Archives: Glossary Terms

An ownership interest of some but not all real estate rights. Examples include, leasehold, easement and hunting rights.

A real estate sale that is clear fee simple estate that is unclouded by any encumbrances such as liens, mortgages, etc

An estate such as a fee simple or life estate of a duration that runs forever and its end cannot be determined.

An important property valuation concept used mainly in retail or commercial situations due to the belief that the more frontage certain businesses have is an advantage and whereby a property is identified by its number of linear front feet facing the most important street or road surrounding the property and with imaginary parallel lines one foot apart extending the full depth of the lot resulting in a 75-foot frontage.

Pronounced “fizzbo.” See For Sale By Owner

A requirement to reveal all material facts pertinent to a transaction. Example: Under fill disclosure, a broker is required to give the buyer all known material facts about the physical, financial, and economic condition of the subject property..

The rate of interest stated in the debt. See Nominal interest rate

A note that is fully repaid at maturity by periodic reduction of the principal..

In adjustable rate mortgages this is the rate at the time of the loan application which is agreed upon termed indexed to which the gross margin stated in the note has been added.

A loss of value due to adverse factors from inside the property lines such as defects in the plan or design which affect how well the property can be used, function or perform which affects its value and marketability.