Definition: A lien imposed against real property without the consent of the owner (e.g. property taxes, special assessments).
Pronunciation: \(ˌ)in-ˈvä-lən-ˌter-ē, -ˌte-rē\\ˈlēn, ˈlē-ən\
Used in a Sentence: The property taxes on the house are considered an involuntary lien.
Definition: The status of a license that results when the license is not renewed at the end of the license period.
Pronunciation: \(ˌ)in-ˈvä-lən-ˌter-ē, -ˌte-rē\\(ˌ)i-ˈnak-tiv\
Used in a Sentence: The sales associates license was changed to involuntary inactive when he failed to renew it on time.
Definition: The worth of a property to a particular investor based on the investor’s desired rate of return, risk tolerance, etc.
Pronunciation: \in-ˈves(t)-mənt\ \ˈval-(ˌ)yü\
Used in a Sentence: The owner placed a high investment value on his office building.
Definition: The outlay of money usually for income or profit: the sum invested or the property purchased.
Used in a Sentence: He made a large investment in the purchase of the apartment building.
Definition: Dying without a will or having left a will that is defective in form.
Pronunciation: \in-ˈtes-ˌtāt, -tət\
Used in a Sentence: Because the elderly gentleman died intestate his property passed to his heirs according to the laws of the state.
Definition: A system of time-share ownership in which the owner acquires title to specific property for a certain week (or weeks) of each year.
Pronunciation: \ˈin-tər-vəl\ \ˈō-nər-ˌship\
Used in a Sentence: Interval ownership is fee simple ownership and contains the same rights as any other property conveyed by deed.
Definition: A legal proceeding whereby an uninterested third party deposits with the court the disputed escrow funds so that the court can determine who is the rightful claimant.
Used in a Sentence: The broker acted as the interpleader when the buyer and seller could not agree on the disbursement of the escrow funds.
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