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Real Estate Terms / Real Estate Dictionary

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Earnest Money Deposit
A deposit made by the prospective home buyer as evidence of good faith in that he or she is serious about buying the house.

A right of way giving persons other than the owner access to or over a property for a specific use.

Effective Age
An appraiser's estimate of the age (in number of years) that is indicated from the condition of the property rather than from its actual chronological age.

Effective Gross Income
The gross income of a property less an allowance for vacancy and outstanding debts.

Effective Gross Revenue
The gross income of a property less an allowance for vacancy but before any deductions for operating expenses have been taken.

Eminent Domain
The right of a government to take private property for necessary public use upon payment of its fair market value. This right is found in the 5th Amendment to the Constitution.

Employer-Assisted Housing
A housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in relocating and purchasing homes.

An unlawful intrusion onto adjacent property of another by improvements to real estate that intrudes on another's property, such as fence, patio, etc...

Anything that affects or limits the title to a property, such as a lien, mortgage, or other financial claim against a property.

1. The act of signing one's name.
2. In insurance, an addition to or modification of an insurance policy which expands or changes coverage of the policy.

English Architecture
An Elizabethton, Tudor or other English style home featuring large stones, slate shingles on gabled roofs, mullioned windows and wainscoted paneled interiors.

Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, sex, age, marital status, or receipt of income from public assistance programs.

A homeowner's financial interest or value in a property. It is the difference between the fair market value of the property and the amount still owed on its mortgage and any other liens against it.

An arrangement for the deposit and/or handling of funds with a neutral third party to be delivered upon the fulfillment of a condition. For example, the deposit of funds by a borrower with the lender to pay taxes and insurance premiums when they become due. , or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Escrow Account

The account in which a Mortgagor holds the borrower's escrow payments prior to paying property expenses such as taxes and insurance. See Trust Account.

Escrow Agent
The neutral third party who is holding something of value such as funds from a grantee or a deed from a grantor in trust for another until all of the conditions of the contract have been met.

1. The ownership interest of an individual in real property.
2. The total sum of all the real property and personal property owned by an individual at the time of death.

1. (n.) A calculated approximation of value of a property.
2. (v.) To determine a value.

The lawful act of dispossessing or depriving a person of the possession of land as a result of the judgment of a court.

Examination of Title
The report on the title of a property from the public records or an abstract of the title.

Exclusive Agency Listing
A listing agreement where a seller hires one broker to the exclusion of all others and agrees to pay that broker a fee if a buyer is secured through a broker under the terms of the contract but not pay a fee if a sale is negotiated directly by the owner without the services of a broker.

Exclusive Listing
A contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserves the owner's right to sell the property directly without paying a commission.

Exclusive Right to Sell listing
A listing agreement where a seller employs a broker and agrees to pay a commission if a buyer is secured under the terms of the agreement and if it is sold by anyone including the owner during the term of the agreement. It also authorizes the broker to act as an exclusive agent for the seller in an agency relationship for the entire transaction process.

A person named in a will and affirmed by the probate court who has agreed to carry out its provisions as to the disposition of the deceased person's estate. The court will appoint an administrator if no executor is named.
"Executrix" is the feminine form.

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