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Vocab

Terms

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Planned Unit Developments
also known as PUDs or master-planned mommunities.
Mortgage Lien
a voluntary lien on real estate given to a lender by a borrower as security for a real estate loan
Mechanics Lien
an involuntary lien that gives security to persons or companies that perform labor or furnish material to improve real property
Mixed Use Developments
also known as MUDs or highrise developments
Judgement Lien
a lien that is a decree issued by court
Encumbrance
any charge or claim that attaches to real property and lessens its transfer or conveyance
Voluntary Lien
a lien created intentionally by the property owners action, such as when someone takes out a mortgage loan
Dual Agency
the agent represents two principals in the same transaction
Property Manager
a person or company hired to maintain and manage property on behalf of its owner
Specific Lien
a lien that is secured by specific property and affects only that particular property
Real Estate Tax Lien
also known as ad valorem tax, it is based on the value of the property being taxed
Latent Defects
Defects found on real estate after the sale has been procured
Time Share
A form of ownership interest that may include an estate interest in property that allows use of the property for a fixed or variable time period
Tenancy for Years
a specific agreement in terms of years (ie lease, rent, trust)

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