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 state taxes.

Definition:  The time frame during which a broker must deposit escrow funds: no later than the end of the third business day after an associate or employee has received the funds. Pronunciation:   ...

Definition:   To pledge real or personal property as security without delivery of title or possession. Pronunciation:  \hi-ˈpä-thə-ˌkāt, hī-\ Used in a Sentence:   The lender required the buyers to...

Definition:  A booklet containing consumer information regarding closing costs the borrower may incur at closing.  RESPA requires lenders to give the booklet to loan applicants. Pronunciation: Used...

Definition:   One individual or a group of individuals, living in one dwelling. Pronunciation:  \ˈhau̇s-ˌhōld, ˈhau̇-ˌsōld\ Used in a Sentence:   There are three people in our household.

Definition: The term "homestead" in Florida refers to three interconnected aspects: 1) a tax exemption, 2) a defined tract of land, and 3) legal protections for a spouse and lineal descendants. Pro...

Definition:   A mortgage secured by a personal residence.  It provides a line of credit available for draws when needed by the homeowner. Pronunciation:   \ˈe-kwə-tē\ Used in a Sentence:   We took ...

Definition:  A pitched roof with sloping sides and ends. Pronunciation: Used in a Sentence:   The house was designed with a hip roof.

Definition:    An appraisal term that focuses on the most profitable legal use to which a property can be put. Pronunciation: Used in a Sentence:   The vacant lot located in a business district was...