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Ma Real Estate S-2

Terms & Definitions S-2

TermDefinition
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