Saturday, May 4, 2024, 11:53 AM
Site: America's Real Estate Academy, Inc.
Course: America's Real Estate Academy, Inc. (AREA)
Glossary: Real Estate Glossary
H
habendum clauseis not an essential requirement of a deed but if used will follow the granting clause and define or limit the interest being transferred. The habendum clause begins with the words “to have and to hold.” |
Handicap
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headrightsThe earliest property descriptions in Georgia in the eastern area used the headrights approach, which depends on natural boundaries and markers. |
heterogeneityThe uniqueness of land. No two parcels of land are ever exactly the same. |
highest and best useis generally the value sought by the independent appraiser for a subject property. The appraiser is employed to form a value opinion as to the site’s highest and best use “as if vacant” and “as improved.” |
home inspectorprofessionals who provide a deliberate and methodical visual inspection of the interior and exterior of the structure. The home inspector does what most buyers fail to do, make a thorough and objective inspection of the house. |
homeowner associationare entities created by a planned unit development to own the common areas and enforce subdivision restrictions including maintaining and managing the amenities. Financial participation is mandatory to insure funds are available for maintenance. |
homeowner's insurance policya standard insurance policy that protects and covers a real estate owner against financial loss from fire, theft, public liability, and other common risks. |
homesteadLand that is owned and occupied as the family home. In many states a portion of the area or value of this land is protected or exempt from judgements for debts. |
hypothecationTo pledge property as security for an obligation or loan without giving up possession of it. |
hypothetical conditionassumes conditions that are contrary to what is known to exist, but is assumed for the purposes of appraisal analysis. The use of hypothetical conditions is covered in USPAP Standards Rule 1-2(g). An appraiser may need to determine the commercial value of a property that is currently zoned residential. The appraiser knows it is not zoned commercial but proceeds assuming the zoning can change, the assumption is contrary to what exists and is a hypothetical condition. |