Glossary for REAL ESTATE TERMS, prepare for the broker DRE exam
Letter D
DATA PLANT
Appraiser’s file of information on real estate
DEBENTURE
Bonds issued without secuirty
DEBTOR
The party owning the property that is subject to a
security interest- mortgagor or pledgor
DEDICATION
Appropriation of land by its owner for some public use by
authorized officials on behalf of the public
DEED
Instrument when properly executed and delivered conveys
title
DEED RESTRICTION
Limitation in the deed to a property that dictates
certain uses that may or may not be made to the property
DEFAULT
Failure to fulfill a duty or promise, omission or failure
to perform any act
DEFEASANCE CLAUSE
Mortgage clause that gives the mortgagor the right to
redeem his or her property upon the payment of obligations to the mortgagee
DEFEASANCE FEE
Sometimes called a base fee or qualified fee, a fee-
absolute interest in land that is capable of being defeated or terminated upon
the happening of a specified event
DEFICIENCY JUDGMENT
Judgment when the security pledge for a loan does not
satisfy the debt upon its default
DEPTH TABLE
Statistical table used to estimate the value of the added
depth of a lot
DESIST AND REFRAIN ORDER
Court order to stop a person from committing and act in
violation of real estate law
DEVISEE
One who receives a bequest made in a will
DEVISOR
Person who bequeaths by will
DIRECTIONAL GROWTH
The location or direction toward which the residential
sections of a city are destined and determined to grow
DISINTERMEDIATION
A sudden rush of withdrawals from savings banks,
commercial banks, and life insurance policies. Financial intermediaries who
depend on the regular savings lose billions of dollars as owners of those funds
held by institutional lenders exercise their right to remove the money.
DISPOSSESS
To deprive one of the use of real estate
DOCUMENTARY TRANSFER TAX
A state enabling act that allows a county to adopt a
documentary transfer tax to apply to all transfers of real estate in the
county. Notice of payment is entered on the face of the deed or on a separate
paper filed together
DONEE
A person to whom a gift is made
DONOR
The person who makes the gift
DOWER
The right a wife has in her husband’s estate at his death
DUAL AGENCY
When a broker represents both the buyer and seller