Real Estate Glossary
Business / Real Estate Glossary
Statement Of Reasons: The Federal Equal Credit Opportunity Act (ECOA) (Title VII of the Consumer Protection Act) requires that a lender/creditor who denies an application for credit must provide the applicant wit . . . View Full Definition
Statute Of Frauds: State law that requires certain contracts to be in writing and signed by the party to be charged (or held) to the agreement in order to be legally enforceable.
Statute Of Limitations: That law pertaining to the period of time within which certain actions must be brought to court. The law is intended to protect the vigilant against stale claims by requiring the prompt asse . . . View Full Definition
Statutory Law: The laws, rules and regulations enacted by legislatures and other governing bodies.
Statutory Lien: A lien imposed on property by statute—a tax lien, for example—in contrast to an equitable lien, which arises out of common law.
Statutory Redemption: The right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges.
Steering: The illegal practice of channeling homeseekers interested in equivalent properties to particular areas, either to maintain the homogeneity of an area or to change the character of an area to . . . View Full Definition
Stigmatized Property: A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness or personal tragedy. Because of the . . . View Full Definition
Stock Cooperative: Ownership of real property by a corporation where each stockholder is entitled to occupancy of a unit under a lease.
Stop Date: Date on a term loan when the balloon payment is due.
Stop Notice: A notice given to a lender that a subcontractor has not been paid. Unless bond is posted, the lender must withhold moneys due a prime contractor.
Straight (Term) Loan: A loan in which only interest is paid during the term of the loan, with the entire principal amount due with the final interest payment.
Straight Note: A promissory note evidencing a loan in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity. A stra . . . View Full Definition
Straight-Line Method: A method of depreciation, also called the age-life method, that is computed by dividing the adjusted basis of a property by the number of years of estimated remaining useful life. The cost o . . . View Full Definition
Stratified Marketplace: The real estate market is a marketplace that is stratified based on price.
Strict Foreclosure: In a strict foreclosure procedure, after a delinquent borrower has been notified and the proper papers have been filed, the court designates a specific period during which the balance of the . . . View Full Definition
Strict Liability: An owner of a property is responsible to an injured party without excuse.
Subagent: An agent of a person who is already acting as an agent for a principal. The original agent can delegate authority to a subagent where such delegation is either expressly authorized or custom . . . View Full Definition
Subdivided Land Law: A disclosure law enacted to protect buyers of subdivided parcels. A public report is required for subdivisions of five or more parcels.
Subdivider: One who buys undeveloped land, divides it into smaller, usable lots and sells the lots to potential users.
Subdivision: Any land that is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units or interests. Subdivision refers to any land, whether contiguous or . . . View Full Definition
Subdivision And Development Ordinances: Municipal ordinances that establish requirements for subdivisions and development.
Subdivision Map Act: An act providing for local control of subdivisions. Cities and counties are required to adopt an ordinance to regulate subdivisions.
Subjacent Support: The right of land to be supported by land which lies beneath it.
Subject Property: A reference to the real property under discussion, or the real property under appraisal.
Word of the Day:
Penetration: When the ball is dribbled or passed inside the defensive area toward the basket.