Monday, April 29, 2024, 11:27 AM
Site: America's Real Estate Academy, Inc.
Course: America's Real Estate Academy, Inc. (AREA)
Glossary: Real Estate Glossary
E
estate at sufferanceoccurs when a tenant retains possession of the property after the termination of a lease and fails to pay rent. Because the estate is recognized as a real property right, the tenant must be evicted and cannot be removed as would be case for a trespasser. |
estate for yearsis a lease for a specific period of time. It does not have to be for a full year, but the lease must specify a beginning and end. For example, a lease from March 1st to April 30th would be an estate for years. The estate for years terminates automatically at the end of the lease – no notice is required unless called for in the lease. |
estate in landThe degree, quantity, nature, and extent of interest a person has in real property. |
estate taxesFederal taxes on a decedent's real and personal property. |
excess landpertains to large tracts of residential land properties that financial institutions will not make long-term mortgage loans on – even if there is a residence on the property.
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exclusive-agency buyer agencyOne broker becomes the buyer's agent but the buyer reserves the right to search for properties as well. |
exclusive-agency listing |
exclusive-right-to-sell listingone broker is appointed to the seller's sole agent. The broker is given the exclusive right, or authorization, to market the seller's property. Whether the sellers finds a buyer with or without the broker's assistance, the seller still must pay the broker a commission. |
execute |
executed contractThis is a contract that has been finished fully. All parties have fulfilled their promises. |