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S

separate property

refers to property excluded from community property ownership interests if it was acquired in the following manner:

  • Individual property owned at the time of marriage and capital gains thereon (income received from individual property will likely be considered community property)
  • Individual property inherited or received by gift during the marriage
  • Individual amounts received for personal injury (except recovery for lost income)

servient estate

is a piece of property that is burdened or suffers from a right attached to another piece of property due to an appurtenant easement.

set back

is a zoning regulation that requires owners of real estate to build any improvements a designated distance from the property line.

setbacks

are determined by zoning ordinances and are the open areas necessary between the lot line and the nearest point a building can be constructed.

For example, common setbacks will require at least 35 to 50 feet of open space in the front yard, 10 to 15 feet of open space on the side yards, and 35 to 50 feet of rear yard space.

Settlement Statement (HUD-1)

cash accounting by the person designated to process the sale. This shows all the cash received, all charges and credits made and all cash paid. Also called the closing statement or adjustment sheet.


severalty

is ownership of real estate by one party; or severed from all others.

severance

is the process of converting an item that is real estate to personal property by detaching it or severing it from the land.

Sherman Antitrust Act

Antitrust legislation is designed to prohibit monopolies and encourage competition. The Sherman Antitrust Act prohibits price-fixing, group boycotting, allocation of customers or markets, and tie-in-agreements.


Single agency

the business limits representations to buyers and tenants; or to sellers and landlords.


situs

refers to the preference the market may have for one location over another. This preference is usually measured by the dollars paid for each location or the value difference between locations. Location preferences are driven by factors such as availability of transportation, quality of schools, perceptions of safety, climate, scenery, availability of jobs, taxes, government policies, etc.


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