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
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
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
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
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
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
Used in a Sentence:
Definition: authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses
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
Used in a Sentence: The usual justification for redlining is the lender wants to limit the risks in an area that is deteriorating.
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