Dictionary

Definition:   a portion of annual income set aside for covering the cost of major components (e.g. air conditioning) that wear out faster than the building itself Pronunciation:  \ri-ˈplās-mənt\\ri-ˈzərv\ Used in a Sentence:   When the air conditioning unit needed to be replaced we used the funds from our replacement reserves to pay for it.

Definition:  the amount of money required to replace a structure having the same use and function as the original but using modern, available or updated materials Pronunciation:   \ri-ˈplās-mənt\ Used in a Sentence:   When determining the cost to rebuild the house the appraiser used replacement cost to calculate the final cost.

Definition:   a person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation Pronunciation: Used in a Sentence:   The apartment complex had a rental agent in the office to help people who wanted to rent apartments.

Definition:   the party designated to receive an estate at the end of a life estate Pronunciation:   \ri-ˈmān-dər-mən\ Used in a Sentence:   When the man named his son in his will he became the reaminderman of the property.

Definition:   the gradual recession of water leaving land permanently uncovered Pronunciation:  \ri-ˈlik-shən\ Used in a Sentence:   As a result of reliction, the size of the property had increased over the years.

Definition:   a provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon a payment of a designated amount Pronunciation:    \ri-ˈlēs\ \ˈklȯz\ Used in a Sentence:    The builder had a release clause for the mortgage on the property he was developing so he could give a clear title to the purchasers.

Definition:   the principal of appraisal that states that the value of a better property is adversely affected by its association with an inferior property of the same type Pronunciation:   \ri-ˈgre-shən\ Used in a Sentence:

Definition:   authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses Pronunciation:  \ˌre-jə-ˈstrā-shən\ Used in a Sentence:   A person must have a valid registration on file in order to get their license.

Definition:   discriminatory financing by a lending institution Pronunciation:   \ˈred-ˌlīn\ Used in a Sentence:   The usual justification for redlining is the lender wants to limit the risks in an area that is deteriorating.