More Appraisal Terms

• CERCLA


  Superfund which is a federal law put into effect to clean-up contaminated areas
• Radon


  Odorless, colorless, radioactive gas that is a byproduct of uranium decay
• Encapsulation


  Wrapping of a problem (Asbestos)
• Wetlands


  Land that frequently floods or has vegetation
• Buffer


  Distance between wetlands and buildings
• Latent defect


  Something hidden from Realtor
• Unilateral


  A promise one way
• Bilateral


  A promise both ways
• Lessor


  The landlord, giver
• Lessee


  The tenant, receiver
• Encumbered


  There are liens against the property
• Chattel


  Personal Property
• Abrogation


  Pledge Real Estate as collateral
• Anything less than 20% on Conventional loan will result in Mortgage Insurance
• Participants


  • Banks
  • Insurance Companies
  • Private Individuals
• FNMA (Federal National Mortgage Association)


  Only in Secondary Market
• VA Loans


  Guarantees loans
• FHA


  Insures loans
• Fully amortized loan


  Fully paid-off
• Wrap around loan


  Two loans rolled into One
• Discounted


  Like discount points
• Partially Amortized


  Loan is partly paid-off
• Index


  Determines what your rate will be
• Cap


  Rate can only go so high
• Margin


  What is added to index to determine your rate
• Blanket loan


  Covers more than one property
• Tenant in common


  Ownership by which two unmarried people buy property together
• Tenant by the entirety


  Ownership is joint tenancy but you have to be married people
• Holdover tenant


  You had the right to be there, but you have to stay a little longer
• Tenancy at sufferance


  Holdover tenant / Lease ends you still stay
• Escalator clause


  Rent increases at the beginning of lease, then remains constant over time
• Percentage lease


  Landlord gets a percentage of tenant's sales
• Gross lease


  Landlord pays all expenses
• Net lease


  Tenant pays all expenses
• Purchasing lease


  Includes personal property, fully furnished type property
• Constructive eviction


  Tenants move out due to negligence of landlord
• Lease


  Is personal property
• Easement


  Right to use property
• Riparian rights


  Rights to a stream or river, moving water
• Littoral rights


  Rights to a large body of water like a lake