EARNEST MONEY
a deposit made by a purchaser of real estate to evidence
good faith.
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EASEMENT the right, privilege, or
interest that one party has in the land of another.
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EASEMENT BY NECESSITY the right
of an owner to cross over another's property for a
special necessary purpose.
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EASEMENT BY PRESCRIPTION continued
use of another's property for a special purpose can
ripen into a permanent use if conditions are met.
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EASTLAKE HOUSE a nineteenth-century-style
house with three-dimensional ornamentation made with
a chisel, gouge, and lathe rather than the scroll
saw. Many of the parts of the ornamentation resemble
furniture legs and knobs. This distinctive type of
ornamentation is the major characteristic of this
style and separates the Eastlake-style house from
the Queen
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ECONOMIC BASE industry within a
geographic market area that provides employment opportunities
that are essential to support the community.
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ECONOMIC DEPRECIATION loss of value
from all causes outside the property itself.
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ECONOMIC LIFE that remaining period
for which real estate improvements are expected to
generate more income than operating expenses cost.
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ECONOMIC OBSOLESCENCE same as economic
depreciation.
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ECONOMIC RENT 1. in economics, the
cost commanded by a factor that is unique or inelastic
in supply. 2. in appraisal, the market rent. Contrast
with contract rent
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EFFECTIVE AGE the age of a property
based on the amount of wear and tear it has sustained.
Contrast with actual age.
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EFFECTIVE GROSS INCOME for income-producing
property, potential gross income, less a vacancy and
collection
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EFFECTIVE RATE the true rate of
return considering all relevant financing expenses.
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EFFICIENCY RATIO the proportion
of a building's area that is leasable space.
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EFFICIENCY UNIT OR APARTMENT a small
dwelling unit, often consisting of a single room,
within a multifamily structure. In most cases, kitchen
and bath facilities are not complete.
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EGRESS access from a land parcel
to a public road or other means of exit.
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EJECTMENT action to regain possession
of real property, when there is no lease.
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ELIZABETHAN OR HALF TIMBER STYLE
an English-style 2- or 21/2 story house, often with
part of the second story overhanging the first. It
has less tone work and is less fortlike than the Tudor.
Stone and stucco walls with half timbers are most
common.
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ELLWOOD TECHNIQUE in the appraisal
of mortgaged income property, a technique used to
estimate the present value of the property. The appraiser
determines and discounts to a present value the annual
cash flow to the equity owner and the expected resale
proceeds. Those amounts are added together to derive
the equity value, then added to the mortgage balance
to offer a property value estimate. The late L. W.
Ellwood provided capitalization rate tables that accelerate
the process.
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EMBLEMENT a growing crop. Annual
crops are generally considered personal property
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EMINENT DOMAIN the right of the
government or a public utility to acquire property
for necessary public use by condemnation; the owner
must be fairly compensated.
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EMPTY NESTERS a couple whose children
have established separate households; important segment
of the housing market, since empty nesters often seek
to reduce the amount of housing space they occupy.
Thus empty nesters are one source of demand for smaller
housing units.
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ENCROACHMENT a building, a part
of a building, or an obstruction that physically intrudes
upon, overlaps, or trespasses upon the property of
another.
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ENCUMBRANCE any right to or interest
in land that affects its value. Includes outstanding
mortgage loans, unpaid taxes, easements, deed restrictions.
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END LOAN same as permanent mortgage.
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ENDORSEMENT 1. the act of signing
one's name, as the payee, on the back of a check or
note, with or without further qualification; the signature
itself 2. offering support or credibility to a statement.
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ENERGY EFFICIENT as applied to buildings,
generally indicating the existence of extra insulation,
weatherproofing, and/or special features and equipment
designed to reduce the cost of energy for heating,
co671ing and hot water.
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ENERGY TAX CREDITS a reduction in
income tax, generally based on the cost of installing
insulation and other energy-saving devices. Note:
At the federal level, energy tax credits generally
expired before 1987 and were not renewed by the 1986
Tax Act.
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ENTITY the legal form under which
property is owned.
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ENTREPRENEUR an individual who generates
business activity. A businessman or businesswoman.
Often associated with one who takes business risks.
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ENVIRONMENTAL IMPACT STATEMENT (EIS)
an analysis of the expected effects of a development
or action on the surrounding natural and fabricated
environment. Such statements are required for many
federally supported developments under the National
Environmental Policy Act of 1969.
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ENVIRONMENTAL PROTECTION AGENCY (EPA)
an agency of the U.S. government established to enforce
federal pollution abatement laws and to implement
various pollution prevention programs.
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EQUAL CREDIT OPPORTUNITY ACT a federal
law, enacted in 1974, to discourage discrimination
by lenders on the basis of sex or marital status.
Amended in 1976 to prohibit discrimination on the
basis of age, race, color, religion, national origin,
or receipt of public assistance.
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EQUALIZATION BOARD a government
agency that determines the fairness of taxes levied
against properties.
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EQUITABLE CONVERSION a legal doctrine
in some states in which, under a contract of sale,
buyers and sellers are treated as though the closing
had taken place in that the seller in possession has
an obligation to take care of the property.
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EQUITABLE TITLE the interest held
by one who has agreed to purchase but has not yet
closed the transaction.
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EQUITY the interest or value that
the owner has in real estate over and above the liens
against it.
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EQUITY BUILDUP the gradual increase
in a mortgagor's equity in a property caused by amortization
of loan principal.
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EQUITY DIVIDEND the annual cash
flow that an equity investor receives.
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EQUITY OF REDEMPTION the right of
an owner to redeem property securing a loan that has
been accelerated prior to fore- closure.
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EQUITY PARTICIPATION same as participation
mortgage.
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EQUITY YIELD RATE the rate of return
on the equity portion of an investment, taking into
account periodic cash flow and the proceeds from resale.
Considers the timing and amounts of cash flow after
annual debt service, but not income taxes.
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EROSION the gradual wearing away
of land through processes of nature, as by streams
and winds.
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ERRORS AND OMISSIONS INSURANCE liability
protection against professional malpractice, mistakes
in business dealings by insured, etc.
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ESCALATOR CLAUSE a provision in
a lease that requires the tenant to pay more rent
based on an increase in costs. Same as stop clause.
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ESCAPE CLAUSE a provision in a contract
that allows one or more of the parties to cancel all
or part of the contract if certain events or situations
do or do not happen.
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ESCHEAT the reversion of property
to the state in the event that the owner dies without
leaving a will and has no legal heirs.
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ESCROW an agreement between 2 or
more parties providing that certain instruments or
property be placed with a third party for safekeeping,
pending the fulfillment or performance of a specified
act or condition.
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ESCROW ACCOUNT same as trust account
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ESCROW AGENT any person engaged
in the business of receiving escrows for deposit or
delivery.
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ESCROW CLOSING ten-n meaning the
same as closing, especially in states where deeds
of trust are used instead of mortgages.
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ESTATE the degree, nature, and extent
of interest that a person has in real property.
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ESTATE AT SUFFERANCE the wrongful
occupancy of property by a tenant after the lease
has expired.
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ESTATE AT WILL the occupation of
real estate by a tenant for an indefinite Period,
terminable by one or both parties at will.
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ESTATE FOR LIFE an interest in Property
that terminates upon the death of a specified person.
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ESTATE FOR YEARS an interest in
land allowing Possession for a specified and limited
time.
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ESTATE IN REVERSION an estate left
by the grantor for himself or herself, to begin after
the termination of some particular estate granted
by him or her.
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ESTATE TAX a tax based on the value
of property left by the deceased. Since 1987, the
estate and gift tax laws exempt approximately $600,000
of property.
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ESTOPPEL a doctrine of law that
stops one from later denying facts which that person
once acknowledged were true and others accepted on
good faith.
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ESTOPPEL CERTIFICATE a document
by which the mortgagor (borrower) certifies that the
mortgage debt is a lien for the amount stated. The
debtor is thereafter prevented from claiming that
the balance due differs from the amount stated.
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ESTOVERS the legally supported right
to take necessities from property. Contrast with waste.
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ET AL abbreviation of the Latin
et alii "and others.'
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ET CON abbreviation of the Latin
et conjunx. Legal term signifying "and husband."
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ET UX abbreviation of the Latin
et axor, which means "and wife."
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EVALUATION a study of potential
property uses, but not to determine its present value.
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EVICTION a legal proceeding by a
lessor (landlord) to recover possession of property.
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EVICTION, ACTUAL exists where one
is removed from the property, either by force or by
process of law.
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EVICTION, CONSTRUCTIVE exists when,
through the fault of the landlord, physical conditions
of the property render it unfit for the purpose for
which it was leased.
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EVICTION, PARTIAL exists where the
possessor of the property, such as a tenant, is deprived
of a portion thereof.
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EVIDENCE OF TITLE documents, such
as deeds, that demonstrate ownership.
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EXAMINATION OF TITLE research of
the title to a piece of real estate; less thorough
than a title search, usually concentrates on recent
records.
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EXCESS ACCELERATED DEPRECIATION the
accumulated difference between accelerated depreciation
claimed for tax purposes and what straight-line depreciation
would have been. Generally, excess accelerated depreciation
is recaptured (taxed) as ordinary income upon a sale,
instead of receiving more favorable capital gains
treatment.
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EXCESS RENT when the rent of an
existing lease exceeds the rental rate on comparable
existing space. Should the lease expire or the tenant
break the lease, the new rate will probably be at
market rates.
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EXCHANGE under Section 1031 of the
Internal Revenue Code, likekind property used in a
trade or business or held as an investment can be
exchanged tax-free.
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EXCLUSIVE AGENCY LISTING employment
contract giving only one broker for a specified time,
the right to sell the property and also allowing the
owner alone to sell the property without paying a
commission.
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EXCLUSIVE RIGHT TO SELL LISTING
employment contract giving the broker the right to
collect commission if the property is sold by anyone,
including the owner, during the term of the agreement.
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EXCULPATORY CLAUSE a provision in
a mortgage allowing the borrower to surrender the
property to the lender without personal liability
for the loan.
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EXECUTE to sign a contract; sometimes,
to Perform a cOlItIO4 fully.
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EXCUTED CONTRACT a contract whose
terms have been completely fulfilled.
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EXECUTOR a person named in a will
to carry out its provisions for the disposition of
the estate.
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EXECUTORY CONTRACT a contract under
which one or more parties has not yet performed.
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EXECUTRIX a woman who Performs the
duties of an executor.
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EXEMPTION an amount provided by
law that reduces taxable . income or taxable value.
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EXPENSE RATIO a comparison of the
operating expenses to potential gross income. This
ratio can be compared over time and with that of other
properties to determine the relative operating efficiency
of the property considered.
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EXPOSURE (MARKET) the advertising,
whether free or paid, of property that is for sale.
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EXTENDED COVERAGE insurance that
covers specific incidences normally excluded from
standard insurance policies.
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EXTENSION an agreement between 2
parties to extend the time period specified in a contract
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