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Real Estate Terms

TermDefinition
Wild Card Ways an offer is terminated
SNI State transfer taxes
PITT Four unities of a joint tenancy
PET Government restrictions
MALE Conflicting demands settlement procedure
IRV Income capitalization formula
IRMA Test for fixtures
HOT CAN Conditions for alienation by adverse possession
FHA Federal Housing Administration
DUST Characteristics of value
DUPE Bundle of rights
DELL Private restrictions
CPI Consumer price index
COLIC Elements of a valid real estate contract
CEDDING Elements of a deed
CBS vs. CIA Appraisal adjustments
A BAR SALE Real estate services
Assignor person who transfers a legal right to another (e.g., mortgagee selling mortgages and notes; a buyer transferring rights to another person in a sale contract)
Assignee person to whom a legal right is transferred (e.g., Fannie Mae buying mortgages and notes in the second mortgage market)
Grantor party giving the deed that conveys title (e.g., seller in a sale contract)
Grantee party receiving the deed and acquiring title (e.g., buyer in a sale contract)
Lessor landlord who gives lease
Lessee tenant who receives lease
Lienor person who has a claim on another's property
Lienee person whose property is subject to a claim or charge by another
Mortgagor borrower who gives note and mortgage to obtain a loan
Mortgagee lender who receives note and mortgage
Offeror buyer making an offer to purchase
Offeree seller receiving an offer to purchase, who accepts, counters, or rejects the offer
Optionor owner who gives an option to a buyer
Optionee buyer who receives an option contract
Vendor seller in a sale contract
Vendee buyer in a sale contract
Created by: 1StellarStar