Archives: Glossary Terms

The distance from curb or other established line on which nothing may be erected.

A law that requires improvements not be built on property within a specified distance from the property line, street or curb.

The process at the closing of a sale of real estate negotiated by a real estate broker whereby the broker accounts to his or her principal for the earnest money deposit and deducts commission and advances by use of a form of settlement statement. See Closing.

The ownership of real property by one party or person.

See Sole ownership.

The act of (literally) cutting or removing something from the land that is attached such as removing shrubs from a property or the taking of a part of a parcel of land for another use.

The loss in value caused by cutting or removing something from the land such as the damage resulting from the taking of a fraction of a whole property that lowers its utility and the remaining value in the land due to the fractional taking.

The interest computed only on the principal amount of a loan. See Compound interest.

A situation in which a licensee/agent represents either the buyer or the setter in a real estate transaction – but never both.

A dwelling designed for occupancy by one household only.