Definition: The cash deposit paid by a prospective buyer of real property as evidence of good-faith intention to complete the transaction. Also called a good-faith deposit or binder deposit. Pronunciation: \ˈər-nəst\ \ˈmə-nē\ Used in a Sentence: We gave the agent an earnest money deposit to show our interest in the..
Category : E
Definition: An interest in land owned by another that entitles its holder to a specific limited use or enjoyment. Pronunciation: \ˈēz-mənt\ Used in a Sentence: Because the lot was landlocked it required an easement to allow acc..
Definition: An easement that runs with the land and benefits an adjacent parcel of land. Pronunciation: \ˈēz-mənt\ \ə-ˈpərt-nənt, -ˈpər-tə-nənt\ Used in a Sentence: Because the property was landlocked, an easement appurtenant was in effect to be able to access..
Definition: An easement created by a court of law in cases where justice and necessity dictate it, especially in a classic landlocked situation. Pronunciation: \ˈēz-mənt\ \ni-ˈse-sə-tē, -ˈses-tē\ Used in a Sentence: When the landowner subdivided the property an easement of necessity was created so the other property owners could still enter and exit their..
Definition: A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use. Pronunciation: \ˈēz-mənt\ \pri-ˈskrip-shən\ Used in a Sentence: The man had used the access road to get to his hunting lodge for over 20 years and thus was granted an easement by pre..
Definition: A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel, for example, a utility easement. Pronunciation: \ˈēz-mənt\ \ˈgrōs\ Used in a Sentence: The utility company got an easement in gross in order to erect power lines on the edge of the..
Definition: A term to describe a means of measuring the economic activity of a community. The ways in which people in a community make their livings. Pronunciation: \ˌe-kə-ˈnä-mik\ Used in a Sentence: The economic base study showed that most of the people in the area were employed by the local manufactur..
Definition: The period of time a property may be expected to be profitable or productive; useful life. Pronunciation: \ˌe-kə-ˈnä-mik\ Used in a Sentence: Based on an analysis, the economic life of the building was determined to be..
Definition: A stipulation in a listing contract requiring the broker to obtain a signed contract from a ready, willing and able buyer on the terms stated. Pronunciation: \i-ˈfekt, e-, ē-, ə-\ Used in a Sentence: The licensee was able to effect a sale to the terms of the contract and was therefore entitled to a c..
Definition: The apparent age of a building based on observed condition rather than chronological age. Pronunciation: \i-ˈfek-tiv, e-, ē-, ə-\ Used in a Sentence: Even though the building was 15 years old, the effective age was determined to b..