Dictionary

Single Agent

Definition:   the practice of representing either the buyer or the seller but not both in the same transaction Pronunciation: Used in a Sentence:   The broker worked as a single agent...

Short Sale

Definition:   a sale of secured real property that produces less money than is owed the lender.  The lender releases its mortgage so that the property can be sold free and...

Severance

Definition:  the act of removing something attached to the land or of terminating a relationship Pronunciation:   \ˈsev-rən(t)s\ Used in a Sentence:   When a fence is removed, there is a severance...

Severalty

Definition:   sole ownership of real property Pronunciation:  \ˈsev-rəl-tē\ Used in a Sentence:   Since Joe was the sole owner of the property, he had an estate in severalty.

Setback

Definition:   zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line Pronunciation:   \ˈset-ˌbak\ Used in a Sentence: ...

Servicing Disclosure Statement

Definition:   a disclosure statement given to borrowers that stipulates whether the lender intends to service the loan or transfer it to another lender or servicing company Pronunciation: Used in a...