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7/02/2012

Glossary Real Estate Letter E






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








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