Easement -- A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. It is either for the benefit of land (appurtenant), such as the right to cross parcel A to get to B, or "in gross", such as public utility easement.
Farmer Home and Administration(FmHA) -- The federal agency which makes, participates, and ensures loans for rural housing and farms.
General Partner -- A member of the partnership who has authority to bind the partnership and shares in the profits and losses. A partnership must have at lease one general partner and may have more, as well as limited partners.
Hard Money Mortgage -- A mortgage given in return for cash, rather than to secure a portion of the purchase price, as with a purchase money mortgage.
Impound Account -- Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or beneficiary pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.
Joinder -- Joining together in some legal proceeding.
Land Bank -- An accumulation of land held for future use.
M.A.I.(Member Appraisal Institute) -- The designation given to a member of the American Institute of Real Estate Appraisers. A designation earned through experience, education and examination.
NAR (National Association of REALTORS®) -- An association of people engaged in the real estate business. Organized in 1908, it currently lists over half a million members. With headquarters in Chicago, it is dedicated to the betterment of the real estate industry through education, legislation, and high ethical standards for its members.
Offer -- A presentation of proposal for acceptance, in order to form a contract. To be legally binding, an offer must be definite as to price and terms.
Parcel 2 Easement -- A colloquial term used to describe an appurtenant easement of the dominant tenement, because the easement is described in the legal description. Usually, the property is described as parcel 1 and the easement as parcel 2.
Quitclaim Deed -- A deed operating as a release; intended to pass any title, interest, or claim, which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.
Range -- (1) A division of land in the government survey, being a six mile wide row of townships, running North and South, and used in legal descriptions. (2) Land used for grazing livestock.
Sales-Associate -- One who is licensed to work in real estate under a licensed broker.
Take Out Loan -- The "permanent" (long term) financing of real estate after completion of construction.
Underwriter -- One who insures another. A small title insurance company may buy insurance from a larger one (the underwriter) for all or part of the liability of its policies. A larger title company may buy part of the insurance from another company on high liability policies.
Variable Interest Rate -- An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate".
Warranty Deed -- A deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as practical means of recovery by the grantee for defective title.