Definition: the sale of improved residential property of four or fewer units , the sale of unimproved residential property intended for use as for or fewer units, or the sale of agricultural property of 10 or fewer acres Pronunciation: \ˌre-zə-ˈden(t)-shəl\ Used in a Sentence: The sale of the single family house was a residen..
Definition: a person who answers to an informal complaint proceeding prior to being adjudged innocent or being named as a defendant Pronunciation: \ri-ˈspän-dənt\ Used in a Sentence: The respondent gave his statement regarding the charges brought ag..
Definition: any device or action that controls or limits the use of real property Pronunciation: \ri-ˈstrik-shən\ Used in a Sentence: The deed restriction prohibited RV vehicles from being parked on the..
Definition: conditions placed by developers that affect how the land can be used in an entire subdivision Pronunciation: \ri-ˈstrik-tiv\ \ˈkəv-nənt\ Used in a Sentence: The restrictive covenants in the development specified the size of the houses that could..
Definition: a form of mortgage that enables elderly homeowners to borrow against the equity in their homes so they can receive monthly payments to help meet living expenses Pronunciation: \ri-ˈvərs\ \ˈmȯr-gij\ Used in a Sentence: My grandparents took out a reverse mortgage on their home so they could have extra money e..
Definition: the returning of property to a former owner or to a person who received the right to it when the former owner died Pronunciation: \ri-ˈvər-zhən\ Used in a Sentence: John had an estate in reversion as the property would return to him upon the death of h..
Definition: to cancel, rescind, annul, or make void: the permanent cancellation of a person’s license Pronunciation: \ˌre-və-ˈkā-shən\ Used in a Sentence: The most severe type of administrative penalty the FREC is authorized to impose is revocation of ..
Definition: a legal concept whereby the surviving owners of a joint interest in real property are entitled to the interest formerly owned by one or more deceased owners without the need for probabe proceedings Pronunciation: \ˈsu̇r-ˈvī-vər-ˌship\ Used in a Sentence: A joint tenancy is characterized by the right of sur..
Definition: a leasehold interest in a time-share unit based on the limited time specified in the agreement; the legal right to use or occupy a property Pronunciation: Used in a Sentence: Our time-share agreement gave us the right-to-use the unit for two weeks ..
Definition: those rights and obligations that are incidental to ownership of land adjacent to or abutting on watercourses such as streams and rivers; includes bathing, boating and dockage in accordance with state and federal statutes Pronunciation: \rə-ˈper-ē-ən\ Used in a Sentence: Because our property was located on the banks of the river, we had riparian ..