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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.
Easement
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.
Encroachment
An unlawful intrusion onto adjacent property
of another by improvements to real estate
that intrudes on another's property, such
as fence, patio, etc...
Encumbrance
Anything that affects or limits the title
to a property, such as a lien, mortgage, or
other financial claim against a property.
Endorsement
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.
Equity
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.
Escrow
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.
Estate
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.
Estimate
1. (n.) A calculated
approximation of value of a property.
2. (v.) To determine a value.
Eviction
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.
Executor
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.
The
definitions of Real Estate Definitions found
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only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
any nature with regard to the information
found on the pages therein. 10Realty.com assumes
no responsibility for any liabilities or losses
claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
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