REAL ESTATE - D -

   DATA BANK (APPRAISAL PLANT)
An up-to-date library of statistical information compiled by appraisers, such as real estate sales data, governmental and trade publications, maps, zoning information, land use, and economic studies.   

   DATUM
A point of reference for measuring elevations, such as the mean (average) sea level in New York Harbor.   

   DEBIT
In accounting, an increase in assets or a decrease in liabilities. On a closing statement, funds that are to be paid by the seller or buyer. To charge with a debt.   

   DEBT COVERAGE RATIO
The ratio of net operating income to annual   

   DEBT SERVICE = NOI/ADS
debt serviceSynonymous with mortgage payments.Principal and interest payments.   

   DEBTOR (BORROWER)
The party who owes a debt and is responsible for its repayment. >>_ mortgagor.   

   DECLARATION OF CONDOMINIUM
The instrument or instruments by which a condominium is created, as they are amended from time to time.   

   DECLARATORY JUDGMENT
As applied to contracts, a legal action that permits the contracting parties to settle a controversy pertaining to 1) the meaning of certain words in the contract; or 2) the rights granted to the parties by the words.   

   DEDICATION
A transfer of land by its owner for public use and accepted for such use by the public (eg., streets, playgrounds, parks, and recreational areas).   

   DEED
A written instrument, signed by the grantor and witnessed by two persons, which transfers title to real property and declares or creates legal rights and obligations.   

   DEED IN LIEU OF FORECLOSURE
A borrower may want to voluntarily deed the mortgaged property to the lender when he or she anticipates foreclosure. The borrower should obtain cancellation of the unpaid debt. The lender avoids the costs and time associated with foreclosure and the wait involved in redemption periods.   

   DEED OF TRUST
Used to convey title or an interest in property to a third-party trustee to be held as security for a debt or obligation owned by the trustor (borrower) to the beneficiary (lender). A deed of trust is similar to a mortgage and is used in states other than Florida, such as California and Texas.   

   DEED RESTRICTION
A clause in a deed that limits the use of land or prohibits certain uses (e.g., the use, type, style, design, or size of a structure that may be constructed on the land). The restrictions cannot be discriminatory against any of the protected classes established by the Federal Fair Housing Act. The restrictions only apply to a specific property whereas restrictive covenants apply to an entire subdivision. >>_ Federal Fair Housing Act and restrictive covenants.   

   DEFAULT
The failure or omission to perform or fulfill a legal duty, obligation, or promise.   

   DEFEASANCE CLAUSE
A clause in a mortgage contract that defeats conveyance of the borrower's property to the lender so long as the borrower repays the debt as agreed, and complies with the terms and conditions of the mortgage contract.   

   DEFECT
The absence of some legal requisite. A deficiency or imperfection in something essential to completeness (e.., a defect in title to real property).   

   DEFENDANT
The party who is sued in a court action, either civil or criminal, or summoned to answer a charge or complaint at a trial or hearing.   

   DEFICIENCY JUDGMENT
As applied to mortgage law, a judgment rendered by a court that imposes personal liability on the borrower because the foreclosure or short sale did not net enough money to satisfy the lien(s). >>_ foreclosure and short sale.   

   DELIVERY
The actual transfer of a properly executed deed to the grantee by the grantor, with the intention that the deed is to take effect as a conveyance from the date of delivery.   

   DEMAND
A characteristic of value. DEMAND IS A NEED OR DESIRE FOR THE USE OR AMENITY OF A PROPERTY, COUPLED WITH THE FINANCIAL CAPABILITY OR PURCHASING POWER TO FILL IT.
>>_ supply.   

   DENSITY
The number of units per acre. Residential zoning is usually based on density. Various subcategories allow for a number of different types of residential uses including single-family homes, condominiums, apartments, and residential estates.   

   DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION (DBPR)
An agency of state government (Florida) that functions as a consumer protection agency for the purpose of regulating the professions outlined in Chapter 20, F.S.The Department is governed and regulated in accordance with Chapter 455, F.S.   

   DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD)
A department of the federal government that participates in national housing programs, such as urban renewal, public housing, rehabilitation loans, FHA subsidy programs, and water and sewer grants.   

   DEPARTMENT OF VETERANS AFFAIRS (VA)
Succeeded the Veterans Administration in1989The VA does not lend money directly (with one exception); it partially guarantees permanent long-term loans by VA-approved lenders for owner-occupied residences including condominiums and mobile homes that meet VA standards, and it is available to most veterans of military service based on entitlement according to the duration and period of military service.   

   DEPOSIT
As applied to real estate, a sum of money or its equivalent given by a potential buyer to a broker or sales associate as earnest money or security for the performance of a contract. It is often forfeited if the depositor (i.e., the buyer) fails to perform in accordance with the contract. >>_ liquidated damages.   

   DEPOSIT INSURANCE FUND (DIF)
The Federal Deposit Insurance Reform Act of 2005 merged the Bank Insurance Fund and the Savings Association Insurance Fund into a new fund called the Deposit Insurance Fund effective March 31, 2006.The fund insures banks and savings associations.   

   DEPOSITION
The sworn, oral testimony of a witness, which has been reduced to writing and duly authenticated for use in court or a legal hearing.   

   DEPRECIATION
As used in appraising, a loss in building (or improvement) value from all causes, such as physical deterioration, or functional or external obsolescence.   

   DESCENT AND DISTRIBUTION
The transfer or passing of title to property by inheritance upon the death of the property owner who died without leaving a will (i.e., intestate).   

   DESIGNATED SALES ASSOCIATE
When real estate licensees are involved in a transaction where both the buyers and sellers are working with the same real estate brokerage, a broker may allow different sales associates of the same firm to be designated sales associates to represent the buyer and seller as single agents. Designated sales associate relationships are not permitted in residential sales transactions.   

   DEVELOPMENT
The construction of improvements on land (e.g., roads, utilities, and buildings).   

   DEVISE
A written document that disposes of real and personal property, but which does not take effect until after the death of the person making it (e.g., a last will and testament).   

   DIRECT PARTICIPATION PROGRAM
A group investment that provides for 1) a flowthrough of all tax benefits and obligations to its investors; and 2) third party management.   

   DISABILITY
A physical or mental impairment that substantially limits one or more major life activities, a history or record of such impairment, or a person perceived by others as having such impairment.   

   DISCOUNT POINTS
A fee or charge made by lenders for services related to originating a mortgage loan in which each discount point equals1% of the loan amount.   

   DISCOUNT RATE
The interest rate the Fed charges for its loan of money to member institutions. The Fed may lower or raise the discount rate.When the discount rate is raised, the institutions borrow less from the Fed, their supply of money decreases, and they usually raise their interest rates which tends to reduce demand. This is the least effective technique the Fed has for controlling the money market.   

   DISCRIMINATION
A failure to treat all persons equally or fairly.   

   DISINTERMEDIATION
The process that occurs when individuals withdraw their funds being held in savings accounts and time accounts at financial institutions for direct investment in stocks or other securities.   

   DISTRICT COURT OF APPEAL
A court that hears appeals from lower courts or administrative bodies, such as the Florida Real Estate Commission. Decisions of such courts are subject to review by the Florida Supreme Court.   

   DIVEST (DEVEST)
To make clear one's exact position or ownership interest. For example, a real estate broker or sales associate is required to divest himself of his identity as such when buying or selling real estate in which he plans to acquire an interest or in which he has an interest.   

   DIVISION OF ADMINISTRATIVE HEARINGS
(DOAH) When an administrative complaint against a licensee results in a formal hearing, it is heard by this governmental entity.   

   DIVISION OF REAL ESTATE (DRE)
A division established within the Department of Business and Professional Regulation that provides recordkeeping services, examination services, legal services, investigative services, plus any other services required to implement Chapter 475 and 455, F.S. The DRE is funded by fees and assessments of the FREC. Funds collected by the FREC are only used to fund real estate regulation.   

   DOCUMENT
A written instrument on which is recorded the official, legal, or original form of something used to prove a fact (e.g., contracts, agreements, deeds, mortgages, notes, receipts).   

   DOCUMENTARY STAMP TAX
A Florida state tax on deeds, conveyances, and written promises to repay money (e.g., notes and mortgages), which is collected when the document is recorded into the public record. Documentary stamp tax on the deed is based on the total sales price and documentary stamp tax on the note is based on the total amount of the notes (new and assumed).   

   DOMESTIC CORPORATION
A corporation (for profit) formed under the laws of the State of Florida, which may be registered to broker real estate.   

   DOMICILE
The established, principal, and legal residence of a person, as distinguished from a temporary or transient place of residence.   

   DOMINANT ESTATE
The property that benefits from an easement. >>_ also servient estate.   

   DORMER
A window that projects out of a sloping roof.   

   DOUBLE-HUNG
A type of window design where only one half of the window can be open at one time, either sliding the top half down or the bottom half up.   

   DOWN PAYMENT
The amount of money or percentage of sales price or appraised value the lender requires the borrower to provide.   

   DRAWS
Installment payments made to builders in a construction loan.   

   DUAL AGENCY
An agency relationship in which the broker represents both parties as a fiduciary in a real estate transaction, with the knowledge and consent of each. Dual agency is prohibited in Florida. >>_ also Brokerage Relationship Disclosure Act.   

   DUE DILIGENCE
The process of inspecting a commercial property to determine if actual conditions reflect the presented information in order to reduce risk.   

   DUE-ON-SALE CLAUSE
A type of acceleration clause contained in a mortgage contract that permits the lender to require immediate, full payment of all funds due upon sale or transfer of the real property if done without the lender's written consent.   

   DURESS
The unlawful act of forcing or otherwise coercing a person to act against his free will.   

   DYNAMIC CAPITAL RISK
The risk that actual construction costs will exceed estimates.   

REAL ESTATE - E -

   EARNEST MONEY
>>_ deposit.   

   EASEMENT
The legal right of a person to trespass or use the land of another for a specific purpose, which is considered to be an interest in real property.   

   EASEMENT APPURTENANT
An easement interest that attaches to the land and passes with it from owner to owner.   

   EASEMENT BY NECESSITY
An interest in real property that permits an owner of a landlocked parcel to cross a portion of land retained by a grantor (both parcels must have been part of a single unit of land at one time).   

   EASEMENT BY PRESCRIPTION
An interest in real property created by the wrongful use and long-continued enjoyment of another's property (e.g., the unauthorized use of a road or walkway) for a statutory period of time—20 years in Florida.   

   EASEMENT IN GROSS
A personal interest in and right to use the land of another (e.g., rights-of-way for water or sewer lines, or power lines).   

   ECONOMIC BASE STUDY
A study that analyzes the employment in anarea.   

   ECONOMIC LIFE
The period of time during which an income-producing property (e.g., an apartment or an office building, or a motel) yields a competitive return on investment.   

   EFFECTIVE AGE
The number of years old that a building appears to be based on observed depreciation.   

   EFFECTIVE DATE
The date licensure is granted; usually the date applicants are officially notified in writing of passing the state exam. The date specified in a contract when the last party has signed or initialed an offer or final counter-offer.   

   EFFECTIVE GROSS INCOME (EGI)
The total gross income minus the predicted vacancy and collection loss.   

   ELECTIVE SHARE
An amount equal to 30% of a decedents net distributable estate to which the surviving spouse is entitled if he or she files for an elective share as required by law. It does not apply to the decedent's homestead or any property held in atenancy by the entirety. >>_ homestead and tenancy (estate) by the entireties.   

   EMINENT DOMAIN
The power of the local, state, or federal goverment to obtain title to private property for public use and without the consent of the owner. This governmental right must be exercised through condemnation proceedings and a fair price must be paid. It is often done for the purpose of acquiring a right-of-way for road construction, land for public buildings or projects, and so on.   

   EMPLOYEE
A person who is in the service of another under any type of employment agreement, wherein the employer has the right to control and direct the result of that person's work and the means by which the result is to be accomplished. When used in real estate, the relationship between a broker and a sales associate include an independent contractor relationship when such relationship is intended by and established between broker and a sales associate. The existence of such relationship shall not relieve either the broker or the sales associate of her or his duties, obligations, or responsibilities. >>_ independent contractor.   

   EMPLOYER
One who employs the services of others.For example, an owner of real property may employ a broker to sell, lease, or exchange his property. >>_ client (principal or employer) and principal.   

   ENCROACHMENT
The unlawful physical intrusion or trespass upon the real property of another (e.g., part of a building, driveway, or fence belonging to one person extending onto an adjacent parcel of land). Generally, an encroachment can be revealed only by a current survey of the properties involved.   

   ENCUMBRANCE
Any claim, lien, mortgage, lease, encroachment, easement or night-of-way. unpaid taxes, and so on, attached to and binding real property, which may cause the title to be clouded and thus affect the property's value.   

   ENFORCEABLE CONTRACT
A contract that is recognized by law. Also known as a valid contract.   

   ENVIRONMENTAL IMPACT STATEMENT
A document that summarizes the effect proposed development will have on the surroundings.   

   ENVIRONMENTAL PROTECTION AGENCY (EPA)
An agency of the federal government that administers various federal laws and regulations pertaining to environmental concerns, which include air and water pollution, noise pollution, solid waste management, radiation, pesticides, and so on.   

   ENVIRONMENTAL RISK
The risk that substantial costs may be required to conform to new environmental protections that were not known when the investment was made.   

   EQUAL CREDIT OPPORTUNITY ACT (ECOA)
Regulation B Federal law that stipulates every applicant must be judged on the basis of his or her own credit rating and income unless the applicant specifically requests in the application for a mortgage loan the consideration of another's income or credit history. The extension of credit should not be discriminatory towards race, color, religion, national origin, sex, marital status, age, or receipt of income from public assistance programs.   

   EQUITABLE TITLE
The legal interest in real property acquired by the buyer when a sales contract is executed (i.e., signed) by the seller and buyer. The buyer becomes the equitable owner of the property while the seller retains legal title as security for payment of the purchase price by the buyer.   

   EQUITY
The surplus value or remaining interest belonging to an owner of real property over and above any mortgage indebtedness of other liens against the property.   

   EQUITY OF REDEMPTION
The right of a mortgagor (i.e., a borrower) in default on a mortgage to redeem his interest in the mortgaged property by curing the reason for default (e.g., paying the sum of money required by the lender, interest, costs). This right to redeem is a matter of law, and not negotiation in Florida, but it must be exercised by the borrower prior to the entry of a foreclosure judgment.   

   EROSION
The loss of land due to natural causes and is very common along Florida's coast.   

   ESCALATOR CLAUSE
A clause in a contract, mortgage, or lease providing for an increase of a price, rental amount, or interest rate when an event or contingency occurs.   

   ESCHEAT
The right of the government to obtain title to the real and personal property of a person who died intestate (i.e., without a will) and with no known heirs.   

   ESCROW
A system of transfer in which money, documents, or real or personal property are delivered to a disinterested third party and held in trust for others until all conditions in a contract or agreement are fulfilled (e.g., delivery of a deed to an escrow agent until full payment under a contract for deed is made).   

   ESCROW ACCOUNT
A trust account maintained by a neutral third party in which the funds of others are deposited until the terms of an agreement or contract are fulfilled by the parties; for example, a separate account maintained by a broker where binder and earnest money deposits are held before closing. Florida real estate license law requires brokers escrow accounts to be in a Florida bank, savings association or credit union.   

   ESCROW CLAUSE
A clause in a mortgage on real property that requires the borrower to include approximately one-twelfth of the estimated cost of annual property taxes and insurance with each monthly mortgage loan payment.   

   ESCROW DISBURSEMENT ORDER (EDO)
An order issued by the FREC regarding the disbursement of disputed escrow monies.   

   ESTATE
The degree, quantity, nature, and extent of interest that one has in real and personal property. The extent of interest being held in real property will determine whether one has a freehold or leasehold estate. >>_ freehold estate and leasehold estate.   

   ESTATE AT WILL (OR TENANCY AT WILL)
Is legally known as a period-to-period tenancy with rights that run from week-to-week, month-to-month, quarter-to-quarter, or even year-to-year. The period for which rights exist is typically measured by the frequency of the rental payments. This agreement continues "at the will" of both the landlord and tenant with no specified time or duration for the rights to continue. A non-freehold estate that either party can terminate with proper notice.   

   ESTATE FOR YEARS (OR TENANCY FOR YEARS)
A type of non-freehold estate with a definite beginning date and a definite ending date.This estate may not be terminated except by mutual agreement to terminate, by breach (which could result in a lawsuit), or by expiration of the agreed upon time period.   

   ESTATE IN EXPECTANCY
An estate whose title has not yet been received by the party entitled to receive it (e.g., a remainder estate or reversion estate). An estate in expectancy can be either vested or contingent.   

   ESTATE IN POSSESSION
Refers to an estate whose titleholder is in possession of the rights to which he or she is entitled. This estate is vested.   

   ESTATE IN SEVERALTY
Ownership vested in one owner; also referred to as ownership in severalty, tenancy in severalty, or sole ownership.   

   ESTOPPEL
A principle by which a person is forbidden by law to speak against or deny his own act or deed because of his previous words, acts, or deeds.   

   ESTOPPEL CERTIFICATE (OR LETTER)
A signed statement by an association or lender certifying for the benefit of another party that certain facts are correct as of that date (e.g., the current mortgage loan balance, the current interest rate, the date to which interest has been paid, the terms and conditions of the mortgage, and the assessments or special assessments due the association). Delivery of the statement will prevent the party making it from later claiming a different set of facts.   

   EXCLUSIVE AGENCY
A listing contract in which the owner agrees to list his property with only one broker.However, the owner can sell the property without obligating himself to the payment of a fee or commission to the broker.   

   EXCLUSIVE RIGHT TO SELL
A listing contract in which the owner agrees to list his property with only one broker, and to pay that broker a fee or commission even if the property is sold by another broker or the owner during the term of the listing contract.   

   EXCULPATORY CLAUSE
A non-recourse clause in a mortgage contract that prevents the lender from obtaining a deficiency judgment against the borrower when the proceeds from a foreclosure sale are insufficient to satisfy the unpaid balance on the mortgage loan.   

   EXECUTE
To perform all required formalities, such as making, signing, and delivering a contract, mortgage, or note.   

   EXECUTED (EXECUTION)
Fully performed or completed (e.g., an executed contract) is one in which both parties have fully performed as required and nothing remains to be done by either party.   

   EXECUTIVE POWERS
The Florida Real Estate Commission's power to publish materials to inform and advise licensees, to fostering licensee education, and to enforce the license law.   

   EXECUTORY
That which is yet to be fully performed or completed (e.g., an executory contract) is one in which some additional act must be performed by one or more parties to satisfy all terms and conditions of the contract.   

   EXEMPT PROPERTY
Property that is taxed by the property appraiser but has been made exempt and the owner is released from the obligation to pay.   

   EXPRESS
Clear, definite, or unmistakable; set forth in words, although not necessarily written (e.g., an express contract) is one in which both parties have agreed, either orally or in writing, to all terms and conditions of the contract.   

   EXTERNAL OBSOLESCENCE
In appraising, a loss in real property value caused by adverse factors that are external to or exist outside of the property's boundary (e.g., unpleasant environmental conditions in the immediate area); may also be economic or locational obsolescence.   

REAL ESTATE - F -

   FACSIMILE
An exact copy that preserves all marks of the original document.   

   FAILURE TO ACCOUNT
A type of conversion, that occurs when a broker collects a commission and fails to divide or account for any share due his or her sales associate as required by their agreement.   

   FALSE ADVERTISING
Advertising by any means or through any media that is false, misleading, or deceptive. Such advertising by a broker or sales associate for the purpose of selling, purchasing, leasing, or renting real estate located in Florida is a violation of Chapter 475, F.S.   

   FAMILIAL STATUS
Refers to families with children including women who are pregnant and people with children under the age of 18.   

   FARM
A parcel of land used for agricultural purposes (e.g., raising crops, livestock, poultry).   

   FARMERS HOME ADMINISTRATION (FMHA)
An agency of the U.S. Department of Agriculture that assists farmers and families living in rural areas obtain high loan-to-value ratio financing. >>_ loan-to-value ratio.   

   FARMING
A type of marketing method that solicits business from a targeted property type or client.   

   FEASIBILITY STUDY
A report that estimates whether a project is economically feasible.   

   FEDERAL DEPOSIT INSURANCE CORPORATION
(FDIC)A federally chartered corporation that insures the accounts of depositors in its member banks up to $250,000, if an insured bank becomes insolvent and cannot pay its depositors. Deposit accounts are insured up to $250,000 per depositor for each institution that the account holder has an account. Formerly the limit was $100,000 and is set to revert back onJanuary 1, 2014.   

   FEDERAL FAIR HOUSING ACT
The Federal Fair Housing Act, which is contained in Title VIII of the Civil Rights Act of 1968, makes it illegal for real estate brokers or sales associates to discriminate against any person because of race, color, religion, sex, or national origin 1) when selling, leasing, or advertising residential housing or building sites; or 2) when providing any real estate brokerage service.   

   FEDERAL HOME LOAN MORTGAGE
Corporation (FHLMC or FREDDIE MAC)An agency of the federal government that develops the secondary mortgage market by buying and selling conventional, FHA insured, and VA guaranteed mortgages. It deals primarily with federally insured savings and loan associations or from commercial banks that have insured deposits. FHLMC acquires funds by selling mortgages from its portfolio, by selling mortgage backed bonds or guaranteed securities, by selling participation certificates in a pool of mortgages, and from interest earned on mortgages in its portfolio.   

   FEDERAL HOUSING ADMINISTRATION (FHA)
An agency of the federal government that operates within the Department of Housing and Urban Development (HUD). It insures mortgage loans on real property made by approved lenders, which protects the participating lenders against loss when a mortgage is in default and foreclosure occurs. The FHA does not construct homes or make mortgage loans.   

   FEDERAL INCOME TAX LIEN
May be filed against real and personal property for nonpayment of federal income taxes.   

   FEDERAL NATIONAL MORTGAGE ASSOCIATION
(FNMA or FANNIE MAE)A private corporation whose operations are regulated by the federal government. It develops the secondary mortgage market by buying and selling conventional, FHA insured, and VA guaranteed mortgages from lenders in the primary mortgage market. The secondary mortgage market provides a source of liquidity to these lenders since they have the option of selling mortgage loans for cash should the need arise. The FNMA acquires funds to purchase mortgages by selling its own government guaranteed debentures at market interest rates, by selling mortgages from its portfolio, and from interest earned on mortgages in its portfolio.   

   FEDERAL RESERVE BOARD (FRB)
An agency of the federal government that has general overall responsibility for and supervision of the Federal Reserve System(FRS). Its operations are administered by a seven member Board of Governors who are appointed by the president and confirmed by the U.S. Senate.   

   FEDERAL RESERVE SYSTEM (FRS OR THE FED)
A federal system consisting of twelve federal reserve districts, with each having a Federal Reserve Bank. The FRS is the central banking organization in the U.S. whose primary function is to control and regulate the economy with several tools that directly or indirectly affect interest rates. The tools used by the FRS to control the monetary system include its openmarket operations, changing the reserve requirements of member banks, and changing the discount rate.   

   FEDERAL SAVINGS ASSOCIATION
A federally chartered savings association that is privately owned by either stockholders or depositors. These institutions are regulated by the Office of Thrift Supervision and have the word federal in their name. Individually owned accounts in all federal savings associations are insured up to a maximum of $250,000 by the Deposit Insurance Fund, which is administered by the FDIC. >>_ Deposit Insurance Fund and savings association.   

   FEDERAL TRADE COMMISSION (FTC)
An agency of the federal government whose principle functions are to promote free and fair competition in interstate commerce through prevention and elimination of general trade restraints and unfair competition, dissemination of false or deceptive advertisements of consumer products, and unfair and deceptive trade practices.   

   FEDERALLY CHARTERED BANKS
1) have the word national in their name; 2) are chartered by and subject to the control of the Comptroller of Currency; and 3) are members of and regulated by the Federal Reserve Banking System. The Deposit Insurance Fund insures individually owned accounts up to a maximum of $250,000.>>_ Deposit Insurance Fund.   

   FEDERALLY RELATED TRANSACTION
Any real estate related financial transaction in which a federal financial institution regulatory agency or the Resolution Trust Corporation engages in, contracts for, or regulates and that requires the services of an appraiser. Only licensed or certified appraisers may perform appraisals for these transactions.   

   FEE (COMPENSATION OR COMMISSION)
Payment or remuneration for services rendered or acts performed.   

   FEE SIMPLE (FEE OR FEE SIMPLE ABSOLUTE)
An estate in real property that confers absolute ownership of real property to the titleholder with the unconditional power ofdisposition during his life or which will descend to his heirs upon his death intestate. It is the highest estate or most comprehensive interest one can have in real property, which is subject only to certain restrictions imposed by law. >>_ intestate.   

   FEE SIMPLE DEFEASIBLE
>>_ qualified fee estate.   

   FEUDAL SYSTEM
A political and social system that dominated Europe from the eleventh through the thirteenth centuries, which was the entire basis for real property law. Under this system, a person was granted possession of land as a tenant on the condition that certain duties and services are performed for a king or overlord.   

   FHA MORTGAGE
A type of mortgage loan originated by anFHA approved lending institution that insures the lender against loss when the mortgage is in default and foreclosure occurs.   

   FIAT
A short order or warrant of a judge or authorized official directing some act to be done.   

   FICTITIOUS NAMES STATUTE
A Florida statute requiring any person or entity who desires to engage in business under a fictitious or trade name to advertise his or its intention to register the fictitious name in a local newspaper as prescribed by law; and upon receiving proof of publication, register the name with the clerk of the circuit court of the county where his or its principal place of business is located.Real estate brokers who are sole proprietors are exempt from these requirements. Individual brokers or brokerage entities may use a fictitious name after it is registered with the DBPR.The DBPR will only allow registration of a fictitious name if it is not being used by any other licensee.   

   FIDUCIARY
A broker in a relationship of trust and confidence between that broker as agent and the seller or buyer as principal. Theduties of the broker as a fiduciary are loyalty, confidentiality, obedience, full disclosure, and accounting and the duty to use skill, care, and diligence.   

   FIDUCIARY RELATIONSHIP
A relationship that exists whenever one person trusts and relies upon the judgment and advice of another.   

   FIDUCIARY WARRANT
An assurance to the grantee by someone in a fiduciary capacity that he or she has done nothing that would in any way injure the title while he or she had control of the property.   

   FINAL ORDER
The Florida Real Estate Commission's final decision as to the guilt or innocence of a licensee and the appropriate penalty. It is issued at the conclusion of an informal hearing or after reviewing the ALJ's recommended order at the conclusion of a formal hearing.   

   FINAL ORDER PANEL
Consists of all FREC members except those who served on the probable cause panel in the same action. The final order panel may accept the ALJ's recommended order or reduce the recommended penalty without a review of the record. They may increase the penalty or reject or modify the findings of fact in the recommended order only after a complete review of the record.   

   FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT (FIRREA)
Known as the savings and loan bailout legislation. This Act requires all states to establish laws for the licensing and certification of real estate appraisers.   

   FINANCIAL RISK
>>_ operating financial risk.   

   FINDER'S FEE (REFERRAL FEE)
Compensation paid to a party for either locating a seller to list his real property for sale or procuring a buyer to purchase property. A Florida real estate broker may pay a finder's fee to or share a commission with a broker licensed by another state if that broker does not violate any Florida law.However, a broker cannot legally pay a finder's fee to or share a commission with an unlicensed person unless they are a party to the contract and full disclosure is made.   

   FIXED EXPENSES
Recurring operating expenses that must be paid regardless of whether or not the property is occupied or producing income.   

   FIXED-RATE MORTGAGE
An amortizing loan that has the same (fixed) rate of interest for the term (life) of the loan.  Either a term loan or an amortized loan could be a fixed rate loan.   

   FIXED WINDOW
Fixed windows do not open. They do not provide any ventilation.   

   FIXTURE
An article of personal property that has been so attached to real property, in a more or less permanent manner, that it is considered to be a part of the property (e.g., plumbing and light fixtures, heating and air conditioning equipment, or a sprinkler system installed in a building).   

   FLAG LOT
An interior lot located to the rear of another lot but with a narrow portion of the lot (flagpole) extending to a public street to provide access.   

   FLAT LEASE

(FIXED LEASE OR STRAIGHT LEASE)
Requires equal rental payments over the term of the lease to be paid by the lessee to the lessor monthly, quarterly, or annually as stipulated in the lease.   

   FLAT ROOF
A flat roof has barely any slope at all or just enough to allow water runoff.   

   FLIP/FLOP
Associated with a buyer purchasing a short sale at a discount and immediately reselling for a profit without any improvement to the property to justify the difference in price.>>_ short sale.   

   FLOOD PLAIN INSURANCE
Insurance coverage for damage from floods or tidal waves offered by private insurance companies that are subsidized by the federal government. Generally, lending institutions require such insurance on mortgaged properties located in designated flood or tidal wave zones.   

   FLORIDA ASSOCIATION OF REALTORS® (FAR)
A state trade organization affiliated with the National Association of REALTORS®.   

   FLORIDA BUILDING ENERGY-EFFICIENCY
Rating ActProvides a statewide uniform system for rating the energy-efficiency of buildings and ensures ratings are disclosed to prospective purchasers who request the ratings. The rating system applies to all public, commercial, and residential buildings in Florida.   

   FLORIDA DEPARTMENT OF STATE
This department consists of the Office of the Secretary and the Divisions of Administrative Services, Corporations, Cultural Affairs, Elections, Historical Resources, and Library and Information Services.   

   FLORIDA LAND USE AND ENVIRONMENTAL
Dispute Resolution ActAllows owners who request development permits (e.g., building permits, zoning permits) to use a simplified request for relief if the owner's property has been unreasonably or unfairly burdened by goverment action.   

   FLORIDA REAL ESTATE APPRAISAL BOARD (FREAB)
An appointed board within the Department of Business and Professional Regulation whose purpose is to regulate certified, licensed, and registered appraisers within the State of Florida and thus protect the public from potential economic loss.   

   FLORIDA REAL ESTATE COMMISSION (FREC)
An appointed commission within the Department of Business and Professional Regulation whose purpose is to regulate real estate brokers, sales associates, and schools within the State of Florida and thus protect the public from potential economic loss.   

   FLORIDA REAL ESTATE RECOVERY FUND
Created to provide financial reimbursement to persons who have suffered a loss as the result of actions of a real estate licensee.   

   FLORIDA RESIDENT
A person who has resided in Florida continuously for a period of four calendar months or more within the preceding one year or a person who presently resides in Florida with the intention to reside continuously in Florida for a period of four months or more commencing on the date that the person began the current period of residence in Florida. It does not matter if the place of residence is a hotel, recreational vehicle, or other temporary or permanent residence. Once a person becomes a Florida resident, they can no longer qualify for licensure under mutual recognition even if they maintain licensure in a state that has mutual recognition with the FREC. >>_ mutual recognition.   

   FLORIDA STATUTES (F.S.)
The written laws that have been enacted over a number of years by the Florida legislature.   

   FOR EXAMPLE, CHAPTER 475, F.S.
Part I, which is the Real Estate License Law. >>_ Statutes.   

   FOLLOW-UP
Returning client and customer calls; what a licensee does for buyers and sellers after the sale.   

   FORECLOSURE
A legal action that enforces the terms and conditions of a mortgage contract, and terminates the borrower's equity of redemption and legal rights in the mortgaged property.   

   FOREIGN CORPORATION
A corporation formed under the laws of another state (i.e., not Florida) which may be registered to broker real estate in Florida provided that it has been authorized by the Department of State (Florida) to transact business within the state; and has fully complied with Chapter 475, F.S.   

   FORFEITURE
Loss of a right, money, property, or anything of value as a consequence of some illegal act, or nonperformance of an act, obligation, or condition. For example, a buyer may forfeit his earnest money deposit if he defaults on a real estate sales contract.   

   FORMAL COMPLAINT
>>_ administrative complaint.   

   FORMAL CONTRACT

(OR SPECIAL OR SPECIALTY CONTRACT)
A contract that is wholly written ................   

   FORMAL HEARING
A hearing required whenever the substantial interests of a licensee are to be determined by an agency, such as the Florida Real Estate Commission, and a disputed issue of material fact exists between the parties. It is conducted as an adversary proceeding before a hearing officer assigned from the Division of Administrative Hearings pursuant to Chapter 120, F.S., the Administrative Procedures Act.   

   FRAME
Skeleton of a house to which the exterior and interior finish is applied.   

   FRAUD
A term embracing all of the various means by which one person or entity can intentionally gain advantage over another by false suggestions, suppression of truth, trick, cunning, surprise, or any unfair way by which another is cheated. Any type of fraud may-be grounds for a possible civil suit for damages. If committed by a broker or sales associate, fraud may be grounds for disciplinary action against the licensee by the Florida Real Estate Commission.   

   FREE ENTERPRISE SYSTEM
An economic system that operates to produce and allocate (distribute) goods (products) and services by the free application of the four factors of production.   

   FREEHOLD ESTATE
A right of title to land or other real property for an indefinite period of time. Involves estates of ownership. >>_ non-freehold estate.   

   FRIABLE ASBESTOS
Dry, crumbling asbestos, a condition more likely to release fibers than if it is non-friable.   

   FUNCTIONAL OBSOLESCENCE
...........................................................................

REAL ESTATE - G -

   GABLE ROOF
A popular roof in the United States. It has two upward sloping sites that meet in the ........... at the same angle.   

   GAMBRELL
A type of roof that is gabled, peaks at the ridge line, and has a broad upper stung.Gambrel roofs are associated with beams.   

   GENERAL AGENT
An individual authorized to act for the employer on a continuing basis, but with the authority limited to acts related to a specific trad or business. A sales associate is a general agent of their broker.   

   GENERAL PARTNERSHIP
A type of business organization in which two or more persons engage in business together, with either an express or implied agreement to share the profits and losses.In Florida, at least one of the partners must be cumenity licensed as an active broker in order for the general partnership to be registered to broker real estate.   

   GENERAL POWER
Authorizes the attorney-in-fact to generally act in a person's behalf.   

   GENERATIVE FUNCTION
Function of businesses (eg., furniture stores, car dealers) in commercial areas that generate business from shoppers who intend to go there.   

   GOING CONCERN VALUE
The value of a business which includes both the tangible assets, including real estate, and the intangible assets, including good will and intellectual property. >>_ liquidation value approach.   

   GOOD CONSIDERATION
Usually not considered to be valuable consideration, which is only binding when the contract is fully performed by all parties (e.g., love, affection, duty, moral obligation).   

   GOOD FAITH
Honesty of purpose, without deceit or fraud, and being faithful to one's duty or obligation.   

   GOOD FAITH DOUBT
A situation where closing has passed and the broker has not received either conflicting or identical instructions from the parties concerning escrow funds; or closing has not passed but one or more of the parties has expressed intentions not to close and makes a claim for the funds.   

   GOOD FAITH ESTIMATE (GFE)
A disclosure required by the Real Estate Settlement Procedures Act (RESPA) that lenders must give to borrowers within three business days of application. The disclosure is to accurately describe all the costs that the borrower can expect to pay at closing. >>_ closing and Real Estate Settlement Procedures Act (RESPA).   

   GOODWILL
An intangible asset of a business such as reputation, expertise, quality, pricing, or dependability that gives the business an advantage in its marketplace.   

   GOVERNANCE FORM
A publication provided by the Division of Florida Condominiums, Timeshares, and Mobile Homes that must be provided to a resale condominium buyer. It is an informal educational overview of the rights of unit owners, the finances and association budget, and the role of the board of directors. >>_ resale condominium.   

   GOVERNMENT LOT
A fractional piece of land in the government survey system that is less than one-quarter section in area. >>_ government survey system.   

   GOVERNMENT NATIONAL MORTGAGE
Association (GNMA or GINNIE MAE)An agency of the federal government that is best known for its special assistance function and cooperation with the FNMA in secondary mortgage market activities. On occasion, the GNMA and FNMA combine their efforts through the tandem plan. This plan is a two-part process in which the FNMA is permitted to purchase high-risk, low yield mortgage loans at full market rates, and the GNMA guarantees payments and absorbs the difference between the low-yield and current market rates.   

   GOVERNMENT SURVEY SYSTEM (RECTANGULAR SURVEY SYSTEM)
A method used to legally describe regularly shaped tracts of land. The government survey of Florida starts at the intersection of two main reference lines, which are a north/south line called the Tallahassee principal meridian; and an east/west line called the Tallahassee base line.   

   GRADUATED LEASE (STEP-UP LEASE)
Provides for a fixed rental payment for an initial term and then predetermined increases in the rental payments at specified times during the term of the lease.   

   GRANT
The transfer or conveyance of title to real or personal property by deed or writing.   

   GRANTEE
The person or entity that acquires an interest in real property by receiving a deed or other conveyance of title. For example, the buyer is the grantee when title to real property is conveyed at closing.   

   GRANTING CLAUSE
A clause in a deed that contains the words of conveyance (e.g., grants, bargains, and sells).   

   GRANTOR
The person or entity that conveys or transfers an interest in real property to another by giving a deed or other conveyance of title. For example, the seller is the grantor when title to real property is conveyed at closing.   

   GREENBELT EXEMPTION
Special real property tax break given to owners of agriculture real property, resulting in a lower assessed value and lower taxes even though the millage rate is the same as for other real property.   

   GROSS INCOME METHOD
A method of appraising income-producing property that provides a value indication using gross rent per month or gross income per year. This value is called the gross income multiplier (GIM).   

   GROSS LEASE
A lease agreement in which the tenant pays a specified rental amount and the landlord is responsible for paying the operating expenses related to the property (e.g., maintenance, property taxes, and utilities).   

   GROSS RENT MULTIPLIER (GRM)
Used in the gross income method of appraising income-producing property, derived using the sales price and monthly rents of comparable properties to estimate the value of the subject property.   

   GROUND LEASE
A lease agreement wherein the lessor grants use, possession, and occupancy of vacant land to the lessee in return for rental payments. This type of lease is usually on a net basis, and the lessee pays all real estate taxes, insurance, and maintenance and makes improvements (e.g., buildings)to the land.   

   GROUP LICENSES
Issued only to active sales associates or active broker associates employed by owner/developers. A group license may be issued if proof is submitted that various properties are held in the names of various individuals, corporations, or partnerships, and all such owners are so connected or affiliated that such ownership, for practical purposes, is substantially in the same ownership entity.   

   GROWTH MANAGEMENT ACT
Limits and controls Florida's future growth to levels acceptable to natural, environmental, political, social, and human tolerances.   

   GUARDIAN'S DEED
A deed used to convey title to the real property owned by a ward or minor.   

   GUIDE MERIDIANS
Imaginary lines located every 24 miles east and west of the principal meridian. These lines are used in the government land survey system of legal description. >>_ correction lines.

REAL ESTATE - H -

   HABENDUM CLAUSE
The "to have and to hold" clause in the deed indicating the legal rights or estate or interest the deed is conveying.   

   HANDICAPPED (STATUS)
Defined under the Fair Housing Act as "a physical or mental impairment which substantially limits one or more major life activities; a record of such impairment; or being regarded as having such an impairment.*   

   HARD MONEY (HARD EQUITY)
A form of lending based on a low loan-to-value and very short term due between one to three years at a higher than normal interest rate. >>_ loan-to-value ratio.   

   HEALTH ORDINANCE
Local codes that regulate the sanitation and maintenance of public areas. >>_ ordinances.   

   HEARING OFFICER
A person assigned from the Division of Administrative Hearings who conducts formal hearings involving applicants for licensure or real estate licensees pursuant to Chapter 120, F.S., the Administrative Procedures Act. Anyone employed as a full-time hearing officer must have been a member of the Florida Bar in good standing for the five years preceding his employment.   

   HEIR
A person who inherits the real and/or personal property of a decedent who died testate (i.e., with a will) or by laws of descent and distribution of a decedent who died intestate (i.e., without a will).   

   HIATUS
A break, gap, vacancy, or lack of continuity such as 1) breaks or gaps in a chain of title; or 2) a land area between imaginary lines that do not abut one to another, such as range lines in the government survey system of describing real property.   

   HIGHEST AND BEST USE (IMPROVED PROPERTY)
The existing or an alternate use of improved property is its highest and best use until demolition and construction of a new improvement becomes economically feasible.   

   HIGHEST AND BEST USE (VACANT LAND)
The most likely, profitable, optimum, and efficient use of the land.   

   HIP ROOF
A type of roof where all four sides come to a point at the roof peak.   

   HOME EQUITY INDEBTEDNESS
Debt incurred on a principal or secondary residence not to exceed the fair market value of the residence.   

   HOME EQUITY LOAN
Allows property owners to tap the equity that has built up in their homes, largely due to appreciation and mortgage balance decline. The interest on home equity loans is tax deductible up to $100,000 of equity loan. Always check with a tax advisor to make sure the use of the funds will qualify for the deduction.   

   HOMESTEAD
The real property owned and occupied by a natural person as his primary residence, which includes the land and buildings surrounding the dwelling.   

   HOMESTEAD EXEMPTION
An exemption provided in the Florida Constitution which reduces the amount of property taxes owed. Homeowners are entitled to $25,000 exemption from assessed value of the home for city, county, and school board taxes. Homeowners are entitled to an additional $25,000 exemption from only city and county taxes on the property s assessed value between $50,001 and $75,000. If the assessed value exceeds $75,000, then the full $50,000homestead exemption applies.   

   HOMOGENEOUS
Of the same or a similar kind or nature. In appraising, the term describes an area in which property types or uses are comparable, and the social, economic, and cultural backgrounds of the people are similar.   

   HORIZONTAL SLIDING
Windows that move horizontally on a track.   

   HOUSEHOLD
One or more individuals living in one dwelling unit.   

   HYPOTHECATE
The pledging of real or personal property as collateral for the debt without giving up possession of the property.   

REAL ESTATE - I -

   ILLEGAL COMMISSION
Any commission, compensation, or fee paid to a licensee that he is not legally entitled to collect or retain; a form of fraud.   

   IMMEDIATELY
For sales associates and broker associates, defined as by the end of the next business day following receipt of the item to be deposited. For brokers, defined by the end of the third business day following receipt of the item to be deposited. (Saturdays, Sundays, and legal holidays are not considered business days.)   

   IMMOBILITY
Fixed or incapable of being moved (e.g., land).   

   IMMUNE PROPERTY
Property that is not assessed and cannot be taxed (e.., governmental real property).   

   IMPLIED
The intention of the parties with regard to the subject matter is not expressly or directly stated in words, but is derived by implication or deduction from the circumstances, the general language used, or conduct of the parties.   

   IMPLIED CONTRACT
A contract or agreement in which some of the terms and/or conditions have not been expressly stated, either orally or in writing, but are inferred from the acts or conduct of the parties.   

   IMPROVEMENT
A valuable addition made to real or personal property that consists of more than repairs (costing labor or capital) and is intended to enhance the property's value, beauty, or utility or adapt it for a better or alternate use.   

   INACTIVE LICENSE
Voluntarily inactive status pertains to a person who has attained license status with the Commission, either as a broker or sales associate, and has requested, before the end of the license period, that the license be placed on inactive status. A voluntarily inactive license may be renewed at the end of each license period (i.e., indefinitely) or activated at any time by filing a request in proper form.   

   INVOLUNTARILY INACTIVE STATUS

PERTAINS TO THE LICENSE OF ANY BROKER OR SALES ASSOCIATE THAT IS NOT RENEWED ON OR BEFORE THE END OF THE LICENSE PERIOD.
Any license that has been involuntarily inactive for more than two years shall automatically expire, and become null and void without any further action of the Commission.   

   INCHOATE
Incomplete; begun but not completed. For example, a real estate sales contract that has not been executed (i.e., signed) by all of the parties.   

   INCOME CAPITALIZATION APPROACH
An approach used to appraise income-producing real property. In applying the approach, the appraiser estimates the annual net operating income that the property likely will produce and converts it into a value indication by a mathematical process known as capitalization.   

   INCOMPETENT
A lack of mental or physical fitness, or legal qualification to discharge a required duty or conduct business matters. For example, one of the essential elements of a valid and enforceable contract is competent parties, which means that all parties must be at least 18 years of age and mentally competent. Note that a deed only requires a competent grantor.   

   INCREMENT (EARNED)
An increase in real property value due to labor or improvements to the property, such as adding a family room.   

   INCREMENT (UNEARNED)
An increase in real property value as a result of forces outside of the influence and control of the property owner, such as a favorable shift of population in the area.   

   INCURABLE
Depreciation is incurable when the cost to .................... functional deficiency that is not economical to correct.   

   INDENTURE
A mortgage or deed of trust under which there is an outstanding security establishing a claim against the debtor, a claim secured by a lien against the debtor's property, or an equity security of the debtor.   

   INDEPENDENT CONTRACTOR
One who contracts to render a service according to his own methods and is subject to his employer's control only as to the final result of his efforts. For example, many sales associates are considered to be independent contractors and not employees of their registered broker.   

   INDEX
A rate set by market forces and published by a neutral third party. The index will go up and down due to market factors. The index is used to determine the adjusted interest for an adjustable mortgage by adding it to the margin that was set at the mortgage's inception.   

   INDEX_EXAMPLES
Examples of indexes include the one-year U.S. Treasury Bill and the London Inter Bank Offering Rate (LIBOR). >>_ adjustable rate mortgage and margin.   

   INDEX LEASE
Provides for adjustments in the amount of rent due based on changes in a specified index. Rent may be based on a consumer price index, a wholesale price index, or any other agreed-upon index.   

   INDUSTRIAL
Properties that have land uses of manufacturing, assembly, or processing of materials and products (e.g., lumber mill sand solid waste disposal areas). INDUSTRIAL AREAS INCLUDE INDUSTRIAL PARKS AND subdivisions.   

   INEFFECTIVE LICENSE
Condition of a license when it is inactive or suspended.   

   INFORMAL HEARING
A hearing before the FREC for final action on a complaint where the respondent does not dispute the administrative complaint allegations. >>_ administrative complaint and respondent.   

   IN-HOUSE SALE
Occurs when the brokerage firm, through one or more of its real estate licensees, acts as both listing and selling agents.   

   INITIAL ISSUE
The first license requested by applicants is an initial issue for the license status to which they are entitled.   

   INJUNCTION
A judicial process that requires the person to whom it is directed to do or refrain from doing a particular thing or act.   

   INNOCENT PURCHASER
One who purchases real or personal property in good faith without notice of circumstances that would cause a person of ordinary prudence to question the title of the seller.   

   INSOLVENT
Inability to pay one's debts as they become due, or in the usual course of business. installment contract >>_ contract for deed.   

   INSTALLMENT SALE
Owner financing that allows the owner to defer paying the capital gain tax until payments are received. Under current tax law, the installment sale is only available for gains and not for losses.   

   INSTITUTE OF BUSINESS APPRAISERS (IBA)
The oldest professional society established in 1978 devoted solely to the appraisal of closely held businesses.   

   INSTITUTE OF REAL ESTATE MANAGEMENT
(IREM) An institute whose membership is comprised of those specializing in management of real estate.   

   INSTITUTIONAL LENDER
A savings association or commercial bank whose lending practices are regulated by law, and who commonly invests the funds of depositors in mortgage loans.   

   INSTRUMENT
A written legal document such as a contract, deed, or lease.   

   INSULATION
Adequate insulation prevents air leakage.   
INSULATION MATERIAL IS MEASURED BY ITS R-VALUE AND THE HIGHER THE R-VALUE, THE MORE RESISTANT THE MATERIAL IS TO HEAT FLOW.
Fiberglass is a leading insulation material.>>_ R-Value.   

   INSURANCE VALUE
Value of property often estimated for insurance coverage purposes and is based on new cost minus physical deterioration and insurance exclusions and does not include the land value.   

   INTANGIBLE PROPERTY (ASSET)
Items of personal property that represent or evidence value (e.g., stock certificates, certificates of deposit, bonds, and promissory notes).   

   INTANGIBLE TAX
A tax on intangible property. For example, a Florida state intangible tax is collected when newly created mortgages are recorded into the public record. Loan amount x .002=intangible tax due.   

   INTENSITY
Concerns the degree of use (e.g., building coverage of the land and open space to one another).   

   INTEREST
1) A term used to denote a right, title, or share in something, such as an estate in real property; or 2) the amount charged for the use of money for a period of time, the price of money.   

   INTEREST ACCRUED
The amount of interest that has been earned as of a given date.   

   INTEREST RATE
The percentage applied to a sum of money to compute the charge for its use for a period of time. It is often expressed as an annual percentage rate (APR).   

   INTEREST RATE RISK
The risk is related to changes in interest rates.   

   INTERIOR LOT
A lot set between other lots.   

   INTERMEDIARY
A third party who facilitates a deal between two other parties (e.g., when a homeowner is upside down, an intermediary negotiates between the lender and the homeowner for a reduction in amount owed if the home is sold as a short sale). >>_ mortgage modification, short sale, and upside down.   

   INTERMEDIATION
The process by which funds of individuals are placed in savings accounts and time accounts with financial institutions.   

   INTERMINGLE (INTERMINGLING)
>>_ commingling.   

   INTERNATIONAL REAL ESTATE FEDERATION
(IREF) An organization headquartered in Paris that works for the promotion of high professional standards and good relations among its members who are engaged in the real estate profession worldwide.   

   INTERPLEADER
Places the escrow funds with the court for a determination of the rightful claimant when the broker who is holding disputed escrow funds does not have any claim to them.Interstate Land Sales Full Disclosure Act Passed in 1968, regulates interstate land sales by requiring developers to file a registration statement disclosing relevant information concerning real estate developments (subdivisions) with HUD's Office of Interstate Land Sales Registration.   

   INTESTATE
A person who dies without leaving a will is said to die intestate.   

   INVESTMENT VALUE
The value of property to an individual investor based on his or her standards; often subjective and represents the maximum a buyer would pay or the minimum a seller would accept for a given property.   

   INVOLUNTARY ALIENATION
Transfer of property that takes place when a person dies without a will or dies without avalid will, by escheat, eminent domain, or adverse possession.   

   INVOLUNTARILY INACTIVE
Licensure status of individuals who do not renew their licenses. This generally occurs when a licensee fails to renew at the end of the license period, whether voluntarily or involuntarily. A licensee who fails to complete the 14 hours of continuing education will also become involuntarily inactive. A licensee can be involuntarily inactive for two years and then the license becomes null and void.   

   INVOLUNTARY LIEN
A lien that attaches to property without the consent of the owner (e.g., a real estate tax lien). >>_ voluntary lien.