Real Estate Glossary

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E

executor

or executrix if a female, is the person named in a will to handle the affairs of the estate.

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executory

refers to the status of a contract which says that something remains to be done by one or more of the parties.

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express agency

It is created when the principal and agent enter into an agreement which expresses their intent to create the agency. The agreement may be in writing or oral.

express agreement

an oral contract where the parties state the terms and share their intentions in words.

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expressed agreement

is a contract that is declared in words either orally or in writing.

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externalities

The principle of externalities states that factors external to a specific parcel of real estate may have favorable or unfavorable consequences on the value of that real estate. Proximity to a lake or river will often contribute to the value of real property, however, other externalities such as proximity to a land fill or other inharmonious land use may detract from a property’s value.

extraordinary assumption

refers to when an appraiser must presume as fact information that is otherwise uncertain in order to complete the appraisal. Every appraisal requires assumptions to be made.

An appraiser may not be able to make an interior inspection of the subject when the property is a foreclosure. It may be necessary for the appraiser to assume the quality and condition of the interior in order to proceed with the assignment. These assumptions about the interior would be classified as an extraordinary assumption. The use of extraordinary assumptions is covered in USPAP Standards Rule 1-2(f).

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