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sale and leaseback: a transaction in which an owner sells his or her improved property
and, as part of the same transaction, signs a long-term lease to remain in
possession of the premises.
sales comparison approach:
the process of estimating the value of a property by examining and comparing
actual sales of comparable properties.
sales contract:
a contract containing the complete terms of the agreement between buyer and
seller for the sale of a particular parcel or parcels of real estate.
salesperson:
a person who performs real estate activities while employed by or associated
with a licensed real estate broker.
salesperson annual
education (SAE): a requirement for
education beyond that needed to obtain a real estate salesperson licenses.
satisfaction of mortgage:
a document acknowledging the payment of a debt.
section:
a square with mile-long sides and an area of one square mile.
Seller’s Disclosure
Notice: a notice required of most
sellers of real property; must state latent structural defects or any other
known structural defects.
servient tenement: land on which an easement exists in favor of an adjacent property.
setback:
the amount of space local zoning regulations require between a lot line and a
building line.
severalty:
ownership of real property by one person or one legal entity only.
severance:
changing an item of real estate to personal property by detaching it from the
land.
shared-appreciation
mortgage: a mortgage loan in which the
lender, in exchange for a loan with a favorable interest rate, participates in
the profits the mortgagor receives when the property is sold.
situs:
the personal preference of people for one area over another area, not
necessarily based on objects facts and knowledge.
sole proprietorship: a method of owning a business in which one person owns the whole
business and reports all profits and loose on his or her personal income tax
return.
special agent:
one authorized by a principal to perform a single act or transaction.
special assessment: a tax or levy customarily imposed against only those specific parcels
of real estate that will benefit from a proposed public improvement like a
street or paved alley.
specific lien:
a lien affecting or attaching only to a certain, specific parcel of land or
piece of property.
specific performance: a legal action brought to compel a party to carry out the terms of a
contract.
spot zoning:
a change in a local zoning ordinance to permit a particular use that is
inconsistent with the area’s zoning classification
statue of frauds: that part of state law that requires certain instruments, such as
deeds, real estate sales contracts, and certain leases, to be in writing to be
legally enforceable.
statute of limitations:
that law pertaining to the period of time within which certain actins must be
brought to court.
statutory lien:
a lien imposed on property by .
statutory year:
a year composed of 12 months, each with 30 days, for a total of 360 days in a
statutory year.
steering:
the illegal practice of channeling home seekers to particular areas, either to
maintain the homogeneity of an area or to change the character of an area to
create a speculative situation.
straight-line method: a method of calculating depreciation for tax purposes.
subagent:
a licensee who represents a principal through cooperation with and consent of a
broker representing the principal and who is not sponsored by or associated with
the principal’s broker.
subjective value: the perceived value of an item based on the relative benefits expected
to be derived from its use.
sublease:
the leasing of premises by a lessee to a third party for part of the lessee’s
remaining term.
subordination:
relegation to a lesser position, usually in respect to a right or security.
subordination agreement:
a written agreement between holders of liens on a property that changes the
priority of mortgage, judgment, and other liens under certain circumstances.
subpoena:
a legal process ordering a witness to appear and give testimony or to present
documents under penalty of law.
subrogation:
the substitution of one creditor for another, with the substituted person
succeeding to the legal rights and claims of the original claimant.
substitution:
an appraisal principle that states that the maximum value of a property tends to
be set by the cost of purchasing an equally desirable and valued substitute
property, assuming that no costly delay is encountered in making the
substitution.
subsurface rights: ownership rights in a parcel of real estate to the water, minerals,
gas, oil, and so forth that lie beneath the surface of the property.
suit to quiet title: a court action intended to establish or settle the title to a
particular property, especially when a cloud on the title exists.
supply:
the amount of goods available in the market to be sold at a given price.
surety bail bond: a pledge of real estate instead of cash a security for bail.
surety bond:
an agreement by an insurance company to be responsible for certain possible
defaults, debts, or obligations contracted for by an insured party.
surface rights:
ownership rights in a parcel of real estate that are limited to the surface of
property and do not include the air above it.
syndicate:
a combination of people or firms formed to accomplish a business venture of
mutual interest by pooling resources.
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