; and contains 36 sections.   

   TOWNSHIP LINE
Drawn every six miles parallel to base lines.>>_ base lines and correction lines.   

   TOXIC WASTE
Waste material that can cause injury or death. The Department of Environmental Protection regulates the disposal of toxic waste.   

   TRACT BUILDING
Involves a builder building homes from a variety of floor plans which act as examples of what the builder has to offer in a subdivision. This is also called model home building.   

   TRADE FIXTURE
An article of personal property annexed or fixed to real estate being rented or leased by a tenant as a necessary part of the tenant's business or trade.   

   TRADE NAME
>>_ fictitious names statute.   

   TRANSACTION BROKER
A relationship created when a broker offers limited representation to one or both parties in a residential real estate sale transaction, but does not represent either in a fiduciary capacity or as a single agent.   

   TRANSFERABILITY
A characteristic of value, transferability means title to a property can be transferred from one person to another.   

   TRIGGERING TERMS
Creditors are required by the Truth-in-Lending Act to disclose additional information when certain credit terms areused in advertising (e.g., the amount or percentage of down payment, number of payments, term of repayment, amount of any payment, and the amount of any finance charges).   

   TRUST
An arrangement in which real or personal property is transferred to a trustee with the intention that it be managed for the benefit of another or others.   

   TRUST ACCOUNT
>>_ escrow account.   

   TRUSTEE
A person who holds title to real or personal property for another or others.   

REAL ESTATE - U -

   UNDERGROUND STORAGE TANKS
A tank that holds over 1000 gallons of gasoline underground. A major concern to the landowner is if it leaks. Storage tank cleanups are very expensive. The Department of Environmental Protection regulates the use of underground storage tanks.   
   UNDERWRITING
When a lender analyzes risk and accepts it by funding a proposed mortgage.   

   UNDIVIDED INTEREST
An interest in the entire property as opposed to ownership of a certain portion of the property.   

   UNENFORCEABLE
A contract that will not be upheld in court or cannot be proved but was valid when it was executed.   

   UNIFORM APPRAISAL DATASET (UAD)
The UAD provides common requirements for appraisals. The UAD has field-specific standardization requirements. For appraisals completed on or after September 1, 2011, the appraisal report must be completed with the UAD for conventional mortgages sold to Fannie Mae or Freddie Uniform Commercial Code (UCO) A standardization of rules throughout the United States regarding the sale or transfer of personal property. Each state in the country has adopted the UCC in some form.   

   UNIFORM STANDARDS OF PROFESSIONAL
Appraisal Practice (USPAP)The generally accepted standards for professional appraisal practice in North America.   

   UNILATERAL CONTRACT
A contract in which only one party has promised to perform in accordance with the terms and conditions of the agreement (e.g., an option contract).   

   UNIT-IN-PLACE COST METHOD
Used in appraisal, utilizes cost manuals to determine the cost of construction of components (parts, materials, and labor).The builder's overhead and profit are added to the construction cost.   

   UNIT-OF-COMPARISON METHOD
Used in appraisal, requires that the cost of reproduction of the subject property be computed on the basis of the cost per square foot or per cubic foot of comparable buildings to determine the estimated value.In arriving at the unit cost, the appraiser examines the cost of similar structures, called benchmarks.   

   UNIVERSAL AGENT
An individual authorized to act for and represent the employer in all matters. The agent may do for employers anything employers can do for themselves. An attorney often serves as a universal agent, advising clients on issues as diverse as investments, insurance, and death matters.   

   UNLIQUIDATED DAMAGES
The damages for breach of contract that are not specified in the agreement.   

   UPFRONT MORTGAGE INSURANCE PREMIUM (UFMIP)
A charge that is paid in cash or financed forFHA mortgages. As of October 4, 2010, the UFMIP is 1% of the loan amount for a 30 year mortgage (e.g., a $100,000 mortgage has a $1,000 UFMIP that could be financed in the loan for a total loan amount of $101,000).   

   UPSIDE DOWN
When the net proceeds of a real estate sale are not sufficient to pay the lender andother customary closing costs, the homeowner is considered upside down.When the home is worth less than the liens on the property.   

   URBAN RENEWAL
A redevelopment plan involving land uses, and improved traffic, public transportation, public utilities, recreation, community facilities, and so on.   

   UREA FORMALDEHYDE FOAM INSULATION (UFFI)
A home insulation pumped into walls and ceilings, banned by most states in the 1970s and 1980s. Formaldehyde in the insulation reacts with heat and humidity in the air, allowing formaldehyde gas to be released which can cause breathing difficulties, headaches, nausea, nosebleeds, eye and ear irritation, and dizziness.   

   USURY
Charging more for the use of money than allowed by law.   

   UTILITY
A characteristic of value, utility is the ability of a property to satisfy human needs and desires.   

REAL ESTATE - V -

   VACANCY RATE
An indicator of the relationship between supply and demand. Determined by dividing the number of vacant units by the total number of units.   

   VACATED
To set aside or cancel; annul.   

   VALID
Legally sufficient; authorized by law; of binding force.   

   VALID CONTRACT
>>_ enforceable contract.   

   VALUABLE CONSIDERATION
Required to create an enforceable contract that has not been fully performed or completed (e.g., enforceable promises, money, real or personal property).   

   VALUATION
>>_ appraisal.   

   VALUE
The estimated worth of property that is expressed in terms of money. >>_ assessed value and market value.   

   VA MORTGAGE LOAN
A mortgage loan made to a veteran by an approved lender that is partially guaranteed by the Department of Veterans Affairs (VA).   

   VARIABLE EXPENSES
Those expenses related to the actual operations of the property (building). These expenses are variable and usually reflect the extent to which the building is occupied.   

   VARIABLE LEASE
A type of lease where the tenant pays specified rent that is scheduled to increase in the future at set dates usually tied to an index, such as the Consumer Price Index.>>_ lease contract and Consumer PriceIndex.   

   VARIANCE
A property use which permits its owner to depart from the literal requirements of a current zoning ordinance that would cause an undue hardship to the owner if strictly enforced.   

   VENDEE
A purchaser or buyer.   

   VENDOR
A seller.   

   VENDOR'S LIEN
A lien on property in favor of a seller that provides security for a debt collectable against the property (e.g., a lien that likely would be imposed when a seller takes a purchase money mortgage from a buyer).>>_ lien and purchase money mortgage.   

   VESTED
Given to someone, such as title or the rights of absolute ownership.   

   VETERAN'S AFFAIRS (VA)
The Department that partially guarantees mortgage loans made by approved lenders.>>_ Department of Veterans Affairs.   

   VOID
Null; ineffectual; having no legal force or binding effect. A real estate license is void if it has expired or has been suspended or revoked even though it appears valid on the face of it. A licensee may not operate with a void license.   

   VOIDABLE CONTRACT
An agreement that that binds one party but gives the other party the right to withdraw.   

   VOLT
The potential difference between two points on a conductor carrying a current of one ampere, when the power dissipated between the points is one watt.   

   VOLUNTARY ALIENATION
Transfer that takes place when real property is sold or conveyed by deed or by will.   

   VOLUNTARILY INACTIVE
The status of an individual who maintains a current license status, but who is not actually performing real estate services, may request and receive an inactive individual status. Inactive individuals must meet the continuing education requirements, pay renewal fees, and properly renew the license in order to remain current. A licensee may remain in a voluntarily inactive status indefinitely.   

   VOLUNTARY LIEN
A lien that attaches to real property with the consent of the owner, such as a mortgage lien. >>_ involuntary lien.   

   WAIVE (WAIVER)
The intentional abandonment, renunciation, or surrender of a claim, privilege, or right.

REAL ESTATE - W -

   WARRANT
A promise that certain facts are true as declared to be.   

   WARRANT OF ENCUMBRANCES
An assurance to the grantee by the grantor that there are not encumbrances or liens against the property being conveyed other than those specifically listed in the deed.   

   WARRANT OF FURTHER ASSURANCE
An assurance to the grantee by the grantor to do such further acts in the future as the grantee may reasonably require to perfect the grantee's title.   

   WARRANT OF QUIET ENJOYMENT
An assurance to the grantee by the grantor that the grantee shall enjoy the possession of the property in peace and without disturbance by hostile claimants.   

   WARRANT OF SEISEN
An assurance to the grantee by the grantor that the grantor has the estate of title in the quantity and quality that he or she purports to convey. This is essentially a claim of ownership. warranty against grantor's acts A provision in a bargain and sale deed which the grantor transferring title of property from a decedent's estate warrants or promises that he or she has done nothing to injure or adversely affect the title while he or she was the personal representative of the estate and had control of the property. >>_ bargain and sale deed.   

   WARRANTY DEED (GENERAL WARRANTY DEED)
A type of bargain and sale deed that contains five covenants of title. It is the most commonly used deed and best for the grantee, for the grantor promises to guarantee and defend the title against defects arising both before and during the time that he held title to the real property.   

   WARRANTY FOREVER
An assurance to the grantee by the grantor that the grantee shall have possession, completeness, security, and continuance of the title transferred to the grantee. The grantor will forever warrant and defend the grantee's title against all lawful claims.   

   WATER RIGHTS
May include the water and the land around and under the water.   

   WATT
A unit of power equal to one joule per second.   

   WIDOW

A woman whose husband is dead, and who remains unmarried.   

   WIDOWER
A man whose wife is dead, and who remains unmarried.   

   WILL(LAST WILL AND TESTAMENT)
A revocable instrument by which a person makes a disposition of his real and personal property, to take effect after his death.regulations