EARNEST MONEY
Down payment made by a purchaser of property as evidence of
good faith
EASEMENT
Created by grant for a specific purpose, right privilege or
interest one party has in the land of another. For right of way
ECOLOGY
The relationship between organisms and their environment
ECONOMIC LIFE
The period over which a property will yield a return on the
investment, over and above the economic or ground rent due on the land
ECONOMIC OBSOLESCENCE
Loss in value of real estate caused by factors away from the
subject
ECONOMIC RENT
Number of years of age that is indicated by the condition of
a structure
EFFECTIVE INTEREST RATE
Percentage of interest that is actually being paid by a
borrower for the use of money
EMINENT DOMAIN
Government right to acquire property for necessary public or
quasi-public use by condemnation, paying the owner the fair market value- 5th
AMENDMENT Right
ENCROACHMENT
Anything that affects or limits the fee-simple title to the
property. Such as mortgages, easements, restrictions
ENDORSEMENT
Signing one’s name on the back of a check or note
EQUAL CREDIT OPPORTUNITY ACT
Federal Law prohibits lenders from discriminating based on
sex. Race, color, religion, age amritial status or handicap etc.
EQUITY
Interest or value an owner has in real estate over and above
the liens against it
EQUITY OF REDEMPTION
Right to redeem property during foreclosure period
EQUITY SHARING
Where an owner occupant and a non-owner investor pool their
money to buy a home- contract
ESCALATION
Lender can increase payments upon the happening of a certain
event
ESCALATOR CLAUSE
A clause in the contract providing upward or downward
adjustment of items to cover contingencies
ESCHEAT
Reverting the property to the state when heirs capable of
inheriting are lacking
ESTATE
Quality of interest, share, right or equity of which riches
or fortune may consist in real property
ESTATE OF INHERITANCE
Estate descending to heirs- freehold
ESTATE FOR LIFE
Freehold estate not and estate of inheritance but is held by
the life of the tenant for his or her own life or the life of one or more
persons- ie: you can live here until you die or your Child X dies
ESTATE FROM PERIOD TO PERIOD
An interest in land with no definite termination date but
rents are weekly monthly or annual, also called periodic tenancy
ESTATE AT SUFFERANCE
Estate where tenant wrongfully holds over after expiration
of his term. Landlord can evict
ESTATE OF WILL
Occupation of lands and tenements for an indefinite period.
Can be terminated by either party- not recognized in California
ESTATE FOR YEARS
Interest in lands by virtue of a contract for the possession
of them for a limited time- A LEASE
ESTIMATED REMAINING LIFE
Time period remaining for improvements to become useless
ESTOPPEL
Doctrine bars one from asserting rights that are inconsistent
with a previous position or representation
ETHICS
Moral science, idealism, justness and fairness in the duties
that a member of a profession owes to the public
EVICTION
Process of law depriving a person of possession of lands
EXCHANGE
IRS CODE 1031 owner trades one property for another to defer
income tax
EXCLUSIVE AGENCY LISTING
One agent has specific rights to sell a property for a
specific time, but owner can sell without a commission
EXCLUSIVE RIGHT TO SELL LISTING
Written agreement giving agent right to collect commission
if anyone buys during the set time
EXECUTE
To complete, perform, sign, seal deliver
EXECUTOR/TRIX
Person named in a will to carry out provisions
EXPANSION JOINT
A bitumous fiber strip that separates concrete to prevent
cracking
