1. A track for trains made of parallel steel rails fastened to wooden or concrete ties.
2. A private business entity or government operation that transports goods or people by rail and train.

A usually metal chain used to measure length and distance. Less commonly used in land surveys than a Gunter's or surveyor's chain, the Ramsden's or engineer's chain is 100 feet in length, with 100 1-foot links. The terms "engineer's chain" and "Ramsden's chain" apply primarily to the measuring utensil itself and not to any particular unit of length.

1. A Spanish land grant larger than 1,000 acres.
2. A small farm.
3. A small building or group of small buildings (houses, huts, or bunkhouses) for housing ranch workers.
4. Same as "ranch".

1. A measurement used in the United States Public Lands Survey System (PLSS), consisting of a strip of land six miles wide, running in a north-south direction.
2. A row or tier of townships lying east or west of the principal meridian and numbered successively to the east and to the west from the principal meridian. Abbreviated as R1E (range 1E), R2E (range 2 east), R1W (range 1 west), and so on.

Part of a stream or river where the current is swift.

The relationship (expressed as a percentage) between the annual net income generated by a business or investment and the invested capital, appraised value, or gross income of the business or investment.

Unimproved land; land in its unused natural state prior to development or construction of improvements such as streets, lighting, sewers, and the like.

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

A registered word which may only be used by an active real estate broker, appraiser, etc., who is a member of the state and local real estate boards affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

1. A reduction or kickback of a stipulated charge.
2. A return of a portion of an amount paid for goods or services, intended as a reduction or discount of the original price.

A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus recapture the premises) if the tenant does not maintain a specified minimum amount of business, usually in terms of gross income.

1. An independent and neutral party appointed by a court to impartially administer, preserve and hold in trust property which is involved in litigation or bankruptcy, pending final disposition of the matter before the court.
2. One who collects or receives money on behalf of another.

The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Legal recording imparts constructive notice to all the world of the existence of the recorded document and its contents.

A zoning classification or type of zoning district that permits urban or suburban land use that facilitates leisure activities such as golf courses, parks, greenways, and urban trails.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

Definition: The act or practice of mapping geographic areas where mortgage lenders do not wish to make loans or insurance underwriters do not wish to provide insurance coverage, for reasons other than the financial or insurance qualifications of individual applicants. The term redlining refers to the drawing of a line around such an area on a map, and often reflects a racial bias. This practice is illegal under the Federal Fair Housing Act.


Terms and Definitions: Real Estate, Legal, Management

An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest, and the date of maturity.

A ridge of rock, coral, or sand at or near the surface of a body of water.

A point in history that is considered to be representative of the natural conditions of an ecosystem. This point, which may be in the past or present, is chosen such that it is within the historic or natural range of variability for a particular area.

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.

A legal action to correct or modify a contract or deed which does not accurately reflect the intentions of the parties due to some mechanical error, such as a typographical error in the legal description.

A pattern of regular or semi-regular occurrences or processes that characterizes and governs a natural system, as in precipitation regime, fire regime, disturbance regime, etc.

The idea that government land use restrictions or controls, such as zoning ordinances, constitute a type of private property taking. For example, if local zoning ordinances restrict residences to one per acre but a landowner wishes to subdivide his lot into four, build houses on each and sell them, he must be offered just compensation if he is not allowed to do so.

The discharge or relinquishment of a right, claim or privilege, as when the terms of a mortgage have been satisifed or a loan has been repayed in full. Releases involving real property transactions should be acknowledged and legally recorded.
Contrast with partial release.