Archives: Glossary Terms

The improvements on land which do not conform to the most profitable use of the site.

A false or misleading statement or assertion or presenting something not in accordance with the facts from one person to another in words or by conduct.

A standardized manufactured home structure designed and equipped to be not more than two dwelling units to be used with or without a foundation system and which is entirely constructed in a factory and then transported to the site in one or more sections. See Manufactured home

A system used for the construction of factory-built homes and other improvements to real property that comply with local building codes, using very little labor through the on-site assembly of component parts or modules that have been mass produced at a different location. See Manufactured home.

Temporary suspension of development or utilities connections imposed by local government.

An instrument recognized as evidence by law by which property is hypothecated or pledged as security for the payment of a debt or obligation and by which a procedure for foreclosure is established by statute in event of default.

A lender or creditor who is the receiver of a mortgage and to whom a mortgagor gives a mortgage to secure a loan or the performance of an obligation. See Secured party.

A party whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.

The evidence of a debt secured by a mortgage in favor of individual parties as a group, usually with the mortgage held by a third party in trust for the mortgage bond creditors.

A party who acts as agent and brings a lender and borrower together in order to earn a commission.