Glossary E

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E-Store. The place that you can buy or sell business related items or services for a small ad fee.

EARNEST MONEY
A sum that if a contract is executed, is applied against the down payment.
(See also binder deposit.)
EASEMENT
A right, privilege, or interest in real property that one individual has in lands belonging to another; a legal right to trespass; right-of-way authorizing access to or over land.
ECONOMIC LIFE
The period of time a property may be expected to be profitable or productive; useful life.
EFFECT A SALE
A provision in a listing contract requiring the broker to obtain assigned contract from a ready, willing and able buyer on the terms specified.
EFFECTIVE GROSS INCOME (EGI)
The resulting amount when vacancy and collection losses are subtracted from potential gross income.
EFFECTIVE SHARE
An estate defined as consisting of 30 percent of the descendant's personal property and Florida real property, except homestead exempt property and claims.
EMINENT DOMAIN
The constitutional right given to a unit of government to take private property involuntarily if taken for public use and a fair price is paid to the owner.
EMPLOYER
The individual who hires the services of another.
EMPTY NESTER
Older parents whose housing needs change after their children have moved away.
ENCROACHMENT
Unauthorized use of another person's property.
ENCUMBRANCE
Any lien, claim, or liability affecting the title or attaching to real property.
ENCUMBRANCE CLAUSE
A provision in a deed to real property that warrants that no liens, claims, or liabilities exist on the property being conveyed, except as specified.
EQUITABLE TITLE
The right of a vendee to obtain absolute ownership of property to which the vendor has legal title; the interest held by a vendee under a sale contract or contract for deed; beneficial interest.
EQUITY
The market value of a property less any debt against; in a business entity, assets minus liabilities equals capitals (owner's equity); a system of legal rules administered by a court of chancery.
EQUITY OF REDEMPTION
The right of a mortgagor, before a foreclosure sale, to reclaim fortified property by paying the entire indebtedness.
EROSION
Gradual loss of land due to water or other natural causes.
ESCALATOR CLAUSE
A provision in mortgage permitting the lender to increase the interest rate that is usually tied to an event or a contingency.
ESCHEAT
Reversion of property to the state when an owner dies without leaving a will or any known heirs.
ESCROW ACCOUNT (TRUST ACCOUNT)
An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account.
ESCROW DISBURSEMENT ORDER (EDO)
A course of action for determining the disposition of a contested deposit.
ESTATE
Tenancy; the interest one holds in real property; the total of one's property and possessions.
ESTATE BY ENTIRETIES
A tenancy created by husband and wife jointly owning real property with instant and complete right of survivorship.
ESTATE FOR LIFE
(SEE LIFE ESTATE.)
A tenancy whose duration is limited to the life of some person; freehold estate.
ESTATE FOR YEARS
A tenancy measured from a starting date to a termination date (maybe for a few days or longer than any natural life; (e.g., a leasehold is an estate for years.)
ESTATE IN FEE (SEE FEE SIMPLE STATE.)
The most comprehensive and complete interest one can hold in real property; freehold estate.
ESTATE IN REVERSION
An estate that comes back to the original estate.
ESTATE IN SOLE
Real property owned by a corporation sole.
ESTATE OF FREEHOLD
(SEE FREEHOLD ESTATE.)
A tenancy on a real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.
ESTATE OF REMAINDER
An estate that can become effective only after another estate has terminated.
ESTOPPEL
A principle law that prohibits (stops) a person from defending himself or herself against his or her own acts or lack of action.
ESTOPPEL CERTIFICATE
A written statement that bars the signer from making a claim inconsistent with the instrument (commonly used with a mortgage assumption.)
ETHICS
The moral obligations and duties that a member of a profession or craft owes to the public, to a client, or to other members of the profession or craft.
EVIDENCE
Any proof that may legal be admitted in settlement of an issue.
EXCLUSION
The right of an owner to control entry onto the property.
EXCLUSIVE AGENCY
A listing given to one real estate broker as the sole agent for the sale of an owner's property.
EXCLUSIVE RIGHT TO SELL
A listing given to one real estate broker as the sole agent for the sale of an owner's property, with the commission going to the broker regardless of who actually sells the property during the listing contract period.
EXCULPATORY CLAUSE
A provision in a mortgage or note in which the lender waives the right to a deficiency judgment against the borrower and the borrower is relieved of personal liability to repay the loan.
EXECUTED CONTRACT
An agreement in which the terms have been fully performed by a parties.
EXECUTIVE POWER, FREC
Duties related to the education of licenses, the regulating of professional practices, and the publishing of materials.
EXECUTORY CONTRACT
An agreement containing some act or condition that remains to be completed.
EXEMPT PROPERTY
A right to property that has been decreed to be excluded from taxation or claim by others.
EXPRESS CONTRACT
An agreement where in the terms are specifically stated by the parties, either orally, in writing, or a combination of the two.