Archives: Glossary Terms

A court action brought to establish title from a questionable claim or to remove a defect or cloud on the title to property.

A deed used to surrender any interest in property which the grantor may have without any warranty of title or interest.

The date on which the borrower’s note rate may change in an adjustable rate mortgage.

1. The limit on the amount the interest rate can he increased at each adjustment period in an adjustable-rate loan.

2. The maximum interest rate that can he charged during the life of the loan.

(ROR) A rate expressed as a percentage that is based on the annual net operating income generated by a property compared to by dividing it by the capital invested.

A party who is fully prepared to enter into a contract and really wants to buy and clearly meets the financial requirements to do so.

A term that generally narrowly refers to land with or without buildings or improvements. See more broadly Real property.

A generic term pointing to a person licensed by a state who holds either a real estate broker or real estate salesperson license who assists people to buy, sell, rent or lease, manage, finance or value real estate for some type of anticipated compensation.

A person or other legally-licensed entity by a state holding a real estate broker license who assists people to buy, sell, rent or lease, manage, finance or value real estate for some type of anticipated compensation.

A state agency or department that enforces its real estate license laws.