Real Estate Vocabulary Flashcards E Words Flashcards

Real Estate Vocabulary Flashcards (E Words) Flashcards encroachmentThe illegal intrusion of some structure or object across a property boundary line easement in grossthe easement owner does not own land adjacent to the property on which the easement applies. this is typically a governmental easement or a public utility easement.exclusive listing"A written contract between a seller or building owner and a real estate licensee giving the licensee the exclusive right to sell or lease the property during the term of the listing agreement.Ex. Jack had an exclusive listing with Mark to sell his apartment building. When Janice brought Mark a buyer, and the transaction closed, Jack earned the listing commission.escalation clausea clause in a purchase offer that allows buyers to state they'd pay more for the property if a higher competing offer comes in.exclusive agencyA type of agency agreement in which the real estate licensee or firm is the only one allowed to represent the buyer/seller and earns a commission if the sale goes through unless the client finds a buyer/property without the licensee's assistance escrow analysis"A lender's look at how escrow funds on deposit by a borrower are holding out. The lender may make adjustments based on anticipated expenses (taxes and insurance).Ex. After Julianne's lender performed an escrow analysis, it determined she was short $249, and invoiced her, giving her the option to pay it in one lump sum, or by increasing her monthly mortgage payment.escalator/participation clauseallows the landlord to share increases in things like property taxes, utilities, etc. with the tenant. usually found in commercial leases for longer than five years escrow"A neutral repository for client trust fundsEx. Jillian, a sponsoring broker, deposits all client earnest money funds into a neutral escrow account until the transaction is completed or terminated, at which time she instructs the funds be disbursed according to the contracted terms.exclusive right-to sellA listing agreement in which the broker has earned a commission no matter who finds the buyer for the property during the term of the listing evidence of titleproof of property ownership, usually a deed environmental site assessmentDue diligence on a property (usually commercial or industrial) to determine whether environmental issues exist

erosionthe wearing away of land by wind, water, and other natural disturbances economic absolescencean incurable loss in value caused by conditions external to the property Environmental Impact Statement (eis)A report that describes and analyzes a proposed action that may impact the environment equitable titleA right in property to have legal title conveyed once terms of the purchase agreement are met equity buildupthe portion of the loan payment directed toward the principal rather than the interest, plus any gain in property value due to appreciation.effective ageAn appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or

longer.ex: because the owner performed regular

maintenance, the appraiser determined its effective age to be 10 years younger than its actual age.estate at willLeasehold estate in which the duration of the lease is unknown at the time it's created; may be terminated by either the lessor or lessee at any time evalutiona usability study that does not include or refer to an opinion of value.easementThe authorized use of another's property for a specific purpose; runs with the land Elevation CertificateA record of a community's adherence to elevation requirements used by communities in flood-prone areas equal credit opportunity act (ecoa)A 1974 federal law that prohibits discrimination based on protected class status when providing credit eminent domainthe power of the government to take private property for public use.eavethe overhand of a sloped roof exculpatorya clause in a mortgage that allows the borrower to surrender the property to the lender without any further personal liability for a deficiency. may be used in lieu of foreclosure.enforceable contracta contract that meets all the criteria for validity, including compliance with local laws, and may be held up in a court of law.employeeA worker whose employer controls the details of the worker's performance errors and ommissions insuranceprotects licensees in the event they make a mistake or leave out important information that causes financial harm to a consumer while conducting real estate related duties.eviction"A legal action to remove the tenant and the tenant's belongings from the premisesEx. Mona hasn't paid her rent in months, so her landlord, Ewan, took her to court and

won the eviction rights.equilibriumstage in neighborhood life cycle characterized by stability and steady property values.

estate for yearsA fixed-termination type of lease that may be for a day, week, month, year, several years, or any definite period of time; when the specified date occurs, the lease terminates automatically earnest money depositAn amount of money the buyer places in escrow or trust to show good faith in the buyer's intention to purchase the seller's property escrow accountA special account that's separate from any other business or personal accounts; typically used to hold earnest money express agencyAn agency agreement entered into when both parties agree to and understand the arrangement via written or oral communication between the parties Environmental Protection Agency (EPA)"Federal agency that aims to protect human health and the environmentEx. The EPA aims to, among other things, Ensure that all Americans are protected from significant health risks and environmental issues at their homes, schools, and workplaces; and decrease national environmental risks based on the best scientific information available.encryptiona security measure that turns electronic information into an undecipherable code escrow disbursementsthe spending of escrow funds to pay property taxes, hazard insurance, mortgage insurance, etc. , when due estateinterest in land; alternatively, assets owned by a deceased person escrow closingA neutral third party, or escrow agent, handles the exchange on the buyer's and seller's behalf ethicsbeliefs and behaviors that are dependent on a person's conscience and values executor's deedA deed that conveys real property from a decedent's estate to a buyer external depreciationAka economic obsolescence; decrease in property value due to external issues such as pollution, traffic, and other nuisances equitable lienA monetary encumbrance that's placed on a property as a result of a court order escheatThe state's power to claim the estate of a deceased person who left no will, heirs, or creditors estate at sufferanceA type of possession in which a tenant stays after the right to possess has terminated earned increment"Increase in property value as a result of an owner's actions (improvements, etc.)Ex. Ina added a two-bedroom addition to her home, which resulted in a hefty increase in her property's value.