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COMMUNITY PROPERTY A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage. POSSESSION The act of either actually or constructively possessing or occupying property. NATIONAL ASSOCIATION OF REALTORS Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world. BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. JOINT TENANCY A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities"). ENVIRONMENTAL IMPACT STATEMENT A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases. KEY LOT A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property. EXCLUSIVE LISTING A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of exclusive listings are the exclusive agency and the exclusive right to sell. LIS PENDENS A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien. |
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