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Ma Real Estate S-2
Terms & Definitions S-2
| Term | Definition |
|---|---|
| Smoke Detector | A piece of equipment, that sounds an alarm when the presence of smoke is detected. Can be battery powered or “hard wired” to the main source of electricity. |
| Special Agent | Limited agent. One who is authorized to perform one specific task. |
| Special Power of Attorney | One who is authorized to act for another in a limited range of matters. |
| Special Warranty Deed | A deed that guarantees title to the grantee against any defects in title occurring, during the grantors period of ownership, but not before. |
| Specific Performance | A remedy at law where the court will force a party to fulfill his or her part of the contract. |
| Square Foot Approach | Appraisal technique of estimating cost by multiplying total square footage of times a constant of cost per square footage. |
| Statute of Frauds | State law that requires certain documents to be in writing to be enforceable. |
| Statute of Limitations | The time limit within which legal action must be taken to be enforceable. EXAMPLE: In Mass, the statue limitations on prescription and Adverse Possession is 20 years. |
| Steering | The attempt to influence buyers by showing members of a protected class a property in neighborhoods, made up predominately of the same protected class, while not showing properties and other neighborhoods. |
| Sub-Agent | One acting as an agent for someone, who is already acting as an agent for a principal. In a co-broke situation where both brokers are sellers agents, the listing broker is the agent of the seller principal, and the selling agent is the sub agent. |
| Sublessee | A tenant who has leased property from a tenant or lessee who then becomes the “sublessor”. |
| Sublet | At lease given by a leasee for a part of the premises, or part of the time where the leasee retains some interest. Transfer of the total lease is an assignment. |
| Substitution | Appraisal principle, that holds a property’s value is determined by the cost to substitute a comparable piece of property, through purchase or construction. |
| Subsurface Rights | Rights to real property, that are beneath the surface including mineral rights, water rights, and easements, such as underground utilities. |
| Suit for Damages | One of the legal remedies in the case of a contract default, or nonperformance. Suit to recover compensation for financial losses suffered due to the contract non-performance. |
| Super Lien | Provision of M. G. L chapter183. that gives a condominium association priority in collecting up to 6 months condo fees, before mortgage obligations. |
| Supply and Demand | Economic principle used in property appraisals that holds value, which is influenced by the amount of property for sale (supply) and the number of potential buyers (demand). |
| Surface Rights | Rights to real property on the surface of the property. Not including rights above (Air Rights) or rights below (Mineral and other Subsurface Rights). |
Created by:
sunaecm4
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