Definition: a written employment agreement between a property owner and a real estate broker or sales agent authorizing the broker/agent to find a buyer or tenant for certain real property Pronunciation: \ˈlis-tiŋ\ Used in a Sentence: It is important that all owners of record sign the listing ..
Definition: a lawsuit; the act of carrying on a lawsuit; a case before a court of law Pronunciation: \ˌli-tə-ˈgā-shən\ Used in a Sentence: The seller started litigation against the buyer when they could not agree on the disposition of the earn..
Definition: legal rights related to land abutting an ocean, sea or lake, usually extending to the high-water mark Pronunciation: ˈli-tə-rəl; ˌli-tə-ˈral, -ˈräl\ \ˈrīt\ Used in a Sentence: Since the land was located next to a lake the owner had littoral rights to the property extending to the waterR..
Definition: a charge by a lender for taking a mortgage in exchange for a loan Pronunciation: \-ˌri-jə-ˈnā-shən\ Used in a Sentence: The loan origination fee is indicated on the settlement statement provided at th..
Definition: an additional source of income for lenders. Servicing fees are based on the unpaid balance of loans serviced. Pronunciation: Used in a Sentence: Loan payment collection and recordkeeping for mortgages is part of loan servicing that lenders charge ..
Definition: the relationship between the amount borrowed and either the appraised value or sale price (whichever is lower) of a property Pronunciation: Used in a Sentence: The higher the LTV, the lower the lender’s safety cushion should the borrowe..
Definition: a type of legal description of land Pronunciation: Used in a Sentence: The new subdivision used a lot and block map for us to choose a home site for building our ..
Definition: a provision in a mortgage agreement that requires borrowers to maintain mortgaged property in good condition Pronunciation: \ˈmānt-nən(t)s, ˈmān-tə-nən(t)s\ \ˈklȯz\ Used in a Sentence: When the homeowner did not keep his property in good condition he violated the maintenance clause in his mortgage ..
Definition: the age at which a person is no longer a minor and is thus able to enter freely into contracts, in most states the age is 18. Pronunciation: \mə-ˈjȯr-ə-tē, -ˈjär-\ Used in a Sentence: The majority age to enter into a contract in Flor..
Definition: the fixed component that is added to the index to calculate the interest rate in an adjustable rate mortgage. Pronunciation: \ˈmär-jən\ Used in a Sentence: Generally, the margin stays constant during the life of..