Glossary
Q
Quiet Enjoyment
The right of an owner or a person legally in possession to the use of property without interference of possession.
Quiet Title Suit
A suit in court to remove a defect, cloud or suspicion regarding legal rights of an owner to a certain parcel of real property.
Quit Claim Deed
A deed which conveys simply the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.
R
Racial Steering
The unlawful practice of influencing a person’s housing choice based on his/her race
Real Estate Board
An organization whose members consist primarily of real estate brokers and salespersons.
Real Estate Syndicate
A partnership formed for participation in a real estate venture. Partners may be limited or unlimited in their liability.
Real Property
Land, and generally whatever is erected upon or affixed thereto.
Realization of Gain
The taking of the gain or profit from the sale of property.
Realtor
A coined word that is copyrighted and may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards.
Reconciliation
The final stage in the appraisal process where the appraiser reviews the data and estimates the subject property’s value.
Recording
The act of writing or entering in a book of public record instrument affecting the title to real property.
Recourse
The right to a claim against a prior owner of a property or note.
Redemption
The right of a mortgagor to redeem the property by paying a debt after the expiration date and before sale at foreclosure; the right of an owner to reclaim the owner’s property after the sale for taxes.
Red-Lining
The refusal to lend money within a specific area for various reasons. This practice is illegal.
Referee’s Deed
Used to convey real property sold pursuant to a judicial order, in an action for the foreclosure of a mortgage or for partition.
Release
The act or writing by which some claim or interest is surrendered to another.
Release Clause
A clause found in a blanket mortgage which gives the owner of the property the privilege of paying off a portion of the mortgage indebtedness, and thus freeing a portion of the property from the mortgage.
Rem
(See In Rem)
Remainder
An estate which takes effect after the termination of a prior estate, such as a life estate.
Remainderman
The person who is to receive the property after the termination of the prior estate.
Rent
The compensation paid for the use of real estate.
Reproduction Cost
Normal cost of exact duplication of a property as of a certain date.
Restraint of Trade
Business practices designed to restrict competition, create a monopoly, control prices and otherwise obstruct the free operation of business.
Restriction
A limitation placed upon the use of property contained in the deed or other written instrument in the chain of title.
Reversionary Interest
The interest which a grantor has in lands or other property upon the termination of the preceding estate.
Revocation
An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.
Right of Survivorship
Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by the entirety.
Right-of-Way
The right to pass over another’s land pursuant to an easement or license.
Riparian Owner
One who owns land bounding upon a river or watercourse.
Riparian Rights
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank.”
S
Sales Contract
A contract by which the buyer and seller agree to terms of sale.
Satisfaction Piece
An instrument for recording and acknowledging payment of an indebtedness secured by a mortgage.
Second Mortgage
A mortgage made by a home buyer/owner in addition to an existing first mortgage.
Seizin
The possession of land by one who claims to own at least an estate for life therein.
Setback
The distance from the curb or other established line, within which no buildings may be erected.
Situs
The location of a property.
Special Assessment
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefitted.
Specific Performance
A remedy in a court of equity compelling a defendant to carry out the terms of an agreement or contract.
Statute
A law established by an act of the Legislature.
Statute of Frauds
State law which provides that certain contracts must be in writing in order to be enforceable at law.
Statute of Limitations
A statute barring all right of action after a certain period of time from the time when a cause of action first arises.
Subagent
An agent of a person already acting as an agent of a principal.
Subdivision
A tract of land divided into lots or plots.
Subletting
A leasing by a tenant to another, who holds under the tenant.
Subordination Clause
A clause which permits the placing of a mortgage at a later date which takes priority over an existing mortgage.
Subscribing Witness
One who writes his/her name as witness to the execution of an instrument.
Surety
One who guarantees the performance of another; guarantor
Surrender
The cancellation of a lease by mutual consent of the lessor and the lessee.
Surrogate’s Court (Probate Court)
A court having jurisdiction over the proof of wills, the settling of estates and of citations.
Survey
The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.
