Terms with Category Real Estate
- Effective Age — Definition,
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- Empty Nesters — Definition,
- Men or women whose children have grown up and moved out and who might be in the market for a smaller house.
- En Suite — Definition,
- An en suite is a bathroom that is entered directly from ones.
- Encroachment — Definition,
- An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
- Encumbrance — Definition,
- Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
- Environmental Impact Statement (EIS) — Acronym,
- A government-required evaluation of how construction will affect the environment surrounding a site.
- Escrow — Definition,
- An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
- Escrow Agent — Definition,
- A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Eviction — Definition,
- The act of kicking someone out of a property, usually for violating terms of a lease.
- Examination of Title — Definition,
- A review of public records and title abstracts to determine the chain of ownership of a property.
- Exchange — Definition,
- A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
- Exclusive Listing — Definition,
- A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
- Expropriation — Definition,
- The seizing of property to the government or other party for public use or economic development.
- Fair Market Value (FMV) — Acronym, Very Important,
- The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
- Fee Simple — Definition,
- Outright ownership of real estate, free of any liens or other claims against title.
- Fee Simple Defeasible — Definition,
- When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
- Field Changes — Definition,
- Modifications made to a building on-site.
- Finder Fee — Definition,
- A fee paid by a party to another for services rendered.
- Fixed Time — Definition,
- The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.
- Fixer-upper (fxr) — Abbreviation,
- A house that needs a lot of work and which sells for a discount.
- Fixture — Definition,
- Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
- Flat Fee — Definition,
- A fixed charge that a broker requests instead of a commission.
- Flex Room — Definition,
- A room within a home that can change usage to meet need.
- Flood Plain (flpl) — Abbreviation,
- Land that is prone to inundation.
- Florida Room — Definition,
- An enclosed porch built on the back or side of a house, sometimes air-conditioned.
- For Sale By Owner (FSBO) — Acronym, Very Important,
- An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
➥ Can save the seller money by forgoing realtor fees. - Full Market Value — Definition,
- In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
- Full-bath (fbh, fb, full ba) — Abbreviation,
- A bathroom with a toilet, a sink, a bathtub, and a shower, with the latter two usually combined.
- A bathroom with a toilet, sink/sinks, bathtub and shower.
- A bathroom with a toilet, a sink, a bathtub, and a shower, with the latter two usually combined.
- General Contractor — Definition,
- The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
7.
Effective Age -
Expropriation
Expropriation
