Business / Real Estate Glossary

Single Agency: The practice of representing either the buyer or the seller but never both in the same transaction. The single-agency broker may be compensated indirectly through an authorized commission sp . . . View Full Definition

Single-Family, Owner-Occupied Dwellings: A dwelling which will be owned and occupied by a signatory to the mortgage or deed of trust secured by such dwelling within 90 days of the execution of the mortgage or deed of trust.

Situs: The personal preference of people for one area over another, not necessarily based on objective facts and knowledge.

Slab: A flat piece of concrete, typically used as a walking surface, but may also serve as a load bearing device as in slab homes.

Soft Money Loan: A loan where credit not cash is extended, usually by the seller carrying all or part of the financing.

Soldiers And Sailors Civil Relief Act: A law prohibiting foreclosures while a person is serving in the military and within three months thereafter except by court order.

Sole Proprietorship: A method of owning a business in which one person owns the entire business and reports all profits and losses directly on his or her personal income tax return, as contrasted with corporate, . . . View Full Definition

Solid Core Door: A door where the inner material (core) is made of solid wood. This type door is usually used for doors to the outside or garage.

Solid Waste: As defined under Resource Conservation and Recovery Act, any solid, semi-solid, liquid, or contained gaseous materials discarded from industrial, commercial, mining, or agricultural operatio . . . View Full Definition

Source Reduction: The design, manufacture, purchase, or use of materials (such as packaging) that reduce the amount or toxicity of garbage. Source reduction can reduce waste disposal and handling costs becaus . . . View Full Definition

Special Agent: One authorized by a principal to perform a particular act or transaction without contemplation of continuity of service as with a general agent. The real estate broker is ordinarily a specia . . . View Full Definition

Special Assessment: A tax or levy customarily imposed against only those specific parcels of realty that will benefit from a proposed public improvement, as opposed to a general tax on the entire community. Bec . . . View Full Definition

Special Limitation: A fee simple estate may also be qualified by a special limitation. The estate ends automatically upon the current owners failure to comply with the limitation. The former owner retains a pos . . . View Full Definition

Special Studies Zone: A specific area where an investigation is taking place regarding seismic or geologic considerations.

Special Warranty Deed: A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existin . . . View Full Definition

Special-Purpose Property: Hotels, resorts, nursing homes, theaters, schools, places of worship and other organizations whose specialized needs dictate the design and operation of the property.

Specific Lien: A lien affecting or attaching only to a certain, specific parcel of land or piece of property.

Specific Performance: An action brought in a court of equity in special cases to compel a party to carry out the terms of a contract. The basis for an equity courts jurisdiction in breach of a real estate contrac . . . View Full Definition

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