Definition: the act of removing something attached to the land or of terminating a relationship Pronunciation: \ˈsev-rən(t)s\ Used in a Sentence: When a fence is removed, there is a severance of the fence from the real..
Definition: a sale of secured real property that produces less money than is owed the lender. The lender releases its mortgage so that the property can be sold free and clear to the new purchaser. Pronunciation: Used in a Sentence: We were able to purchase the house for a low price because it was ..
Definition: the practice of representing either the buyer or the seller but not both in the same transaction Pronunciation: Used in a Sentence: The broker worked as a single agent for the person who wanted to sell th..
Definition: a document that indicates the improvement details for a project of greater-than-average size Pronunciation: \ˈsīt\\ˈplan\ Used in a Sentence: Site plan approval falls under the authority of the city planning c..
Definition: the preferences by people for a certain location Pronunciation: \ˈsī-təs\ Used in a..
Definition: a method of owning a business in which one person owns the entire business Pronunciation: \ˈsōl\ \prə-ˈprī-ə-tər-ship\ Used in a Sentence: A sole proprietorship is frequently used in real estate ..
Definition: one authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent Pronunciation: Used in a Sentence: A real estate broker is ordinarily a special agent appointed by the seller to find a buyer for a particular..
Definition: taxes levied against properties to pay for all, or part of, improvements that will benefit the properties being assessed Pronunciation: \ˈspe-shəl\ \ə-ˈses-mənt\ Used in a Sentence: The homeowners were issued a special assessment to help pay for the cost of new sewer lines being installed in the ..
Definition: permission to build or use property in apparent conflict with existing zoning laws Pronunciation: \ˈspe-shəl\ \ik-ˈsep-shən\ Used in a Sentence: The dentist’s office was granted a special exception to be located in an area near a large mobile home ..
Definition: a lien or charge against a specified parcel of property, such as a mortgage, an attachment , or a mechanic’s lien Pronunciation: \spi-ˈsi-fik\\ˈlēn\ Used in a Sentence: When the builder failed to pay the plumber for the work done, the plumber filed a specific lien against the..