Archives: Glossary Terms

A concept of water ownership in v which the landowner’s right to use available water is based on a government-administered permit system.

A lien which is senior or superior to others.

The order in which liens are given legal precedence or preference.

The granting of private property to another private party.

(PMI) A type of mortgage insurance available to conventional lenders on the first, high risk portion of a loan guarantying payment.

An investment or business offered for sale to a small group of investors, generally under exemptions to registration allowed by the Securities and Exchange Commission and state securities registration laws.

The cause, originating from a series of events that without a break in continuity that results in the prime object of a licensee’s employment, that of being the first to procure or produce the buyer who is ready, willing and able to buy the property for the agreed-upon price and terms and is therefore entitled to the commission.

Property includes all those things and rights which are the object of ownership.

Real property consists of land or anything attached to or a part of the land, such as a house.

All other property, such as stocks, insurance, jewelry, are called personal property.

A folder that presents pertinent information about a property.

A recorded boundary of a plot of land.