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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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EASEMENT - A property interest
which one person has in land owned by another entitling the holder of the
interest to limited use or enjoyment of the other's land.
EASEMENT IN GROSS - The limited right of one person to use another's land (servient
estate), which right is not created for the benefit of any land owned by the
owner of the easement; that is, there is no dominant estate, as the easement
attaches personally to the owner, not to the land.
EMBLEMENTS - Growing crops (called
"fructus industriales"), such as rice and taro, which are produced annually
through labor and industry.
EMINENT DOMAIN - The right of
government, both state and federal, to take private property for a necessary
public use, with just compensation paid to the owner.
ENCROACHMENT - An unauthorized
invasion or intrusion of a fixture or other real property wholly or partly
upon another's property, thus reducing the size and value of the invaded
property.
ENCUMBRANCE - Any claim, lien,
charge or liability attached to and binding upon real property which may
lessen the value of the property but will not necessarily prevent transfer
of title.
ENTIRETY, TENANCY BY - A form of joint ownership of property between husband and wife with
the right of survivorship.
ENVIRONMENTAL IMPACT STATEMENT - A
report which includes a detailed description of a proposed development
project with emphasis on the existing environment setting, viewed from both
a local and regional perspective, and a discussion of the probable impact of
the project on the environment during all phases.
EQUITY - That interest or value
remaining in property after payment of all liens or other charges on the
property. An owner's equity is normally the monetary interest over and above
the mortgage indebtedness.
ERRORS AND OMISSIONS INSURANCE - A
form of insurance which covers liabilities for errors, mistakes and
negligence in the usual listing and selling activities of a real estate
office or escrow company.
ESCHEAT - The reversion of
property to the state when a decedent dies intestate and there are no heirs
capable of inheriting, or when the property is abandoned.
ESCROW - The process by which
money and/or documents are held by a disinterested third person (a
"stakeholder") until the satisfaction of the terms and conditions of the
escrow instructions (as prepared by the parties to the escrow).
ESTOPPEL - A legal doctrine by
which a person is prevented from asserting rights or facts which are
inconsistent with a previous position or representation he had made by his
act, conduct or silence.
ETHICS - A system of moral
principles, rules and standards of conduct.
EVICTION - The legal process of
removing a tenant from possession of the premises for some breach of the
lease contract.
EXCHANGE - A transaction in which
all or part of the consideration for the purchase of real property is the
transfer of property of a like kind.
EXCLUSIVE AGENCY - A written listing agreement giving one agent the right to sell
property for a specified time, but reserving to the owner the right to sell
the property himself without payment of any commission.
EXCLUSIVE LISTING - A written listing of real property in which the seller agrees to
appoint only one broker to sell the property for a specified period of time.
The two types of exclusive listings are the exclusive agency and the
exclusive right to sell.
EXECUTIVE - The act of making a
document legally valid, such as formalizing a contract by signing, or
acknowledging and delivering a deed.
EXECUTOR - A person appointed by a
testator to carry out the directions and requests in the last will and
testament, and to dispose of property according to the provisions of the
will.
EXECUTORY CONTRACT - A contract in which one or both of the parties has not yet performed.
EXTENDER CLAUSE - A "carry over"
clause (referred to as a safety clause) contained in a listing which
provides that a broker is still entitled to a commission for a set of period
of time after the listing has expired if the property is sold to a former
prospect of the broker.
EXTENSION - An agreement to
continue the period of performance beyond the specified period.
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