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<item>
<title><![CDATA[401k/403b]]></title>
<description><![CDATA[An employersponsored investment plan that allows individuals to set aside taxdeferred income for retirement or emergency purposes. 401k plans are provided by employers that are private corporations. 403b plans are provided by employers that are not for profit organizations. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/401(k)/403(b)]]></link>
</item>
<item>
<title><![CDATA[401k/403b loan]]></title>
<description><![CDATA[Some administrators of 401k/403b plans allow for loans against the monies you have accumulated in these plans  monies must be repaid to avoid serious penalty charges.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/401(k)/403(b)_loan]]></link>
</item>
<item>
<title><![CDATA[801010]]></title>
<description><![CDATA[A type of blended mortgage loan which avoids private mortgage insurance PMI.  It consists of an 80  30 year first lien at market rates a 10  15 year second lien at a slightly higher interest rate and a 10 down payment.  Instead of having to come up with a 20 down payment a buyer is able to avoid PMI with only 10 down.  While the interest rate on the second note is a bit higher the total monthly payment is usually lower than a 90 mortgage with PMI.  In addition the extra interest paid for the ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/80-10-10]]></link>
</item>
<item>
<title><![CDATA[abstract of title]]></title>
<description><![CDATA[A condensed version of the history of title to a piece of land that lists any transfers in ownership as well as any liabilities attached to it such as mortgages.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/abstract_of_title]]></link>
</item>
<item>
<title><![CDATA[abutting]]></title>
<description><![CDATA[The joining reaching or touching of adjoining land. Abutting pieces of land have a common boundary.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/abutting]]></link>
</item>
<item>
<title><![CDATA[acceleration clause]]></title>
<description><![CDATA[A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/acceleration_clause]]></link>
</item>
<item>
<title><![CDATA[acceptance]]></title>
<description><![CDATA[An offerees consent to enter into a contract and be bound by the terms of the offer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/acceptance]]></link>
</item>
<item>
<title><![CDATA[accretion]]></title>
<description><![CDATA[An addition to land through natural causes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/accretion]]></link>
</item>
<item>
<title><![CDATA[acknowledgment]]></title>
<description><![CDATA[A declaration made by a person to a notary public or other public official authorized to take acknowledgments that the instrument was executed by him and that it was his free and voluntary act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/acknowledgment]]></link>
</item>
<item>
<title><![CDATA[acre]]></title>
<description><![CDATA[A measure of land equal to 43560 square feet.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/acre]]></link>
</item>
<item>
<title><![CDATA[ad valorem]]></title>
<description><![CDATA[Designates an assessment of taxes against property. Literally according to value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ad_valorem]]></link>
</item>
<item>
<title><![CDATA[additional principal payment]]></title>
<description><![CDATA[A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/additional_principal_payment]]></link>
</item>
<item>
<title><![CDATA[adjustable rate mortgage ARM]]></title>
<description><![CDATA[A mortgage loan whose interest rate fluctuates according to the movements of an assigned index or a designated market indicatorsuch as the weekly average of oneyear U.S. Treasury Billsover the life of the loan. To avoid constant and drastic fluctuations ARMs typically limit how often and by how much the interest rate can vary.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adjustable_rate_mortgage_(ARM)]]></link>
</item>
<item>
<title><![CDATA[adjusted basis]]></title>
<description><![CDATA[The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adjusted_basis]]></link>
</item>
<item>
<title><![CDATA[adjustment date]]></title>
<description><![CDATA[The date on which the interest rate changes for an adjustablerate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adjustment_date]]></link>
</item>
<item>
<title><![CDATA[adjustment period]]></title>
<description><![CDATA[The period that elapses between the adjustment dates for an adjustablerate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adjustment_period]]></link>
</item>
<item>
<title><![CDATA[adjustments]]></title>
<description><![CDATA[Money that the buyer and sellers credit each other at the time of closing. Often includes taxes and down payment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adjustments]]></link>
</item>
<item>
<title><![CDATA[administrator]]></title>
<description><![CDATA[A person appointed by a probate court to administer the estate of a person who died intestate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/administrator]]></link>
</item>
<item>
<title><![CDATA[administrator/administratrix]]></title>
<description><![CDATA[A man/woman appointed by a court to settle the estate of a deceased person when there is no will. Contrast with executor/executrix.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/administrator/administratrix]]></link>
</item>
<item>
<title><![CDATA[adverse possession]]></title>
<description><![CDATA[The right of an occupant of land to acquire title against the real owner where possession has been actual continuous hostile visible and distinct for the statutory period.  The requirements for adversely possessing property vary between states but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/adverse_possession]]></link>
</item>
<item>
<title><![CDATA[affidavit]]></title>
<description><![CDATA[Written statement signed and sworn to before some person authorized to take an oath.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/affidavit]]></link>
</item>
<item>
<title><![CDATA[affordability analysis]]></title>
<description><![CDATA[A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income liabilities and available funds along with the type of mortgage you plan to use the area where you want to purchase a home and the closing costs that you might expect to pay.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/affordability_analysis]]></link>
</item>
<item>
<title><![CDATA[agency]]></title>
<description><![CDATA[The legal relationship between a principal and an agent. In real estate transactions usually the seller is the principal and the broker is the agent: however a buyer represented by a broker i.e. buyer as principal is a growing trend. In an agency relationship the principal delegates to the agent the right to act on his or her behalf in business transactions and to exercise some discretion while so acting. The agent has a fiduciary relationship with the principal and owes to that principal the duties o]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/agency]]></link>
</item>
<item>
<title><![CDATA[agent]]></title>
<description><![CDATA[A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principals behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties. See also attorneyinfact.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/agent]]></link>
</item>
<item>
<title><![CDATA[alienation Clause]]></title>
<description><![CDATA[A clause in a mortgage which gives the lender the right to call the entire loan balance due if the property is sold dueonsale clause.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/alienation_Clause]]></link>
</item>
<item>
<title><![CDATA[amenities]]></title>
<description><![CDATA[Non monetary benefits and satisfactions derived from property ownership such as a pleasant view pride in home ownership etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amenities]]></link>
</item>
<item>
<title><![CDATA[amenity]]></title>
<description><![CDATA[A feature of real property that enhances its attractiveness and increases the occupants or users satisfaction although the feature is not essential to the propertys use. Natural amenities include a pleasant or desirable location near water scenic views of the surrounding area etc. Humanmade amenities include swimming pools tennis courts community buildings and other recreational facilities.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amenity]]></link>
</item>
<item>
<title><![CDATA[ammendment]]></title>
<description><![CDATA[A modification to an existing contract mutually agreed to by all parties.  Examples might include a change in the pruchase price due to a low appraisal or a change in the closing date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ammendment]]></link>
</item>
<item>
<title><![CDATA[amortization]]></title>
<description><![CDATA[The gradual repayment of a mortgage loan by installments.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amortization]]></link>
</item>
<item>
<title><![CDATA[amortization schedule]]></title>
<description><![CDATA[A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amortization_schedule]]></link>
</item>
<item>
<title><![CDATA[amortization term]]></title>
<description><![CDATA[The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example for a 30year fixedrate mortgage the amortization term is 360 months.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amortization_term]]></link>
</item>
<item>
<title><![CDATA[amortize]]></title>
<description><![CDATA[To repay a mortgage with regular payments that cover both principal and interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amortize]]></link>
</item>
<item>
<title><![CDATA[amortized mortgage]]></title>
<description><![CDATA[A mortgage requiring periodic payments that include both interest and principal.  Also see self amortized loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/amortized_mortgage]]></link>
</item>
<item>
<title><![CDATA[annual membership]]></title>
<description><![CDATA[The amount that is charged annually for having a line of credit available. Often charged regardless of whether or not you use the line.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/annual_membership]]></link>
</item>
<item>
<title><![CDATA[annual mortgagor statement]]></title>
<description><![CDATA[A report sent to the mortgagor the borrower each year. The report shows how much was paid in taxes and interest during the year as well as the remaining mortgage loan balance at the end of the year.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/annual_mortgagor_statement]]></link>
</item>
<item>
<title><![CDATA[annual percentage rate APR]]></title>
<description><![CDATA[The cost of a mortgage stated as a yearly rate includes such items as interest mortgage insurance and loan origination fee points.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/annual_percentage_rate_(APR)]]></link>
</item>
<item>
<title><![CDATA[annuity]]></title>
<description><![CDATA[An amount paid yearly or at other regular intervals often on a guaranteed dollar basis.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/annuity]]></link>
</item>
<item>
<title><![CDATA[antitrust laws]]></title>
<description><![CDATA[Federal and state laws prohibiting among other things monopolies monopolistic practices restraint of trade and price fixing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/antitrust_laws]]></link>
</item>
<item>
<title><![CDATA[application]]></title>
<description><![CDATA[A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security. Lenders use the information on the loan application to evaluate whether or not they can give the loan and if so the amount of money they can lend.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/application]]></link>
</item>
<item>
<title><![CDATA[application fee]]></title>
<description><![CDATA[Fees that are paid upon application. Charges for property appraisal and a credit report are usually included in the application fee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/application_fee]]></link>
</item>
<item>
<title><![CDATA[appraisal]]></title>
<description><![CDATA[A written analysis of the estimated value of a property prepared by a qualified appraiser. Contrast with home inspection.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/appraisal]]></link>
</item>
<item>
<title><![CDATA[appraised value]]></title>
<description><![CDATA[An opinion of a propertys fair market value based on an appraisers knowledge experience and analysis of the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/appraised_value]]></link>
</item>
<item>
<title><![CDATA[appraiser]]></title>
<description><![CDATA[A person qualified by education training and experience to estimate the value of real property and personal property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/appraiser]]></link>
</item>
<item>
<title><![CDATA[appreciation]]></title>
<description><![CDATA[An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/appreciation]]></link>
</item>
<item>
<title><![CDATA[asking list price]]></title>
<description><![CDATA[The price placed on property for sale.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/asking_(list)_price]]></link>
</item>
<item>
<title><![CDATA[assessed value]]></title>
<description><![CDATA[The valuation placed on property by a public tax assessor for purposes of taxation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assessed_value]]></link>
</item>
<item>
<title><![CDATA[assessment]]></title>
<description><![CDATA[The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose such as a sewer assessment. assessment rolls]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assessment]]></link>
</item>
<item>
<title><![CDATA[assessment rolls]]></title>
<description><![CDATA[The public record of taxable property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assessment_rolls]]></link>
</item>
<item>
<title><![CDATA[assessor]]></title>
<description><![CDATA[A public official who establishes the value of a property for taxation purposes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assessor]]></link>
</item>
<item>
<title><![CDATA[asset]]></title>
<description><![CDATA[Anything of monetary value that is owned by a person. Assets include real property personal property and enforceable claims against others including bank accounts stocks mutual funds and so on.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/asset]]></link>
</item>
<item>
<title><![CDATA[assignee]]></title>
<description><![CDATA[A person to whom a property right is transferred. For example an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant including payment of rent. However the original tenant remains legally responsible if the assignee fails to pay the rent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assignee]]></link>
</item>
<item>
<title><![CDATA[assignment]]></title>
<description><![CDATA[The transfer of a mortgage from one person to another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assignment]]></link>
</item>
<item>
<title><![CDATA[assumable mortgage]]></title>
<description><![CDATA[A mortgage that can be taken over assumed by the buyer when a home is sold.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assumable_mortgage]]></link>
</item>
<item>
<title><![CDATA[assumption]]></title>
<description><![CDATA[The transfer of the sellers existing mortgage to the buyer. See assumable mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assumption]]></link>
</item>
<item>
<title><![CDATA[assumption clause]]></title>
<description><![CDATA[A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assumption_clause]]></link>
</item>
<item>
<title><![CDATA[assumption fee]]></title>
<description><![CDATA[The fee paid to a lender usually by the purchaser of real property resulting from the assumption of an existing mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assumption_fee]]></link>
</item>
<item>
<title><![CDATA[assumption of mortgage]]></title>
<description><![CDATA[The transfer of title to property to a grantee wherein he assumes liability for payment of an existing note secured by a mortgage against the property should the mortgage be foreclosed and the property sold for a lesser amount than that due the granteepurchaser who has assumed and agreed to pay the debt secured by the mortgage is personally liable for the deficiency. Before a seller may be relieved of liability under the existing mortgage the lender must accept the transfer of liability for payment of t]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/assumption_of_mortgage]]></link>
</item>
<item>
<title><![CDATA[attachment]]></title>
<description><![CDATA[Method by which a debtors property is placed in the custody of the law and held as security pending outcome of a creditors suit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/attachment]]></link>
</item>
<item>
<title><![CDATA[attorneyinfact]]></title>
<description><![CDATA[One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/attorney-in-fact]]></link>
</item>
<item>
<title><![CDATA[attorneys opinion of title]]></title>
<description><![CDATA[An instrument written and signed by the attorney who examines the abstracts of title stating his opinion as to whether a seller may convey good title.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/attorney's_opinion_of_title]]></link>
</item>
<item>
<title><![CDATA[attractive nuisance]]></title>
<description><![CDATA[Something on a piece of property that attracts children but also endangers their safety. For example unfenced swimming pools open pits farm equipment and abandoned refrigerators have all qualified as attractive nuisances.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/attractive_nuisance]]></link>
</item>
<item>
<title><![CDATA[auction]]></title>
<description><![CDATA[A public sale of property to the highest bidder.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/auction]]></link>
</item>
<item>
<title><![CDATA[balance sheet]]></title>
<description><![CDATA[A financial statement that shows assets liabilities and net worth as of a specific date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/balance_sheet]]></link>
</item>
<item>
<title><![CDATA[balloon mortgage]]></title>
<description><![CDATA[A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term. The principal and interest on the loan are amortized over a longer period than the actual term of the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/balloon_mortgage]]></link>
</item>
<item>
<title><![CDATA[balloon payment]]></title>
<description><![CDATA[The final lump sum payment that is made at the maturity date of a balloon mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/balloon_payment]]></link>
</item>
<item>
<title><![CDATA[bankrupt]]></title>
<description><![CDATA[A person firm or corporation that through a court proceeding is relieved from the payment of all debts after the surrender of all assets to a courtappointed trustee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bankrupt]]></link>
</item>
<item>
<title><![CDATA[bankruptcy]]></title>
<description><![CDATA[A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bankruptcy]]></link>
</item>
<item>
<title><![CDATA[beforetax income]]></title>
<description><![CDATA[Income before taxes are deducted.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/before-tax_income]]></link>
</item>
<item>
<title><![CDATA[beneficiary]]></title>
<description><![CDATA[The person designated to receive the income from a trust estate or a deed of trust.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/beneficiary]]></link>
</item>
<item>
<title><![CDATA[bequeath]]></title>
<description><![CDATA[To transfer personal property through a will.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bequeath]]></link>
</item>
<item>
<title><![CDATA[betterment]]></title>
<description><![CDATA[An improvement that increases property value as distinguished from repairs or replacements that simply maintain value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/betterment]]></link>
</item>
<item>
<title><![CDATA[bill of sale]]></title>
<description><![CDATA[A written document that transfers title to personal property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bill_of_sale]]></link>
</item>
<item>
<title><![CDATA[binder]]></title>
<description><![CDATA[A preliminary agreement secured by the payment of an earnest money deposit under which a buyer offers to purchase real estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/binder]]></link>
</item>
<item>
<title><![CDATA[biweekly mortgage]]></title>
<description><![CDATA[A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year you make thirteen. The extra payment reduces the principal substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up biweekly payment schedules with them on your thirty year mortgage. They charge a setup fee and a transfer fee for every payment. Your funds are ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/biweekly_mortgage]]></link>
</item>
<item>
<title><![CDATA[biweekly payment mortgage]]></title>
<description><![CDATA[A mortgage that requires payments to reduce the debt every two weeks instead of the standard monthly payment schedule. The 26 or possibly 27 biweekly payments are each equal to onehalf of the monthly payment that would be required if the loan were a standard 30year fixedrate mortgage and they are usually drafted from the borrowers bank account. The result for the borrower is a substantial savings in interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/biweekly_payment_mortgage]]></link>
</item>
<item>
<title><![CDATA[blanket insurance policy]]></title>
<description><![CDATA[A single policy that covers more than one piece of property or more than one person.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/blanket_insurance_policy]]></link>
</item>
<item>
<title><![CDATA[blanket mortgage]]></title>
<description><![CDATA[The mortgage that is secured by a cooperative project as opposed to the share loans on individual units within the project.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/blanket_mortgage]]></link>
</item>
<item>
<title><![CDATA[blockbusting]]></title>
<description><![CDATA[The illegal practice of inducing panic selling in a neighborhood by making representations of the entry or prospective entry of members of a minority group panic peddling. See Fair Housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/blockbusting]]></link>
</item>
<item>
<title><![CDATA[bona fide]]></title>
<description><![CDATA[In good faith without fraud.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bona_fide]]></link>
</item>
<item>
<title><![CDATA[bond]]></title>
<description><![CDATA[An interestbearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bond]]></link>
</item>
<item>
<title><![CDATA[bond market]]></title>
<description><![CDATA[Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily and in a volatile market can and do change during the day as well.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bond_market]]></link>
</item>
<item>
<title><![CDATA[bonus to selling agent BTSA]]></title>
<description><![CDATA[Compensation above and beyond the sales commission offered to the real estate agent who brings the buyer to the transaction.  A BTSA is used to provide an extra incentive for real estate agents to show a particular listing.  Often the bonus is tied to closing within a certain time period or the property selling for a certain price.  A buyers agent should not consider the BTSA a factor in any negotiations between buyer and seller.  Realistically most BTSAs tend to disappear during initial negotiations ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bonus_to_selling_agent_(BTSA)]]></link>
</item>
<item>
<title><![CDATA[breach]]></title>
<description><![CDATA[A violation of any legal obligation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/breach]]></link>
</item>
<item>
<title><![CDATA[breach of contract]]></title>
<description><![CDATA[Failure without legal excuse of one of the parties to a contract to perform according to the contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/breach_of_contract]]></link>
</item>
<item>
<title><![CDATA[bridge loan]]></title>
<description><![CDATA[A form of second trust that is collateralized by the borrowers present home which is usually for sale in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as swing loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bridge_loan]]></link>
</item>
<item>
<title><![CDATA[broker]]></title>
<description><![CDATA[A person who for a commission or a fee brings parties together and assists in negotiating contracts between them.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/broker]]></link>
</item>
<item>
<title><![CDATA[brokerage]]></title>
<description><![CDATA[For a commission or fee bringing together parties interested in buying selling exchanging or leasing real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/brokerage]]></link>
</item>
<item>
<title><![CDATA[BTSA]]></title>
<description><![CDATA[Acronym  bonus to selling agent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/BTSA]]></link>
</item>
<item>
<title><![CDATA[budget]]></title>
<description><![CDATA[A detailed plan of income and expenses expected over a certain period of time. A budget can provide guidelines for managing future investments and expenses.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/budget]]></link>
</item>
<item>
<title><![CDATA[budget category]]></title>
<description><![CDATA[A category of income or expense data that you can use in a budget. You can also define your own budget categories and add them to some or all of the budgets you create. Rentis an example of an expense category. Salary is a typical income category.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/budget_category]]></link>
</item>
<item>
<title><![CDATA[building code]]></title>
<description><![CDATA[Local regulations that control design construction and materials used in construction. Building codes are based on safety and health standards.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/building_code]]></link>
</item>
<item>
<title><![CDATA[building line]]></title>
<description><![CDATA[A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project. See set back.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/building_line]]></link>
</item>
<item>
<title><![CDATA[bundle of rights]]></title>
<description><![CDATA[Ownership in real property implies a group of rights such as the right of occupancy use and enjoyment the right to sell in whole or in part the right to control the use the right to bequeath the right to lease any or all of the rights the right to the benefits derived by occupancy and use of the property etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/bundle_of_rights]]></link>
</item>
<item>
<title><![CDATA[buy down]]></title>
<description><![CDATA[A cash payment usually measured in points to a lender in order to reduce the interest rate a borrower must pay.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/buy_down]]></link>
</item>
<item>
<title><![CDATA[buydown account]]></title>
<description><![CDATA[An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/buydown_account]]></link>
</item>
<item>
<title><![CDATA[buydown mortgage]]></title>
<description><![CDATA[A temporary buydown is a mortgage on which an initial lump sum payment is made by any party to reduce a borrowers monthly payments during the first few years of a mortgage. A permanent buydown reduces the interest rate over the entire life of a mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/buydown_mortgage]]></link>
</item>
<item>
<title><![CDATA[buyers broker]]></title>
<description><![CDATA[A licensee who has declared to represent only the buyer in a transaction regardless of whether compensation is paid by the buyer or the listing broker through a commission split. Some brokers conduct their business by representing buyers only.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/buyer's_broker]]></link>
</item>
<item>
<title><![CDATA[calendar Year]]></title>
<description><![CDATA[A year using the actual number of days in each month for a total of 365 days in a year 366 days in a leap year.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/calendar_Year]]></link>
</item>
<item>
<title><![CDATA[call option]]></title>
<description><![CDATA[A provision in the mortgage that gives the mortgagee the lender the right to call the mortgage due and payable at the end of a specified period for whatever reason.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/call_option]]></link>
</item>
<item>
<title><![CDATA[cap]]></title>
<description><![CDATA[A provision of an adjustablerate mortgage ARM that limits how much the interest rate or mortgage payments may increase or decrease. See lifetime payment cap lifetime rate cap periodic payment cap and periodic rate cap.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cap]]></link>
</item>
<item>
<title><![CDATA[capacity. cost of funds index COFI]]></title>
<description><![CDATA[An index that is used to determine interest rate changes for certain adjustablerate mortgage ARM plans. It represents the weightedaverage cost of savings borrowings and advances of the 11th District members of the Federal Home Loan Bank of San Francisco. See adjustablerate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capacity._cost_of_funds_index_(COFI)]]></link>
</item>
<item>
<title><![CDATA[capital]]></title>
<description><![CDATA[1 Money used to create income either as an investment in a business or an income property. 2 The money or property comprising the wealth owned or used by a person or business enterprise. 3 The accumulated wealth of a person or business. 4 The net worth of a business represented by the amount by which its assets exceed liabilities.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capital]]></link>
</item>
<item>
<title><![CDATA[capital expenditure]]></title>
<description><![CDATA[The cost of an improvement made to extend the useful life of a property or to add to its value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capital_expenditure]]></link>
</item>
<item>
<title><![CDATA[capital gains]]></title>
<description><![CDATA[The profit on the sale of a capital asset such as stock or real estate. If you sell your primary residence you can exclude 250000 in profit from capital gains tax. A couple can exclude 500000.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capital_gains]]></link>
</item>
<item>
<title><![CDATA[capital improvement]]></title>
<description><![CDATA[Any structure or component erected as a permanent improvement to real property that adds to its value and useful life.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capital_improvement]]></link>
</item>
<item>
<title><![CDATA[capitalization]]></title>
<description><![CDATA[The estimation of the value of income producing property by dividing the annual net income by the capitalization rate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capitalization]]></link>
</item>
<item>
<title><![CDATA[capitalization rate]]></title>
<description><![CDATA[The rate of expected return on investment property. A ratio of income to value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/capitalization_rate]]></link>
</item>
<item>
<title><![CDATA[cash Out]]></title>
<description><![CDATA[Receiving money back when refinancing your present mortgage. Not available on homestead property in Texas See homestead.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cash_Out]]></link>
</item>
<item>
<title><![CDATA[cashout refinance]]></title>
<description><![CDATA[A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage closing costs points and the amount required to satisfy any outstanding subordinate mortgage liens. In other words a refinance transaction in which the borrower receives additional cash that can be used for any purpose.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cash-out_refinance]]></link>
</item>
<item>
<title><![CDATA[CCR]]></title>
<description><![CDATA[See covenants conditions  restrictions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/CC&R]]></link>
</item>
<item>
<title><![CDATA[CCCS]]></title>
<description><![CDATA[See Consumer Credit Counseling Service.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/CCCS]]></link>
</item>
<item>
<title><![CDATA[ceiling]]></title>
<description><![CDATA[The maximum allowable interest rate over the life of the loan of an adjustable rate mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ceiling]]></link>
</item>
<item>
<title><![CDATA[census]]></title>
<description><![CDATA[An official count of the number of people living in a certain area such as a district city county state or nation. The United States Constitution requires the federal government to perform a national census every ten years. The census includes information about the respondents sex age family and social and economic status.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/census]]></link>
</item>
<item>
<title><![CDATA[certificate of deposit]]></title>
<description><![CDATA[A document written by a bank or other financial institution that is evidence of a deposit with the issuers promise to return the deposit plus earnings at a specified interest rate within a specified time period. See adjustable rate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/certificate_of_deposit]]></link>
</item>
<item>
<title><![CDATA[certificate of deposit index]]></title>
<description><![CDATA[An index that is used to determine interest rate changes for certain adjustablerate mortgage ARM plans. It represents the weekly average of secondary market interest rates on sixmonth negotiable certificates of deposit. See adjustablerate mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/certificate_of_deposit_index]]></link>
</item>
<item>
<title><![CDATA[Certificate of Eligibility]]></title>
<description><![CDATA[A document issued by the federal government certifying a veterans eligibility for a Department of Veterans Affairs VA mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Certificate_of_Eligibility]]></link>
</item>
<item>
<title><![CDATA[Certificate of Reasonable Value CRV]]></title>
<description><![CDATA[A document issued by the Department of Veterans Affairs VA that establishes the maximum value and loan amount for a VA mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Certificate_of_Reasonable_Value_(CRV)]]></link>
</item>
<item>
<title><![CDATA[certificate of title]]></title>
<description><![CDATA[A statement provided by an abstract company title company or attorney stating that the title to real estate is legally held by the current owner.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/certificate_of_title]]></link>
</item>
<item>
<title><![CDATA[chain of title]]></title>
<description><![CDATA[The history of all of the documents that transfer title to a parcel of real property starting with the earliest existing document and ending with the most recent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/chain_of_title]]></link>
</item>
<item>
<title><![CDATA[change frequency]]></title>
<description><![CDATA[The frequency in months of payment and/or interest rate changes in an adjustablerate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/change_frequency]]></link>
</item>
<item>
<title><![CDATA[channeling]]></title>
<description><![CDATA[The illegal practice of directing people to or away from certain areas or neighborhoods because of minority status Steering. See Fair Housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/channeling]]></link>
</item>
<item>
<title><![CDATA[chattel]]></title>
<description><![CDATA[Another name for personal property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/chattel]]></link>
</item>
<item>
<title><![CDATA[cleaning fee]]></title>
<description><![CDATA[A nonrefundable fee charged by a landlord when a tenant moves in. The fee covers the cost of cleaning the rented premises after you move out even if you leave the place spotless. Cleaning fees are illegal in some states and specifically allowed in others but most state laws are silent on the issue. Landlords in every state are allowed to use the security deposit to clean a unit that is truly dirty.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cleaning_fee]]></link>
</item>
<item>
<title><![CDATA[clear title]]></title>
<description><![CDATA[A title that is free of liens or legal questions as to ownership of the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/clear_title]]></link>
</item>
<item>
<title><![CDATA[closing]]></title>
<description><![CDATA[A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs. Also called settlement. At this meeting ownership of the property is transferred from the seller to the buyer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/closing]]></link>
</item>
<item>
<title><![CDATA[closing cost item]]></title>
<description><![CDATA[A fee or amount that a home buyer must pay at closing for a single service tax or product. Closing costs are made up of individual closing cost items such as origination fees and attorneys fees. Many closing cost items are included as numbered items on the HUD1 statement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/closing_cost_item]]></link>
</item>
<item>
<title><![CDATA[closing costs]]></title>
<description><![CDATA[Expenses over and above the price of the property incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee an attorneys fee taxes an amount placed in escrow and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country lenders or REALTORS often provide estimates of closing costs to prospective homebuyers.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/closing_costs]]></link>
</item>
<item>
<title><![CDATA[closing statement]]></title>
<description><![CDATA[See HUD1 statement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/closing_statement]]></link>
</item>
<item>
<title><![CDATA[cloud on title]]></title>
<description><![CDATA[Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by a quitclaim deed release or court action.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cloud_on_title]]></link>
</item>
<item>
<title><![CDATA[coborrower]]></title>
<description><![CDATA[IAn additional individual who is both obligated on the loan and is on title to the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/co-borrower]]></link>
</item>
<item>
<title><![CDATA[coinsurance]]></title>
<description><![CDATA[A sharing of insurance risk between the insurer and the insured. Coinsurance depends on the relationship between the amount of the policy and a specified percentage of the actual value of the property insured at the time of the loss.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/coinsurance]]></link>
</item>
<item>
<title><![CDATA[coinsurance clause]]></title>
<description><![CDATA[A provision in a hazard insurance policy that states the amount of coverage that must be maintained  as a percentage of the total value of the property  for the insured to collect the full amount of a loss.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/coinsurance_clause]]></link>
</item>
<item>
<title><![CDATA[collateral]]></title>
<description><![CDATA[An asset such as a car or a home that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/collateral]]></link>
</item>
<item>
<title><![CDATA[collection]]></title>
<description><![CDATA[The efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed with foreclosure when necessary.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/collection]]></link>
</item>
<item>
<title><![CDATA[comaker]]></title>
<description><![CDATA[A person who signs a promissory note along with the borrower. A comakers signature guarantees that the loan will be repaid because the borrower and the comaker are equally responsible for the repayment. See endorser.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/co-maker]]></link>
</item>
<item>
<title><![CDATA[commingling]]></title>
<description><![CDATA[The illegal practice of combining or mixing clients funds with the agents own funds.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/commingling]]></link>
</item>
<item>
<title><![CDATA[commission]]></title>
<description><![CDATA[The fee charged by a broker or agent for negotiating a real estate or loan transaction. A commission is generally a percentage of the price of the property or loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/commission]]></link>
</item>
<item>
<title><![CDATA[commitment letter]]></title>
<description><![CDATA[A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a loan commitment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/commitment_letter]]></link>
</item>
<item>
<title><![CDATA[common area assessments]]></title>
<description><![CDATA[Levies against individual unit owners in a condominium or planned unit development PUD project for additional capital to defray homeowners association costs and expenses and to repair replace maintain improve or operate the common areas of the project.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/common_area_assessments]]></link>
</item>
<item>
<title><![CDATA[common areas]]></title>
<description><![CDATA[Those portions of a building land and amenities owned or managed by a planned unit development PUD or condominium projects homeowners association or a cooperative projects cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools tennis courts and other recreational facilities as well as common corridors of buildings parking areas means of ingress and egress etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/common_areas]]></link>
</item>
<item>
<title><![CDATA[common law]]></title>
<description><![CDATA[An unwritten body of law based on general custom in England and used to an extent in the United States.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/common_law]]></link>
</item>
<item>
<title><![CDATA[Community Home Improvement Mortgage Loan]]></title>
<description><![CDATA[An alternative financing option that allows low and moderateincome home buyers to obtain 95 percent financing for the purchase and improvement of a home in need of modest repairs. The repair work can account for as much as 30 percent of the appraised value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Community_Home_Improvement_Mortgage_Loan]]></link>
</item>
<item>
<title><![CDATA[Community Land Trust Mortgage Loan]]></title>
<description><![CDATA[An alternative financing option that enables low and moderateincome home buyers to purchase housing that has been improved by a nonprofit Community Land Trust and to lease the land on which the property stands.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Community_Land_Trust_Mortgage_Loan]]></link>
</item>
<item>
<title><![CDATA[Community Land Trust Mortgage Option]]></title>
<description><![CDATA[An alternative financing option that enables low and moderateincome home buyers to purchase housing that has been improved by a nonprofit Community Land Trust and to lease the land on which the property stands.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Community_Land_Trust_Mortgage_Option]]></link>
</item>
<item>
<title><![CDATA[community property]]></title>
<description><![CDATA[In some western and southwestern states a form of ownership under which property acquired during a marriage is presumed to be owned jointly unless acquired as separate property of either spouse.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/community_property]]></link>
</item>
<item>
<title><![CDATA[Community Reinvestment Act]]></title>
<description><![CDATA[The federal law which requires federally regulated lenders to describe the geographical market area they serve. Deposits from that area are to be reinvested in that area whenever practical.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Community_Reinvestment_Act]]></link>
</item>
<item>
<title><![CDATA[Community Seconds]]></title>
<description><![CDATA[An alternative financing option for low and moderateincome households under which an investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state county or local housing agency foundation or nonprofit organization. Payment on the second mortgage is often deferred and carries a very low interest rate or no interest rate at all. Part of the debt may be forgiven incrementally for each year the buyer remains in the home.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Community_Seconds]]></link>
</item>
<item>
<title><![CDATA[comparable sales]]></title>
<description><![CDATA[Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as comps.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/comparable_sales]]></link>
</item>
<item>
<title><![CDATA[comparables]]></title>
<description><![CDATA[An abbreviation for comparable properties used for comparative purposes in the appraisal process. Comparables are properties like the property under consideration they have reasonably the same size location and amenities and have recently been sold. Comparables help the appraiser determine the approximate fair market value of the subject property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/comparables]]></link>
</item>
<item>
<title><![CDATA[compound interest]]></title>
<description><![CDATA[Interest paid on the original principal balance and on the accrued and unpaid interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/compound_interest]]></link>
</item>
<item>
<title><![CDATA[condemnation]]></title>
<description><![CDATA[The determination that a building is not fit for use or is dangerous and must be destroyed the taking of private property for a public purpose through an exercise of the right of eminent domain.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/condemnation]]></link>
</item>
<item>
<title><![CDATA[condominium]]></title>
<description><![CDATA[A real estate project in which each unit owner has title to a unit in a building an undivided interest in the common areas of the project and sometimes the exclusive use of certain limited common areas.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/condominium]]></link>
</item>
<item>
<title><![CDATA[condominium conversion]]></title>
<description><![CDATA[Changing the ownership of an existing building usually a rental project to the condominium form of ownership.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/condominium_conversion]]></link>
</item>
<item>
<title><![CDATA[condominium hotel]]></title>
<description><![CDATA[A condominium project that has rental or registration desks shortterm occupancy food and telephone services and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/condominium_hotel]]></link>
</item>
<item>
<title><![CDATA[consideration]]></title>
<description><![CDATA[The price or subject matter which induces a contract may be in money commodity exchange or a transfer of personal effort.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/consideration]]></link>
</item>
<item>
<title><![CDATA[construction loan]]></title>
<description><![CDATA[A shortterm interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/construction_loan]]></link>
</item>
<item>
<title><![CDATA[constructive eviction]]></title>
<description><![CDATA[The provision of housing that is so substandard that for all intents and purposes a landlord has evicted the tenant. For example the landlord may refuse to provide light heat water or other essential services destroy part of the premises or refuse to clean up an environmental health hazard such as lead paint dust. Because the premises are unlivable the tenant has the right to move out and stop paying rent without incurring legal liability for breaking the lease. Usually the tenant must first bring ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/constructive_eviction]]></link>
</item>
<item>
<title><![CDATA[Consumer Credit Counseling Service CCCS]]></title>
<description><![CDATA[A national nonprofit agency that at no cost helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office.  The goal of CCCS is to insure that consumers repay the debts that they owe.  CCCS may arrange easy payment plans that increase the chances for repayment but harm a consumers credit in the process.  Agreeing to a payment plan ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Consumer_Credit_Counseling_Service_(CCCS)]]></link>
</item>
<item>
<title><![CDATA[consumer reporting agency or bureau]]></title>
<description><![CDATA[An organization that prepares reports that are used by lenders to determine a potential borrowers credit history. The agency obtains data for these reports from a credit repository as well as from other sources.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/consumer_reporting_agency_(or_bureau)]]></link>
</item>
<item>
<title><![CDATA[contingency]]></title>
<description><![CDATA[A condition that must be met before a contract is legally binding. For example home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/contingency]]></link>
</item>
<item>
<title><![CDATA[contract]]></title>
<description><![CDATA[An oral or written agreement to do or not to do a certain thing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/contract]]></link>
</item>
<item>
<title><![CDATA[contract for deed]]></title>
<description><![CDATA[A contract for the sale of real estate where the deed title of the property is transferred only after all the payments have been made. Also known as a land contract agreement of sale conditional sales contract or installment contract.  Buyers should be wary of this type of contract since they can lose their entire investment if the owner declares brankruptcy before the deed has been transferred.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/contract_for_deed]]></link>
</item>
<item>
<title><![CDATA[contract for exchange of real estate]]></title>
<description><![CDATA[A contract for the sale of real estate in which the consideration is paid wholly or partly in real property instead of cash.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/contract_for_exchange_of_real_estate]]></link>
</item>
<item>
<title><![CDATA[contract of sale]]></title>
<description><![CDATA[The agreement between the buyer and seller on the purchase price terms and conditions necessary to both parties to convey the title to the buyer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/contract_of_sale]]></link>
</item>
<item>
<title><![CDATA[conventional loan]]></title>
<description><![CDATA[A real estate loan which is not insured by the FHA or guaranteed by the VA.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/conventional_loan]]></link>
</item>
<item>
<title><![CDATA[conventional mortgage]]></title>
<description><![CDATA[A mortgage that is not insured or guaranteed by the federal government. Contrast with government mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/conventional_mortgage]]></link>
</item>
<item>
<title><![CDATA[convertibility clause]]></title>
<description><![CDATA[A provision in some adjustablerate mortgages ARMs that allows the borrower to change the ARM to a fixedrate mortgage at specified timeframes after loan origination.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/convertibility_clause]]></link>
</item>
<item>
<title><![CDATA[convertible ARM]]></title>
<description><![CDATA[An adjustablerate mortgage ARM that can be converted to a fixedrate mortgage under specified conditions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/convertible_ARM]]></link>
</item>
<item>
<title><![CDATA[conveyance]]></title>
<description><![CDATA[Written instrument such as a deed or lease that evidences transfer of some ownership interest in real property from one person to another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/conveyance]]></link>
</item>
<item>
<title><![CDATA[coop]]></title>
<description><![CDATA[See cooperative housing or cooperative sale.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/co-op]]></link>
</item>
<item>
<title><![CDATA[cooperative coop]]></title>
<description><![CDATA[A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property giving each resident the right to occupy a specific apartment or unit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_(co-op)]]></link>
</item>
<item>
<title><![CDATA[cooperative corporation]]></title>
<description><![CDATA[A business trust entity that holds title to a cooperative project and grants occupancy rights to particular apartments or units to shareholders through proprietary leases or similar arrangements.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_corporation]]></link>
</item>
<item>
<title><![CDATA[cooperative housing]]></title>
<description><![CDATA[1 A form of real estate usually a dwelling in which residents own shares but  do not directly own the space they inhabit.  Rather owning a share of the building entitles the shareholder with the right to inhabit a certain space within the dwelling such as an apartment.  Shares are usually proportional to the amount of space in each apartment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_housing]]></link>
</item>
<item>
<title><![CDATA[cooperative mortgages]]></title>
<description><![CDATA[Mortgages related to a cooperative project. This usually refers to the multifamily mortgage covering the entire project but occasionally describes the share loans on the individual units.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_mortgages]]></link>
</item>
<item>
<title><![CDATA[cooperative project]]></title>
<description><![CDATA[A residential or mixeduse building wherein a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who in turn receive a proprietary lease as evidence of title.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_project]]></link>
</item>
<item>
<title><![CDATA[cooperative sale]]></title>
<description><![CDATA[A sale of property in which the buyer is brought to the transaction by a real estate agent who works for a different real estate broker than the listing agent.  Both brokers/companies have agreed to cooperate in closing the property and typically splitting the commission.  Offers of cooperation and compensation are commonly found in the MLS property listings.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cooperative_sale]]></link>
</item>
<item>
<title><![CDATA[corporate relocation]]></title>
<description><![CDATA[Arrangements under which an employer moves an employee to another area as part of the employers normal course of business or under which it transfers a substantial part or all of its operations and employees to another area because it is relocating its headquarters or expanding its office]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/corporate_relocation]]></link>
</item>
<item>
<title><![CDATA[cost approach to value]]></title>
<description><![CDATA[An estimate of value based on current construction costs less depreciation plus land value. Contrast with the income approach to value and the market data approach to value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cost_approach_to_value]]></link>
</item>
<item>
<title><![CDATA[cost of funds index COFI]]></title>
<description><![CDATA[One of the indexes that is used to determine interest rate changes for certain adjustablerate mortgages. It represents the weightedaverage cost of savings borrowings and advances of the financial institutions such as banks and savings  loans in the 11th District of the Federal Home Loan Bank. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cost_of_funds_index_(COFI)]]></link>
</item>
<item>
<title><![CDATA[cotenants]]></title>
<description><![CDATA[Two or more tenants who rent the same property under the same lease or rental agreement.  Each cotenant is 100 responsible for carrying out the rental agreement which includes paying the entire rent if the other tenant skips town and paying for damage caused by the other tenant.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/co-tenants]]></link>
</item>
<item>
<title><![CDATA[counter offer]]></title>
<description><![CDATA[The rejection of an offer to buy or sell that simultaneously makes a different offer changing the terms in some way. For example if a Buyer offers 160000 for a home and the Seller replies that he wants 175000 the Seller has rejected the Buyers offer of 160000 and made a counteroffer to sell at 175000. The legal significance of a counteroffer is that it completely voids the original offer so that if the Seller decided to sell for 160000 the next day the Buyer would be under no legal obligati]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/counter_offer]]></link>
</item>
<item>
<title><![CDATA[covenant]]></title>
<description><![CDATA[A clause in a mortgage that obligates or restricts the borrower and that if violated can result in foreclosure.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/covenant]]></link>
</item>
<item>
<title><![CDATA[covenants conditions  restrictions CCRs]]></title>
<description><![CDATA[The restrictions governing the use of real estate usually enforced by a homeowners association and passed on to the new owners of property. For example CCRs may tell you how big your house can be how you must landscape your yard or whether you can have pets. If property is subject to CCRs buyers must be notified before the sale takes place.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/covenants,_conditions_&_restrictions_(CC&Rs)]]></link>
</item>
<item>
<title><![CDATA[credit]]></title>
<description><![CDATA[An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit]]></link>
</item>
<item>
<title><![CDATA[credit bureau]]></title>
<description><![CDATA[A private profitmaking company that collects and sells information about a persons credit history. Typical clients include banks mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus Equifax Experian and Trans Union and they are regulated by the federal Fair Credit Reporting Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_bureau]]></link>
</item>
<item>
<title><![CDATA[credit file]]></title>
<description><![CDATA[See credit report.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_file]]></link>
</item>
<item>
<title><![CDATA[credit history]]></title>
<description><![CDATA[A record of an individuals open and fully repaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_history]]></link>
</item>
<item>
<title><![CDATA[credit insurance]]></title>
<description><![CDATA[Insurance a lender offers or requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan the policy will pay off the remaining balance.  Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_insurance]]></link>
</item>
<item>
<title><![CDATA[credit life insurance]]></title>
<description><![CDATA[A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_life_insurance]]></link>
</item>
<item>
<title><![CDATA[credit limit]]></title>
<description><![CDATA[The maximum amount that you can borrow under a home equity plan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_limit]]></link>
</item>
<item>
<title><![CDATA[credit report]]></title>
<description><![CDATA[A report of an individuals credit history prepared by a credit bureau and used by a lender in determining a loan applicants creditworthiness.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_report]]></link>
</item>
<item>
<title><![CDATA[credit reporting agency or bureau]]></title>
<description><![CDATA[An organization that prepares reports that are used by lenders to determine a potential borrowers credit history. The agency obtains data for these reports from a credit repository as well as from other sources.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_reporting_agency_(or_bureau)]]></link>
</item>
<item>
<title><![CDATA[credit repository]]></title>
<description><![CDATA[An organization that gathers records updates and stores financial and public records information about the payment records of individuals who are being considered for credit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_repository]]></link>
</item>
<item>
<title><![CDATA[credit score]]></title>
<description><![CDATA[In the mortgage lending world credit scores either make or break you when it comes to obtaining a home mortgage or getting the best rate you can.  There are three different scores available to a mortgage lender each being generated by the three different credit agencies. The most popular known as a Fico score is from Experian formally TRW then there is a Beacon score from Equifax and finally a Emperica score from Trans Union. This is the mortgage scoringsystem used to get a conventional mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/credit_score]]></link>
</item>
<item>
<title><![CDATA[creditor]]></title>
<description><![CDATA[A person to whom money is owed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/creditor]]></link>
</item>
<item>
<title><![CDATA[culdesac]]></title>
<description><![CDATA[A dead end street which widens sufficiently at the end to permit an automobile to make a U turn.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/cul-de-sac]]></link>
</item>
<item>
<title><![CDATA[DBA]]></title>
<description><![CDATA[Doing Business As. Business names or aliases filed with the county.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/DBA]]></link>
</item>
<item>
<title><![CDATA[debenture]]></title>
<description><![CDATA[Bonds issued without security.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/debenture]]></link>
</item>
<item>
<title><![CDATA[debt]]></title>
<description><![CDATA[An amount owed to another. See installment loan and revolving liability.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/debt]]></link>
</item>
<item>
<title><![CDATA[debt service]]></title>
<description><![CDATA[The total amount of credit card auto mortgage or other debt upon which you must pay.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/debt_service]]></link>
</item>
<item>
<title><![CDATA[debtservice ratio]]></title>
<description><![CDATA[The measurement of debt payments to gross household income which may include in addition to the main wage earners salary salaries of other wage earners commissions bonuses overtime etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/debt-service_ratio]]></link>
</item>
<item>
<title><![CDATA[Deceptive Trade Practices Act]]></title>
<description><![CDATA[Part of the federal Consumer Protection Act originally passed in 1973 and made specifically applicable to real estate in 1975 specifically prohibiting a lengthy number of false misleading and deceptive acts or practices. The Texas Supreme Court has defined a deceptive trade practice as one which has the capacity to deceive an average ordinary person even though that person may have been ignorant unthinking or credulous. Also see Texas Deceptive Trade Practices  Consumer Protection Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Deceptive_Trade_Practices_Act]]></link>
</item>
<item>
<title><![CDATA[deduction]]></title>
<description><![CDATA[In tax law an amount that you can subtract from the total amount on which you owe tax.  Examples of federal income tax deductions include mortgage interest charitable contributions and certain state taxes. For example if Aimee receives an income of 60000 in 1998 and pays 12000 in mortgage interest during that same year she can deduct 12000 when she fills out her federal tax return leaving an amount of 48000 upon which she must pay tax.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deduction]]></link>
</item>
<item>
<title><![CDATA[deed]]></title>
<description><![CDATA[The legal document conveying title to a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deed]]></link>
</item>
<item>
<title><![CDATA[deed in lieu of foreclosure]]></title>
<description><![CDATA[A means of escaping an overly burdenome mortgage. If a homeowner cant make the mortgage payments and cant find a buyer for the house many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender wont agree to accept the property the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowners property rights to the lender.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deed_in_lieu_(of_foreclosure)]]></link>
</item>
<item>
<title><![CDATA[deed of trust]]></title>
<description><![CDATA[The document used in some states instead of a mortgage title is conveyed to a trustee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deed_of_trust]]></link>
</item>
<item>
<title><![CDATA[deed restrictions]]></title>
<description><![CDATA[Common name used in the Houston area to denote covenants conditions  restrictions CCRs.  Deed restrictions cover allowable land uses and home types and sizes within a neighborhood.  They are especially important within Houston and unincorporated parts of Harris County since zoning does not exist in these areas.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deed_restrictions]]></link>
</item>
<item>
<title><![CDATA[deedinlieu]]></title>
<description><![CDATA[A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a voluntary conveyance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deed-in-lieu]]></link>
</item>
<item>
<title><![CDATA[default]]></title>
<description><![CDATA[Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/default]]></link>
</item>
<item>
<title><![CDATA[defeasanse]]></title>
<description><![CDATA[A clause in a deed lease will or other legal document that completely or partially negates the document if a certain condition occurs or fails to occur. Defeasance also means the act of rendering something null and void. For example a will may provide that a gift of property is defeasablethat is it will be voidif the beneficiary fails to marry before the willmakers death.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/defeasanse]]></link>
</item>
<item>
<title><![CDATA[delinquency]]></title>
<description><![CDATA[Failure to make mortgage payments when mortgage payments are due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/delinquency]]></link>
</item>
<item>
<title><![CDATA[delivery]]></title>
<description><![CDATA[The actual transfer of the deed or an act of a seller showing intent to make a deed effective without which there is no transfer of title to the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/delivery]]></link>
</item>
<item>
<title><![CDATA[Department of Veterans Affairs VA]]></title>
<description><![CDATA[An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Department_of_Veterans_Affairs_(VA)]]></link>
</item>
<item>
<title><![CDATA[deposit]]></title>
<description><![CDATA[A sum of money given to bind the sale of real estate or a sum of money given to ensure payment or an advance of funds in the processing of a loan. See earnest money deposit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/deposit]]></link>
</item>
<item>
<title><![CDATA[depreciation]]></title>
<description><![CDATA[A decline in the value of property the opposite of appreciation. discount]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/depreciation]]></link>
</item>
<item>
<title><![CDATA[descent]]></title>
<description><![CDATA[Acquisition of property through inheritance laws when there is no will when a person dies intestate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/descent]]></link>
</item>
<item>
<title><![CDATA[devise]]></title>
<description><![CDATA[A transfer of real estate by will or last testament.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/devise]]></link>
</item>
<item>
<title><![CDATA[disclosure]]></title>
<description><![CDATA[The making known of a fact that had previously been hidden a revelation.  For example in many states you must disclose major physical defects in a house you are selling such as a leaky roof or potential flooding problem.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/disclosure]]></link>
</item>
<item>
<title><![CDATA[discount points]]></title>
<description><![CDATA[In the mortgage industry this term is usually used in only in reference to government loans meaning FHA and VA loans. Discount points refer to anypointspaid in addition to the one percent loan origination fee. A point is one percent of the loan amount.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/discount_points]]></link>
</item>
<item>
<title><![CDATA[discount points or points]]></title>
<description><![CDATA[The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent 1 of the loan amount i.e. two points on a 100000 mortgage would equal 2000.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/discount_points_(or_points)]]></link>
</item>
<item>
<title><![CDATA[discount rate]]></title>
<description><![CDATA[1 The rate charged member banks who borrow from the Federal Reserve System.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/discount_rate]]></link>
</item>
<item>
<title><![CDATA[dispossess]]></title>
<description><![CDATA[To oust from land by legal process.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/dispossess]]></link>
</item>
<item>
<title><![CDATA[dominant tenement]]></title>
<description><![CDATA[Property that carries a right to use a portion of a neighboring property. For example property that benefits from a beach access trail across another property is the dominant tenement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/dominant_tenement]]></link>
</item>
<item>
<title><![CDATA[dower]]></title>
<description><![CDATA[The rights of a widow in the property of her husband at his death.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/dower]]></link>
</item>
<item>
<title><![CDATA[down payment]]></title>
<description><![CDATA[The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/down_payment]]></link>
</item>
<item>
<title><![CDATA[dual agency]]></title>
<description><![CDATA[Representing the buyer and the seller in the same transaction by the same agent. Since there is an inherent conflict in fiduciary obligations to two different principals dual agency at best is a risky undertaking. TRELA requires that all parties to a dual agency have full knowledge and consent Disclosed Dual Agency. Contrast with intermediary.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/dual_agency]]></link>
</item>
<item>
<title><![CDATA[due on sale]]></title>
<description><![CDATA[A clause in a mortgage agreement providing that if the mortgagor the borrower sells transfers or in some instances encumbers the property the mortgagee the lender has the right to demand the outstanding balance in full.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/due_on_sale]]></link>
</item>
<item>
<title><![CDATA[dueonsale provision]]></title>
<description><![CDATA[A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/due-on-sale_provision]]></link>
</item>
<item>
<title><![CDATA[dueontransfer provision]]></title>
<description><![CDATA[This terminology is usually used for second mortgages. See dueonsale provision.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/due-on-transfer_provision]]></link>
</item>
<item>
<title><![CDATA[duress]]></title>
<description><![CDATA[Forcing action or inaction against a persons will.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/duress]]></link>
</item>
<item>
<title><![CDATA[earnest money]]></title>
<description><![CDATA[A deposit made by the buyer as evidence of good faith in offering to purchase real estate and to secure performance of the contract. Earnest money is typically held by a title company in an escrow account during the period between acceptance of the contract and the closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/earnest_money]]></link>
</item>
<item>
<title><![CDATA[earnest money contract EMC]]></title>
<description><![CDATA[A contract for the sale or purchase of real estate in which the purchaser is required to tender earnest money to evidence good faith in completing the contractual obligations. Almost every sales contract for real estate in Texas will be an earnest money contract. Also see sales contract and promulgated contracts.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/earnest_money_contract_(EMC)]]></link>
</item>
<item>
<title><![CDATA[earnest money deposit]]></title>
<description><![CDATA[A deposit made by the potential home buyer to show that he or she is serious about buying the house.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/earnest_money_deposit]]></link>
</item>
<item>
<title><![CDATA[easement]]></title>
<description><![CDATA[A right of way giving persons other than the owner access to or over a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/easement]]></link>
</item>
<item>
<title><![CDATA[easement by prescription]]></title>
<description><![CDATA[A right to use property acquired by a long tradition of open and obvious use. For example if hikers have been using a trail through your backyard for ten years and youve never complained they probably have an easement by prescription through your yard to the trail.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/easement_by_prescription]]></link>
</item>
<item>
<title><![CDATA[economic obsolescence]]></title>
<description><![CDATA[Loss of value of real property due to external forces or events eg. a sewer plant is built next door to the subject property. Contrast with Functional Obsolescence.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/economic_obsolescence]]></link>
</item>
<item>
<title><![CDATA[effective age]]></title>
<description><![CDATA[An appraisers estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/effective_age]]></link>
</item>
<item>
<title><![CDATA[effective gross income]]></title>
<description><![CDATA[Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source but other income may qualify if it is significant and stable.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/effective_gross_income]]></link>
</item>
<item>
<title><![CDATA[effective interest rate]]></title>
<description><![CDATA[The cost of credit on a yearly basis expressed as a percentage. Includes upfront costs paid to obtain the loan and is therefore usually a higher amount than the interest rate stipulated in the mortgage note. Useful in comparing loan programs with different rates and points.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/effective_interest_rate]]></link>
</item>
<item>
<title><![CDATA[effluxion of time]]></title>
<description><![CDATA[The normal expiration of a lease due to the passage of time rather than due to a specific event that might cause the lease to end such as destruction of the building.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/effluxion_of_time]]></link>
</item>
<item>
<title><![CDATA[egress]]></title>
<description><![CDATA[An exit or the act of exiting. The most famous use of this word was by P.T. Barnum who put up a large sign in his circus tent saying This Way to the Egress. Thinking an egress was some type of exotic bird people eagerly went though the passage and found themselves outside the circus tent. Compare ingress.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/egress]]></link>
</item>
<item>
<title><![CDATA[emblements]]></title>
<description><![CDATA[Annual crops produced by cultivation. They are deemed to be personal property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/emblements]]></link>
</item>
<item>
<title><![CDATA[eminent domain]]></title>
<description><![CDATA[The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/eminent_domain]]></link>
</item>
<item>
<title><![CDATA[employerassisted housing]]></title>
<description><![CDATA[A special housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/employer-assisted_housing]]></link>
</item>
<item>
<title><![CDATA[enclave community]]></title>
<description><![CDATA[Smaller in scope than masterplanned communities  enclave communities typically blend different price ranges of residential neighborhoods with amenities such as public recreation areas and parks neighborhood schools and extensive landscaping.  Recreation areas may include public swimming pools tennis courts and childrens play grounds.  Many offer large water features and gated access.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/enclave_community]]></link>
</item>
<item>
<title><![CDATA[encroachment]]></title>
<description><![CDATA[An improvement that intrudes illegally on anothers property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/encroachment]]></link>
</item>
<item>
<title><![CDATA[encumbrance]]></title>
<description><![CDATA[Anything that affects or limits the fee simple title to a property such as mortgages leases easements or restrictions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/encumbrance]]></link>
</item>
<item>
<title><![CDATA[endorsement]]></title>
<description><![CDATA[Writing ones name either with or without additional words on a negotiable instrument or on a paper attached to it.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/endorsement]]></link>
</item>
<item>
<title><![CDATA[endorser]]></title>
<description><![CDATA[A person who signs ownership interest over to another party. Contrast with comaker.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/endorser]]></link>
</item>
<item>
<title><![CDATA[Equal Credit Opportunity Act]]></title>
<description><![CDATA[The 1974 federal law Title VII of the Consumer Credit Protection Act which requires fairness and impartiality without discrimination on the basis of race color religion national origin sex or marital status or receipt of income from public assistance programs in the extension of credit and good faith exercises of any right under the Consumer Credit Protection Act eg. the creditor must state reasons for denial of credit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Equal_Credit_Opportunity_Act]]></link>
</item>
<item>
<title><![CDATA[Equal Credit Opportunity Act ECOA]]></title>
<description><![CDATA[A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race color religion national origin age sex marital status or receipt of income from public assistance programs.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Equal_Credit_Opportunity_Act_(ECOA)]]></link>
</item>
<item>
<title><![CDATA[Equal Treatment/Different Impact]]></title>
<description><![CDATA[It is possible to be guilty of discrimination even by treating two individuals the same. If the results of the treatment are discriminatory or tend to exclude or otherwise harm members of a minority group or have discriminatory impact they are against the law. For example an apartment house which rents only to doctors and lawyers where there are few if any minority doctors or lawyers in the area may be a violation of the Fair Housing Laws.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Equal_Treatment/Different_Impact]]></link>
</item>
<item>
<title><![CDATA[equity]]></title>
<description><![CDATA[A homeowners financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/equity]]></link>
</item>
<item>
<title><![CDATA[escalator clause]]></title>
<description><![CDATA[The clause in a contract permitting adjustments of the payments.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escalator_clause]]></link>
</item>
<item>
<title><![CDATA[escheat]]></title>
<description><![CDATA[The reversion of property to the state in the event the owner thereof dies without leaving a will intestate and has no heirs to whom the property may pass by lawful descent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escheat]]></link>
</item>
<item>
<title><![CDATA[escrow]]></title>
<description><![CDATA[An item of value money or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow]]></link>
</item>
<item>
<title><![CDATA[escrow account]]></title>
<description><![CDATA[The account in which a mortgage servicer holds the borrowers escrow payments prior to paying property expenses.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow_account]]></link>
</item>
<item>
<title><![CDATA[escrow analysis]]></title>
<description><![CDATA[The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes insurance and other bills when due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow_analysis]]></link>
</item>
<item>
<title><![CDATA[escrow collections]]></title>
<description><![CDATA[Funds collected by the servicer and set aside in an escrow account to pay the borrowers property taxes mortgage insurance and hazard insurance. escrow disbursements The use of escrow funds to pay real estate taxes hazard insurance mortgage insurance and other property expenses as they become due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow_collections]]></link>
</item>
<item>
<title><![CDATA[escrow disbursements]]></title>
<description><![CDATA[The use of escrow funds to pay real estate taxes hazard insurance mortgage insurance and other property expenses as they become due. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow_disbursements]]></link>
</item>
<item>
<title><![CDATA[escrow payment]]></title>
<description><![CDATA[The portion of a mortgagors monthly payment that is held by the servicer to pay for taxes hazard insurance mortgage insurance lease payments and other items as they become due. Known as impoundsor reservesin some states.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/escrow_payment]]></link>
</item>
<item>
<title><![CDATA[estate]]></title>
<description><![CDATA[The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/estate]]></link>
</item>
<item>
<title><![CDATA[estimate of value]]></title>
<description><![CDATA[An appraisal the appraised value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/estimate_of_value]]></link>
</item>
<item>
<title><![CDATA[et ux]]></title>
<description><![CDATA[Abbreviation for et uxor meaning and wife.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/et_ux]]></link>
</item>
<item>
<title><![CDATA[eviction]]></title>
<description><![CDATA[The lawful expulsion of an occupant from real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/eviction]]></link>
</item>
<item>
<title><![CDATA[examination of title]]></title>
<description><![CDATA[The report on the title of a property from the public records or an abstract of the title.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/examination_of_title]]></link>
</item>
<item>
<title><![CDATA[exception]]></title>
<description><![CDATA[As used in the conveyance of real estate an exception is the exclusion of some part of the property conveyed with title of that excepted part remaining with the grantor. For example in most subdivision developments mineral rights are not conveyed to the purchaser of a lot but remain the property of the developer. Contrast with Reservation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/exception]]></link>
</item>
<item>
<title><![CDATA[exclusive agency EA]]></title>
<description><![CDATA[A listing agreement which gives the listing agent the right to sell the property for a specified time. The owner reserves the right to sell the property himself without paying a commission to the agent. Brokers run the risk of investing their time effort and money in a listing that even if sold through their marketing efforts does not produce a commission. Contrast with Exclusive Right to Sell.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/exclusive_agency_(EA)]]></link>
</item>
<item>
<title><![CDATA[exclusive listing]]></title>
<description><![CDATA[A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time but reserving the owners right to sell the property alone without the payment of a commission.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/exclusive_listing]]></link>
</item>
<item>
<title><![CDATA[exclusive right to sell ERS]]></title>
<description><![CDATA[A listing agreement which gives the listing agent the right to sell the property for a specified time with the right to collect a commission if the property is sold by anyone including the owner during the listing period. Contrast with Exclusive Agency.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/exclusive_right_to_sell_(ERS)]]></link>
</item>
<item>
<title><![CDATA[exculpatory clause]]></title>
<description><![CDATA[A provision in a lease that absolves the landlord from responsibility for all damages injuries or losses occurring on the property including those caused by the landlords actions. Most states have laws that void exculpatory clauses in rental agreements which means that a court will not enforce them.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/exculpatory_clause]]></link>
</item>
<item>
<title><![CDATA[executor]]></title>
<description><![CDATA[A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. Executrixis the feminine form.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/executor]]></link>
</item>
<item>
<title><![CDATA[executor/executrix]]></title>
<description><![CDATA[The man/woman appointed in a will to carry out the requests of the will. Contrast with Administrator/Administratrix.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/executor/executrix]]></link>
</item>
<item>
<title><![CDATA[expropriation]]></title>
<description><![CDATA[See eminent domain.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/expropriation]]></link>
</item>
<item>
<title><![CDATA[Fair Credit Reporting Act]]></title>
<description><![CDATA[A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on ones credit record.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fair_Credit_Reporting_Act]]></link>
</item>
<item>
<title><![CDATA[Fair Housing Act  Fair Housing Amendments Act]]></title>
<description><![CDATA[Federal laws that prohibit housing discrimination on the basis of race or color national origin religion sex familial status or disability. The federal Acts apply to all aspects of the landlord/tenant relationship from refusing to rent to members of certain groups to providing different services during tenancy.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fair_Housing_Act_&_Fair_Housing_Amendments_Act]]></link>
</item>
<item>
<title><![CDATA[Fair Housing Laws]]></title>
<description><![CDATA[Federal state and local laws particularly Title VIII of the 1968 Civil Rights Act Title VI of the Civil Rights Act of 1964 and the Civil Rights Act of 1866 which forbid discrimination because of race sex color religion or national origin in the selling or renting of homes or apartments and in other specified transactions. These laws have been recently been expanded to include familial status having children and disabilities Americans with Disabilities Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fair_Housing_Laws]]></link>
</item>
<item>
<title><![CDATA[fair market value]]></title>
<description><![CDATA[The highest price that a buyer willing but not compelled to buy would pay and the lowest a seller willing but not compelled to sell would accept.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fair_market_value]]></link>
</item>
<item>
<title><![CDATA[Fannie 97]]></title>
<description><![CDATA[A financing option for a fixedrate mortgage that offers home buyers a 3 percent down payment loan with a term between 15 and 30 years. The mortgage features a loantovalue LTV percentage of 97 percent and is designed to expand homeownership opportunities for people with modest incomes. Borrowers must take a prepurchase homebuyer education session to qualify for a Fannie 97 mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_97]]></link>
</item>
<item>
<title><![CDATA[Fannie Mae]]></title>
<description><![CDATA[A New York Stock Exchange company and the largest nonbank financial services company in the world. It operates pursuant to a federal charter and is the nations largest source of financing for home mortgages.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae]]></link>
</item>
<item>
<title><![CDATA[Fannie Mae FNMA]]></title>
<description><![CDATA[The Federal National Mortgage Association which is a congressionally chartered shareholderowned company that is the nations largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae Freddie Mac FHLMC and Ginnie Mae GNMA see the Library.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae_(FNMA)]]></link>
</item>
<item>
<title><![CDATA[Fannie Mae Properties]]></title>
<description><![CDATA[Fannie Mae owns manages and has available for sale singlefamily detached homes two to fourunit properties condominiums and townhouses in a variety of neighborhoods. The number type and sales price may vary substantially. The homes vary in age and may require repairs. Fannie Mae homes are sold through local real estate brokers whose contact information is provided in the Fannie Mae Properties for Sale search results on homepath.com.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae_Properties]]></link>
</item>
<item>
<title><![CDATA[Fannie Maes Community Home Buyers Program]]></title>
<description><![CDATA[An incomebased community lending model under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low or moderateincome familys buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend prepurchase homebuyer education sessions. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae's_Community_Home_Buyer's_Program]]></link>
</item>
<item>
<title><![CDATA[Fannie Maes Community Home Buyers ProgramSM]]></title>
<description><![CDATA[An incomebased community lending model under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low or moderateincome familys buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend prepurchase homebuyer education sessions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae's_Community_Home_Buyer's_Program(SM)]]></link>
</item>
<item>
<title><![CDATA[Fannie Maes Community Home Buyers ProgramSM]]></title>
<description><![CDATA[An incomebased community lending model under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low or moderateincome familys buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend prepurchase homebuyer education sessions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Fannie_Mae's_Community_Home_Buyer's_ProgramSM]]></link>
</item>
<item>
<title><![CDATA[FDIC]]></title>
<description><![CDATA[Acronym  The Federal Deposit Insurance Corporation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FDIC]]></link>
</item>
<item>
<title><![CDATA[Federal Deposit Insurance Corporation FDIC]]></title>
<description><![CDATA[The Federal Deposit Insurance Corporations mission is to maintain the stability of and public confidence in the nations financial system. To achieve this goal the FDIC has insured deposits and promoted safe and sound banking practices since 1933.  FDIC insurance is offered at almost every US bank and savings and loan. In general the FDIC insures individual accounts in each financial institution for a maximum of 100000.00 per account.  An individual or entity may only be insured for a total of 100000]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Federal_Deposit_Insurance_Corporation_(FDIC)]]></link>
</item>
<item>
<title><![CDATA[Federal Emergency Management Agency FEMA]]></title>
<description><![CDATA[FEMA is the governmental unit that has leadership responsibilities for the Nations emergency management system. Once the President has declared a major disaster FEMA coordinates not only its own response activities but also those of as many as 28 other Federal agencies that may participate.  FEMA also works with States territories and communities during nondisaster periods to help plan for disasters develop mitigation programs and anticipate what will be needed when major disasters occur.  Among its ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Federal_Emergency_Management_Agency_(FEMA)]]></link>
</item>
<item>
<title><![CDATA[Federal Home Loan Mortgage Corporation FHLMC]]></title>
<description><![CDATA[See Freddie Mac.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Federal_Home_Loan_Mortgage_Corporation_(FHLMC)]]></link>
</item>
<item>
<title><![CDATA[Federal Housing Administration]]></title>
<description><![CDATA[The Federal Housing Administration FHA a wholly owned government corporation was established under the National Housing Act of 1934 to improve housing standards and conditions to provide an adequate home financing system through insurance of mortgages and to stabilize the mortgage market. FHA was consolidated into the newly established Department of Housing and Urban Development HUD in 1965. Since 1934 FHA has been extremely successful in achieving these goals.  FHA loans require special a appraisa]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Federal_Housing_Administration]]></link>
</item>
<item>
<title><![CDATA[Federal Housing Administration FHA]]></title>
<description><![CDATA[An agency of the U.S. Department of Housing and Urban Development HUD. Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Federal_Housing_Administration_(FHA)]]></link>
</item>
<item>
<title><![CDATA[fee simple]]></title>
<description><![CDATA[The greatest possible interest a person can have in real estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fee_simple]]></link>
</item>
<item>
<title><![CDATA[fee simple estate]]></title>
<description><![CDATA[An unconditional unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project the unit owner is the exclusive owner only of the air space within his or her portion of the building the unit and is an owner in common with respect to the land and other common portions of the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fee_simple_estate]]></link>
</item>
<item>
<title><![CDATA[FHA]]></title>
<description><![CDATA[The Federal Housing Administration which insures mortgage loans made by approved lenders in accordance with FHA regulations.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FHA]]></link>
</item>
<item>
<title><![CDATA[FHA coinsured mortgage]]></title>
<description><![CDATA[A mortgage under FHA Section 244 for which the Federal Housing Administration FHA and the originating lender share the risk of loss in the event of the mortgagors default.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FHA_coinsured_mortgage]]></link>
</item>
<item>
<title><![CDATA[FHA mortgage]]></title>
<description><![CDATA[A mortgage that is insured by the Federal Housing Administration FHA. Also known as a government mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FHA_mortgage]]></link>
</item>
<item>
<title><![CDATA[FHLMC]]></title>
<description><![CDATA[Acronym  Federal Home Loan Mortgage Corporation.  See Freddie Mac.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FHLMC]]></link>
</item>
<item>
<title><![CDATA[fiduciary]]></title>
<description><![CDATA[The relationship of trust honesty and confidence between agent and principal the faithful relationship owed by an agent to the principal.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fiduciary]]></link>
</item>
<item>
<title><![CDATA[finders fee]]></title>
<description><![CDATA[A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/finder's_fee]]></link>
</item>
<item>
<title><![CDATA[firm commitment]]></title>
<description><![CDATA[A lenders agreement to make a loan to a specific borrower on a specific property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/firm_commitment]]></link>
</item>
<item>
<title><![CDATA[first mortgage]]></title>
<description><![CDATA[A mortgage that is the primary lien against a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/first_mortgage]]></link>
</item>
<item>
<title><![CDATA[fixed installment]]></title>
<description><![CDATA[The monthly payment due on a mortgage loan. The fixed installment includes payment of both principal and interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fixed_installment]]></link>
</item>
<item>
<title><![CDATA[fixed rate mortgage]]></title>
<description><![CDATA[A mortgage with an interest rate and monthly payment that doesnt vary for the term of the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fixed_rate_mortgage]]></link>
</item>
<item>
<title><![CDATA[fixedrate mortgage]]></title>
<description><![CDATA[A mortgage in which the interest rate does not change during the entire term of the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fixed-rate_mortgage]]></link>
</item>
<item>
<title><![CDATA[fixedrate mortgage FRM]]></title>
<description><![CDATA[A mortgage in which the interest rate does not change during the entire term of the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fixed-rate_mortgage_(FRM)]]></link>
</item>
<item>
<title><![CDATA[fixture]]></title>
<description><![CDATA[Personal property that becomes real property when attached in a permanent manner to real estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fixture]]></link>
</item>
<item>
<title><![CDATA[Flood Control District]]></title>
<description><![CDATA[A special taxing district created to provide flood control in specific areas of a county.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Flood_Control_District]]></link>
</item>
<item>
<title><![CDATA[flood insurance]]></title>
<description><![CDATA[Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/flood_insurance]]></link>
</item>
<item>
<title><![CDATA[flood plain]]></title>
<description><![CDATA[Flood plains are by definition subject to periodic flooding. They are generally characterized by relatively flat topography and soil types that were laid down during past inundations by flood waters.  If your property is in the 100year flood plain there is a 1in100 chance in any given year that your property will flood. If it is in the 25year flood plain there is a 1in25 chance in any given year that your property will flood. The statistical chance of flooding is not changed by any one flooding even]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/flood_plain]]></link>
</item>
<item>
<title><![CDATA[FNMA]]></title>
<description><![CDATA[Usually referred to as Fannie Mae the acronym stands for the Federal National Mortgage Association.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FNMA]]></link>
</item>
<item>
<title><![CDATA[For Sale By Owner FSBO]]></title>
<description><![CDATA[An individual homeowner who is attempting to sell his property without a real estate broker.  The acronym FSBO is pronounced fizzbo.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/For_Sale_By_Owner_(FSBO)]]></link>
</item>
<item>
<title><![CDATA[foreclosure]]></title>
<description><![CDATA[The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/foreclosure]]></link>
</item>
<item>
<title><![CDATA[forfeiture]]></title>
<description><![CDATA[The loss of money property rights or privileges due to a breach of legal obligation.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/forfeiture]]></link>
</item>
<item>
<title><![CDATA[fraud]]></title>
<description><![CDATA[A misstatement of a material fact made with intent to deceive or made with reckless disregard of the truth and which actually does deceive.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fraud]]></link>
</item>
<item>
<title><![CDATA[Freddie Mac]]></title>
<description><![CDATA[Chartered by Congress in 1970 Freddie Mac is a publicly held corporation that purchases mortgages in the secondary mortgage market.  Freddie Mac came into being as the Federal Home Loan Mortgage Corporation FHLMC with the mission to create a continuous flow of funds to mortgage lenders.  By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities which are sold to investors Freddie Mac also helps to sustain a stable mortgage credit system which in turn r]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Freddie_Mac]]></link>
</item>
<item>
<title><![CDATA[front foot]]></title>
<description><![CDATA[One linear foot 12 inches along the street side of a lot.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/front_foot]]></link>
</item>
<item>
<title><![CDATA[FSBO]]></title>
<description><![CDATA[Acronym   For Sale By Owner]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/FSBO]]></link>
</item>
<item>
<title><![CDATA[fully amortized ARM]]></title>
<description><![CDATA[An adjustablerate mortgage ARM with a monthly payment that is sufficient to amortize the remaining balance at the interest accrual rate over the amortization term.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/fully_amortized_ARM]]></link>
</item>
<item>
<title><![CDATA[functional obsolescence]]></title>
<description><![CDATA[Loss of value of real property caused by modernization or changing tastes or standards e.g.. single bath inadequate closet space etc. Contrast with economic obsolescence.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/functional_obsolescence]]></link>
</item>
<item>
<title><![CDATA[garden home]]></title>
<description><![CDATA[See patio home]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/garden_home]]></link>
</item>
<item>
<title><![CDATA[gated community]]></title>
<description><![CDATA[A neighborhood or group of neighborhoods usually surrounded by masonary walls restricting access through the use of a manned guard station or electronically operated gates.  The electronic gates may be opened through the use of individual remote controls and/or a numeric keypad and code.  Some gated communities restrict entry at all times while others only limit access during the evening hours.  The City of Houston does not allow public city streets to be gated off so only neighborhoods with private str]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/gated_community]]></link>
</item>
<item>
<title><![CDATA[general lien]]></title>
<description><![CDATA[A lien that includes all the property owned by a debtor rather than a specific property. Contrast with Specific Lien.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/general_lien]]></link>
</item>
<item>
<title><![CDATA[general warranty deed]]></title>
<description><![CDATA[A deed in which the grantor fully warrants good and clear title to the property. A general warranty deed offers the most protection of any deed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/general_warranty_deed]]></link>
</item>
<item>
<title><![CDATA[Ginnie Mae]]></title>
<description><![CDATA[The common nickname for the Government National Mortgage Association.  Ginnie Mae was created in 1968 as a wholly owned corporation within the Department of Housing and Urban Development HUD having been separated from Fannie Mae.  Ginnie Mae does not loan money for mortgages. Instead it operate in the secondary mortgage market buying loans and selling mortgagebacked securities investors which in turn increases the availability of mortgage credit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Ginnie_Mae]]></link>
</item>
<item>
<title><![CDATA[GNMA]]></title>
<description><![CDATA[Acronym  Government National Mortgage Association also known as Ginnie Mae]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/GNMA]]></link>
</item>
<item>
<title><![CDATA[good faith estimate]]></title>
<description><![CDATA[A written estimate of closing costs which a lender must provide you within three days of submitting an application.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/good_faith_estimate]]></link>
</item>
<item>
<title><![CDATA[government loan mortgage]]></title>
<description><![CDATA[A mortgage that is insured by the Federal Housing Administration FHA or guaranteed by the Department of Veterans Affairs VA or the Rural Housing Service RHS. Mortgages that are not government loans are classified as conventional loans.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/government_loan_(mortgage)]]></link>
</item>
<item>
<title><![CDATA[government mortgage]]></title>
<description><![CDATA[A mortgage that is insured by the Federal Housing Administration FHA or guaranteed by the Department of Veterans Affairs VA or the Rural Housing Service RHS. Contrast with conventional mortage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/government_mortgage]]></link>
</item>
<item>
<title><![CDATA[Government National Mortgage Association]]></title>
<description><![CDATA[A governmentowned corporation within the U.S. Department of Housing and Urban Development HUD. Created by Congress on Sept. 1 1968 GNMA assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Government_National_Mortgage_Association]]></link>
</item>
<item>
<title><![CDATA[Government National Mortgage Association Ginnie Mae]]></title>
<description><![CDATA[A governmentowned corporation within the U.S. Department of Housing and Urban Development HUD. Created by Congress on September 1 1968 GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans FHA and VA]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Government_National_Mortgage_Association_(Ginnie_Mae)]]></link>
</item>
<item>
<title><![CDATA[government survey method]]></title>
<description><![CDATA[A system of land description not used in Texas which uses meridians north and south lines and base lines east and west lines. Areas include quadrangles 24 miles on each side townships 6 miles on each side and sections 1 mile on each side. Also known as the Rectangular Survey Method. Contrast with metes and bounds and recorded plat Lot and Block Number method.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/government_survey_method]]></link>
</item>
<item>
<title><![CDATA[grace period]]></title>
<description><![CDATA[A period of time during which a loan payment may be paid after its due date but not incur a late penalty. Such late payments may be reported on your credit report.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/grace_period]]></link>
</item>
<item>
<title><![CDATA[grant deed]]></title>
<description><![CDATA[A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/grant_deed]]></link>
</item>
<item>
<title><![CDATA[grantee]]></title>
<description><![CDATA[The person to whom an interest in real property is conveyed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/grantee]]></link>
</item>
<item>
<title><![CDATA[grantor]]></title>
<description><![CDATA[The person conveying an interest in real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/grantor]]></link>
</item>
<item>
<title><![CDATA[gross debt service]]></title>
<description><![CDATA[The amount of money needed to pay principal interest and taxes and sometimes energy costs. If the dwelling unit is a condominium all or a portion of common fees are excluded depending on what expenses are covered.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/gross_debt_service]]></link>
</item>
<item>
<title><![CDATA[gross income]]></title>
<description><![CDATA[For qualifying purposes the income of the borrower before taxes or expenses are deducted.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/gross_income]]></link>
</item>
<item>
<title><![CDATA[gross lease]]></title>
<description><![CDATA[A commercial real estate lease in which the tenant pays a fixed amount of rent per month or year regardless of the landlords operating costs such as maintenance taxes and insurance. A gross lease closely resembles the typical residential lease. The tenant may agree to a gross lease with stopsmeaning that the tenant will pitch in if the landlords operating costs rise above a certain  level. In real estate lingo the point when the tenant starts to contribute is called the stop levelbecause thats w]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/gross_lease]]></link>
</item>
<item>
<title><![CDATA[ground rent]]></title>
<description><![CDATA[The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ground_rent]]></link>
</item>
<item>
<title><![CDATA[group home]]></title>
<description><![CDATA[A singlefamily residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides longterm housing and support services that are residential in nature.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/group_home]]></link>
</item>
<item>
<title><![CDATA[growingequity mortgage GEM]]></title>
<description><![CDATA[A fixedrate mortgage that provides scheduled payment increases over an established period of time with the increased amount of the monthly payment applied directly toward reducing the remaining balance of the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/growing-equity_mortgage_(GEM)]]></link>
</item>
<item>
<title><![CDATA[guarantee mortgage]]></title>
<description><![CDATA[A mortgage that is guaranteed by a third party.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/guarantee_mortgage]]></link>
</item>
<item>
<title><![CDATA[guaranteed loan]]></title>
<description><![CDATA[Also known as a government mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/guaranteed_loan]]></link>
</item>
<item>
<title><![CDATA[habendum clause]]></title>
<description><![CDATA[The to have and holdclause which defines or limits the quantity of the estate granted in the premises of the deed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/habendum_clause]]></link>
</item>
<item>
<title><![CDATA[hazard insurance]]></title>
<description><![CDATA[Insurance coverage that compensates for physical damage to a property from fire wind vandalism or other hazards.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/hazard_insurance]]></link>
</item>
<item>
<title><![CDATA[hereditaments]]></title>
<description><![CDATA[Property personal and real capable of being inherited.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/hereditaments]]></link>
</item>
<item>
<title><![CDATA[highest and best use]]></title>
<description><![CDATA[The particular use of a real property which will produce the greatest financial return. The optimum use of a site as used in appraisal.  This is often determined by location neighboring properties deed restrictions and local zoning regulations.  A home built on a busy street surrounded by commercial property and not restricted from other development is not fulfilling its highest and best use.  Once the property is redeveloped into commercial property it can meet it economic potential.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/highest_and_best_use]]></link>
</item>
<item>
<title><![CDATA[highrise]]></title>
<description><![CDATA[A ninestory or taller building containing residential apartments or condominium units.  In addition to spectacular views most highrises offer their residents a full range of amenities.  Building features may include 24hour concierge service swimming pools spas saunas tennis courts exercise areas party rooms and guest suites.  Security is enhanced at these buildings by the manned entry desks and limited access covered parking garages.  Compare with midrise.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/high-rise]]></link>
</item>
<item>
<title><![CDATA[HOA]]></title>
<description><![CDATA[Acronym   homeowners association]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HOA]]></link>
</item>
<item>
<title><![CDATA[hold harmless]]></title>
<description><![CDATA[In a contract a promise by one party not to hold the other party responsible if the other party carries out the contract in a way that causes damage to the first party. For example many leases include a hold harmless clause in which the tenant agrees not to sue the landlord if the tenant is injured due to the landlords failure to maintain the premises. In most states these clauses are illegal in residential tenancies but may be upheld in commercial settings.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/hold_harmless]]></link>
</item>
<item>
<title><![CDATA[Home Equity Conversion Mortgage HECM]]></title>
<description><![CDATA[A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans a borrower does not qualify on the basis of income but on the value of his or her home. In addition the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Home_Equity_Conversion_Mortgage_(HECM)]]></link>
</item>
<item>
<title><![CDATA[home equity line of credit]]></title>
<description><![CDATA[A mortgage loan which is usually in a subordinate position that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion up to an amount that represents a specified percentage of the borrowers equity in a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/home_equity_line_of_credit]]></link>
</item>
<item>
<title><![CDATA[home equity loan]]></title>
<description><![CDATA[A fixed or adjustable rate loan obtained for a variety of purposes secured by the equity in your home. Interest paid is usually taxdeductible. Often used for home improvement or freeing of equity for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not taxdeductible such as auto or boat loans credit card debt medical debt and education loans.  Home equity loans were recently made available in Texas due to changes the home]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/home_equity_loan]]></link>
</item>
<item>
<title><![CDATA[home inspection]]></title>
<description><![CDATA[A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/home_inspection]]></link>
</item>
<item>
<title><![CDATA[home warranty]]></title>
<description><![CDATA[A service contract that covers a major housing systemfor example plumbing or electrical wiringfor a set period of time from the date a house is sold. The warranty guarantees repairs to the covered system and is renewable.  A basic one year Buyers warranty costs 295 to 350 with additional coverage available for garage door openers spas swimming pools sprinkler system and other appliances.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/home_warranty]]></link>
</item>
<item>
<title><![CDATA[HomeKeeperSM]]></title>
<description><![CDATA[Fannie Maes adjustablerate conventional reverse mortgage which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HomeKeeper(SM)]]></link>
</item>
<item>
<title><![CDATA[HomeKeeperSM]]></title>
<description><![CDATA[Fannie Maes adjustablerate conventional reverse mortgage which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HomeKeeperSM]]></link>
</item>
<item>
<title><![CDATA[homeowners association]]></title>
<description><![CDATA[A nonprofit association that manages the common areas of a planned unit development PUD or condominium project. In a condominium project it has no ownership interest in the common elements. In a PUD project it holds title to the common elements.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowners'_association]]></link>
</item>
<item>
<title><![CDATA[homeowners association HOA]]></title>
<description><![CDATA[An organization comprising neighbors concerned with managing the common areas of a subdivision or condominium complex. These associations take on issues such as maintaining common land and recreation areas and collecting dues from residents. The homeowners association is also responsible for enforcing any covenants conditions  restrictions that apply to the property.  Payment of dues and participation in the homeowners association may be either voluntary or mandatory depending on the neighborhood.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowners'_association_(HOA)]]></link>
</item>
<item>
<title><![CDATA[homeowners insurance]]></title>
<description><![CDATA[An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowner's_insurance]]></link>
</item>
<item>
<title><![CDATA[homeowners insurance]]></title>
<description><![CDATA[A type of insurance policy designed to protect homeowners from financial losses related the ownership of real property.  In addition to covering losses due to vandalism fire hail etc.hazard insurance most policies also provide theft and liability coverage.  Flood related damage requires a separate flood insurance policy or rider.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowners'_insurance]]></link>
</item>
<item>
<title><![CDATA[homeowners warranty]]></title>
<description><![CDATA[A type of insurance often purchased by homebuyers that will cover repairs to certain items such as heating or air conditioning should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale but either party can pay.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowner's_warranty]]></link>
</item>
<item>
<title><![CDATA[homeowners warranty HOW]]></title>
<description><![CDATA[A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homeowner's_warranty_(HOW)]]></link>
</item>
<item>
<title><![CDATA[homestead]]></title>
<description><![CDATA[1 The house in which a family lives plus any adjoining land and other buildings on that land.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/homestead]]></link>
</item>
<item>
<title><![CDATA[HomeStyle Mortgage Loan]]></title>
<description><![CDATA[A mortgage that enables eligible borrowers to obtain financing to remodel repair and upgrade their existing homes or homes that they are purchasing. See also HomeStyle Standard Mortgage HomeStyle Remodeler HomeStyle Community Mortgage and HomeStyle Consumer Energy Loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HomeStyle_Mortgage_Loan]]></link>
</item>
<item>
<title><![CDATA[house closing]]></title>
<description><![CDATA[The final transfer of the ownership of a house from the seller to the buyer which occurs after both have met all the terms of their contract and the deed has been recorded.  Also known as just closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/house_closing]]></link>
</item>
<item>
<title><![CDATA[Housing and Urban Development Deparment of HUD]]></title>
<description><![CDATA[The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Housing_and_Urban_Development,_Deparment_of_(HUD)]]></link>
</item>
<item>
<title><![CDATA[housing expense ratio]]></title>
<description><![CDATA[The percentage of gross monthly income that goes toward paying housing expenses.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/housing_expense_ratio]]></link>
</item>
<item>
<title><![CDATA[HUD]]></title>
<description><![CDATA[Acronym  Housing and Urban Development.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HUD]]></link>
</item>
<item>
<title><![CDATA[HUD median income]]></title>
<description><![CDATA[Median family income for a particular county or metropolitan statistical area MSA as estimated by the Department of Housing and Urban Development HUD.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HUD_median_income]]></link>
</item>
<item>
<title><![CDATA[HUD1 settlement statement]]></title>
<description><![CDATA[A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions loan fees points and initial escrow impound amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD1 statement define the sellers net proceeds and the buyers net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development HUD. The HUD]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HUD-1_settlement_statement]]></link>
</item>
<item>
<title><![CDATA[HUD1 statement]]></title>
<description><![CDATA[A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions loan fees points and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD1 statement define the sellers net proceeds and the buyers net payment at closing. The blank form for the statement is published by the Department of Housing and Urban De]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/HUD-1_statement]]></link>
</item>
<item>
<title><![CDATA[implied warranty of habitability]]></title>
<description><![CDATA[A legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing tenants in most states may legally withhold rent or take other measures including hiring someone to fix the problem or moving out. See constructive eviction.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/implied_warranty_of_habitability]]></link>
</item>
<item>
<title><![CDATA[improvements]]></title>
<description><![CDATA[Valuable additions to the land such as buildings fences roads etc. which increase the value of the property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/improvements]]></link>
</item>
<item>
<title><![CDATA[incidents of ownership]]></title>
<description><![CDATA[Any control over property. If you give away property but keep an incident of ownershipfor example you give away an apartment building but retain the right to receive rentthen legally no gift has been made. This distinction can be important if youre making large gifts to reduce your eventual estate tax.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/incidents_of_ownership]]></link>
</item>
<item>
<title><![CDATA[income approach to value]]></title>
<description><![CDATA[An estimate of value based on the monetary returns that a property can be expected to generate capitalization. Contrast with the cost approach to value and the market data approach to value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/income_approach_to_value]]></link>
</item>
<item>
<title><![CDATA[income property]]></title>
<description><![CDATA[Real estate developed or improved to produce income.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/income_property]]></link>
</item>
<item>
<title><![CDATA[Independent School District]]></title>
<description><![CDATA[In Texas all but one of the states school districts are considered Independent since they do not fall under the direct control of any other local government and their boundaries are not constrained by any city or county border lines.  Each district is run by an elected school board which appoints a superintendent and sets budgets and tax rates.  Only the State of Texas has the authority to regulate and oversee the actions of an Independent School District.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Independent_School_District]]></link>
</item>
<item>
<title><![CDATA[index]]></title>
<description><![CDATA[A number used to compute the interest rate for an adjustablerate mortgage ARM. The index is generally a published number or percentage such as the average interest rate or yield on Treasury bills. A margin is added to the index to determine the interest rate that will be charged on the ARM. This interest rate is subject to any caps that are associated with the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/index]]></link>
</item>
<item>
<title><![CDATA[infile credit report]]></title>
<description><![CDATA[An objective account normally computergenerated of credit and legal information obtained from a credit repository.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/in-file_credit_report]]></link>
</item>
<item>
<title><![CDATA[inflation]]></title>
<description><![CDATA[An increase in the amount of money or credit available in relation to the amount of goods or services available which causes an increase in the general price level of goods and services. Over time inflation reduces the purchasing power of a dollar making it worth less.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/inflation]]></link>
</item>
<item>
<title><![CDATA[ingress]]></title>
<description><![CDATA[An entrance or the act of entering. Compare egress.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ingress]]></link>
</item>
<item>
<title><![CDATA[initial interest rate]]></title>
<description><![CDATA[The original interest rate of the mortgage at the time of closing. This rate changes for an adjustablerate mortgage ARM. Sometimes known as start rateor teaser.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/initial_interest_rate]]></link>
</item>
<item>
<title><![CDATA[inspection clause]]></title>
<description><![CDATA[A stipulation in an offer to purchase that makes the sale contingent on the findings of a home inspector.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/inspection_clause]]></link>
</item>
<item>
<title><![CDATA[installment]]></title>
<description><![CDATA[The regular periodic payment that a borrower agrees to make to a lender. installment loan Borrowed money that is repaid in equal payments known as installments. A furniture loan is often paid for as an installment loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/installment]]></link>
</item>
<item>
<title><![CDATA[installment loan]]></title>
<description><![CDATA[Borrowed money that is repaid in equal payments known as installments. A furniture loan is often paid for as an installment loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/installment_loan]]></link>
</item>
<item>
<title><![CDATA[insurable title]]></title>
<description><![CDATA[A property title that a title insurance company agrees to insure against defects and disputes. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/insurable_title]]></link>
</item>
<item>
<title><![CDATA[insurance]]></title>
<description><![CDATA[A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy and the periodic payment is known as an insurance premium.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/insurance]]></link>
</item>
<item>
<title><![CDATA[insurance binder]]></title>
<description><![CDATA[A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date a permanent policy must be obtained before the expiration date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/insurance_binder]]></link>
</item>
<item>
<title><![CDATA[insured mortgage]]></title>
<description><![CDATA[A mortgage that is protected by the Federal Housing Administration FHA or by private mortgage insurance MI. If the borrower defaults on the loan the insurer must pay the lender the lesser of the loss incurred or the insured amount.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/insured_mortgage]]></link>
</item>
<item>
<title><![CDATA[interest]]></title>
<description><![CDATA[The fee charged for borrowing money.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest]]></link>
</item>
<item>
<title><![CDATA[interest accrual rate]]></title>
<description><![CDATA[The percentage rate at which interest accrues on the mortgage. In most cases it is also the rate used to calculate the monthly payments although it is not used for an adjustablerate mortgage ARM with payment change limitations.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest_accrual_rate]]></link>
</item>
<item>
<title><![CDATA[interest rate]]></title>
<description><![CDATA[The rate of interest in effect for the monthly payment due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest_rate]]></link>
</item>
<item>
<title><![CDATA[interest rate buydown plan]]></title>
<description><![CDATA[An arrangement wherein the property seller or any other party deposits money to an account so that it can be released each month to reduce the mortgagors monthly payments during the early years of a mortgage. During the specified period the mortgagors effective interest rate is bought down below the actual interest rate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest_rate_buydown_plan]]></link>
</item>
<item>
<title><![CDATA[interest rate ceiling]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM the maximum interest rate as specified in the mortgage note.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest_rate_ceiling]]></link>
</item>
<item>
<title><![CDATA[interest rate floor]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM the minimum interest rate as specified in the mortgage note.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/interest_rate_floor]]></link>
</item>
<item>
<title><![CDATA[intermediary]]></title>
<description><![CDATA[As of January 1 1996 a broker may act as an intermediary between the parties if the broker complies with the The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and in conspicuous bold or underlined print set forth the brokers obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate Lic]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/intermediary]]></link>
</item>
<item>
<title><![CDATA[intestate]]></title>
<description><![CDATA[Legal designation of a person who has died without leaving a valid will.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/intestate]]></link>
</item>
<item>
<title><![CDATA[intimidation]]></title>
<description><![CDATA[As defined in the fair housing laws it is the illegal act of coercing intimidating threatening or interfering with a person in exercising or enjoying any right granted or protected by federal state or local fair housing laws.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/intimidation]]></link>
</item>
<item>
<title><![CDATA[investment property]]></title>
<description><![CDATA[A property that is not occupied by the owner.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/investment_property]]></link>
</item>
<item>
<title><![CDATA[invitee]]></title>
<description><![CDATA[A business guest or someone who enters property held open to members of the public such as a visitor to a museum. Property owners must protect invitees from dangers on the property. In an example of the perversion of legalese social guests that you invite into your home are called licensees.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/invitee]]></link>
</item>
<item>
<title><![CDATA[IRA Individual Retirement Account]]></title>
<description><![CDATA[A retirement account that allows individuals to make taxdeferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks bonds or mutual funds.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/IRA_(Individual_Retirement_Account)]]></link>
</item>
<item>
<title><![CDATA[joint tenancy]]></title>
<description><![CDATA[A form of coownership that gives each tenant equal interest and equal rights in the property including the right of survivorship.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/joint_tenancy]]></link>
</item>
<item>
<title><![CDATA[judgment]]></title>
<description><![CDATA[A decision made by a court of law. In judgments that require the repayment of a debt the court may place a lien against the debtors real property as collateral for the judgments creditor.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/judgment]]></link>
</item>
<item>
<title><![CDATA[judgment lien]]></title>
<description><![CDATA[A lien on the property of a debtor resulting from the decree of a court.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/judgment_lien]]></link>
</item>
<item>
<title><![CDATA[judicial foreclosure]]></title>
<description><![CDATA[A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/judicial_foreclosure]]></link>
</item>
<item>
<title><![CDATA[jumbo loan]]></title>
<description><![CDATA[A loan that exceeds Fannie Maes mortgage amount limits. Also called a nonconforming loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/jumbo_loan]]></link>
</item>
<item>
<title><![CDATA[laches]]></title>
<description><![CDATA[Delay or negligence in asserting ones rights.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/laches]]></link>
</item>
<item>
<title><![CDATA[landlord]]></title>
<description><![CDATA[The owner of any real estate such as a house apartment building or land that is leased or rented to another person called the tenant.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/landlord]]></link>
</item>
<item>
<title><![CDATA[late charge]]></title>
<description><![CDATA[The penalty a borrower must pay when a payment is made a stated number of days usually 15 after the due date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/late_charge]]></link>
</item>
<item>
<title><![CDATA[latent defect]]></title>
<description><![CDATA[Hidden structural defects and flaws.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/latent_defect]]></link>
</item>
<item>
<title><![CDATA[lease]]></title>
<description><![CDATA[A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lease]]></link>
</item>
<item>
<title><![CDATA[lease option]]></title>
<description><![CDATA[An alternative financing option that allows home buyers to lease a home with an option to buy. Each months rent payment may consist of not only the rent but an additional amount which can be applied toward the down payment on an already specified price.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lease_option]]></link>
</item>
<item>
<title><![CDATA[lease purchase]]></title>
<description><![CDATA[A contract in which an owner leases his house usually for one to five years to a tenant for an increased monthly rent and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance with the incremental rent increase being used to form a down payment.  Buyers should be wary of this type of contract since they may lose their extra rent/down payment money should the owner suffer financial setbacks before the purchase has been completed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lease_purchase]]></link>
</item>
<item>
<title><![CDATA[leasehold estate]]></title>
<description><![CDATA[A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded longterm lease on it.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/leasehold_estate]]></link>
</item>
<item>
<title><![CDATA[leasepurchase mortgage loan]]></title>
<description><![CDATA[An alternative financing option that allows low and moderateincome home buyers to lease a home from a nonprofit organization with an option to buy. Each months rent payment consists of principal interest taxes and insurance PITI payments on the first mortgage plus an extra amount that is earmarked for deposit to a savings account in which money for a downpayment will accumulate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lease-purchase_mortgage_loan]]></link>
</item>
<item>
<title><![CDATA[legal description]]></title>
<description><![CDATA[A property description recognized by law that is sufficient to locate and identify the property without oral testimony.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/legal_description]]></link>
</item>
<item>
<title><![CDATA[lender]]></title>
<description><![CDATA[A term which can refer to the institution making the loan or to the individual representing the firm. For example loan officers are often referred to as lenders.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lender]]></link>
</item>
<item>
<title><![CDATA[less favorable treatment]]></title>
<description><![CDATA[Any time a person is treated differently on the basis of race sex religion color familial status disability or national origin either by action or inaction in the selling or leasing of real property it is a violation of the Fair Housing Laws.  Also known as unequal treatment or different treatment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/less_favorable_treatment]]></link>
</item>
<item>
<title><![CDATA[lessee]]></title>
<description><![CDATA[Tenant leasing property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lessee]]></link>
</item>
<item>
<title><![CDATA[lessor]]></title>
<description><![CDATA[One who leases property to a tenant.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lessor]]></link>
</item>
<item>
<title><![CDATA[leverage]]></title>
<description><![CDATA[The use of borrowed funds to finance an investment and to magnify the rate of return.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/leverage]]></link>
</item>
<item>
<title><![CDATA[Levy Improvement District LID]]></title>
<description><![CDATA[A type of Water Control and Improvement District used to build and maintain levies.  Levies are used to contain flooding creeks and rivers.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Levy_Improvement_District_(LID)]]></link>
</item>
<item>
<title><![CDATA[liabilities]]></title>
<description><![CDATA[A persons financial obligations. Liabilities include longterm and shortterm debt as well as any other amounts that are owed to others.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/liabilities]]></link>
</item>
<item>
<title><![CDATA[liability insurance]]></title>
<description><![CDATA[Insurance coverage that offers protection against claims alleging that a property owners negligence or inappropriate action resulted in bodily injury or property damage to another party.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/liability_insurance]]></link>
</item>
<item>
<title><![CDATA[licensee]]></title>
<description><![CDATA[A person licensed by the Texas Real Estate Commission to engage in real estate brokerage either as a broker or as a salesman.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/licensee]]></link>
</item>
<item>
<title><![CDATA[LID]]></title>
<description><![CDATA[Acronym  Levy Improvement District.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/LID]]></link>
</item>
<item>
<title><![CDATA[lien]]></title>
<description><![CDATA[A legal claim against a property that must be paid off when the property is sold.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lien]]></link>
</item>
<item>
<title><![CDATA[lien theory state]]></title>
<description><![CDATA[Texas is a Lien Theory State where legal title of mortgaged property resides with the mortgagor borrower with the mortgage as a lien against the property. Contrast with title theory state.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lien_theory_state]]></link>
</item>
<item>
<title><![CDATA[life cap]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/life_cap]]></link>
</item>
<item>
<title><![CDATA[life estate]]></title>
<description><![CDATA[An interest in property only for the duration of someones life.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/life_estate]]></link>
</item>
<item>
<title><![CDATA[life tenant]]></title>
<description><![CDATA[One who has a life estate in real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/life_tenant]]></link>
</item>
<item>
<title><![CDATA[lifetime payment cap]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM a limit on the amount that payments can increase or decrease over the life of the mortgage. See cap.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lifetime_payment_cap]]></link>
</item>
<item>
<title><![CDATA[lifetime rate cap]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap interest rate ceiling and interest rate floor.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lifetime_rate_cap]]></link>
</item>
<item>
<title><![CDATA[limited equity housing]]></title>
<description><![CDATA[An arrangement designed to encourage lowand moderateincome families to purchase housing in which the housing is offered at an extremely favorable price with a low down payment. The catch is that when the owner sells she gets none of the profit if the market value of the unit has gone up. Any profit returns to the organization that built the home which then resells the unit at an affordable price.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/limited_equity_housing]]></link>
</item>
<item>
<title><![CDATA[line of credit]]></title>
<description><![CDATA[An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. See home equity line of credit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/line_of_credit]]></link>
</item>
<item>
<title><![CDATA[liquid asset]]></title>
<description><![CDATA[A cash asset or an asset that is easily converted into cash.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/liquid_asset]]></link>
</item>
<item>
<title><![CDATA[lis pendens]]></title>
<description><![CDATA[A notice indicating that legal action is pending on a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lis_pendens]]></link>
</item>
<item>
<title><![CDATA[listing agreement]]></title>
<description><![CDATA[The legal agreement between the listing agent/broker and the vendor setting out the services to be rendered describing the property for sale and stating the terms of payment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/listing_agreement]]></link>
</item>
<item>
<title><![CDATA[loan]]></title>
<description><![CDATA[A sum of borrowed money principal that is generally repaid with interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan]]></link>
</item>
<item>
<title><![CDATA[loan commitment]]></title>
<description><![CDATA[See commitment letter.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan_commitment]]></link>
</item>
<item>
<title><![CDATA[loan officer]]></title>
<description><![CDATA[Also referred to by a variety of other terms such as lender loan representative loan repaccount executive and others. The loan officer serves several functions and has various responsibilities: they solicit loans they are the representative of the lending institution and they represent the borrower to the lending institution.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan_officer]]></link>
</item>
<item>
<title><![CDATA[loan origination]]></title>
<description><![CDATA[The process by which a mortgage lender brings into existence a mortgage secured by real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan_origination]]></link>
</item>
<item>
<title><![CDATA[loan servicing]]></title>
<description><![CDATA[After you obtain a loan the company you make the payments to is servicing your loan. They process payments send statements manage the escrow/impound account provide collection efforts on delinquent loans ensure that insurance and property taxes are made on the property handle payoffs and assumptions and provide a variety of other services.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan_servicing]]></link>
</item>
<item>
<title><![CDATA[loantovalue LTV]]></title>
<description><![CDATA[The percentage relationship between the amount of the loan and the appraised value or sales price whichever is lower.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan-to-value_(LTV)]]></link>
</item>
<item>
<title><![CDATA[loantovalue LTV percentage]]></title>
<description><![CDATA[The relationship between the principal balance of the mortgage and the appraised value or sales price if it is lower of the property. For example a 100000 home with an 80000 mortgage has a LTV percentage of 80 percent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan-to-value_(LTV)_percentage]]></link>
</item>
<item>
<title><![CDATA[loantovalue ratio LTV]]></title>
<description><![CDATA[The ratio of the amount being loaned in respect to the appraised value of the property usually expressed as a percentage.  If a buyer was putting down 20000 and borrowing a first lien of 180000 on a 200000 property then the loan would have a 90 LTV.  Loantovalue ratios can effect interest rates loan qualifying criteria and lender requirements for PMI and escrow accounts.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loan-to-value_ratio_(LTV)]]></link>
</item>
<item>
<title><![CDATA[lock or lock In]]></title>
<description><![CDATA[A commitment you obtain from a lender assuring you a particular interest rate or feature or a definite time period. Provides protection should interest rates rise between the time you apply for a loan acquire loan approval and subsequently close the loan and receive the funds you have borrowed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lock_or_lock_In]]></link>
</item>
<item>
<title><![CDATA[lockin]]></title>
<description><![CDATA[A written agreement in which the lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time. The lockin also usually specifies the number of points to be paid at closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lock-in]]></link>
</item>
<item>
<title><![CDATA[lockin period]]></title>
<description><![CDATA[The time period during which the lender has guaranteed an interest rate to a borrower. See lockin.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/lock-in_period]]></link>
</item>
<item>
<title><![CDATA[loft]]></title>
<description><![CDATA[1 A style of residential construction. In Houston the term loftis used quite liberally.  It may refer to an older building that has been converted into residential condominiums or it may mean a new midrise project with a loftstyle finish to the units.  There are also new construction townhomes that are promoted as being lofts.  A builder creates new loft space by leaving exposed brick walls bare polished concrete floors and having unhidden heating ducts trusses etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/loft]]></link>
</item>
<item>
<title><![CDATA[LTV]]></title>
<description><![CDATA[See loantovalue ratio.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/LTV]]></link>
</item>
<item>
<title><![CDATA[mandatory continuing education MCE]]></title>
<description><![CDATA[The State of Texas requires that its licensed real estate brokers and salesmen who have met their SAE requirement attend at least 15 hours of certified real estate education courses before each license renewal every two years.  At least six of the 15 hours must be in legal topics.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mandatory_continuing_education_(MCE)]]></link>
</item>
<item>
<title><![CDATA[manufactured home]]></title>
<description><![CDATA[A structure built in a factory that is later shipped to and placed on the homesite.  The term can apply to both mobile homes and prefab homes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/manufactured_home]]></link>
</item>
<item>
<title><![CDATA[margin]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM the amount that is added to the index to establish the interest rate on each adjustment date subject to any limitations on the interest rate change.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/margin]]></link>
</item>
<item>
<title><![CDATA[marginal land]]></title>
<description><![CDATA[Property which is barely profitable to use.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/marginal_land]]></link>
</item>
<item>
<title><![CDATA[market approach to value]]></title>
<description><![CDATA[An estimate of value based on the actual sales prices of comparable properties. Contrast with cost approach to value and income approach to value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/market_approach_to_value]]></link>
</item>
<item>
<title><![CDATA[market value]]></title>
<description><![CDATA[The price that a willing buyer and a willing seller both given full information and neither under pressure to act would agree upon. Also known as Fair Market Value.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/market_value]]></link>
</item>
<item>
<title><![CDATA[master association]]></title>
<description><![CDATA[A homeowners association in a large condominium or planned unit development PUD project that is made up of representatives from associations covering specific areas within the project. In effect it is a secondlevel association that handles matters affecting the entire development while the firstlevel associations handle matters affecting their particular portions of the project.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/master_association]]></link>
</item>
<item>
<title><![CDATA[masterplanned community]]></title>
<description><![CDATA[A large scale mixed use real estate development that follows a long term comprehensive plan.  Masterplanned communities typically blend different price ranges of residential neighborhoods with some commercial properties designed to serve the residents needs.  Residential properties may include patio homes townhouses condominiums and apartment complexes in addition to neighborhoods of singlefamily homes.  Likewise multiple home builders are included in the construction of the various neighborhoods. ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/master-planned_community]]></link>
</item>
<item>
<title><![CDATA[maturity]]></title>
<description><![CDATA[The date on which the principal balance of a loan bond or other financial instrument becomes due and payable.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/maturity]]></link>
</item>
<item>
<title><![CDATA[maximum financing]]></title>
<description><![CDATA[A mortgage amount that is within 5 percent of the highest loantovalue LTV percentage allowed for a specific product. Thus maximum financing on a fixedrate mortgage would be 90 percent or higher because 95 percent is the maximum allowable LTV percentage for that product.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/maximum_financing]]></link>
</item>
<item>
<title><![CDATA[MCE]]></title>
<description><![CDATA[See mandatory continuing education.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/MCE]]></link>
</item>
<item>
<title><![CDATA[mechanics lien]]></title>
<description><![CDATA[A legal claim placed on real estate by someone who is owed money for labor services or supplies contributed to the property for the purpose of improving it. Typical lien claimants are general contractors subcontractors and suppliers of building materials. A mechanics lien claimant can sue to have the real estate sold at auction and recover the debt from the proceeds. Because property with a lien on it cannot be easily sold until the lien is satisfied paid off owners have a great incentive to pay their]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mechanic's_lien]]></link>
</item>
<item>
<title><![CDATA[mediation]]></title>
<description><![CDATA[A dispute resolution method designed to help warring parties resolve their own dispute without going to court. In mediation a neutral third party the mediator meets with the opposing sides to help them find a mutually satisfactory solution. Unlike a judge in her courtroom or an arbitrator conducting a binding arbitration the mediator has no power to impose a solution. No formal rules of evidence or procedure control mediation the mediator and the parties usually agree on their own informal ways to proc]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mediation]]></link>
</item>
<item>
<title><![CDATA[merged credit report]]></title>
<description><![CDATA[A credit report that contains information from three credit repositories. When the report is created the information is compared for duplicate entries. Any duplicates are combined to provide a summary of a your credit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/merged_credit_report]]></link>
</item>
<item>
<title><![CDATA[metes and bounds]]></title>
<description><![CDATA[A system of land description using distance metes and angles/compass directions bounds beginning and ending at the same point. Contrast with government survey and recorded plat method.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/metes_and_bounds]]></link>
</item>
<item>
<title><![CDATA[midrise]]></title>
<description><![CDATA[A 4story to 8story tall building that contains residential apartment or condominium units.  While not offering the panoramic views of a highrise midrise buildings can offer comparable levels of amenities and services.  Building features may include 24hour concierge service swimming pools spas saunas tennis courts exercise areas and party rooms.  Security is enhanced at these buildings by the manned entry desks and limited access covered parking garages.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mid-rise]]></link>
</item>
<item>
<title><![CDATA[mineral rights]]></title>
<description><![CDATA[An ownership interest in the minerals contained in a particular parcel of land with or without ownership of the surface of the land. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mineral_rights]]></link>
</item>
<item>
<title><![CDATA[minimum payment]]></title>
<description><![CDATA[The minimum amount that you must pay usually monthly on a home equity loan or line of credit. In some plans the minimum payment may be interest onlysimple interest. In other plans the minimum payment may include principal and interest amortized.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/minimum_payment]]></link>
</item>
<item>
<title><![CDATA[minority]]></title>
<description><![CDATA[As defined in the Civil Rights Act of 1968 as part of the Fair Housing Laws minority means any group or any member of a group that can be identified either: 1 by race color religion sex disability or national origin or 2 by any other characteristic such as familial status on the basis of which discrimination is prohibited by a federal state or local fair housing law.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/minority]]></link>
</item>
<item>
<title><![CDATA[misrepresentation]]></title>
<description><![CDATA[A false statement or concealment of material fact with the intention of inducing action of another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/misrepresentation]]></link>
</item>
<item>
<title><![CDATA[mobile home]]></title>
<description><![CDATA[A type of manufactured home that is transported to the home site using wheels attached to the structure.  Mobile homes come in various widths and lengths and maybe composed of one to three pieces.  A one piece home is called a singlewide while a house that is joined together from two halves is called a doublewide.  Recently triplewides have appeared and become as the largest mobile homes available.  Most sections are between 14 and 16 feet wide and 54 to 80 feet in length.  Mobile homes do no]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mobile_home]]></link>
</item>
<item>
<title><![CDATA[modification]]></title>
<description><![CDATA[The act of changing any of the terms of the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/modification]]></link>
</item>
<item>
<title><![CDATA[money market account]]></title>
<description><![CDATA[A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply to the withdrawal of funds from a money market account.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/money_market_account]]></link>
</item>
<item>
<title><![CDATA[money market fund]]></title>
<description><![CDATA[A mutual fund that allows individuals to participate in managed investments in shortterm debt securities such as certificates of deposit and Treasury bills.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/money_market_fund]]></link>
</item>
<item>
<title><![CDATA[monthly fixed installment]]></title>
<description><![CDATA[That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes the monthly fixed installment does not include any amount for principal reduction.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/monthly_fixed_installment]]></link>
</item>
<item>
<title><![CDATA[monthly payment mortgage]]></title>
<description><![CDATA[A mortgage that requires payments to reduce the debt once a month.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/monthly_payment_mortgage]]></link>
</item>
<item>
<title><![CDATA[monthtomonth tenancy]]></title>
<description><![CDATA[A rental agreement that provides for a onemonth tenancy that is automatically renewed each month unless either tenant or landlord gives the other the proper amount of written notice usually 30 days to terminate the agreement. Some landlords prefer to use monthtomonth tenancies because it gives them the right to raise the rent after giving proper notice. This type of rental also provides a landlord with an easy way to get rid of troublesome tenants because in most states monthtomonth tenancies can be]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/month-to-month_tenancy]]></link>
</item>
<item>
<title><![CDATA[monument]]></title>
<description><![CDATA[A fixed object or point either natural or manmade used in making a survey.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/monument]]></link>
</item>
<item>
<title><![CDATA[More principal balance]]></title>
<description><![CDATA[The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/More_principal_balance]]></link>
</item>
<item>
<title><![CDATA[mortgage]]></title>
<description><![CDATA[A legal document that pledges a property to the lender as security for payment of a debt.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage]]></link>
</item>
<item>
<title><![CDATA[mortgage banker]]></title>
<description><![CDATA[A company that originates mortgages exclusively for resale in the secondary mortgage market.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_banker]]></link>
</item>
<item>
<title><![CDATA[mortgage broker]]></title>
<description><![CDATA[An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_broker]]></link>
</item>
<item>
<title><![CDATA[mortgage insurance]]></title>
<description><![CDATA[A contract that insures the lender against loss caused by a mortgagors default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration FHA. Depending on the type of mortgage insurance the insurance may cover a percentage of or virtually all of the mortgage loan. See private mortgage insurance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_insurance]]></link>
</item>
<item>
<title><![CDATA[mortgage insurance MI]]></title>
<description><![CDATA[Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loantovalue higher than eighty percent. Mortgages above 80 LTV that call themselves No MIare usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_insurance_(MI)]]></link>
</item>
<item>
<title><![CDATA[mortgage insurance premium MIP]]></title>
<description><![CDATA[The amount paid by a mortgagor for mortgage insurance either to a government agency such as the Federal Housing Administration FHA or to a private mortgage insurance MI company.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_insurance_premium_(MIP)]]></link>
</item>
<item>
<title><![CDATA[mortgage life and disability insurance]]></title>
<description><![CDATA[A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force the debt is automatically satisfied by insurance proceeds. In the case of disability insurance the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage however because o]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_life_and_disability_insurance]]></link>
</item>
<item>
<title><![CDATA[mortgage life insurance]]></title>
<description><![CDATA[A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force the debt is automatically satisfied by insurance proceeds.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_life_insurance]]></link>
</item>
<item>
<title><![CDATA[mortgage loan]]></title>
<description><![CDATA[A loan which utilizes real estate as security or collateral to provide for repayment should you default on the terms of your loan. The mortgage or deed of trust is your agreement to pledge your home or other real estate as security.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgage_loan]]></link>
</item>
<item>
<title><![CDATA[mortgagee]]></title>
<description><![CDATA[The lender in a mortgage agreement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgagee]]></link>
</item>
<item>
<title><![CDATA[mortgagor]]></title>
<description><![CDATA[The borrower in a mortgage agreement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/mortgagor]]></link>
</item>
<item>
<title><![CDATA[MUD]]></title>
<description><![CDATA[See Municipal Utility District.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/MUD]]></link>
</item>
<item>
<title><![CDATA[multidwelling units]]></title>
<description><![CDATA[Properties that provide separate housing units for more than one family although they secure only a single mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/multidwelling_units]]></link>
</item>
<item>
<title><![CDATA[multifamily mortgage]]></title>
<description><![CDATA[A residential mortgage on a dwelling that is designed to house more than four families such as a highrise apartment complex.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/multifamily_mortgage]]></link>
</item>
<item>
<title><![CDATA[multifamily properties]]></title>
<description><![CDATA[Fannie Mae provides financing for multifamily buildings with five or more units rental properties through a nationwide network of mortgage lenders.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/multifamily_properties]]></link>
</item>
<item>
<title><![CDATA[Multiple Listing Service MLS]]></title>
<description><![CDATA[A system by which a number of real estate firms share information about homes that are for sale.  Membership usually provides a monthly book and/or computer service that provides Realtors with detailed listings of most homes currently on the market.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Multiple_Listing_Service_(MLS)]]></link>
</item>
<item>
<title><![CDATA[Municipal Utility District MUD]]></title>
<description><![CDATA[Municipal Utility Districts are authorized under the Texas Constitution Article III Section 52 or Article XVI Section 59.  They are local political subdivisions of the State governed by a board of directors.  After the terrible floods in Texas during 191214 people across the state realized there was a real need to confirm the States duty to not only prevent floods but also through the storage of flood waters to conserve the water for beneficial usages.  This was the genesis for the passage of Sect]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Municipal_Utility_District_(MUD)]]></link>
</item>
<item>
<title><![CDATA[negative amortization]]></title>
<description><![CDATA[A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create negative amortization.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/negative_amortization]]></link>
</item>
<item>
<title><![CDATA[net cash flow]]></title>
<description><![CDATA[The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense which includes principal interest taxes and insurance PITI for the mortgage homeowners association dues leasehold payments and subordinate financing payments.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/net_cash_flow]]></link>
</item>
<item>
<title><![CDATA[net lease]]></title>
<description><![CDATA[A commercial real estate lease in which the tenant regularly pays not only for the space as he does with a gross lease but for a portion of the landlords operating costs as well. When all three of the usual coststaxes maintenance and insuranceare passed on the arrangement is known as a triple net lease.Because these costs are variable and almost never decrease a net lease favors the landlord.  Accordingly it may be possible for a tenant to bargain for a net lease with caps or ceilings which lim]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/net_lease]]></link>
</item>
<item>
<title><![CDATA[net listing]]></title>
<description><![CDATA[A price which must be expressly agreed upon below which the owner will not sell the property and at which the broker will not receive a commission the broker receives the excess over and above the net listing price as commission. The broker in this type of listing will have a very hard time maintaining his fiduciary responsibilities to his seller since his interests are potentially at odds with the interests of the seller.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/net_listing]]></link>
</item>
<item>
<title><![CDATA[net worth]]></title>
<description><![CDATA[The value of all of a persons assets including cash minus all liabilities.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/net_worth]]></link>
</item>
<item>
<title><![CDATA[no cashout refinance]]></title>
<description><![CDATA[A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage closing costs including prepaid items points the amount required to satisfy any mortgage liens that are more than one year old if the borrower chooses to satisfy them and other funds for the borrowers use as long as the amount does not exceed 1 percent of the principal amount of the new mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/no_cash-out_refinance]]></link>
</item>
<item>
<title><![CDATA[nocost loan]]></title>
<description><![CDATA[Many lenders offer loans that you can obtain at no cost.You should inquire whether this means there are no lender costs associated with the loan or if it also covers the other costs you would normally have in a purchase or refinance transactions such as title insurance escrow fees settlement fees appraisal recording fees notary fees and others. These are fees and costs which may be associated with buying a home or obtaining a loan but not charged directly by the lender. Keep in mind that like ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/no-cost_loan]]></link>
</item>
<item>
<title><![CDATA[nonescrowing loan]]></title>
<description><![CDATA[Typically mortgage lenders require escrow accounts for property taxes hazard insurance and sometimes homeowners association dues.  Monthly contributions to these accounts are rolled into a lenders mortgage payment.  In Texas escrow accounts are noninterest bearing so many borrowers prefer the option of keeping the monies for their hazard insurance and property taxes in their own interest bearing accounts until they become due.  Most lenders only allow nonescrowing loans on mortgages with an 80 o]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/non-escrowing_loan]]></link>
</item>
<item>
<title><![CDATA[nonliquid asset]]></title>
<description><![CDATA[An asset that cannot easily be converted into cash.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/nonliquid_asset]]></link>
</item>
<item>
<title><![CDATA[note]]></title>
<description><![CDATA[A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/note]]></link>
</item>
<item>
<title><![CDATA[note rate]]></title>
<description><![CDATA[The interest rate stated on a mortgage note.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/note_rate]]></link>
</item>
<item>
<title><![CDATA[notice of default]]></title>
<description><![CDATA[A formal written notice to a borrower that a default has occurred and that legal action may be taken.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/notice_of_default]]></link>
</item>
<item>
<title><![CDATA[nuisance]]></title>
<description><![CDATA[Something that interferes with the use of property by being irritating offensive obstructive or dangerous. Nuisances include a wide range of conditions everything from a chemical plants noxious odors to a neighbors dog barking. The former would be a public nuisanceone affecting many people while the other would be a private nuisancelimited to making your life difficult unless the dog was bothering others. Lawsuits may be brought to abate remove or reduce a nuisance. See quiet enjoyment attra]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/nuisance]]></link>
</item>
<item>
<title><![CDATA[obsolescence]]></title>
<description><![CDATA[A loss in value of real property caused by changes either internal or external to the property. See economic obsolescence functional obsolescence and physical deterioration.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/obsolescence]]></link>
</item>
<item>
<title><![CDATA[offer]]></title>
<description><![CDATA[A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract must contain some essential termsincluding the price and subject matter of the contractand must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/offer]]></link>
</item>
<item>
<title><![CDATA[open house]]></title>
<description><![CDATA[An opportunity for prospective buyers to view a house in a low pressure environment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/open_house]]></link>
</item>
<item>
<title><![CDATA[open listing]]></title>
<description><![CDATA[A listing under which the principal owner reserves the right to list his property with other brokers.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/open_listing]]></link>
</item>
<item>
<title><![CDATA[option]]></title>
<description><![CDATA[The right to purchase property within a definite time at a specified price. There is no obligation to purchase but the seller is obligated to sell if the option holder exercise the right to purchase. For the option to be valid it must include consideration.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/option]]></link>
</item>
<item>
<title><![CDATA[option fee]]></title>
<description><![CDATA[An amount of money payed by a prospective Buyer to a Seller in order to obtain an option period as specified in Paragraph 7 of a TREC promulagated earnest money contract.  If a Buyer decides to close on the property the option fee may be credited to his funds at closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/option_fee]]></link>
</item>
<item>
<title><![CDATA[option period]]></title>
<description><![CDATA[Current residential earnest money contracts promulagated by the Texas Real Estate Commission offer the choice of an option period under Paragraph 7.  During this period the length of which is negotiable the Buyer has a right to inspect the property and has an absolute right to terminate the offer/contract for any reason without penalty.  In exchange for this option period the Buyer pays an option fee to the Seller.  If the Buyer decides to continue with the sale of the property this option fee may be]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/option_period]]></link>
</item>
<item>
<title><![CDATA[ordinance]]></title>
<description><![CDATA[A law adopted by a town or city council county board of supervisors or other municipal governing board. Typically local governments issue ordinances establishing zoning and parking rules and regulating noise garbage removal and the operation of parks and other areas that affect people who live or do business within the localitys borders.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ordinance]]></link>
</item>
<item>
<title><![CDATA[original principal balance]]></title>
<description><![CDATA[The total amount of principal owed on a mortgage before any payments are made.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/original_principal_balance]]></link>
</item>
<item>
<title><![CDATA[origination fee]]></title>
<description><![CDATA[A fee paid to a lender for processing a loan application. The origination fee is stated in the form of points. One point is 1 percent of the mortgage amount.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/origination_fee]]></link>
</item>
<item>
<title><![CDATA[owner financing]]></title>
<description><![CDATA[A property purchase transaction in which the property seller provides all or part of the financing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/owner_financing]]></link>
</item>
<item>
<title><![CDATA[panic peddling]]></title>
<description><![CDATA[The illegal practice of inducing panic selling in a neighborhood by making representations of the entry or prospective entry of members of a minority group blockbusting. See Fair Housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/panic_peddling]]></link>
</item>
<item>
<title><![CDATA[partial payment]]></title>
<description><![CDATA[A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/partial_payment]]></link>
</item>
<item>
<title><![CDATA[party wall]]></title>
<description><![CDATA[Wall erected on line between adjoining properties for the use of both properties.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/party_wall]]></link>
</item>
<item>
<title><![CDATA[patio home]]></title>
<description><![CDATA[A singlefamily home that sits on a small lot often with one outside wall of the structure sitting on the property line.  Patio homes have no common structural walls with adjoining propeties but their zero lot line wall may form part of their neighbors backyard fence/wall.  These properties often have a small back or side yard large enough for a patio or garden area.  Also known as a garden home.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/patio_home]]></link>
</item>
<item>
<title><![CDATA[payment change date]]></title>
<description><![CDATA[The date when a new monthly payment amount takes effect on an adjustablerate mortgage ARM or a graduatedpayment adjustablerate mortgage GPARM. Generally the payment change date occurs in the month immediately after the adjustment date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/payment_change_date]]></link>
</item>
<item>
<title><![CDATA[percentage lease]]></title>
<description><![CDATA[Lease in which all or part of rental is a specified percentage of gross income from total sales made upon the premises.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/percentage_lease]]></link>
</item>
<item>
<title><![CDATA[periodic payment cap]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM a limit on the amount that payments can increase or decrease during any one adjustment period.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/periodic_payment_cap]]></link>
</item>
<item>
<title><![CDATA[periodic rate cap]]></title>
<description><![CDATA[For an adjustablerate mortgage ARM a limit on the amount that the interest rate can increase or decrease during any one adjustment period regardless of how high or low the index might be.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/periodic_rate_cap]]></link>
</item>
<item>
<title><![CDATA[person]]></title>
<description><![CDATA[An individual a partnership or a corporation foreign or domestic.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/person]]></link>
</item>
<item>
<title><![CDATA[personal property]]></title>
<description><![CDATA[Any property that is not real property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/personal_property]]></link>
</item>
<item>
<title><![CDATA[personalty]]></title>
<description><![CDATA[Personal property chattel. Contrast with Realty.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/personalty]]></link>
</item>
<item>
<title><![CDATA[physical deterioration]]></title>
<description><![CDATA[The loss of value to real property from all causes due to the action of the elements and old age. Physical deterioration can be either curable or incurable.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/physical_deterioration]]></link>
</item>
<item>
<title><![CDATA[PITI]]></title>
<description><![CDATA[See principal interest taxes and insurance PITI below.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PITI]]></link>
</item>
<item>
<title><![CDATA[PITI reserves]]></title>
<description><![CDATA[A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal interest taxes and insurance PITI reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PITI_reserves]]></link>
</item>
<item>
<title><![CDATA[planned unit development]]></title>
<description><![CDATA[See PUD below.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/planned_unit_development]]></link>
</item>
<item>
<title><![CDATA[planned unit development PUD]]></title>
<description><![CDATA[In a PUD the planned unit development association owns and maintains property in a real property development project for the benefit of its members who are owners of individual parcels of real property in the development and are members of the association because of that ownership.  The level of services and fees are similar to a condominium complex but since each owner has title to a specific parcel of land lenders may treat units as noncondominiums.  This allows higher LTV loans and eliminates owner ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/planned_unit_development_(PUD)]]></link>
</item>
<item>
<title><![CDATA[plat book]]></title>
<description><![CDATA[A record of recorded subdivisions of land.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/plat_book]]></link>
</item>
<item>
<title><![CDATA[PMI]]></title>
<description><![CDATA[Acronym   private mortgage insurance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PMI]]></link>
</item>
<item>
<title><![CDATA[point]]></title>
<description><![CDATA[A onetime charge by the lender for originating a loan. A point is 1 percent of the amount of the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/point]]></link>
</item>
<item>
<title><![CDATA[points]]></title>
<description><![CDATA[See point.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/points]]></link>
</item>
<item>
<title><![CDATA[police power]]></title>
<description><![CDATA[The authority of a government to adopt and enforce law governing the use of real estate based on the need to promote public safety health and general welfare.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/police_power]]></link>
</item>
<item>
<title><![CDATA[power of attorney]]></title>
<description><![CDATA[A legal document that authorizes another person to act on ones behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/power_of_attorney]]></link>
</item>
<item>
<title><![CDATA[power of attorney POA]]></title>
<description><![CDATA[A written authorization by a person to another person to act for him on his behalf.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/power_of_attorney_(POA)]]></link>
</item>
<item>
<title><![CDATA[prearranged refinancing agreement]]></title>
<description><![CDATA[A formal or informal arrangement between a lender and a borrower wherein the lender agrees to offer special terms such as a reduction in the costs for a future refinancing of a mortgage being originated as an inducement for the borrower to enter into the original mortgage transaction.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/prearranged_refinancing_agreement]]></link>
</item>
<item>
<title><![CDATA[preforeclosure sale]]></title>
<description><![CDATA[A procedure in which the investor allows a mortgagor to avoid foreclosure by selling the property for less than the amount that is owed to the investor.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/preforeclosure_sale]]></link>
</item>
<item>
<title><![CDATA[prepayment]]></title>
<description><![CDATA[Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property the owners decision to pay off the loan in full or a foreclosure. In each case prepayment means payment occurs before the loan has been fully amortized.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/prepayment]]></link>
</item>
<item>
<title><![CDATA[prepayment clause in a mortgage]]></title>
<description><![CDATA[Statement of the terms upon which the mortgagor borrower may pay the entire or stated amount on the mortgage principal at some time prior to the due date.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/prepayment_clause_in_a_mortgage]]></link>
</item>
<item>
<title><![CDATA[prepayment penalty]]></title>
<description><![CDATA[A fee that may be charged to a borrower who pays off a loan before it is due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/prepayment_penalty]]></link>
</item>
<item>
<title><![CDATA[prequalification]]></title>
<description><![CDATA[The process of determining how much money a prospective home buyer will be eligible to borrow before he or she applies for a loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/pre-qualification]]></link>
</item>
<item>
<title><![CDATA[primary mortgage market]]></title>
<description><![CDATA[Lenders who originate loans and makes funds available directly to the borrowers. Contrast with secondary mortgage market.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/primary_mortgage_market]]></link>
</item>
<item>
<title><![CDATA[prime rate]]></title>
<description><![CDATA[The interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates including mortgage interest rates.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/prime_rate]]></link>
</item>
<item>
<title><![CDATA[principal]]></title>
<description><![CDATA[The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/principal]]></link>
</item>
<item>
<title><![CDATA[principal balance]]></title>
<description><![CDATA[The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/principal_balance]]></link>
</item>
<item>
<title><![CDATA[principal interest taxes and insurance PITI]]></title>
<description><![CDATA[The four components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/principal,_interest,_taxes_and_insurance_(PITI)]]></link>
</item>
<item>
<title><![CDATA[principal interest taxes and insurance PITI]]></title>
<description><![CDATA[The four components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/principal,_interest,_taxes,_and_insurance_(PITI)]]></link>
</item>
<item>
<title><![CDATA[principle of conformity]]></title>
<description><![CDATA[An appraisal principle which holds that the maximum value is realized when a reasonable degree of homogeneity sameness exists in a neighborhood.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/principle_of_conformity]]></link>
</item>
<item>
<title><![CDATA[private mortgage insurance MI]]></title>
<description><![CDATA[Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loantovalue LTV percentage in excess of 80 percent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/private_mortgage_insurance_(MI)]]></link>
</item>
<item>
<title><![CDATA[private mortgage insurance PMI]]></title>
<description><![CDATA[Default insurance on conventional loans normally insuring the top 2025 of the loan and not the whole loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/private_mortgage_insurance_(PMI)]]></link>
</item>
<item>
<title><![CDATA[promissory note]]></title>
<description><![CDATA[A written promise to repay a specified amount over a specified period of time.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/promissory_note]]></link>
</item>
<item>
<title><![CDATA[promulgated contracts]]></title>
<description><![CDATA[The Texas Real Estate Commission has prepared and authorized various standard contracts which must be used by all licensees when acting as agents in real estate transactions with limited exceptions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/promulgated_contracts]]></link>
</item>
<item>
<title><![CDATA[property taxes]]></title>
<description><![CDATA[Taxes that are paid yearly on real property.  Property taxes are ad valorem based on the assessed value of the real property.  In Texas the assessed value is determined by the County Appraisal District.  Each taxing authority multiplies this appraised value by its annual tax rate.  Taxing authorities include local school districts counties cities water districtsMUDs PUDs LIDs etc. and other special tax districts.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/property_taxes]]></link>
</item>
<item>
<title><![CDATA[prorate]]></title>
<description><![CDATA[To divide or distribute proportionally. At closing various expenses such as taxes insurance interest rents etc. are prorated between the seller and buyer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/pro-rate]]></link>
</item>
<item>
<title><![CDATA[public auction]]></title>
<description><![CDATA[A meeting in an announced public location to sell property to repay a mortgage that is in default.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/public_auction]]></link>
</item>
<item>
<title><![CDATA[Public Utility District PUD]]></title>
<description><![CDATA[A water district created by a city or county promoting development of a designated area by providing water and sewer services.  The PUD operates in the same manner as a Municipal Utility District but is created by a local government not a private developer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Public_Utility_District_(PUD)]]></link>
</item>
<item>
<title><![CDATA[PUD]]></title>
<description><![CDATA[Acronym  planned unit development.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PUD]]></link>
</item>
<item>
<title><![CDATA[PUD  Planned Unit Development]]></title>
<description><![CDATA[A project or subdivision that includes common property that is owned and maintained by a homeowners association for the benefit and use of the individual PUD unit owners.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PUD_-_Planned_Unit_Development]]></link>
</item>
<item>
<title><![CDATA[PUD Planned Unit Development]]></title>
<description><![CDATA[A project or subdivision that includes common property that is owned and maintained by a homeowners association for the benefit and use of the individual PUD unit owners.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/PUD_(Planned_Unit_Development)]]></link>
</item>
<item>
<title><![CDATA[puffing]]></title>
<description><![CDATA[Nonfactual or extravagant statements and opinions made to enhance the perceived desirability of a property. The is a fine line between legal puffing and illegal misrepresentation and puffing is best avoided. An example of puffing would be This home has the best view in the city. Also known as puffery.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/puffing]]></link>
</item>
<item>
<title><![CDATA[purchase and sale agreement]]></title>
<description><![CDATA[A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/purchase_and_sale_agreement]]></link>
</item>
<item>
<title><![CDATA[purchase money transaction]]></title>
<description><![CDATA[The acquisition of property through the payment of money or its equivalent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/purchase_money_transaction]]></link>
</item>
<item>
<title><![CDATA[purchase offer]]></title>
<description><![CDATA[A document that lists the price terms and conditions under which a buyer is willing to purchase a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/purchase_offer]]></link>
</item>
<item>
<title><![CDATA[qualify]]></title>
<description><![CDATA[To meet a mortgage lenders approval requirements.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/qualify]]></link>
</item>
<item>
<title><![CDATA[qualifying ratios]]></title>
<description><![CDATA[Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/qualifying_ratios]]></link>
</item>
<item>
<title><![CDATA[quiet enjoyment]]></title>
<description><![CDATA[The right of a property owner or tenant to enjoy his or her property without interference.  Disruption of quiet enjoyment may constitute a nuisance. Leases and rental agreements often contain a covenant of quiet enjoymentexpressly obligating the landlord to see that tenants have the opportunity to live undisturbed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/quiet_enjoyment]]></link>
</item>
<item>
<title><![CDATA[quitclaim deed]]></title>
<description><![CDATA[A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/quitclaim_deed]]></link>
</item>
<item>
<title><![CDATA[radon]]></title>
<description><![CDATA[A radioactive gas found in some homes that in sufficient concentrations can cause health problems.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/radon]]></link>
</item>
<item>
<title><![CDATA[rate lock]]></title>
<description><![CDATA[A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. See lockin.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rate_lock]]></link>
</item>
<item>
<title><![CDATA[rateimprovement mortgage]]></title>
<description><![CDATA[A fixedrate mortgage that includes a provision that gives the borrower a onetime option to reduce the interest rate without refinancing during the early years of the mortgage term.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rate-improvement_mortgage]]></link>
</item>
<item>
<title><![CDATA[ready willing and able]]></title>
<description><![CDATA[A buyer who is prepared to buy on the sellers terms and has the financial capacity to do so.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/ready,_willing_and_able]]></link>
</item>
<item>
<title><![CDATA[real estate]]></title>
<description><![CDATA[Refers to land and improvements and the rights to own or use them. A leasehold as well as any other interest or estate in land whether corporeal incorporeal freehold or nonfreehold and whether the real estate is situated in this state or elsewhere.TRELA Section 21 In popular usage Real Estate is used interchangeably with real property and realty.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/real_estate]]></link>
</item>
<item>
<title><![CDATA[real estate agent]]></title>
<description><![CDATA[A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/real_estate_agent]]></link>
</item>
<item>
<title><![CDATA[Real Estate Appraiser licensed]]></title>
<description><![CDATA[A person licensed to legally appraise real estate property for a fee.  Texas has required its appraiser be licensed since 1939.  In 1991 the responsibility for licensing real estate appraisers was transfered from the Texas Real Estate Commission to a newly formed Texas Appraiser Licensing and Certification Board TALCB.  There are several classes of licensed real estate appraisers with the highest classification  Certified General RE Appraiser requiring a minimum of 180 classroom hours and 3000 hours ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Appraiser,_licensed]]></link>
</item>
<item>
<title><![CDATA[real estate board]]></title>
<description><![CDATA[A non profit organization representing local real estate agents/brokers and salespeople which provides services to its members and maintains and operates the Multiple Listing Service in the community.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/real_estate_board]]></link>
</item>
<item>
<title><![CDATA[Real Estate Broker licensed]]></title>
<description><![CDATA[To be eligible to apply for a real estate Broker License an individual must have not less than two 2 years active experience in Texas as a licensed real estate salesperson and 180 classroom hours of core real estate coursesplus an additional 720 classroom hours in related courses acceptable to the Commission.  The applicant must also pass the TREC Real Estate Brokers exam and then continue to maintain his license with mandatory continuing education MCE courses .]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Broker,_licensed]]></link>
</item>
<item>
<title><![CDATA[Real Estate Center]]></title>
<description><![CDATA[In 1971 the Texas Real Estate Research Center was created by the state legislature. It is located on the campus of Texas AM University and is part of the Lowry Mays College and Graduate School of Business. Today the shortened Real Estate Center name is used.  The mission of the Real Estate Center is to conduct real estate related research based on needs of the Texas citizenry and disseminate the results and findings.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Center]]></link>
</item>
<item>
<title><![CDATA[Real Estate Inspector licensed]]></title>
<description><![CDATA[A Licensed Real Estate Inspector is someone who is licensed by TREC who holds himself out to the public as being trained and qualified to inspect property. Formerly known as Registered Real Estate Inspector before January 1 1996.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Inspector,_licensed]]></link>
</item>
<item>
<title><![CDATA[Real Estate Salesperson licensed]]></title>
<description><![CDATA[To be eligible to apply for a real estate Salesperson License an individual must complete core education courses in Principles of Real Estate  Law of Agency and Law of Contracts.  An additional six 6 semester 90 classroom hours must be completed in core courses or in related courses acceptable to the Commission. The applicant must also pass the TREC Real Estate Salespersons exam and then continue to maintain his license with mandatory continuing education MCE courses.  Recently licensed real estat]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Salesperson,_licensed]]></link>
</item>
<item>
<title><![CDATA[Real Estate Settlement Procedures Act RESPA]]></title>
<description><![CDATA[A consumer protection law that requires lenders to give borrowers advance notice of closing costs.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Real_Estate_Settlement_Procedures_Act_(RESPA)]]></link>
</item>
<item>
<title><![CDATA[real property]]></title>
<description><![CDATA[Land and appurtenances including anything of a permanent nature such as structures trees minerals and the interest benefits and inherent rights thereof.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/real_property]]></link>
</item>
<item>
<title><![CDATA[REALTOR]]></title>
<description><![CDATA[A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION of REALTORS.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/REALTOR]]></link>
</item>
<item>
<title><![CDATA[realty]]></title>
<description><![CDATA[Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/realty]]></link>
</item>
<item>
<title><![CDATA[receiver]]></title>
<description><![CDATA[Courtappointed custodian who holds property for the court pending final disposition of the matter before the court.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/receiver]]></link>
</item>
<item>
<title><![CDATA[recission]]></title>
<description><![CDATA[The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/recission]]></link>
</item>
<item>
<title><![CDATA[recorded plat]]></title>
<description><![CDATA[A subdivision map filed with the county recorders office that shows the location and boundaries lot and block number of individual parcels of land. Contrast with government survey method and metes and bounds.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/recorded_plat]]></link>
</item>
<item>
<title><![CDATA[recorder]]></title>
<description><![CDATA[The public official who keeps records of transactions that affect real property in the area. Sometimes known as a Registrar of Deedsor County Clerk.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/recorder]]></link>
</item>
<item>
<title><![CDATA[recording]]></title>
<description><![CDATA[The noting in the registrars office of the details of a properly executed legal document such as a deed a mortgage note a satisfaction of mortgage or an extension of mortgage thereby making it a part of the public record.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/recording]]></link>
</item>
<item>
<title><![CDATA[recovery fund]]></title>
<description><![CDATA[A fund maintained by the Texas Real Estate Commission which upon court order is used to reimburse the public for monetary loss due to illegal acts of licensees.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/recovery_fund]]></link>
</item>
<item>
<title><![CDATA[redlining]]></title>
<description><![CDATA[The illegal practice of refusing to originate mortgage loans or limiting their number in certain neighborhoods on the basis of racial or ethnic composition. See Fair Housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/redlining]]></link>
</item>
<item>
<title><![CDATA[refinance transaction]]></title>
<description><![CDATA[The process of paying off one loan with the proceeds from a new loan using the same property as security.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/refinance_transaction]]></link>
</item>
<item>
<title><![CDATA[refinancing]]></title>
<description><![CDATA[To apply for a new mortgage in order to gain better terms usually either a lower interest rate or a different principal amount.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/refinancing]]></link>
</item>
<item>
<title><![CDATA[Regulation Z]]></title>
<description><![CDATA[Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan including interest rates expressed as an annual percentage rate APR.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Regulation_'Z']]></link>
</item>
<item>
<title><![CDATA[rehabilitation mortgage]]></title>
<description><![CDATA[A mortgage created to cover the costs of repairing improving and sometimes acquiring an existing property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rehabilitation_mortgage]]></link>
</item>
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<title><![CDATA[RELA]]></title>
<description><![CDATA[Real Estate License Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/RELA]]></link>
</item>
<item>
<title><![CDATA[release]]></title>
<description><![CDATA[To relinquish an interest or claim to a piece of property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/release]]></link>
</item>
<item>
<title><![CDATA[remainder]]></title>
<description><![CDATA[The future interest in an estate which takes effect after the termination of another estate such as a life estate what is left at the termination of a life estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/remainder]]></link>
</item>
<item>
<title><![CDATA[remaining balance]]></title>
<description><![CDATA[The amount of principal that has not yet been repaid. See principal balance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/remaining_balance]]></link>
</item>
<item>
<title><![CDATA[remaining term]]></title>
<description><![CDATA[The original amortization term minus the number of payments that have been applied.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/remaining_term]]></link>
</item>
<item>
<title><![CDATA[rent control]]></title>
<description><![CDATA[Laws that limit the amount of rent landlords may charge and that state when and by how much the rent can be raised. Most rent control laws also require a landlord to provide a good reason such as repeatedly late rent for evicting a tenant. Rent control exists in some cities and counties in California Maryland New Jersey New York and Washington D.C.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rent_control]]></link>
</item>
<item>
<title><![CDATA[rent loss insurance]]></title>
<description><![CDATA[Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rent_loss_insurance]]></link>
</item>
<item>
<title><![CDATA[rent with option to buy]]></title>
<description><![CDATA[See leasepurchase mortgage loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/rent_with_option_to_buy]]></link>
</item>
<item>
<title><![CDATA[repayment plan]]></title>
<description><![CDATA[An arrangement made to repay delinquent installments or advances. Lenders formal repayment plans are called relief provisions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/repayment_plan]]></link>
</item>
<item>
<title><![CDATA[replacement reserve fund]]></title>
<description><![CDATA[A fund set aside for replacement of common property in a condominium PUD or cooperative project  particularly that which has a short life expectancy such as carpeting furniture etc.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/replacement_reserve_fund]]></link>
</item>
<item>
<title><![CDATA[reservation]]></title>
<description><![CDATA[A right reserved by a grantor in the sale or lease of a property. In a sale the title of all property passes to the grantee but the use may be reserved for the grantor. Contrast with exception.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/reservation]]></link>
</item>
<item>
<title><![CDATA[reserves]]></title>
<description><![CDATA[Amounts of money set aside by a mortgage company to assure payment of property taxes homeowners association dues and insurance premiums.  The money is kept in an escrow account]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/reserves]]></link>
</item>
<item>
<title><![CDATA[RESPA]]></title>
<description><![CDATA[Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing and is intended to make borrowers more knowledgeable about possible costs and charges.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/RESPA]]></link>
</item>
<item>
<title><![CDATA[restrictions]]></title>
<description><![CDATA[Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/restrictions]]></link>
</item>
<item>
<title><![CDATA[revolving liability]]></title>
<description><![CDATA[A credit arrangement such as a credit card that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/revolving_liability]]></link>
</item>
<item>
<title><![CDATA[right of first refusal]]></title>
<description><![CDATA[A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/right_of_first_refusal]]></link>
</item>
<item>
<title><![CDATA[right of ingress or egress]]></title>
<description><![CDATA[The right to enter or leave designated premises.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/right_of_ingress_or_egress]]></link>
</item>
<item>
<title><![CDATA[right of survivorship]]></title>
<description><![CDATA[In joint tenancy the right of survivors to acquire the interest of a deceased joint tenant.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/right_of_survivorship]]></link>
</item>
<item>
<title><![CDATA[riparian owner]]></title>
<description><![CDATA[One who owns land bounding upon a river or water course stream creek bayou etc..]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/riparian_owner]]></link>
</item>
<item>
<title><![CDATA[Road Utility District RUD]]></title>
<description><![CDATA[Pursuant to Article III Section 52 of the Texas Constitution a Road Utility District may be created to construct acquire improve and provide financing for a road facility.  The term road facility is defined as a road constructed acquired or improved by a district or property an easement or work constructed acquired or improved by a district and necessary or appropriate for or in aid of the improvement of a river creek or stream to prevent overflow or the construction and maintenance of a po]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Road_Utility_District_(RUD)]]></link>
</item>
<item>
<title><![CDATA[running with the land]]></title>
<description><![CDATA[A phrase used in property law to describe a right or duty that remains with a piece of property no matter who owns it. For example the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/running_with_the_land]]></link>
</item>
<item>
<title><![CDATA[Rural Fire Prevention District RFPD]]></title>
<description><![CDATA[A special taxing district created to provide rural residents with firefighting fire prevention and other emergency services.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Rural_Fire_Prevention_District_(RFPD)]]></link>
</item>
<item>
<title><![CDATA[Rural Housing Service RHS]]></title>
<description><![CDATA[An agency within the Department of Agriculture which operates principally under the Consolidated Farm and Rural Development Act of 1921 and Title V of the Housing Act of 1949. This agency provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. Funds are borrowed from the U.S. Treasury.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Rural_Housing_Service_(RHS)]]></link>
</item>
<item>
<title><![CDATA[SAE]]></title>
<description><![CDATA[Acronym   Salesperson Annual Education]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/SAE]]></link>
</item>
<item>
<title><![CDATA[saleleaseback]]></title>
<description><![CDATA[A technique in which a seller deeds property to a buyer for a consideration and the buyer simultaneously leases the property back to the seller.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/sale-leaseback]]></link>
</item>
<item>
<title><![CDATA[sales contract]]></title>
<description><![CDATA[A written agreement stating the terms of the sale agreed to by both buyer and seller. TREC promulgated standard contracts must be used by all licensees with certain limited exceptions. See earnest money contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/sales_contract]]></link>
</item>
<item>
<title><![CDATA[Salesperson Annual Education SAE]]></title>
<description><![CDATA[A real estate salesperson is required to complete a total of 18 semester 270 classroom hours of education by the end of their third year of licensure.  All active and inactive salespersons who are under the SAE requirement must show evidence of having completed a minimum of 30 hours in core or related real estate education each year or until a total of 270 classroom hours have been completed. At least 180 hours of the 270 must be in core real estate.  Therefore the other 90 hours may be in related. Evid]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Salesperson_Annual_Education_(SAE)]]></link>
</item>
<item>
<title><![CDATA[second mortgage]]></title>
<description><![CDATA[A mortgage that has a lien position subordinate to the first mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/second_mortgage]]></link>
</item>
<item>
<title><![CDATA[secondary mortgage market]]></title>
<description><![CDATA[The buying and selling of existing mortgages.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/secondary_mortgage_market]]></link>
</item>
<item>
<title><![CDATA[secured loan]]></title>
<description><![CDATA[A loan that is backed by collateral.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/secured_loan]]></link>
</item>
<item>
<title><![CDATA[security]]></title>
<description><![CDATA[The property that will be pledged as collateral for a loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/security]]></link>
</item>
<item>
<title><![CDATA[security deposit]]></title>
<description><![CDATA[A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent the landlord can use the security deposit to cover what the tenant owes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/security_deposit]]></link>
</item>
<item>
<title><![CDATA[security interest]]></title>
<description><![CDATA[An interest that a lender takes in the borrowers property to assure repayment of a debt.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/security_interest]]></link>
</item>
<item>
<title><![CDATA[self amortized loan]]></title>
<description><![CDATA[A loan which will retire the debt by systematic payments of principal and interest so that at the end of the loan period the balance will be zero.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/self_amortized_loan]]></link>
</item>
<item>
<title><![CDATA[seller takeback]]></title>
<description><![CDATA[An agreement in which the owner of a property provides financing often in combination with an assumable mortgage. See owner financing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/seller_take-back]]></link>
</item>
<item>
<title><![CDATA[servicer]]></title>
<description><![CDATA[An organization that collects principal and interest payments from borrowers and manages borrowers escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/servicer]]></link>
</item>
<item>
<title><![CDATA[servicing]]></title>
<description><![CDATA[The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/servicing]]></link>
</item>
<item>
<title><![CDATA[servicing a loan]]></title>
<description><![CDATA[The ongoing process of collecting your monthly mortgage payment including accounting for and payment of your yearly tax and/or homeowners insurance bills.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/servicing_a_loan]]></link>
</item>
<item>
<title><![CDATA[servient tenement]]></title>
<description><![CDATA[Property that is subject to use by another for a specific purpose. For example a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/servient_tenement]]></link>
</item>
<item>
<title><![CDATA[setback]]></title>
<description><![CDATA[The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/setback]]></link>
</item>
<item>
<title><![CDATA[settlement]]></title>
<description><![CDATA[See closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/settlement]]></link>
</item>
<item>
<title><![CDATA[settlement sheet]]></title>
<description><![CDATA[See HUD1 statement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/settlement_sheet]]></link>
</item>
<item>
<title><![CDATA[shared equity mortgage]]></title>
<description><![CDATA[A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold the lender is entitled to a portion of the proceeds.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/shared_equity_mortgage]]></link>
</item>
<item>
<title><![CDATA[short sale of house]]></title>
<description><![CDATA[A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.  Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale the lender can avoid a lengthy and costly foreclosure and the owner is able to pay off the loan for less than what he owes. See also deed in lieu or foreclosure.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/short_sale_(of_house)]]></link>
</item>
<item>
<title><![CDATA[simple interest]]></title>
<description><![CDATA[Interest computed only on the principal balance. Contrast with compound interest.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/simple_interest]]></link>
</item>
<item>
<title><![CDATA[singlefamily home]]></title>
<description><![CDATA[A freestanding residential structure designed to accomodate one family.  Singlefamily homes include traditional houses as well as patio homes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/single-family_home]]></link>
</item>
<item>
<title><![CDATA[singlefamily properties]]></title>
<description><![CDATA[One to fourunit properties including detached homes townhomes condominiums and cooperatives.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/single-family_properties]]></link>
</item>
<item>
<title><![CDATA[special deposit account]]></title>
<description><![CDATA[An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/special_deposit_account]]></link>
</item>
<item>
<title><![CDATA[special warranty deed]]></title>
<description><![CDATA[A warranty deed which instead of warranting the title from sovereignty of the soil to the last grantee merely warrants the title against every person whomsoever lawfully claiming or to claim the same or any part thereof by through or under the grantor.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/special_warranty_deed]]></link>
</item>
<item>
<title><![CDATA[specific lien]]></title>
<description><![CDATA[A claim that only applies to or affects a certain property or group of properties. Contrast with general lien.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/specific_lien]]></link>
</item>
<item>
<title><![CDATA[specific performance]]></title>
<description><![CDATA[Carrying out of the precise terms agreed upon in a contract. Also see suit for specific performance.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/specific_performance]]></link>
</item>
<item>
<title><![CDATA[spite fence]]></title>
<description><![CDATA[An unsightly fence erected for no other purpose than to irritate a neighbor. Such a fence may be illegal under local fence height and appearance regulations or state laws that specifically bar spite fences. Even if it doesnt violate regulation or laws the fence may still be illegal if it was built with malicious intent.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/spite_fence]]></link>
</item>
<item>
<title><![CDATA[standard payment calculation]]></title>
<description><![CDATA[The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/standard_payment_calculation]]></link>
</item>
<item>
<title><![CDATA[Statute of Frauds]]></title>
<description><![CDATA[The law which requires among other things that all contracts transferring real estate or for the leasing of property for over one year must be in writing to be enforceable.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Statute_of_Frauds]]></link>
</item>
<item>
<title><![CDATA[statutory year]]></title>
<description><![CDATA[A year composed of twelve months each with thirty 30 days for a total of 360 days in a statutory year. Also known as a bankers year. Contrast with calendar year.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/statutory_year]]></link>
</item>
<item>
<title><![CDATA[steering]]></title>
<description><![CDATA[The illegal practice of directing members of minority groups to or away from certain areas or neighborhoods channeling. See Fair Housing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/steering]]></link>
</item>
<item>
<title><![CDATA[steprate mortgage]]></title>
<description><![CDATA[A mortgage that allows for the interest rate to increase according to a specified schedule i.e. seven years resulting in increased payments as well. At the end of the specified period the rate and payments will remain constant for the remainder of the loan.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/step-rate_mortgage]]></link>
</item>
<item>
<title><![CDATA[subdivision]]></title>
<description><![CDATA[A housing development that is created by dividing a tract of land into individual lots for sale or lease.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/subdivision]]></link>
</item>
<item>
<title><![CDATA[subject to mortgage]]></title>
<description><![CDATA[The buyer of an already mortgaged property makes the payments but does not take personal responsibility for the loan. Should the mortgage be foreclosed and the property sold for a lesser amount than is owed the granteebuyer is not personally liable for the deficiency but the grantorseller is. Contrast with assumption of mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/subject_to_mortgage]]></link>
</item>
<item>
<title><![CDATA[sublease]]></title>
<description><![CDATA[A rental agreement or lease between a tenant and a new tenant called a sublessee who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant.  The tenant is still completely responsible to the landlord for the rent and for any damage including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare with assignment.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/sublease]]></link>
</item>
<item>
<title><![CDATA[subordinate financing]]></title>
<description><![CDATA[Any mortgage or other lien that has a priority that is lower than that of the first mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/subordinate_financing]]></link>
</item>
<item>
<title><![CDATA[subpoena]]></title>
<description><![CDATA[A legal process ordering a witness to appear and give testimony or to present documents under penalty of law. TREC has subpoena powers.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/subpoena]]></link>
</item>
<item>
<title><![CDATA[subsidized second mortgage]]></title>
<description><![CDATA[An alternative financing option known as the Community Seconds mortgage for low and moderateincome households. An investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state county or local housing agency foundation or nonprofit corporation. Payment on the second mortgage is often deferred and carries a very low interest rate or no interest rate. Part of the debt may be forgiven incrementally for each year the buyer remains in the]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/subsidized_second_mortgage]]></link>
</item>
<item>
<title><![CDATA[substitution principle of]]></title>
<description><![CDATA[The principle which states that a buyer will pay no more for a property than the cost of an equally desirable alternative property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/substitution,_principle_of]]></link>
</item>
<item>
<title><![CDATA[succession]]></title>
<description><![CDATA[The passing of property or legal rights after death. The word commonly refers to the distribution of property under a states intestate succession laws which determine who inherits property when someone dies without a valid will. When used in connection with real estate the word refers to the passing of property by will or inheritance as opposed to gift grant or purchase.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/succession]]></link>
</item>
<item>
<title><![CDATA[suit for specific performance]]></title>
<description><![CDATA[A legal action brought by either a buyer or a seller to enforce performance of the terms of a contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/suit_for_specific_performance]]></link>
</item>
<item>
<title><![CDATA[survey]]></title>
<description><![CDATA[A drawing or map showing the precise legal boundaries of a property the location of improvements easements rights of way encroachments and other physical features.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/survey]]></link>
</item>
<item>
<title><![CDATA[sweat equity]]></title>
<description><![CDATA[Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/sweat_equity]]></link>
</item>
<item>
<title><![CDATA[taking]]></title>
<description><![CDATA[See eminent domain.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/taking]]></link>
</item>
<item>
<title><![CDATA[TALCB]]></title>
<description><![CDATA[Acronym  Texas Appraiser Licensing and Certification Board]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/TALCB]]></link>
</item>
<item>
<title><![CDATA[tenancy by the entirety]]></title>
<description><![CDATA[A type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife. Contrast with tenancy in common.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenancy_by_the_entirety]]></link>
</item>
<item>
<title><![CDATA[tenancy in common]]></title>
<description><![CDATA[A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenancy.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenancy_in_common]]></link>
</item>
<item>
<title><![CDATA[tenant]]></title>
<description><![CDATA[Anyone including a corporation who rents real property with or without a house or structure from the owner called the landlord. The tenant may also be called the lessee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenant]]></link>
</item>
<item>
<title><![CDATA[tenants in common]]></title>
<description><![CDATA[See tenancy in common.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenants_in_common]]></link>
</item>
<item>
<title><![CDATA[tenantstockholder]]></title>
<description><![CDATA[The obligee for a cooperative share loan who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenant-stockholder]]></link>
</item>
<item>
<title><![CDATA[tenement]]></title>
<description><![CDATA[Everything that may be occupied under a lease by a tenant.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/tenement]]></link>
</item>
<item>
<title><![CDATA[term]]></title>
<description><![CDATA[The actual life of a mortgage at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/term]]></link>
</item>
<item>
<title><![CDATA[Texas Appraiser Licensing and Certification Board TALCB]]></title>
<description><![CDATA[A regulatory agency of the State of Texas the TALCB was created in 1991 to license certify and regulate real estate appraisers in Texas under state and federal laws. It superseded the Texas Real Estate Appraiser Certification Committee of the Texas Real Estate Commission.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Appraiser_Licensing_and_Certification_Board_(TALCB)]]></link>
</item>
<item>
<title><![CDATA[Texas Deceptive Trade Practices  Consumer Protection Act]]></title>
<description><![CDATA[Makes it illegal for false misleading or deceptive acts or practices in the advertising offering for sale selling or leasing of any real or personal property. The Act provides for civil penalties and in some cases for mandatory triple damages and attorney fees for the aggrieved party. Also see Deceptive Trade Practices Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Deceptive_Trade_Practices_-_Consumer_Protection_Act]]></link>
</item>
<item>
<title><![CDATA[Texas Housing Agency THA]]></title>
<description><![CDATA[Created in 1979 the THA issues tax exempt mortgage revenue bonds. The funds may be used to purchase existing mortgages from lending institutions to purchase new mortgage loans or to make direct loans to qualified housing sponsors who are recommended by a lending institution. The agency does not actually originate mortgages but issues commitments to lenders to purchase mortgages that meet all the agencys requirements. This is known as a forward commitment program.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Housing_Agency_(THA)]]></link>
</item>
<item>
<title><![CDATA[Texas Natural Resource Conservation Commission TNRCC]]></title>
<description><![CDATA[The TNRCC is the lead environmental agency for The State of Texas.  Its mission is to protect the states human and natural resources consistent with sustainable economic development. Goals include clean air clean water and the safe management of waste.  The TNRCC is responsible for the general supervision and oversight of water districts and utilities including the processing of petitions to create a district and applications to approve a utility service area. In addition the agency maintains approval ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Natural_Resource_Conservation_Commission_(TNRCC)]]></link>
</item>
<item>
<title><![CDATA[Texas Real Estate Commission TREC]]></title>
<description><![CDATA[The state regulatory agency responsible for the education and licensing of Real Estate Brokers Inspectors and Salespersons.  TREC also provides enforcement of the Texas Real Estate License Act the Rules of the of the Real Estate Commission the Texas Timeshare Act and the Residential Service Company Act.  The mission of the Texas Real Estate Commission is to assist and protect consumers of real estate services and foster economic growth in Texas. Through its programs of education licensing and industry ]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Real_Estate_Commission_(TREC)]]></link>
</item>
<item>
<title><![CDATA[Texas Real Estate License Act TRELA]]></title>
<description><![CDATA[The law which established the Texas Real Estate Commission and governs the licensure and lawful behavior of Real Estate Brokers and Salespersons.  The Texas Real Estate License Act may be amended by the State Legislature as it deems necessary.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Real_Estate_License_Act_(TRELA)]]></link>
</item>
<item>
<title><![CDATA[Texas Veterans Home Improvement Program]]></title>
<description><![CDATA[This program assists Texas veterans in the repair and improvement of their principle residence by providing low interest home improvement loans up to 15000.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Veterans_Home_Improvement_Program]]></link>
</item>
<item>
<title><![CDATA[Texas Veterans Housing Assistance Program VHAP]]></title>
<description><![CDATA[Established by a constitutional amendment in 1984 the VHAP assists Texas veterans in the purchase of a principal residence.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Veterans_Housing_Assistance_Program_(VHAP)]]></link>
</item>
<item>
<title><![CDATA[Texas Veterans Land Program]]></title>
<description><![CDATA[Established by state in 1949 to assist Texas veterans to buy land with a small down payment and with long term mortgages with low interest rates.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Texas_Veterans_Land_Program]]></link>
</item>
<item>
<title><![CDATA[thirdparty origination]]></title>
<description><![CDATA[A rocess by which a lender uses another party to completely or partially originate process underwrite close fund or package the mortgages it plans to deliver to the secondary mortgage market. See mortgage broker.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/third-party_origination]]></link>
</item>
<item>
<title><![CDATA[time is of the essence]]></title>
<description><![CDATA[A clause which if included in a contract makes failure to perform by a specified date a material breach or violation of the contract.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/time_is_of_the_essence]]></link>
</item>
<item>
<title><![CDATA[timeshare]]></title>
<description><![CDATA[An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities or both for a specified period and on a recurring basis. Used primarily for selling vacation properties.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/timeshare]]></link>
</item>
<item>
<title><![CDATA[title]]></title>
<description><![CDATA[A legal document evidencing a persons right to or ownership of a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/title]]></link>
</item>
<item>
<title><![CDATA[title company]]></title>
<description><![CDATA[A company that specializes in examining and insuring titles to real estate.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/title_company]]></link>
</item>
<item>
<title><![CDATA[title insurance]]></title>
<description><![CDATA[Insurance that protects the lender lenders policy or the buyer owners policy against loss arising from disputes over ownership of a property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/title_insurance]]></link>
</item>
<item>
<title><![CDATA[title search]]></title>
<description><![CDATA[A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/title_search]]></link>
</item>
<item>
<title><![CDATA[title theory state]]></title>
<description><![CDATA[The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Texas is not a title theory state. Contrast with lien theory state.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/title_theory_state]]></link>
</item>
<item>
<title><![CDATA[TNRCC]]></title>
<description><![CDATA[See Texas Natural Resource Conservation Commission.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/TNRCC]]></link>
</item>
<item>
<title><![CDATA[torrens system]]></title>
<description><![CDATA[A system of land registration not used in Texas in which clear title is established with a governmental authority which issues title certificates to owners.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/torrens_system]]></link>
</item>
<item>
<title><![CDATA[total expense ratio]]></title>
<description><![CDATA[Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/total_expense_ratio]]></link>
</item>
<item>
<title><![CDATA[townhouse]]></title>
<description><![CDATA[A dwelling unit usually with twothree or four floors and shared structural walls. It can be individually owned a condominium a cooperative a planned unit development or a rental property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/townhouse]]></link>
</item>
<item>
<title><![CDATA[trade equity]]></title>
<description><![CDATA[Equity that results from a property purchaser giving his or her existing property or an asset other than real estate as trade as all or part of the down payment for the property that is being purchased.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/trade_equity]]></link>
</item>
<item>
<title><![CDATA[transaction fee]]></title>
<description><![CDATA[A fee which may be charged each time you draw on a home equity credit line.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/transaction_fee]]></link>
</item>
<item>
<title><![CDATA[transfer of ownership]]></title>
<description><![CDATA[Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/transfer_of_ownership]]></link>
</item>
<item>
<title><![CDATA[transfer tax]]></title>
<description><![CDATA[State or local tax payable when title passes from one owner to another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/transfer_tax]]></link>
</item>
<item>
<title><![CDATA[Treasury index]]></title>
<description><![CDATA[An index that is used to determine interest rate changes for certain adjustablerate mortgage ARM plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasurys daily yield curve which is based on the closing market bid yields on actively traded Treasury securities in the overthecounter market. See adjustablerate mortgage ARM.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Treasury_index]]></link>
</item>
<item>
<title><![CDATA[TREC]]></title>
<description><![CDATA[Acronym  Texas Real Estate Commission.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/TREC]]></link>
</item>
<item>
<title><![CDATA[TRELA]]></title>
<description><![CDATA[Acronym  Texas Real Estate License Act.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/TRELA]]></link>
</item>
<item>
<title><![CDATA[TRERC]]></title>
<description><![CDATA[Acronym  Texas Real Estate Research Center now renamed Real Estate Center.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/TRERC]]></link>
</item>
<item>
<title><![CDATA[triple net lease]]></title>
<description><![CDATA[See net lease.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/triple_net_lease]]></link>
</item>
<item>
<title><![CDATA[trust deed]]></title>
<description><![CDATA[The most common method of financing real estate purchases in California most other states use mortgages. The trust deed transfers the title to the property to a trusteeoften a title companywho holds it as security for a loan. When the loan is paid off the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point the trustee can sell the property and pay the lender from the proceeds.  In Texas it is more commo]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/trust_deed]]></link>
</item>
<item>
<title><![CDATA[trustee]]></title>
<description><![CDATA[A fiduciary who holds or controls property for the benefit of another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/trustee]]></link>
</item>
<item>
<title><![CDATA[TruthinLending]]></title>
<description><![CDATA[A federal law that requires lenders to fully disclose in writing the terms and conditions of a mortgage including the annual percentage rate APR and other charges.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/Truth-in-Lending]]></link>
</item>
<item>
<title><![CDATA[two to fourfamily property]]></title>
<description><![CDATA[A property that consists of a structure that provides living space dwelling units for two to four families although ownership of the structure is evidenced by a single deed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/two-_to_four-family_property]]></link>
</item>
<item>
<title><![CDATA[twostep mortgage]]></title>
<description><![CDATA[An adjustablerate mortgage ARM that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/two-step_mortgage]]></link>
</item>
<item>
<title><![CDATA[underwriting]]></title>
<description><![CDATA[The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrowers creditworthiness and the quality of the property itself.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/underwriting]]></link>
</item>
<item>
<title><![CDATA[unlawful detainer]]></title>
<description><![CDATA[An eviction lawsuit.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/unlawful_detainer]]></link>
</item>
<item>
<title><![CDATA[unsecured loan]]></title>
<description><![CDATA[A loan that is not backed by collateral.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/unsecured_loan]]></link>
</item>
<item>
<title><![CDATA[usufruct]]></title>
<description><![CDATA[The right to use propertyor income from propertythat is owned by another.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/usufruct]]></link>
</item>
<item>
<title><![CDATA[usury]]></title>
<description><![CDATA[Charging more than the rate of interest allowed by law.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/usury]]></link>
</item>
<item>
<title><![CDATA[VA]]></title>
<description><![CDATA[The Veterans Administration a federal agency which guarantees loans made to qualified veterans on approved property.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/VA]]></link>
</item>
<item>
<title><![CDATA[VA mortgage]]></title>
<description><![CDATA[A mortgage that is guaranteed by the Department of Veterans Affairs VA. Also known as a government mortgage.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/VA_mortgage]]></link>
</item>
<item>
<title><![CDATA[vara]]></title>
<description><![CDATA[A measurement of length of 33 1/3 inches in Texas.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/vara]]></link>
</item>
<item>
<title><![CDATA[variable rate]]></title>
<description><![CDATA[An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/variable_rate]]></link>
</item>
<item>
<title><![CDATA[variance]]></title>
<description><![CDATA[An exception to a zoning ordinance usually granted by a local government. For example if you own an oddly shaped lot that could not accommodate a home in accordance with your citys setback requirement you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/variance]]></link>
</item>
<item>
<title><![CDATA[vendee]]></title>
<description><![CDATA[Purchaser.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/vendee]]></link>
</item>
<item>
<title><![CDATA[vendor]]></title>
<description><![CDATA[Seller.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/vendor]]></link>
</item>
<item>
<title><![CDATA[vested]]></title>
<description><![CDATA[Having the right to use a portion of a fund such as an individual retirement fund. For example individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However taxes may be due on any funds that are actually withdrawn.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/vested]]></link>
</item>
<item>
<title><![CDATA[view ordinance]]></title>
<description><![CDATA[A law adopted by some cities or towns with desirable vistassuch as those in the mountains or overlooking the oceanthat protects a property owner from having his or her view obstructed by growing trees. View ordinances dont cover buildings or other structures that may block views.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/view_ordinance]]></link>
</item>
<item>
<title><![CDATA[village acre]]></title>
<description><![CDATA[A lot size used in the Houston area to denote a 40000 square foot parcel.  In the Memorial Villages of Bunker Hill Hedwig Hillshire Hunters Creek Piney Point and Spring Valley lot sizes are often expressed in village acres or a fractions of village acres.  The term was coined by developers who successfully lobbied for slighty smaller minimum lot size requirements in the cities zoning regulations.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/village_acre]]></link>
</item>
<item>
<title><![CDATA[virtual home tour]]></title>
<description><![CDATA[Any method used to provide internet users with a graphical presentation of a home or homes.  Presentations may include web pages java applets streaming video panoramic images and bubble views.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/virtual_home_tour]]></link>
</item>
<item>
<title><![CDATA[void]]></title>
<description><![CDATA[Having no legal force or effect legally invalid.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/void]]></link>
</item>
<item>
<title><![CDATA[voidable]]></title>
<description><![CDATA[A contract which appears valid and enforceable on the surface but may be declared invalid by one of the parties such as a contract entered into by a minor.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/voidable]]></link>
</item>
<item>
<title><![CDATA[waiver]]></title>
<description><![CDATA[The intentional or voluntary relinquishment of a known claim or right.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/waiver]]></link>
</item>
<item>
<title><![CDATA[walk through]]></title>
<description><![CDATA[1 A Buyers onsite inspection of the property being purchased  just prior to closing.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/walk_through]]></link>
</item>
<item>
<title><![CDATA[warranty deed]]></title>
<description><![CDATA[A  type of deed that contains express assurances about the legal validity of the title being transferred.  See general warranty deed andspecial warranty deed.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/warranty_deed]]></link>
</item>
<item>
<title><![CDATA[whatif analysis]]></title>
<description><![CDATA[An affordability analysis that is based on a whatif scenario. A whatif analysis is useful if you do not have complete data or if you want to explore the effect of various changes to your income liabilities or available funds or to the qualifying ratios or down payment expenses that are used in the analysis.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/what-if_analysis]]></link>
</item>
<item>
<title><![CDATA[whatif scenario]]></title>
<description><![CDATA[A change in the amounts that is used as the basis of an affordability analysis. A whatif scenario can include changes to monthly income debts or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a whatif scenario to explore different ways to improve your ability to afford a house.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/what-if_scenario]]></link>
</item>
<item>
<title><![CDATA[wraparound mortgage]]></title>
<description><![CDATA[A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee who then forwards the payments on the first mortgage to the first mortgagee.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/wraparound_mortgage]]></link>
</item>
<item>
<title><![CDATA[writ of execution]]></title>
<description><![CDATA[A court order which authorizes and directs the proper officer of the court usually the sheriff to carry into effect the judgment or decree of the court.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/writ_of_execution]]></link>
</item>
<item>
<title><![CDATA[zero lot line]]></title>
<description><![CDATA[A term generally used to describe the positioning of a structure on a lot so that one side rests directly on the lots boundary line no set back.  Where allowed by zoning and/or deed restrictions it is used for patio homes.]]></description>
<link><![CDATA[http://www.propertyclix.com/real-estate/dictionary/meaning/zero_lot_line]]></link>
</item>
</channel>
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