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MA Real Estate

FTRS book vocabulary DEFGHIJ

TermDefinition
Damages estimated monetary damages for breach of contract
Debenture an unsecured note as opposed to mortgage note
Decendent deceased person
Dedication to convey private property over to public use as the giving of land for conservation use
Deed instrument in writing, duly executed and delivered for the purpose of conveying title (ownership) to real property
Deed of trust (trust deed) in some states used instead of a mortgage deed
Deed restriction provision in deed controlling use of land
Default non-performance of a duty under a contract
Defeasance clause clause in mortgage which defeats mortgagee interest if loan is repaid according to Note; this clause makes mortgage deed only a conditional transfer of property
Defendant party sued; the plaintiff is the one doing the suing
Deferred payments money payments to be made at future date
Deficiency judgment court award to lender if sale at auction does not equal debt
Delinquency a loan in default or overdue
Delivery irrevocable transfer such as with deed
Demand loan lender may demand payment of the loan at any time
Demise to lease
Density number of dwellings and commercial units per acre
Depreciation decrease in value for various reasons
Devise a gift of realty by will; deceased is devisor
Direct reduction mortgage amortized debt repaid by installment payments; each payment credited first to interest and then to principal; each payment remains the same for entire term
Disintermediation outflow of funds from one investment instrument such as thrift institutions to another such as U.S. Treasury instruments in order to gain a higher yield
Domicile place where one has permanent address, no matter where one is currently living
Duplex a home designated for two families
Duress unlawfully forcing someone to do something against their will
Earnest money deposit given with Agreement to Buy
Easement a right which one person has in lands of another
Easement in gross a personal right to use another's land
Economic life period of time in which property may be profitably used; each income property sale begins a new property economic life
Ejectment legal action to regain possession of realty with damages payable for its unlawful retention
Emblements crops growing which require annual or semi-annual planting and cultivation; normally personal and belonging to tenant
Eminent domain right of government to take private property against owner's wishes for public use with fair compensation
Encroachment physical trespass of a property on that of another such as overhang; the discovery is by survey
Encumbrance anything that burdens (limits) the fee title to property, such as a lien, easement or restriction of any kind
Equity value or interest an owner of realty has above any debt on property; difference between value and mortgage debt
Equity participation a further return on investment for lender in addition to interest; part ownership with lender
Equitable Title a future right to obtain legal title
Erosion the process by which the surface of the earth is worn away by action of water, wind, etc
Escheat power of state to take property if no will and no heirs
Escrow the holding of something of value (e.g. a deposit on a home) by a person (escrowee or escrow agent) for the benefit of other parties
Et al. a term meaning "and others"
Et ux a term meaning "and wife" (Et Con. means "and husband")
Eviction the depriving of a person's possession of realty
Executor/trix person named in will to execute or probate the will
External obsolescence loss in in value due to outside forces, such as neighborhood deterioration; not curable; a/k/a economic obsolescence
Federal Home Loan Mortgage Corp (FHLMC) known as "Freddie Mac", is is a secondary market operation that buys conventional mortgages from lenders to keep market for mortgage fluid
Federal Housing Administration (FHA) part of U.S. Dept of Housing and Urban Development (HUD) which insures mortgage loans originated by qualified and approved lenders with then home buyer paying loan insurance premium
Federal National Mortgage Association (FNMA) known as "Fannie Mae", it is a secondary market loan buyer
Federal Reserve Board U.S. central bank composed of Governors with Chairperson; established and regulates monetary policy
Fee simple largest possible estate or interest person can have in a parcel of realty; least limited estate
Fee simple defeasible granting of title (Fee Simple Subject to a Condition Subsequent) or duration of title (Fee Simple Determinable) is dependent on a specific condition named in the title
Fiduciary a position of trust (e.g. broker to principal)
Finder's fee fee to broker for arranging loan for client; can also mean fee to broker for locating a property for client
Fixture article that was personalty, but is now realty because it is permanently attached
Forcible entry legal action to recover possession of premises unlawfully held
Foreclosure legal remedy whereby collateral is sold to pay debt because Note terms, such as on-payment, were not met
Forfeiture loss of money or anything of value due to failure to perform according to terms of contract
Fraud intentional deception in which an injured party has loss
Freehold an interest in realty of not less than life estate
Front foot number of feet of frontage on street side
Functional obsolescence loss in value due to out-of-date, poorly designed or old-fashioned fixtures or equipment; may be curable
General lien a lien on any and all property of debtor such as: judgment, decedent's debts, inheritance taxes, state tax liens, IRS liens
Government National Mortgage Association (GNMA) known as "Ginnie Mae", this is a secondary market government sponsored enterprise, that buys federally-backed mortgages to help fluidity, and encourage low-cost housing
Graduated loan lower payments are made early in the loan, leading to negative amortization
Grantor one who transfers title to real estate to the Grantee
Gross lease owner receives rent and pays out expenses such as apartment leasing, as opposed to NET LEASE where the owner receives rent and tenant also pays out expenses normally paid by owner such as taxes, etc
Habendum clause "to have and to hold" clause in deed which defines or limits quantity of estate granted
Hereditaments all inheritable property, both real and personal
Highest and best use use of a property that produces greatest net income
Homestead laws laws designed to protect homeowner from forced sale of home to satisfy certain debts
Hypothecate to give something as security without giving up possession such as to mortgage a property
Impounds reserves such as tax payments made under a mortgage and held by mortgagee and to be distributed to municipality on tax dates
Infrastructure network of public facilities of an area
Ingress/egress entering and leaving
Injunction an order of court to restrain one or more parties to a suit from doing an inequitable or unjust act in regard to the rights of some other party to the suit
Instrument a formal written document
Interim financing development loan such as construction money used during creation of realty investment
Intestate no will or a defective will by the deceased
Investment total value of property; down payment (equity) and mortgage loan (debt)
Irrevocable unchangeable
Judgement the final determination of a court of a matter presented to it
Junior mortgage any mortgage after a previous mortgage
Created by: vele