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)