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Tina Majors

Sales Associate

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Understanding Real Estate Terms


INTERNAL REVENUE SERVICE TAX LIEN--A lien charged by the Internal Revenue Service for nonpayment of income taxes.

Understanding Real Estate Terms


HOLDOVER TENANCY--A tenancy in which a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law.

Understanding Real Estate Terms


GAP--A defect in the chain of title of a particular parcel of real estate; a missing document or conveyance that raises doubt as to the present ownership of the land.

Understanding Real Estate Terms


FHA-INSURED LOAN -- A loan insured by the Federal Housing Administration and made by an approved lender in accordance with FHA regulations.

Understanding Real Estate Terms


ENCROACHMENT-- A building or some portion of it--a wall or fence, for instance--that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley.

Understanding Real Estate Terms


DEPRECIATION--(1) In appraisal, a loss of value in property due to any cause, including physical deterioration, functional obsolescence, and external obsolescence.  (2) In real estate investment, a deduction for tax purposes taken over the period of ownership of income property, based on the property's acquisition cost.

Understanding Real Estate Terms


COLLATERAL--Something having value that is given to secure repayment of a debt.

Understanding Real Estate Terms


BUILDING PERMIT--Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.

Understanding Real Estate Terms


ACCRETION--The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea.

Understanding Real Estate Terms


VA-GUARANTEED LOAN -- A mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the U.S. Dept. of Veterans Affairs in order to limit the lender's possible loss.

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