The voluntary surrender, relinquishment, disclaimer or cession of property claims or rights.

An owner who does not live or mange his or her own property but uses the services of a property manager.

See Fee simple estate.

How long it will take to sell the current inventory of comparable homes at the present rate of sales in the market.

A set of documents which record the ownership through time of a property.

A method of cost write-off, which permits an earlier recovery of capital and a faster tax write-off of an asset, in which depreciation allowances are greater in the first few years of ownership than in subsequent years.

A condition in a real estate financing instrument giving the lender the power to declare all sums owed to the lender immediately due and payable upon the happening of an event such as sale of the property or a delinquency in the repayment of the note.

One of the four essential elements of a valid contract whereby the offeree agrees or consents to the terms of an offer therefore establishing the “meeting of the minds.”

In appraisal, a provision in the income approach in which a return of the investment is provided for out of the income by way of the capitalization rate.

A Latin phrase meaning “according to value” that is usually used in reference to real estate taxation.

A tax based on the value of the thing being taxed.  Cities, counties and school districts raise most of their tax revenue form ad valorem taxes on real estate.

Nearby but not necessarily adjoining.

Contiguous; attaching; sharing a common border.

A person who has been declared by the courts to be incapable of handling his or her own affairs.

A general term for any mortgage in which the interest rate and generally the payments change over the life of the loan. Your interest rate will be adjusted to match the rise or fall of a preselected interest rate index and your regular payments will increase or decrease accordingly.

Different types of ARMs have different frequencies for these adjustments. Some ARMs have limits on payment and interest rate changes and the maximum interest rate over the life of your loan.

To your advantage, the initial rate of an ARM is usually low, permitting you to buy real estate that would be unaffordable with a fixed rate mortgage. But you risk higher payments later on.

To limit the borrower's risk, the ARM may have a payment or rate cap.

Same as draw.

The institutional investor's prior agreement to provide long-term financing upon the completion of a construction project. Also known as a “take-out” loan commitment.

1. A fee paid in advance of any services rendered such as in obtaining a loan. 2. Sometimes unlawfully charged in connection with the illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by a person representing himself as a real estate licensee or a representative of a licensed real estate firm.

A statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation.

Generally, a person who holds a broker’s license that is held under the license of another broker.  In some areas, it is used to refer to a real estate licensee who holds a salesperson’s license. (also known as and “Associate Broker”)

A comprehensive term applied to the efforts of the public and private sector to help low- and moderate-income people purchase homes through programs that offer lower down payments, easier loan-qualifying rules, and/or below-market interest rates.

Pursuant to Tenn. Code Ann. Section 62-13-401:
A real estate licensee may provide real estate services to any party in a prospective transaction, with or without an agency relationship to one (1) or more parties to the transaction. 

Until such time as a licensee enters into a specific written agreement to establish an agency relationship with one (1) or more parties to a transaction, such licensee shall be considered a facilitator and shall not be considered an agent or advocate of any party to the transaction. 

An agency or subagency relationship shall not be assumed, implied or created without a written bilateral agreement that establishes the terms and conditions of such agency or subagency relationship. 

The negotiation and execution of either an exclusive agency listing agreement or an exclusive right to sell listing agreement with a prospective seller shall establish an agency relationship with the seller.

An agency relationship where the agent holds an estate or interest in the property that is the subject of the agency relationship.

A written declaration signed by a prospective buyer or seller informing that party of the role that the broker is playing in a specific transaction. The purpose of disclosure is to explain whether the broker represents the buyer or seller or is a dual agent (representing both) or a subagent (an agent of the seller's broker). This allows the customer to understand to which party the broker owes loyalty.

An understanding between two or more parties that is often embodied in a legally binding, written contract.

A written agreement or contract between a buyere and a seller in which they reach a “meeting of minds” whereby the purchaser agrees to buy specific real estate and the seller agrees to sell upon specific terms and conditions set forth in the contract.

A purchase money mortgage that is subordinate to, but also including, the original loan.

Land held in absolute independence without being subject to any rent, service or acknowledgment to a superior. See opposite Feudal land.

A real property ownership system where ownership may be absolute except for those governmentally-held rights and which is the opposite of feudal tenure.

Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of the improvements that are not measured in monetary considerations but rather as tangible and intangible benefits of the property which often result in greater pride of ownership. Sometime referred to as amenity return.

The benfits a property offers such as a good neighborhood, schools, parks, a view or other tangible or intangible assets.

The gradual elimination of a liability, such as a mortgage through regular payments over a specified period of time which must be sufficient to cover both the principal and the interest.

A table showing the periodic principal and interest payment requirements and the unpaid loan balance for each period of the life of a loan.

A table showing the required payments to amortize loans at various interest rates over various periods of time

A mortgage where the principal and interest are repaid according to a plan through a series of equal or nearly equal payments in monthly or other periodic installments without any special balloon payment prior to maturity. Also known as a Level payment loan.<

The key tenant in a commercial development such as a mall whose quality often determines the size of a loan that can be secured.

(APR) The identified cost of credit as determined in accordance with Regulation Z and the Federal Truth in Lending Act.

A multifamily dwelling structure with individual housing units called apartment frequently with a common entrance and hallways which usually is a rental property. See Multifamily housing

The division of rights or liabilities among several persons entitled to them or liable for them in accordance with their respective interests.

An estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that property by an qualified impartial third party.

A compilation of all of the specific items that make up the property that were valued by the appraiser and included in an appraisal report.

A report setting forth the estimate and conclusion of appraised value along with the pertinent information concerning the appraised property as well as the evidence and analysis leading to the reported estimate of value.

An opinion of a property’s fair market value, based on what a willing buyer will pay and what a willing seller will accept for a piece of real property, in an arms-length transaction, and on an appraiser's knowledge, experience, and analysis of the property.

A person who is in the business of making appraisals for a fee or salary and who is qualified to estimate the value of real and personal property based on education, training, experience, judgment of facts and the use of the formal appraisal processes.

The increase in value of property over a time period

A transaction such as a sale of property in which all parties involved are acting in their own best-interest and are under no undue influence or pressure to act from any other parties.

1. In real estate, a sale without any guarantees as to condition and where the premises are being accepted by a buyer or tenant as they are including any physical defects. Illegal in many states. 2. A sale made with only the disclosure of latent defects. See Caveat empto

An amount that might be higher or lower or at market value or that is based upon a percentage of market value that is placed upon a piece of property by a public authority as a basis for levying ad valorem taxes on the property.

The official valuation placed on property for ad valorem taxation or public improvements.

The ratio of assessed value divided by market value.

See Tax roll.

An official whose responsibility is to discover, list and value real property for ad valorem taxation.

The Real or personal property under ownership and having value

The transfer of rights to use leased property.  The Asignee aquires the same rights and privileges as the Assignor.  The Assignor remains liable unless released by the landlord.

See Mineral rights. Example: In an oil and gas lease, the owner is to receive $100 per acre as a bonus payment, and one eighth of the value of minerals found on the property.

A mortgage clause under which the lender may upon the default by the borrower take possession of the property, collect its income and apply it to the loan balance and the costs incurred by the beneficiary.

A person who assigns or transfers property.

Generally, a person who holds a broker's license that is held under the license of another broker.  In some areas, it is used to refer to a real estate licensee who holds a salesperson's license. (also known as and “Affiliate Broker”)

A broker or salesperson who is employed by or in an independent contractor relationship with a real estate broker.

A mortgage loan without due-on-sale clause that allows an owner to sell property to a purchaser who is permitted under the loan documents to undertake the obligation of the loan with no change in loan terms. Most FHA and VA loans are assumable.

The agreement between buyer and seller in which the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money, since this is an existing mortgage debt, unlike a new mortgage where closing costs as well as new, possibly higher, market-rate interest charges may apply.

The adoption or taking on a debt or contractual obligation primarily resting upon another party

A purchase of property wherein the grantee accepts liability for the payment of the existing note secured by a mortgage or trust deed against the property and becomes a co-guarantor with the seller for the payment of the loan unless the lender releases the seller.

See Mortgage assumption.

The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.

An official act establishing authenticity or to affirm that a statement or document is true, genuine or accurate.