Dictionary

Definition: The apparent age of a building based on observed condition rather than chronological age. Pronunciation: \i-ˈfek-tiv, e-, ē-, ə-\ Used in a Sentence:  Even though the building was 15 ye...

Definition: A stipulation in a listing contract requiring the broker to obtain a signed contract from a ready, willing and able buyer on the terms stated. Pronunciation: \i-ˈfekt, e-, ē-, ə-\ Used ...

Definition: The period of time a property may be expected to be profitable or productive; useful life. Pronunciation:  \ˌe-kə-ˈnä-mik\ Used in a Sentence:  Based on an analysis, the economic life o...

Definition: A term to describe a means of measuring the economic activity of a community.  The ways in which people in a community make their livings. Pronunciation:  \ˌe-kə-ˈnä-mik\ Used in a Sent...

Definition: A type of easement that benefits an individual or business entity and is not related to a specific adjacent parcel, for example, a utility easement. Pronunciation:  \ˈēz-mənt\ \ˈgrōs\ U...

Definition: An easement created by a court of law in cases where justice and necessity dictate it, especially in a classic landlocked situation. Pronunciation:  \ˈēz-mənt\ \ni-ˈse-sə-tē, -ˈses-tē\ ...

Definition:  An easement that runs with the land and benefits an adjacent parcel of land. Pronunciation:   \ˈēz-mənt\ \ə-ˈpərt-nənt, -ˈpər-tə-nənt\ Used in a Sentence:   Because the property was la...

Definition: An interest in land owned by another that entitles its holder to a specific limited use or enjoyment. Pronunciation: \ˈēz-mənt\ Used in a Sentence:   Because the lot was landlocked it r...

Definition: The cash deposit paid by a prospective buyer of real property as evidence of good-faith intention to complete the transaction.  Also called a good-faith deposit or binder deposit. Pronu...