The highest monetary price a property would bring, if offered for sale in an arm's-length transaction for a reasonable period of time in a competitive market. Also known simply as market value.

Line connecting the places where streams emerge from the uplands onto lowlands, usually marked by waterfalls or rapids

Definition:
The presence of at least one minor under 18 who lives with a parent or guardian, including pregnant women.

Discussion: Discrimination in housing practices against families with children is prohibited under the Federal Fair Housing Act (1968, 1974, 1988). The only exceptions are properties that qualify as housing for older persons.


Terms, Definitions, and Concepts: Real Estate, Legal, Management

A specific geographic area in which a real estate broker or salesperson chooses to specialize. In rural markets, farm areas may be quite large in size. In urban real estate markets, farm areas tend to be smaller, often individual neighborhoods or even single buildings or complexes.

An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design

Definition:
A series of laws protecting certain classes of people from discrimination in housing practices. Title VIII of the Civil Rights Act of 1968 prohibits discrimination based on race, color, religion, or national origin. The Housing and Community Development Act of 1974 prohibits discrimination based on gender. The Fair Housing Amendments Act of 1988 prohibits discrimination based on disability or familial status (children). These laws also protect those associated with persons of a protected class.

Properties exempted from the Federal Fair Housing Act:
 - Owner-occupied buildings of less than 4 units
 - Single-family housing sold or rented without the services of a real estate broker
 - Housing owned or operated by clubs or organizations that limit occupation to
   their members
 - Single-family homes owned by a person who owns less than three such homes at
    any one time and sells no more than one home every two years; sold or rented
    without a broker and without discriminatory advertising


Terms, Definitions, and Concepts: Real Estate, Legal, Management

The FHA was created in 1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws

An agency of the United States government created to investigate and eliminate unfair and deceptive trade practices in business.

Definition:
An estate in fee simple absolute is a type of freehold estate and is the highest and most complete form of land ownership under the common law system. Fee simple estates are limited only by the governmental rights of taxation, eminent domain, escheat, and police power. Holders of fee simple estates may transfer, gift, sell, will (devise), or otherwise dispose of real property in any way they wish, within the confines of the law. Fee simple estates may be held indefinitely; in legal parlance, they are said to run forever.
Also known as fee simple, fee, fee ownership, or estate of inheritance.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
A freehold estate with a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of fee simple defeasible estates: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Defeasible estates allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in fee simple defeasible are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple defeasible differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Also known as qualified fee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition:
An estate in fee simple qualified is a less-than-absolute interest in real property and is subject to certain conditions or contingencies, such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable).

Estates in fee simple qualified are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in fee simple qualified differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as fee simple defeasible.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), and Management

An estate in land limited in inheritance to a particular class of heirs.

Plural form of foot (ft). A foot is a unit of length equal to 12 inches, taken from the average length of the human foot. One (1) foot is equal to 0.3048 meters. See also Foot (feet) equivalents and conversions and the various Converting feet to... entries.

An area where livestock owners are required to fence their animals in. Also known as closed-range jurisdiction.

System of real estate title based in English law. All lands are owned and taxed by the king or other sovereign, who grants the right to possess real estate. Real estate is held as a life estate only, and ownership reverts to the king or other sovereign upon the death of the grantee.

Old form of land ownership where landowners (tenants) held title to real property as a life estate only, and were required to provide services, usually military, in return for the right to own land. Tenants provided services to tenants in chief, who in turn provided services to the king or other sovereign.

System of title based in English law. All lands are owned and taxed by the king or other sovereign, who grants the right to possess real estate. Real estate is held as a life estate only, and ownership reverts to the king or other sovereign upon the death of the grantee.

A relationship which implies a position of trust or confidence wherein one is usually entrusted to hold or manage property or money for another. Among the obligations a fiduciary owes to the principal are duties of loyalty; obedience; full disclosure; the duty to use skill, care and diligence; and the duty to account for all monies.

1. Area of cleared land often bounded by fences 2. stretch of open land

The official written record of a land survey.

An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock

The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law

A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee

A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date