Definition: the illegal practice of channeling homebuyers interested in equivalent properties to particular areas Pronunciation: Used in a Sentence: Steering buyers away from or to a certain neighborhood i..
Category : S
Definition: an agreement as to the penalty reached between the attorneys for the DRE and the licensee or licensee’s attorney Pronunciation: \ˌsti-pyə-ˈlā-shən\ Used in a Sentence: To be effective, any agreed upon stipulation must be approved by..
Definition: a person authorized to assist and represent the agent and whose duties are delegated by the original agent Pronunciation: \ˈsəbˈā-jənt\ Used in a Sentence: It is customary for listing brokers to delegate certain functions to subagents, such as to show property and solic..
Definition: to segment large, acquired tracts of real property in order to create small tracts for the purpose of resale Pronunciation: \ˌsəb-də-ˈvīd\ Used in a Sentence: The developer decided to subdivide the property into smaller lots in order to get a greater return on his i..
Definition: a plan of a tract of land subdivided into lots and showing required or planned amenities Pronunciation: \ˈsəb-də-ˌvi-zhən\ \ˈplat\ Used in a Sentence: A plat map will show actual dimensions for lots, streets, and other planned imp..
Definition: a reference to the real property under discussion, or the real property under appraisal Pronunciation: \ˈsəb-jikt\ \ˈprä-pər-tē\ Used in a Sentence: The appraisal of the subject property came back higher than an..
Definition: a buyer makes regular periodic payments on the mortgage but does not assume responsibility for the mortgage Pronunciation: Used in a Sentence: When a property is sold subject to the mortgage, the buyer is not personally obligated to pay the deb..
Definition: a lessee leasing a property to a third party for a period of time less than the original lease. Also called subletting. Pronunciation: \ˈsəb-ˈlēs\ Used in a Sentence: When I had to move out of town for business I signed a sublease for my ..
Definition: a written agreement between holders of liens on a property that changes the priority of mortgage, judgement, or other liens under certain circumstances Pronunciation: \sə-bȯr-də-ˈnā-shən\ \ə-ˈgrē-mənt\ Used in a Sentence: The seller of the land agreed to a subordination agreement in order for the land to be ..
Definition: a clause in which the holder of a mortgage permits a subsequent mortgage to take priority Pronunciation: \sə-ˈbȯr-də-ˈnā-shən\ \ˈklȯz\ Used in a Sentence: This clause provides that if a prior mortgage is paid off or renewed, the junior mortgage will continue in its subordinate position and will not automatically become higher or first..