Dictionary

Definition:  real property that is owned by a unit of government and is not subject to taxation. Pronunciation:   \i-ˈmyün\ Used in a Sentence:  The county courthouse is immune from taxes.

Definition: The price paid for the use of borrowed money; estate. Pronunciation:  \ˈin-t(ə-)rəst\ Used in a Sentence:   We were able to get a low interest rate for our mortgage.

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. Pronunciation:    \in-ˈves(t)-mənt\ 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. Pronunciation:  \in-ˈtər-ˈplē-dər\ 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.