Dictionary

Zoning Ordinance
Definition:   classification of real property for various purposes; the government power to control and supervise the use of privately owned real property Pronunciation:   \ˈzōn\ \ˈȯrd-nən(t)s\ Used in a Sentence:   The town has passed a zoning ordinance limiting construction. Read more...
Zero Lot Line
Definition:   a term generally used to describe the positioning of a structure on a lot so that one side rests directly on the lot’s boundary line Pronunciation: Used in a Sentence:   The zoning laws do not allow building with zero lot lines. Read more...
Yield
Definition:   the return on an investment or the amount of profit, stated as a percentage of the amount invested; the rate of return Pronunciation:   \ˈyēld\ Used in a Sentence:   The bonds yield seven percent annually. Read more...
Writ Of Supersedeas
Definition:   a stay of enforcement, temporary stop in a legal proceeding, restraining order Pronunciation:   \ˌsü-pər-ˈsē-dē-əs\ Used in a Sentence: Read more...
Writ Of Mandamus
Definition:   a writ issued by a superior court commanding the performance of a specified official act or duty Pronunciation:   \man-ˈdā-məs\ Used in a Sentence:    The DPR can file a proceeding in the name of the state requesting the circuit court to issue a writ of mandamus ordering an unlicensed activity to stop. Read more...
Writ Of Certiorari
Definition:   an extraordinary writ issued by a superior court to call up the records of a particular case from an inferior judicial body Pronunciation:   \ˌsər-shē-ə-ˈrar-ē\ Used in a Sentence:   A Writ of Certiorari is one the two ways to have a case from a U.S. Court of Appeals reviewed by the U.S Supreme Court. Read more...
Witness
Definition:   the act of signing one’s name to a contract, deed, will, or other document for the purpose of attesting to its authenticity and proving its execution by testifying, if required Pronunciation:  \ˈwit-nəs\ Used in a Sentence:   He witnessed the signing of her will. Read more...
Withhold Adjudication
Definition:   when the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of society do not require the defendant suffer the penalty imposed by law, the court may withhold adjudication of guilt, stay the imposition of the sentence, and place the defendant on probation Pronunciation:   \ə-ˌjü-di-ˈkā-shən\ Used in a Sentence:  When the court determined the defendant was not a threat to engage in the activity again it withheld adjudication and placed the defendant on probation.... Read more...
Will
Definition:  a written document legally executed by which an individual disposes of an estate, effective after death Pronunciation:  \wəl\ Used in a Sentence:   In his will, he asked that his money be donated to the church. Read more...
Warranty Forever
Definition:  a provision in a deed guaranteeing that the seller will for all time defend the title and possession for the buyer Pronunciation:   \ˈwȯr-ən-tē\ Used in a Sentence:   Warranty forever is a covenant in a general warranty deed. Read more...
Voluntary Relinquishment
Definition:  the licensee requests that the DBPR cancel the license Pronunciation:   \ˈvä-lən-ˌter-ē\ \ri-ˈliŋ-kwish-mənt\ Used in a Sentence:   When Sam decided to retire he notified the DBPR to voluntarily relinquish his license. Read more...
Voluntary Lien
Definition:   claims imposed against real property with the consent of the owner Pronunciation:   \ˈvä-lən-ˌter-ē\ \ˈlēn\ Used in a Sentence:   A second mortgage is a type of voluntary lien. Read more...
Voluntary Inactive
Definition:   the license status that results when a licensee has met all of the requirements for licensure but chooses not to engage in the real estate business and has requested the license be put in this status. Pronunciation:   \ˈvä-lən-ˌter-ē\ \(ˌ)i-ˈnak-tiv\ Used in a Sentence:    Mary placed her license in voluntary inactive status while she was on maternity leave. Read more...
Voidable
Definition:   a contract that because of the manner or method in which it was brought about, one of the parties is allowed to void contractual duties Pronunciation:  \ˈvȯi-də-bəl\ Used in a Sentence:   A minor’s contract is voidable because the minor can choose to void the contract. Read more...
Vendor’s Lien
Definition:   a claim against property giving the seller the right to hold the property as security for any unpaid purchase money Pronunciation:  \ˈven-dər\  \ˈlēn\ Used in a Sentence: Read more...
Vendor
Definition:   the seller of real property in an agreement of sale Pronunciation:   \ˈven-dər\ Used in a Sentence:    The vendor accepted the offer on the house and signed a contract. Read more...
Vendee
Definition:   the buyer or purchaser of real property in an agreement of sale Pronunciation:   \ven-ˈdē\ Used in a Sentence:   The vendee put 20% down towards the purchase of the house. Read more...
Variance
Definition:   an exception to zoning regulations or ordinances granted to relieve a hardship Pronunciation:   \ˈver-ē-ən(t)s\ Used in a Sentence:   He had to get a variance to add a garage on to his house. Read more...
Variable Lease
Definition:   an agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates Pronunciation:   \ˈver-ē-ə-bəl\ \ˈlēs\ Used in a Sentence:   We signed a variable lease agreement on the office space. Read more...
Value
Definition:   the worth of something Pronunciation:   \ˈval-(ˌ)yü\ Used in a Sentence:    We sold the home for less than its full value. Read more...
Valuable Consideration
Definition:   the money or a promise of something that can be measured in terms of money Pronunciation:     \ˈval-yə-bəl\ \kən-ˌsi-də-ˈrā-shən\ Used in a Sentence:    Valuable consideration is always sufficient to support a contract. Read more...
Valid
Definition:    sufficient to be legally binding; enforceable Pronunciation:   \ˈva-ləd\ Used in a Sentence:   For a contract to be considered valid it must comply with the provisions of contract law and contain the four essential elements- competent parties, mutual assent, legal purpose, consideration. Read more...
Vacancy Rate
Definition:   the percentage of rental units that are not occupied Pronunciation:  \ˈvā-kən(t)-sē\ Used in a Sentence:    The vacancy rate in the office building was less than 10%. Read more...
Vacancy And Collection Losses
Definition:   a deduction from potential gross income for (1) current or expected future space not rented due to tenant turnover and (2) loss from uncollected rent due from delinquent tenants. Pronunciation: Used in a Sentence:   We factored in vacancy and collection losses when reviewing the income statement on the apartment building. Read more...
Up-front Mortgage Insurance Premium (ufmip)
Definition:   a one time mortgage insurance premium on FHA mortgage loans that is paid at closing Pronunciation: Used in a Sentence: Read more...
Universal Agent
Definition:   a general agent; one authorized to act on behalf of another Pronunciation:   \ˌyü-nə-ˈvər-səl\ \ˈā-jənt\ Used in a Sentence:    The seller appointed his attorney to act as his universal agent in the handling of his trust. Read more...
Unities
Definition:   individual prerequisites required to constitute a single joint tenancy Pronunciation:    \ˈyü-nə-tē\ Used in a Sentence:   A joint tenancy can only exist with the four unities of possession, interest, title, and time are present. Read more...
Unilateral Contract
Definition:   an agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party Pronunciation:   \ˌyü-ni-ˈla-tə-rəl\ \ˈkän-ˌtrakt\ Used in a Sentence:   A unilateral contract obligates only one party to an agreement. Read more...
Uniform Standards Of Professional Appraisal Practice (uspap)
Definition:  the set of standards that must be followed when performing appraisal services Pronunciation: Used in a Sentence: Read more...
Unenforceable Contract
Definition:   a contract that was valid when made but either cannot be proved or will not be upheld by a court Pronunciation:   \ˌən– in-ˈfȯr-sə-bəl\ \ˈkän-ˌtrakt\ Used in a Sentence:   Because the contract was not in writing as required by state statutes it was an unenforceable contract. Read more...
Undivided Interest
Definition:   an interest in the entire property, rather than ownership of a particular part of the property Pronunciation: Used in a Sentence:   Mark and Craig have an undivided interest in the lakefront property. Read more...
Underwriting
Definition:  the analysis of the extent of risk assumed by a lender in connection with a proposed mortgage loan Pronunciation:   \ˈən-də(r)-ˌrī-tiŋ\ Used in a Sentence:   We had to wait for approval of our mortgage until the underwriting process was completed. Read more...
Trust Funds
Definition:   cash, checks, money orders, and items that can be converted into cash that a person (broker) holds in trust for another person Pronunciation: Used in a Sentence:  When we made our deposit on the house the broker placed the funds into a trust funds account. Read more...
Trustee
Definition:   a person or party, either appointed or required by law to administer or manage another’s property Pronunciation:   \ˌtrəs-ˈtē\ Used in a Sentence:    He was named as trustee to the child’s estate. Read more...
Trust
Definition:   a right of property, either real or personal, held by one party for the benefit on another Pronunciation:    \ˈtrəst\ Used in a Sentence:    The property will be held in trust until her 25th birthday. Read more...
Truth In Lending Act (tila)
Definition:   A body of federal law that ensures that borrowers and customers of consumer credit are given meaningful information with respect to the cost of credit. Pronunciation: Used in a Sentence: Read more...
Triggering Terms
Definition:   used in advertising, include the following – the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges Pronunciation:   \ˈtri-g(ə-)riŋ\ Used in a Sentence:    The Truth in Lending Act requires creditors to disclose certain information if triggering terms are used in an advertisement. Read more...
Transaction Broker
Definition:   a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent Pronunciation:   \tran-ˈzak-shən\ \ˈbrō-kər\ Used in a Sentence:   A buyer or seller who chooses limited representation is a customer under the transaction broker relationship. Read more...
Trade Name
Definition:   any adopted or fictitious name used to designate a business concern Pronunciation: Used in a Sentence:   The real estate office operated under the trade name Sunshine Realty. Read more...
Trade Fixture
Definition:   an article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property Pronunciation:  \ˈfiks-chər\ Used in a Sentence:   The  display racks attached to the walls in the retail store are considered trade fixtures. Read more...
Township Lines
Definition:   the east-west survey lines located every six miles north and south of the primary base line Pronunciation:   \ˈtau̇n-ˌship\ \ˈlīn\ Used in a Sentence:   Township lines run horizontally on a map. Read more...
Township
Definition:   a square tract of land measuring six miles on each side and including 36 sections (formed by crossing of range and township lines) Pronunciation:   \ˈtau̇n-ˌship\ Used in a Sentence:   A township contains 36 square miles. Read more...
Topography
Definition:   surface features (natural and manufactured) of land (e.g. lakes, mountains, roads) Pronunciation:   \tə-ˈpä-grə-fē\ Used in a Sentence:    A map of the topography of the coastline shows a significant loss of wetlands. Read more...
Title Theory
Definition:   legal concept that vests title to mortgaged property in the mortgagee (lender) or a third party Pronunciation:   \ˈtī-təl\ \ˈthē-ə-rē\ Used in a Sentence:   With title theory, once the debt is paid in full, the lender conveys legal title to the borrower. Read more...
Title Search
Definition:   an examination of all the public records to determine whether any defects exist in the chain of title Pronunciation:   \ˈtī-təl\ \ˈsərch\ Used in a Sentence:    We had a title search done on the property we wanted to buy to ensure there were no defects with the title. Read more...
Title Insurance
Definition:   a policy of insurance that protects the holder from any loss resulting from defects in the title Pronunciation:    \ˈtī-təl\ \in-ˈshu̇r-ən(t)s\ Used in a Sentence:    The limited protection afforded buyers of real property by an opinion of title led to the need for title insurance. Read more...
Title Closing
Definition:   the consummation of a real estate transaction, when the seller delivers title to the buyer in exchange for payment from the buyer of the purchase price Pronunciation:   \ˈtī-təl\ \ˈklō-ziŋ\ Used in a Sentence:    The title closing went smoothly and we were able to take possession of the property. Read more...
Title
Definition:   evidence of ownership of real property, such as a deed Pronunciation:   \ˈtī-təl\ Used in a Sentence:   A person who holds vested ownership rights in property is said to have title. Read more...
T-intersection
Definition:   an interior lot that suffers from its location at the end of a t-intersection Pronunciation:  \ˌin-tər-ˈsek-shən\ Used in a Sentence:   T-intersection lots are usually less desirable because of the inconvenience of car headlights shining into the home. Read more...
Time-share
Definition:   an individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks a year Pronunciation: Used in a Sentence:   We purchased a time-share unit in Orlando to use for our annual vacation. Read more...