GLOSSARY OF TERMS
ACCELERATION CLAUSE - A clause in a promissory note,
agreement of sale, or mortgage which gives the lender the right to call all
sums due and payable in advance of the fixed payment date upon the occurrence
of a specified event, such as a sale, default, assignment or further
encumbrance of the property. Usually the payee has the option to accelerate the
note upon default of payment of any installment when due, provided he gives
adequate notice and specifies a time within which the defaulting party can cure
the other breaches of provisions in the contract, such as failure to pay taxes
and assessments, or failure to keep the property insured or in repair. The
provision for acceleration must be expressly set forth in the mortgage or
agreement of sale document, otherwise, the right does not exist. There should
be a consistency between the acceleration provisions stated in the mortgage and
those stated in the promissory note.
ACCEPTANCE -
The expression of the intention of the person receiving an offer (offeree,
usually the seller) to be bound by the terms of the offer. The acceptance must
be communicated to the offeror and must be in writing to be enforceable. The
retail buyer has the right to revoke the offer anytime before the seller's
acceptance.
ACQUISITION
- The act of becoming the owner of certain property; used also of the thing or
property acquired.
ACRE - A
measure of land equaling 43,560 square feet; or 4,840 square yards; or 160
square rods; or a tract about 208.71 feet square.
ADMINISTRATOR
- A person appointed by the court to manage and settle the estate of a deceased
person who has left no will.
AFFIDAVIT -
A written declaration, sworn before an officer who has authority to administer
oaths.
AGREEMENT OF
AMORTIZATION
- Liquidation or gradual retirement of a financial obligation by periodic
installments.
AMORTIZATION PERIOD - The period of time for economic recovery of the net investment in a
project. This period is the lesser of 1) the period of time over which the plan
can be expected to serve a useful purpose, or 2) the period of time when
further discounting of beneficial and adverse effects will not appreciably influence
design.
APPRAISAL -
A written estimate and opinion of value; a conclusion resulting from the
analysis of facts.
APPRAISER -
One qualified by education, training, and experience who is hired to estimate
the value of real and personal property based upon experience, judgment, facts,
and the use of the formal appraisal processes.
APPRECIATION
- An increased conversion value of property or mediums of exchange due to
economic or related causes which may prove to be either temporary or permanent.
ASSESSED VALUATION An assessment of property values, by a unit of Government,
for purposes of taxation.
ASSESSMENT -
A charge against real estate made by a unit of government to cover a
proportionate cost of an improvement, such as street or-sewer.
ASSETS - All
valuable things owned by a person, corporation, or other entity, encumbered or
not. ASSIGNMENT (OF TEASE) - A transfer to another of rights, interest, or
claim in or to real or personal property. The party who assigns or transfers
his interest is the assignor, and the assignee is the one to whom the
assignment is made.
ASSUMPTION AGREEMENT - An undertaking of a debt or obligation primarily resting upon another
person.
ASSUMPTION OF MORTGAGE - The taking of title to property by a grantee wherein he
assumes liability for payment of an existing note secured by a mortgage or deed
of trust against the property. He becomes a co-guarantor for the payment of the
mortgage or deed of trust along with the original maker of the note, who is not
released from his responsibility.
ATTACHMENT -
The legal process of seizing the real or personal property of a defendant in a
law suit, by levy or judicial order, and holding it in the custody of the court
as security for satisfaction of the judgment.
ATTORNEY IN FACT - A person authorized to perform certain acts for another person, under
power of attorney.
BALLOON PAYMENT - A final payment on a note. It is usually substantially larger than
any of the preceding installments.
BENEFICIARY
- A person who receives and benefits from the gifts or acts of another, such as
one who is designated to receive the proceeds from a will or trust.
BEQUEATH -
To leave personal property to another by will. To leave real property by will
is to devise.
BILL OF SALE
- A written instrument transferring title, right, and interest in personal
property to another.
BINDER - An
agreement to cover an earnest money deposit for the purchase of real property
as evidence of the purchaser's good faith and intention to complete the
transaction.
BLANKET MORTGAGE - A single mortgage which covets more than one piece of real estate.
BOND - Any
obligation under seal. A real estate bond is a written obligation, usually
issued on security of a mortgage or a trust deed.
BREACH OF CONTRACT - Violation of any of the terms or conditions of a contract without
legal excuse.
CASH VALUE -
The actual money that an Asset will bring on the open market without any
lengthy delay.
CAVEAT EMPTOR
- "Let the retail buyer beware" is Latin. Summarizes the rule that
the retail buyer must examine, judge and test merchandise/property for himself.
CERTIFICATE OF TITLE - A document stating that title to a particular property is clear. It
is prepared by an attorney or qualified person who has examined the abstract of
title, but is not to be confused with title insurance. It is only an opinion
that title is good. Usually given to a homeowner with the deed.
CLEAR TITLE
- A title free and clear of all encumbrances.
CLOSING STATEMENT - An accounting by a broker of funds in a real estate sale, made to the
seller and to the retail buyer.
CLOUD ON TITLE
- An outstanding claim or encumbrance which would affect or impair the owner's
title, if valid. A judgment or dower interest.
COMPARABLE -
Properties listed in an appraisal report which are substantially equivalent to
the subject property, comparable in selling price, rental, income or similar
measure.
COMPENSABLE INTEREST - Interest of parties that is to be compensated.
COMPLIANCE INSPECTION - Inspection of outgrants, military and civil, for
compliance with terms of the outgrant and to review management/development of
the property, particularly of outgrants which provide services to the general
public.
COMPOUND INTEREST - Interest paid both on the original principal and on interest accrued
from the time it fell due.
CONCESSION -
A privilege granted to an individual by the Government, to sell food, etc., on
Government land.
CONTRACT -
An agreement, either oral or written to do or not to do certain things. In real
estate, there are many different types of contracts, including listings,
contracts of sale, options, mortgages, assignments, leases, deeds, escrow
agreements, and loan commitments, among others.
CONTRACT RENT
- Payment for use of property, as specified in a lease.
CONVENTIONAL MORTGAGE - A mortgage on real estate securing a loan made by a
private investor, not guaranteed by a Government agency such as FHA or VA.
CONVEYANCE -
The transfer of title to real property by means of a written instrument, such
as a deed.
COOPERATIVE
- Multi-unit building owned by a corporation, each owner holding stock equal to
the value of his apartment. Title is proprietary lease.
COST OF REPRODUCTION - The normal cost of exact duplication of a property with the same or
closely similar materials as of a certain date or period.
COURSES AND DISTANCES - A method of describing or locating real property; this
description gives a starting point and the direction and lengths of lines to be
run; practically indistinguishable from a metes and bounds description.
COVENANT - A
written agreement in a deed which pledges that either party will perform or
abstain from specified acts on a certain property, or which specifies or
forbids certain uses of the property.
CURTESY -
The common law life estate of a husband to land his wife possessed in fee at
her death. This interest has been abrogated as modified by statute in many
states.
DAMAGES -
Compensation or indemnity recovered through the courts by any person who has
suffered loss, detriment or injury to person, property or rights. A sum of
money awarded to a person injured by an act of another. May be compensatory or
punitive.
DEBT SERVICE
- Periodic payment on a debt, for interest on and retirement of the principal.
DECLARATION OF TAKING - Part of a condemnation package; a document stating the
need for the property, describing the property, and stating that the property
is being taken by eminent domain. Filing the declaration in court, with the
deposit of estimated compensation, transfers title to the condemner.
DEDICATION -
The application of privately-owned land to the public for no consideration,
with the intent that the land will be accepted and used for public purposes. A
landowner may dedicate the entire fee simple interest, or an easement such as a
public right-of-way across his property. Lands thus dedicated are normally
taxed at a preferential rate.
DEED - A
legal instrument in writing, duly executed, sealed, and delivered, whereby the
owner of real property (grantor) conveys to another (grantee) some right,
title, or interest in real estate.
DEED RESTRICTION - A provision in a deed controlling or limiting the use of the land.
DEFAULT -
Failure to perform a specific, required legal duty.
DEFERRED MAINTENANCE - Existing but unfulfilled requirements for repairs and rehabilitation,
deferred until a later date.
DEFICIENCY JUDGMENT - At a foreclosure sale, the difference between the indebtedness sued
upon and the sale price or market value of the real estate. See also DEFICIENCY
PAYMENT.
DEFICIENCY PAYMENT - Additional compensation required in a final judgment in condemnation
proceedings. See also DEFICIENCY JUDGMENT.
DEPRECIATION
- (1) A lowering of value. A reduction; lessening. The decline in value of
property. Loss in market value. Deterioration over a period of time. The
opposite of appreciation. (2) In appraising, depreciation is the reduction on
value of a property as measured from the cost to replace it. It is the
difference between the replacement cost and the market value. (3) In accounting,
it is a write-off (usually annually) of a portion of an asset on the records.
DESCENT -
Succession to ownership of an estate by inheritance. Title by which one person,
upon death of another, acquires real estate of the latter as an heir at law.
The person who inherits is controlled by state statutes.
DESIGN MEMORANDUM - A planning document prepared by the division/District Commander
before any land may be acquired for a project.
DETERIORATION
- Impairment of condition. One of the causes of depreciation and reflecting the
loss in value brought about by wear and tear, disintegration, use in service,
and the action of the elements.
DEVISE - A
transfer of real property under a will. The donor is the devisor and the
recipient is the devisee. Where there is no will, the real property
"descends" to the heirs.
DISCOUNT -
(1) That which can be taken off the established amount. Mortgages, for example,
are frequently discounted when paid in advance of maturity. (2) A sum paid to
obtain certain preferred mortgages, as the payment of points to a lending
institution for FHA and VA mortgages.
DISPOSAL -
An authorized method of permanently divesting the Government of control and
responsibility for real and personal property.
DISPOSSESS -
To deprive a person of possession and/or use of real property.
DOWER - A
common law estate in land given to the wife in her husband's real property upon
his death, consisting of a life estate in one-third of all the real estate owned
by the husband during the marriage.
DURESS -
Forcing action or inaction against a person's will.
EASEMENT - A
privilege or right which the owner of one parcel of land may have to use or
enjoy the lands of another, i.e., a right-of-way.
EASEMENT APPURTENANT - An easement which is attached to, accompanies, and passes with a
greater interest; it has no existence apart from the superior interest. Also
called PERTAINING EASEMENT.
EARNEST MONEY
- The cash deposit made by a purchaser of real estate as evidence of good
faith.
ECONOMIC LIFE
- The period over which a property will yield a return on the investment, over
and above the economic or ground rent due to land.
ECONOMIC OBSOLESCENCE - Impairment of desirability or useful life arising from
economic forces, such as changes in optimum land use, a legislative enactment
which restrict or impair property rights, and changes in supply-demand
relationships.
EFFECTIVE AGE
- Age in years, indicated by the condition and utility of a structure.
EJECTMENT -
A form of action to regain possession of real property, with damages for the
unlawful retention.
ELEVATION -
Surveying: The distance above or below a datum. Architecture: A sketch of the
front or side of a building.
EMBLEMENTS -
Growing crops (called "fructus industriales") which are produced
annually through labor and industry. Emblements are regarded as personal
property even prior to harvest; thus, a tenant has the right to take the annual
crop, even if the harvest does not occur until after his tenancy has ended. A
landlord cannot lease his land to a tenant farmer and then terminate the lease
without giving the tenant the right to re-enter to harvest his crops.
EMINENT DOMAIN
- The right of the government, both state and federal, to take private property
for a necessary public use, with just compensation paid to the owner. Through
eminent domain, the state may acquire land (either fee, leasehold, or easement)
for streets, parks, public buildings, public rights-of-way, and the like. The
state may delegate the power of eminent domain to local governments and to
public corporations and associations such as school districts. No private
property is exempt from this exercise of government power.
ENCROACHMENT
- Trespass; the building of a structure or any improvements partly or wholly
intruding upon the property of another.
ENCUMBRANCE
- Any claim, lien, charge or liability attached to and binding upon real
property which may lessen the value of the property but will not necessarily
prevent transfer of title. There are two general classifications of
encumbrances: (1) those that affect the title, such as judgments, mortgages,
mechanic's liens and other liens which are charges on property used to secure a
debt or obligation; and (2) those that affect the physical condition of the
property such as restrictions, encroachments, and easements.
ENDANGERED SPECIES - Plants and animals which are in danger of extinction throughout a
significant portion of their ranges, as listed by U.S. Department of Interior.
ENGINEERING FEASIBILITY STUDY - Evaluation of a proposed construction at a particular
site, to determine whether the proposed project is economically, structurally,
and environmentally feasible.
ENVIRONMENTAL ASSESSMENT - A written evaluation, made early in the planning process,
of the potential environmental impact of a proposed action.
ENVIRONMENTAL IMPACT ASSESSMENT - Analysis of a proposed action; the basis for deciding
whether the proposed action will have a significant impact on the environment.
ENVIRONMENTAL IMPACT STATEMENT - A detailed, full-disclosure report pursuant to National
Environmental Policy Act of 1969 (NEPA). An EIS identifies and analyzes the
anticipated environmental impact of a proposed action, discusses how adverse
effects will be mitigated.
EQUITY - In
real estate, the interest or value of the real estate over and above the amount
of the indebtedness thereon.
EQUITY OF REDEMPTION - Also known as Statutory Redemption or Redemption. The right of the
mortgagor, before a foreclosure sale, to reclaim property which has been
forfeited due to mortgage default. The mortgagor can redeem the property by
paying the full debt, plus interest and cost. Takes place in Title Theory
states.
EROSION -
Wearing away land through processes of nature, for example by streams and wind.
ESCALATION CLAUSE - A clause in a lease which causes a rent increase, contingent on a
specific action.
ESCHEAT -
The reverting of property to the state by reason of failure of person legally
entitled to hold or when heirs capable of inheriting are lacking.
ESCROW - In
real estate, it is the state or condition of a deed which is conditionally held
by a third party, called the escrow agent, pending the performance or
fulfillment of some act or condition.
ESCROW AGREEMENT - A written agreement between two or more parties whereby the grantor,
promisor or obligor, delivers certain instruments or property into the hands of
a third party, the escrow agent, to be held by said third party until the
happening of a contingency or performance of a condition, and then to be
delivered to the grantee, promisee, or obligee.
ESTATE - In
real estate it refers to the degree, quantity, nature, and extent of interest
which a person has in real property, such as a fee simple absolute estate, an
estate for years.
ESTATE AT SUFFERANCE - An estate in land arising when the tenant wrongfully holds over after
the expiration of his term; the landlord has the choice of evicting the tenant
as a trespasser or accepting such tenant for a similar term and under the
conditions of the tenant's previous holding; often called a tenancy at
sufferance.
ESTATE FOR LIFE - A freehold estate, not of inheritance, but which is held by the
tenant for his own life or the life or lives of one or more other persons, or
for an indefinite period that may extend for the life or lives of persons in
being, and beyond the period of life.
ESTATE FOR YEARS - An interest in land for a fixed period of time, from one day upwards;
often called a tenancy for years.
ESTATE FROM PERIOD TO PERIOD - An interest in land where there is no definite
termination date but the rental period is fixed at a certain sum per week,
month or year; often called tenancy from year to year.
ESTATE IN REVERSION - The residue of an estate left in the grantor to commence in
possession after the termination of some particular estate.
ESTOPPEL - A
legal doctrine which prevents one from asserting rights that are inconsistent
with a previous position or representation.
ESTOVERS -
Wood which a tenant is allowed to take from the landlord's premises for the
necessary fuel, implements, repairs, etc., of himself and his (resident)
servants. ET AL. - Abbreviation for et alii, Latin meaning and others. ET UX. -
Abbreviation for et uxor, meaning and wife.
ET VIR -
Latin meaning and husband.
EVICTION -
Dispossession by process of law; the act of depriving a person of the
possession of lands he has held pursuant to a judgment of the court.
EXCESS -
Designates real property which is no longer required by the Federal agency
accountable for it.
EXCESSING -
The process of determining that real estate is not needed by the Army;
reporting excess property to the disposal agency for disposal.
EXCHANGE -
Disposal of any real interest by exchanging it for another real interest of
equal value instead of cash.
EXCLUSIVE LEGISLATIVE JURISDICTION - Jurisdiction under which the Federal Government
holds all the authority of a state legislate over a particular area, except
authority to serve process in cases arising from occurrences outside of the
area.
EXECUTOR -
An individual or institution designated in a will and appointed by a court to
settle the estate of the testator.
EXPERT WITNESS
- Persons with particular knowledge or skill which enables them to give an
opinion on the facts in dispute.
FAIR MARKET VALUE - Legal term synonymous with MARKET VALUE.
FEE - When
applied to property, an inheritable estate in land.
FEE SIMPLE -
The most comprehensive ownership of real property known to law; the largest
bundle of ownership rights possible in real estate. Fee simple title is
sometimes referred to as "the fee".
FEE TAIL -
An estate or interest in land which cannot be conveyed but which must descend
to the heirs of the holder; abolished in most states.
FIRST MORTGAGE
- The mortgage on property that is superior in right to any other mortgage.
FIXTURE - A
chattel which is affixed to and becomes a part of real property.
FORECLOSURE
- Procedure whereby property pledged as security for a debt is sold to pay the
debt in event of default in payments or terms.
FOREIGN EXCESS REAL ESTATE - Excess real property located outside the
FORFEIT -
Loss of money, property, or the right to property by failure to act or by
negligent or improper action. Property lost is called a forfeiture.
FRAUD - The
intentional perversion of truth to deceive another person, whereby that person
acts upon it to his legal injury.
FREEHOLD -
An estate in fee simple or for life.
FRONT FOOT -
One foot along the street frontage of a property.
FUNCTIONAL OBSOLESCENCE - A loss in value of an improvement due to functional
inadequacies, often caused by age or poor design. For example, functional
obsolescence may be attributable to such things as outmoded plumbing or
fixtures, inadequate closet space, poor floor plan, excessively high ceilings
or antiquated architecture. Thus a warehouse with nine foot ceilings would
probably suffer a loss in value because a modern forklift could not operate in
such a small space.
GENERAL LIEN
- A lien which attaches to all property owned by the debtor.
GENERAL WARRANTY - A covenant in the deed whereby the grantor agrees to protect the
grantee against the world.
GRADUATED LEASE - A lease that provides for the varying rental rate, often based upon
future determination; sometimes rent is based upon result of periodic
appraisals; used largely in long-term leases.
GRADUATED RENTAL SYSTEM - A concession lease in which lessee's percentage rental
fluctuates with the ratio of his gross income to gross fixed assets. Also
provides for a nonrefundable Fixed Minimum Rental (FMR). Percentage rental is
offset against the FMR.
GRANT - The
act of conveying or transferring real property, the operative words in a
conveyance of real estate are to "grant, bargain, and sell". The
grantor (the person who conveys the real estate) delivers the grant, in the
form of a deed, to the grantee.
GRANTEE -
Entity to whom a grant is made, or to whom real estate is conveyed. The retail
buyer.
GRANTOR -
Entity who makes a grant, conveys real estate by deed. The seller.
GROSS INCOME
- The projected annual income from operation of a business or from management
of a property.
GROSS RENT MULTIPLIER - Ratio of sales price to monthly rental income for single
family residential properties.
GROUND LEASE
- A lease to use land for a stated period; may be secured by improvements which
the tenant will provide.
GUIDE ACQUISITION LINE - A line on the map accompanying a design memorandum
showing the tentative boundaries of the land to be acquired for a project.
HABENDUM CLAUSE - The "to have and to hold" clause which defines or limits
the quantity of the estate granted in the pre of the deed.
HAZARDOUS MATERIALS - See CONTAMINATION.
HECTARE - A
metric surface measure: 10,000 square meters or 2.471 acres.
HEREDITAMENTS
- Every sort of inheritable property, such as real, personal, corporeal, and
incorporeal.
HIGH WATERLINE
- The line of high water at ordinary tides.
HOLDING AGENCY
- The Federal agency accountable for a piece of property.
HOLDOVER TENANT - A tenant who remains in possession of leased property after the
expiration date of the lease term.
HOME STEAD -
A home that is used as a personal residence. where there is homestead
protection, the homeowner generally files a homestead declaration with the
county recorder, setting forth his marital status, describing the land and
estimating the value of the homestead. The homestead is then exempt from
creditor's claims up to the statutory amount.
IMPROVEMENTS
- An addition to land which costs labor or capital (buildings, pavements,
etc.), more or less permanently attached. More than repair or replacement.
INCOME PROPERTY - Property owned or purchased primarily for the monetary return it will
bring. It may be classified as commercial, industrial, or residential.
INDEMNIFY -
To protect against or keep free from loss/ damage. To insure. To repay for
loss/damage. To compensate for loss, reimburse.
INDUSTRIAL INSTALLATION - Active or inactive industrial facility held by the
Department of the Army for production of weapons, systems, munitions,
components, and supplies.
INGRANT -
Property acquired for Army or Air Force used by lease, license, or permit; not
fee.
INLEASING -
The leasing of real estate interests therein, and improvements thereon for
military and civil works purposes. Generally, also leasing of land/improvements
by the Corps for other Government agencies.
INSTALLATION
- Land and improvements controlled by the Department of the Army and used by
Army organizations for Army functions.
INSTALLED BUILDING EQUIPMENT - Equipment and furnishings required to make a building
usable and attached as a permanent part of the structure (e.g., docks, overhead
crane., etc.).
INSTALLMENT CONTRACT - Purchase of real estate upon an installment basis; upon default,
payments are forfeited. Often called a LAND CONTRACT, the deed to the property
is not given to the purchaser until either all or a certain portion of the
purchase price has been paid.
INSTRUMENT -
A written legal document created to effect the rights of the parties.
INTEREST RATE
- The rate of return on an investment, specifically, the rate charged on
borrowed money.
INTERNAL CONTROL - The organization and methods within a Federal agency which guard
against fraud, waste, abuse, and mismanagement of resources.
INTESTATE -
A person who dies having made no will, or one defective in form; in which case,
his estate descends to his heirs at law or next of kin.
INVOLUNTARY LEN - A lien imposed against property without consent of the owner;
example: special assessments and Federal income tax.
JOINT AND SEVERAL - An obligation which binds two or more persons individually and
jointly. This type of obligation can be enforced by joint action against all or
separate actions against one or more.
JOINT TENANCY
- Co-ownership of real property by two or more persons, whereby the joint
tenancy have equal interest, accruing by the same conveyance, commencing at the
same time, and held by equal and undivided possession. Joint tenancy includes
the right of survivorship, by which interest of a deceased tenant passes to
survivors.
JUDGMENT -
The final determination of the rights and liabilities of the parties in an
action, as decreed by a court.
JUNIOR LIEN
- A lien placed upon property after a previous lien has been made and recorded.
JURISDICTION
- The authority to legislate within a geographically defined area; authority to
enact general municipal legislation over that particular area.
JUST COMPENSATION - Market value paid for real estate taken in a condemnation action.
LAND MANAGEMENT - Planning and execution of programs to use, improve and maintain land
and water areas for the greatest net public benefit, while supporting the
assigned mission. Includes forest and wildlife management, agriculture and
grazing leasing, outdoor recreation, etc.
LAND SURVEYING
- Location and identification of a parcel of land by a professional surveyor or
engineer.
LANDLORD -
One who rents property to others.
LEASE - A
written document by which the owner transfers the rights of use and occupancy
of land and/or structures to another person or entity for a specified period of
time in return for a specified rental.
LEASEHOLD -
The interest or estate which a lessee has in real property by virtue of his
lease.
LEGAL DESCRIPTION - A statement containing a designation by which land is identified
according to a system set up by law or approved by law.
LEGISLATIVE JURISDICTION - Authority to legislate within a geographically defined
area; the same as jurisdiction. Types of jurisdiction are exclusive,
concurrent, and partial.
LESSEE - A
person/entity to whom property is rented under terms of a lease.
LESSER INTERESTS - Interest in land that is less than fee.
LESSOR - A
person who rents property under a lease; the landlord.
LIABILITY -
Any drawback, debt, or obligation. Something that acts as a disadvantage. An
obligation or duty that must be performed. The opposite of asset.
LICENSE -
Authority to enter or use another person's land or property, without possessing
estate in it; revocable. Would otherwise constitute a trespass.
LIEN - A
hold or claim which one person has upon the property of another as a security
for some debt or charge.
LINK -
Surveyor's linear measure. 1 link = 7.92 in. 100 links = 1 chain (66.6 feet)
LIS PENDENS
- A public notice, filed against specific lands, that an action at law is
pending that may affect the title to the land.
LITTORAL RIGHTS - The right of an owner of land with a shoreline contiguous to a sea or
lake to use and enjoy the shore without a change in its position created by
artificial interference; as distinguished from riparian rights and water
rights.
LOCUS - A
particular parcel of land; used to refer to an already specified property.
MAJOR CONCESSION - A commercial concession entirely on project land with gross fixed
assets or annual gross income over $150,000. See also, COMMERCIAL CONCESSION,
MINOR CONCESSION, MIXED CONCESSION.
MARKET PRICE
- The price paid regardless of pressures, motives, or intelligence.
MARKET VALUE
- The price at which a willing seller would sell and a willing retail buyer
would buy, neither being under abnormal pressure. MARKETABLE OR MERCHANTABLE
TITLE A title which is free from reasonable doubt of defect which can be
readily sold or mortgaged to a reasonably prudent purchaser or mortgagee; a
title free from material defects or grave doubts and reasonably free from
possible litigation.
MEAN SEA LEVEL
- Average sea level position, midway between average high and average low
water. Used as a standard for measurement of heights in the past; now replaced
by the National Geodetic Vertical Datum (NGVD) in most of the country.
MECHANICS LIEN
- A statutory lien to secure payment to materialmen and mechanics for materials
and services used to repair, improve, or maintain real property.
MEETING OF MINDS - A mutual intention of two persons to enter into a contract affecting
their legal status based on agreed-upon terms. One of the essential elements of
a contract whereby the parties consent to be bound by the exact terms of the
contract.
METES AND BOUNDS - A common method of land description that identifies a property by
specifying the shape and boundary dimensions of the parcel, using terminal
points and angles. A metes and bounds description starts at a well marked point
of beginning and follows the boundaries of the land by courses and metes
(measures, distances measures, distances and compass direction) and bounds
(landmarks, monuments) and returns to the true point of beginning. A
description which fails to enclose an area by returning to the point of
beginning is defective.
MINERAL RIGHTS
- The right to extract minerals from land. Does not include right to use the
surface of the land to conduct mineral extraction. This must be obtained from
the surface owner.
MINOR CONCESSION - A commercial concession entirely on project land with gross fixed
assets or annual gross income under $150,000. See also, COMMERCIAL CONCESSION,
MAJOR CONCESSION, MIXED CONCESSION.
MIXED CONCESSION - A commercial concession on project and private land. See also,
COMMERCIAL CONCESSION, MAJOR CONCESSION, MINOR CONCESSION.
MONUMENT - A
natural or manmade fixed object used as a permanent reference point for
surveying or to mark land ownership boundaries.
MONUMENTS DESCRIPTION - A method of describing property by referring to objects
(monuments) on the boundaries.
MORTGAGE - A
legal instrument pledging a described property for repayment of a loan under
certain terms.
MORTGAGE BROKER - An individual or firm that makes mortgage loans on its own behalf,
with its own funds, usually expecting to re-sell the loans to lenders at a
profit.
MORTGAGEE -
one to whom a mortgage is made; the lender.
MORTGAGOR -
One who makes a mortgage, the borrower.
MULTIPLE USE
- Integrated management of all natural resources to achieve optimum use and
enjoyment, while balancing environmental qualities, ecological relationships,
and esthetic values.
NATURAL RESOURCES - Viable and/or renewable products of nature; natural environments of
soil, air and water; plants and animals on grasslands, rangelands, croplands,
forest, lakes, and streams.
NAVIGATION SERVITUDE - Public right of navigation for the use of the people at large.
NEGOTIABLE -
A promissory note, or similar instrument, is said to be negotiable if title to
the instrument, and the money it represents, can be transferred by mere
endorsement and delivery by the holder, or by delivery only.
NET INCOME -
in general, synonymous with net earnings, but considered a broader and better
term; the balance remaining, after deducting from the gross income all
operating expenses, maintenance, taxes, and losses pertaining to operating
properties excepting interest or other financial charges on borrowed or other
capital.
NET LEASE -
A lease agreement whereby the lessee pays all property charges (taxes,
insurance, maintenance) in addition to rent. Local market customs and terms
vary, in some areas, "net, net" and "net, net, net" are
used.
NONEXCESS PROPERTY - Property required for an Army mission but proposed for sale: the
proceeds would fund acquisition of replacement land or facilities. Authority to
sell non-excess property is found at 10 U.S.C. 2667a.
NONUSABLE CONDITION - Describes a facility which is unserviceable because of deterioration,
because it requires extensive restoration, or because it is dangerous to
equipment or to the health and safety of personnel.
NOTE - A written
instrument acknowledging a debt and promising payment.
NOTICE TO QUIT
- A written notice from a landlord to a tenant that the tenant must vacate the
premises at the end of the term or immediately, if the lease is at will.
OBLIGATION -
Legal reservation of funds based on known requirements (a contract, for
example), or an a realistic estimate of costs.
OBLIGOR -
One who places himself under a legal obligation to an obligee.
OBSOLESCENCE
- As applied to real estate it is the loss of value due to structural,
economic, or social changes becoming outmoded.
OFFER - A
promise by one party to act in a certain manner provided the other party will
act in the manner requested. The offeror is the one who makes the offer to the
offeree.
OFFSET STATEMENT - A statement by the owner of property or owner of a lien against
property, setting forth the present status of liens against said property.
OPEN-END MORTGAGE - A mortgage containing a clause that permits the mortgagor
to borrow money after the loan has been reduced without rewriting the mortgage.
OPTION - A
privilege, acquired for a consideration, of demanding within a specified time
the carrying out of a transaction upon stipulated terms. The optionor grants an
option to an optionee.
ORDER OF POSSESSION - Court order in a condemnation which allows the Government to enter
and use lands.
OUTGRANT -
Government term for the interest or right granted to one to use Government real
property by a lease, easement, license, or permit.
OUTLEASING -
The leasing of Army-controlled real property which is temporarily not required
for mission purposes.
OUTSTANDING RIGHTS - Encumbrances, obligations, or liens on property. The Government may
take such property subject to the outstanding rights or may eliminate them.
OVER-IMPROVEMENT - An improvement to land that is more extensive or costly than
needed. As an example, the erection of a thirty-story office building where
fifteen would have been adequate for the present and foreseeable future needs
of the business community. The resulting empty space provides no return to the
owner. The market value of the property, as well as the surrounding land, is
correspondingly lessened. Also called a misplaced improvement.
OWNER IN EQUITY - owner is responsible for repairing or replacing improvements to the
property that are damaged (i.e., loss by fire, damages due to flood, etc.).
PARTIAL LEGISLATIVE JURISDICTION - Authority granted by a state to the Federal Government to
legislate over an area, while the state reserves the right to exercise, alone
or concurrently with the Federal Government, other authority greater than the
right to serve civil or criminal process.
PARTIAL TAKING
- Taking of part of a property for public use, under power of eminent domain.
Compensation must be paid, considering damages and/or special benefits to the
remainder property.
PARTITION -
The dividing of common interests in real property owned jointly by two or more
persons. It sometimes happens that one of several tenants in common or joint
tenants desires to sell the property while the other tenants think it best to
hold on to the investment. If the parties cannot reach an agreement, an action
in partition is often the solution. The main purpose is to provide a means by
which people, fording themselves in an unwarranted common relationship, can
free themselves from the relationship.
PATENT - An
instrument by which the Federal Government conveys public land to an
individual.
PERCENTAGE LEASE - A lease whereby rental is a percentage of gross or net income from
sales or services. Such a lease often guarantees a minimum or maximum rent,
regardless of business volume.
PERCOLATION
- The flow of sub-surface water through land. A measure of percolation shows
how much water the land can absorb.
PERMANENT CONSTRUCTION - A building suitable and appropriate to serve a specified
purpose for at least 25 years with a minimum of maintenance.
PERMIT - A
privilege, revocable at will, granted to another Federal agency to use real
property for a specific purposes; confers no possessory interest.
PERSONAL PROPERTY - All physical objects of a personal or movable nature subject to
ownership, except real estate (real property). See also PROPERTY and REAL
PROPERTY.
PERSONALTY -
Personal property, movable property, chattels. See also PERSONAL PROPERTY.
PHOTOGRAMMETRY
- The science of surveying and mapping using aerial photographs and
stereographic plotters.
PLAT - Map
of town, section, or subdivision, showing location and boundaries of individual
properties.
PLOT - A
piece of land.
POINT - A
measure for charges on a loan amounting to one percent of the loan. One point
is therefore one percent of the subject loan.
POINT OF COMMENCEMENT - A remote established point from which the true point of
beginning can be identified.
POLICE POWER
- The right of the Government to enact legislation deemed necessary to protect
and-promote public health, safety, and welfare. In real estate, may be
interpreted as the right to limit exercise of property rights without
compensation (e.g., zoning).
POSSESSORY INTEREST - Outgrant interests of private corporation and individuals to land
that the Federal Government has withdrawn from county assessor's rolls.
POWER OF ATTORNEY - An instrument authorizing someone to act as another person's agent or
attorney. The agent is attorney in fact, and his power is revoked at the death
of the principal by operation of law. Power of attorney may be general or
special.
PREPAYMENT PENALTY - Penalty for the payment of a mortgage or deed of trust note before it
actually becomes due.
PRESCRIPTION
- The acquiring of aright in property, usually in the form of an intangible
property right such as an easement or right-of-way, by means of adverse use of
property that is continuous and uninterrupted for the prescriptive period.
PRICE - The
amount paid in legal tender, goods, or services; the consideration; purchase
price. The terms for which a thing is done.
PRINCIPAL -
Amount of a loan balance. In a mortgage payment of principal and interest, the
principal repays the loan.
PRIVATE ORGANIZATION - A self-sustaining, non-Federal entity, constituted or established and
operating on Federal property, by individuals acting outside any official
capacity in the Federal Government.
PROGRAM ANALYSIS AND RESOURCE REVIEW - The PARR document identifies and explains new
programs and changes to existing programs. Twenty-eight major commands and
other agencies submit material to the PARK.
PROGRAM AND BUDGET GUIDANCE - The PBG provides guidance on manpower and dollars from
HQDA to general operating agencies. MACOMs use this guidance to prepare the
PARR and COB. The PBG is published in January, May, and October and relates to
the President's budget, the POM, and the OSD budget, respectively.
PROGRAM OBJECTIVE MEMORANDUM - The POM document presents the proposed Army program to
the Office of the Secretary of Defense. It presents planned activities and the personnel
and obligation authority required over a 5-year period to build, operate, and
maintain this proposed program.
PROJECT PLANNING - Planning of real estate acquisition.
PROPERTY -
The rights or interests a person has in the thing he owns; not, in the
technical sense, the thing itself. These rights include the right to possess,
to use, to encumber, to transfer and to exclude, commonly called the bundle of
rights. In modern understanding, however, property has come to mean the thing
itself to which certain ownership rights are attached. Property is either real
or personal.
PROPERTY NOT UTILIZED - All or part of a property not used for current program
purposes of the accountable agency, or occupied in caretaker status only.
PROPERTY UNDERUTILIZED - All or part of a property used only irregularly or
intermittently by the accountable agency for current program purposes, or used
for current program purposes that require only a portion of the property.
PROPRIETARY INTEREST - Rights of the Federal Government as property owner in a state. Rights
conferred by virtue of ownership.
PUBLIC DOMAIN LANDS - Land or interest in land owned by the
PURCHASE MONEY MORTGAGE - A mortgage given by the grantee to the grantor, on the
same land and concurrently with the conveyance, to secure the unpaid balance of
the purchase price.
QUALIFIED FEE
- An estate in fee simple but bound by limitations imposed by the grantor.
QUARTERS -
All housing facilities which are supplied by specific Department of the Army
direction as incidental service in support of Government programs and for which
rent and fees are charged the occupant.
QUIET ENJOYMENT - A right, granted by covenant in a deed or lease, of a grantee or
tenant to enjoy possession of the premises without interference.
QUIET TITLE
- Court action brought to establish title and to remove a cloud on the title.
QUITCLAIM DEED
- A deed of conveyance with conveys to the grantee without warranty of title
whatever interest, title, or claim the grantor possesses.
RANCHO -
Grants of land to individuals dating back to the Spanish-Mexican governments. A
large tract of land suitable for grazing horses or cattle.
RANGE - A
strip of land six miles wide, as determined by Government survey and running in
a north-south direction.
REAL ESTATE
- See REAL PROPERTY.
REAL PROPERTY
- Land and anything built on, growing on, or affixed to land. See also
PROPERTY, PERSONAL PROPERTY.
REALTY - A
term sometimes used as a collective noun for real property or real estate.
REASSIGNMENT
- The action of changing Jurisdiction over real estate from one command or
agency to another within the Department of the Army.
RECAPTURE CLAUSE - A clause in leases or deeds which gives the landlord the right to
terminate if certain conditions or standards are not met. In a percentage
lease, the landlord has the right to cancel if a specific minimum volume of
business is not maintained. Also, a clause in Government outgrants which allows
the Government to reacquire (recapture) the property if needed for national
defense.
RESCISSION OF CONTRACTS - The abrogating or annulling of contracts. the revocation
or repealing of a contract by mutual consent by parties to the contract, or for
cause by either party to the contract.
RECTANGULAR SURVEY SYSTEM - Often called the United States Government Survey System;
a method of describing or locating real property by reference to the Government
survey. Used in about 30 states.
REDEMPTION -
The right to redeem property during the foreclosure period; the right of an
owner to redeem his property after a sale for taxes. Often referred to as
Equity of Redemption.
RELATED FURNISHINGS - Property which is not fixed to or part of a building: furniture,
furnishings, equipment.
RELEASE -
The discharge or relinquishment of a right, claim or privilege. Since a formal
release is a contract relieving a person from any further legal obligation, it
must contain a valuable consideration.
RELEASE OF LIEN - The discharge of certain property from the lien of a judgment,
mortgage, or claim.
RELICTION -
Addition or accretion to land by gradual subsidence of water.
RELOCATABLE BUILDING - A building designed to be readily moved, assembled, disassembled,
stored, and reused; a trailer type building, but not a mobile trailer. Usually considered
personal property.
RELOCATION ASSISTANCE - Benefits and assistance for Persons whose property is
acquired under Title II of PL 91-646. The Acs provides payment for moving and
related expenses, replacement housing for owners and tenants, relocation
assistance advisory, and last resort housing.
REMAINDER -
An estate which vests after the termination of the prior estate, such as a life
estate. It is created at the same time and by the same instrument as another
estate and limited to arise immediately upon the termination of the other
estate.
RENT - A
compensation, either in money, provisions, chattels, or labor, received by the
owner of real estate from the occupant.
REPLACEMENT COSTS - Cost of a building with equivalent utility but with modern materials
and eliminating deficiencies of the building it replaces.
REPRODUCTION COSTS - Cost of building an exact duplicate of a structure, including
deficiencies.
REPROGRAMMING
- Transfer of funds from one appropriation account to another, for purposes different
from the original appropriation.
RESERVATION
- A right reserved by an owner in the grant (sale or lease) of a property.
RESERVED PUBLIC LANDS - See WITHDRAWN PUBLIC LANDS.
RESIDUAL ESTATE - That which remains of a testator's estate after deducting the debts,
bequests, and devises.
RESTRICTION
- A limitation upon the use or occupancy of real estate, placed by covenant in
deeds or by public legislative action.
RESTRICTIVE COVENANT - A clause in a deed limiting the use to which the property may be put.
REVERSION -
The residue of an estate left in the grantor to commence in possession after
the determination of some particular estate granted out by him. The return of
land to the grantor and his heirs after the grant is over.
REVERSIONARY INTEREST - The interest that a person has in lands or other property
upon the termination of the preceding estate.
REVOCATION -
The recall of a power or authority conferred, or the vacating of an instrument
previously made.
RIGHT OF SURVIVORSHIP - The distinctive characteristic of a joint tenancy (also
tenancy by the entirety) by which the surviving joint tenants) succeeds to all
right, title, and interest of the deceased joint tenant without the need for
probate proceedings.
RIGHT-OF-ENTRY
- A written instrument, binding on all parties, which provides authority to
enter on certain premises to perform specified acts, without acquiring any
estate or interest in the property.
RIGHT-OF-WAY
- The right or privilege, acquired through accepted usage or by contract, to
pass over a designated portion of the property of another. A right-of-way may
be private, as in an access easement given a neighbor, or public, as in the
right-of-way to use the highways and streets.
RIPRAP -
Loose stone piled on an embankment or slope to prevent erosion or washing-out.
RIPARIAN OWNER
- One who owns land bounding upon a river or water course.
RIPARIAN RIGHTS - The right of a landowner to water on, under, or adjacent to his land,
for general purposes, wharfing, and access to navigable waters. The rights of
an owner of land on the bank of a stream or river.
SALE-LEASEBACK
- A situation where the owner of a piece of property wishes to sell the
property and retain occupancy by leasing it from the retail buyer.
SALES CONTRACT
- A contract by which retail buyer and seller agree to the terms of the sale.
SATISFACTION OF MORTGAGE - An instrument for recording and acknowledging payment for
an indebtedness secured by a mortgage.
SCREENING -
Circulation of notice within the Army of real property which is no longer
required by one Army organization but may be required and useful to another.
SEA LEVEL -
See MEAN SEA LEVEL.
SEAL - An
embossed impression on paper authenticating a document or signature (e.g.,
corporate or notary seals). The letters L. S. after the signature are Latin,
locus sigilli, meaning "place of the seal." It is good practice to
require a corporate seal on a contract as evidence that the contract is the act
of the corporation and executed by duly authorized officers.
SECONDARY FINANCING - A loan secured by a second mortgage or trust deed on real property.
SECTION - As
used in the Government Survey System, a section of land is an area one mile
square, containing 640 acres. It is 1/36th of a township.
SECURITY INTEREST - An interest in personal property or fixtures, obtained to ensure
payment owed as performance of an obligation.
SEISIN (SEIZIN) - Actual possession of property by one who claims rightful ownership of
a freehold interest therein. A person is seized of property when he is in
rightful possession with the intention of claiming a freehold estate.
SEMI-PERMANENT CONSTRUCTION - A building appropriate for a specific purpose for a
limited period (more than 5 but less than 25 years), with a moderate to high
level of maintenance.
SEPARATE PROPERTY - Property owned by a husband or wife which is not community property;
property acquired by either spouse prior to marriage or by gift or devise after
marriage.
SERVITUDE -
A charge or burden on one estate to the benefit or advantage of another.
SEVERALITY OWNERSHIP - Sole ownership. Owned by one person only.
SEVERANCE DAMAGES - Payment to an owner for diminution in the value of a remainder area
in a partial acquisition, caused by the acquisition (severance) or by
construction of improvements.
SINKING FUND
- A fund in which equal monthly or annual deposits, with compound interest,
accumulate to a predetermined amount at a calculated time, for the purposes of
paying a debt or replacing improvements.
SITE - A
parcel of land, sufficiently improved to be used as a building lot or for other
purposes requiring an improved site.
SPECIAL WARRANTY DEED - A deed in which the grantor warrants or guarantees the
title only against defects arising during his ownership of the property and not
against defects existing before the time of his ownership.
SPECIFIC PERFORMANCE - A remedy which the court will grant, in certain cases, compelling the
defendant to perform or carry out the terms of a valid, existing agreement or
contract.
STATUTE OF FRAUDS - State law which provides that certain contracts must be in writing to
be enforceable contracts for real estate are included in this class of
contract.
SUBDIVISION
- Any land which is divided or is proposed to be divided for the purpose of
disposition into two or more lots, parcels, units, or interests.
SUBJECT TO MORTGAGE - The taking of title to Property by a grantee, wherein he is not
responsible to the holder of the promissory note for the payment of any portion
of the amount due. In the event of foreclosure, the most that he can lose is
his equity in the property. The original maker of the note is not released from
his responsibility.
SUBLETTING -
A leasing by one tenant to another, who holds the right of use and occupancy
subject to the original lease; the sublessee.
SUBORDINATE
- To make subject to, or junior to.
SUBORDINATION CLAUSE - A clause in a mortgage or lease stating that rights of the holder
shall be secondary or subordinate to a subsequent encumbrance.
SUBROGATION
- Replacing one person with another in regard to a legal right, interest, or
obligation. Substitution, such as a mortgage holder's selling his rights and
interest to another.
SUBSURFACE RIGHTS - Ownership rights to water, minerals, gas, oil, and similar substances
lying beneath the surface of a parcel of real estate.
SURETY - One
who guarantees the performance of another; the guarantor.
SURFACE RIGHTS
- Ownership rights in a parcel of real estate that are limited to the surface
and do not include air above the property (air rights) or minerals below the
surface (subsurface rights).
SURPLUS REAL ESTATE - Real property owned by the
SURRENDER -
The cancellation of a lease by mutual consent of lessor and lessee.
SURVEY - The
act by which the quantity and boundaries of a piece of land are ascertained;
the paper containing a statement of the courses, distance, and quantity of land
is also called a survey.
SUSTAINED YIELD - The production rate of renewable resources an area of land or water
can maintain at a given intensity of management.
TACKING -
An-adverse possessor has passed his rights to another and his time of
possession counts for the new possessor.
TAX DEED - A
deed given where property has been purchased at a sale to the public of
property for nonpayment of taxes.
TAX LIEN - A
government claim for unpaid real estate tax.
TAX
TEMPORARY CONSTRUCTION - A building suitable and appropriate to fill a need for a
short period (5 years or less) without regard to level of maintenance, the
designs and details of which provide a minimum facility with maximum initial
economy.
TENANCY IN COMMON - Co-ownership of real property by two or more persons, each entitled
to possession according to his proportionate share. Unlike joint tenancy, there
is no right of survivorship. See also JOINT TENANCY, TENANCY BY ENTIRETY, RIGHT
OF SURVIVORSHIP.
TENANCY BY THE ENTIRETY - Joint ownership by husband and wife, created by
conveyance to husband and wife, who possess the property jointly. The property
goes entirely to the survivor and is liable only for joint debts of husband and
wife, not individual debts. Divorce severs the tenancy. See also JOINT TENANCY,
TENANCY IN COMMON RIGHT OF SURVIVORSHIP.
TENANT - One
who holds or possesses land or tenements by any kind of title, either in fee,
for 'life, for years, or at will. In a popular sense, the one who has temporary
use and occupation of lands or tenements which belong to another, the duration
and other terms of whose occupations are usually defined by a lease, while the
parties thereto are placed in the relationship of landlord and tenant.
TENANT AT SUFFERANCE - One who comes into possession of lands by lawful title but keeps them
afterwards without any title, after his interest has ended.
TENANT AT WILL
- A license to use or occupy lands and tenements at the will of owner, but for
no fixed term. The tenancy can be terminated at will by the owner.
TENURE IN LAND
- The mode or manner by which an estate in lands is held.
TERM - The
extent of time for which an estate is granted. For example, the period which is
granted for the lessee to occupy the premises; it does not include the time
between making the lease and the tenant's entry.
TERMINATION
- End of a lease or contract, usually before the anticipated time; termination
may be by mutual agreement or by exercise of one party of a legal remedy due to
default of the other party.
TERMINATION FOR CAUSE - Termination of an outgrant because of the lessee's
violation of a condition of the grant.
TERMINATION AT WILL - Termination of an outgrant at will by the lessor. All Army outgrants
may be terminated at will.
TESTATE -
The condition of one who leaves a valid will at their death.
THREATENED SPECIES - Plants and animals likely to become endangered species, as listed by
the Department of Interior, within the foreseeable future and throughout a
significant portion of their ranges.
TIMBER MANAGEMENT - Production and identification of salable wood products from forests
on a sustained yield basis: sawtimber, pulpwood, poles, ties, posts, piling,
and other products.
TIME IS OF THE ESSENCE - One of the essential requirements to the forming of
binding contract; it contemplates a punctual performance.
TITLE - The
right to or ownership of lands. Also, the evidence of ownership. Title to
property encompasses all the bundle of rights an owner possesses.
TITLE INSURANCE - Indemnity against loss or damage resulting from defects in or liens
on a title at the date of the insurance.
TOPO (GRAPHIC) MAP - A map showing physical features and relative elevations of the area
surveyed. The elevations are graphically depicted by contour lines.
TOWNSHIP - A
territorial subdivision, six miles long, six miles wide, and containing
thirty-six sections, each one mile square.
TRACT - An
area of land contained in one description.
TRACT I OWNERSHIP DATA - A historical record of a particular tract of land,
confirmed by the owner or someone familiar with the land and recorded on ENG
Form 900.
TRADE FIXTURES
- Articles of Personal property annexed to real property but which are
necessary to the carrying on of a trade and are removable by the owner.
TRANSFER -
Change of jurisdiction over real property from one Federal agency or department
to another, including military departments and defense agencies.
TRUE POINT OF BEGINNING - The point from which a legal description of property
begins and ends.
TRUST DEED OR DEED OF TRUST - A deed conveying land to a trustee as collateral security
for the payment of a debt; upon payment of a debt secured thereby, the deed of
trust is released; upon default, the trustee has the power to sell the land and
pay the debt.
TRUSTEE -
One why holds property in trust for another to secure the performance of an
obligation.
UNDERIMPROVEMENT - Improvement inadequate to support the highest/best use of the site.
May be a structure of lower cost, smaller size, or lesser quality than those
typical of the neighborhood.
UNDERUTILIZED
- The characteristics of underutilized project lands are: (1) Development of
only a small amount of total land; (2) Development behind schedule; (3) Failure
to meet annual management objectives; (4) Low or declining public use; (5)
Unused recreation facilities.
UNDUE INFLUENCE - Taking any fraudulent or unfair advantage of another's weakness in
mind, distress, or necessity.
USURY - On a
loan, claiming a rate of interest greater than that permitted by law.
UTILITY -
The usefulness of a property; its ability to satisfactorily function for the
purpose for which it was intended.
UTILIZATION INSPECTION - An inspection of project lands buildings, and related
facilities to determine if the property is being put to optimum use.
VACATED PREMISES - Property from which all military personnel and missions have been
vacated.
VALID -
Having force, or binding force; legally sufficient and authorized by law.
VALUATION -
The act or process of estimating value; the amount of estimated value.
VALUE -
Ability to command goods, including money, in exchange; the quantity of goods,
including money, which should be commanded or received in exchange for the
thing valued; utility; desirability. As applied to a property value may be
broadly defined as "the present worth of all the rights to future benefits
arising from ownership".
VARA - A
Spanish, Portuguese, and Latin American unit of linear measure, varying from 32
to 43 inches. Also a square vara, as a unit of area.
VENDEE - A
purchaser; a retail buyer; the person to whom a thing is rendered or sold.
VENDOR - The
person who transfers Property by sale.
VOID - That
which is unenforceable; having no force or effect.
VOIDABLE -
That which is capable of being adjudged void but is not void unless action is
taken to make it so.
VOLUNTARY LIEN
- Any lien placed upon property with consent of, or as a result of, the
voluntary act of the owner.
WAIVER - The
renunciation, abandonment, or surrender of a right, claim, or privilege.
WARRANTY DEED
- A deed that contains a covenant that the grantor will protect the grantee
against any claimant.
WASTE -
Willful destruction of any part of the ;and which would injure or prejudice the
landlord's reversionary right.
WATERLINE -
High waterline is the point on the shore to which the tide normally rises;
varies. Low waterline is the lowest point of tide, from which the tide does not
ebb; varies.
WETLANDS -
Land areas that are inundated by surface or ground water with sufficient
frequency to support vegetable or animal life that requires hydric soils for
growth and reproduction.
WILDLIFE MANAGEMENT - Application of scientific and technical principles to wildlife populations
and habitats so as to maintain such populations for ecological, scientific, or
recreational purposes.
WITHDRAWN LANDS (withdrawn public lands) - Public domain held back for the
use or benefit of an agency by reservation, withdrawal, or other restrictions
for a special government purpose.
ZONING - The
public regulation, through police power, of the character and extent of real
estate use. Uniform restrictions on improvements, building height, density of
population, and other factors regulate the use and development of private
property.