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Glossary of Terms

Search alphabetically by the first letter of the word.

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NARRATIVE REPORT	The longest form of appraisal report which uses a variety of supporting documentation.
NATURAL PERSON	An individual. The opposite of a legal person.
NEGATIVE (PASSIVE) INTENTIONAL FRAUD	When a person covertly hides facts, thus leading the other contracting party to believe certain things which are not true.
NEGATIVE OR REVERSE AMORTIZATION	A loan that requires payments of no principal and only part of the interest. The unpaid interest is added to the principal. This technique is used on some graduated payment mortgages.
NET LEASE	The tenant pays the landlord rent; and, in addition, also pays the operating expenses (such as utilities).
NET LISTING	An illegal listing wherein the seller identifies an acceptable amount for the property and everything above that figure will be commission to the agent.
NET OPERATING INCOME (NOI)	The profit that remains after the operating expenses have been subtracted from the gross effective income.
NON-DISTURBANCE CLAUSE	A clause in a mortgage which protects the rights of the lessee if the property should be foreclosed by the lender upon the owner's default.
NON-HOMOGENEOUS	A term that means no two parcels of land are exactly alike.
NON-INVESTMENT PROPERTY	A property that has no cash flow; for example, your home or a vacant lot.
NON-RECOURSE LOAN	The terms of the loan stipulate that even if the lender receives less than the balance owed as a result of a foreclosure action, the debt is satisfied and the lender may not go after the borrower's personal assets.
NON-RESIDENT LICENSE	A real estate licensee from another state acquires this kind of a license to enable him/her to practice real estate in Utah.
NOTICE OF DEFAULT	The action filed to initiate foreclosure under a Trust Deed and Note.
NOTICE OF INTEREST	Holders of junior liens against a property would file this. If the senior lien holder foreclosed, they would be notified and could protect their interest.
NOTICE TO QUIT	The action a lessor must take against a tenant before filing an Unlawful Detainer action with the courts.
NOVATION	The substitution of a new party or a new obligation in a contract. This process requires the agreement of all original parties in the contract, but once it has been agreed to, the original obligatee is released from liability.
NUNCUPATIVE WILL	Oral will, written down by someone and witnessed by two non beneficiaries. It can only convey personal property.
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OPEN END MORTGAGE	A loan which can be increased up to an agreed upon maximum, similar to the way a credit card works. It is often used for construction loans and home equity loans.
OPEN LISTING	A listing agreement that can be given to as many principal brokers, on the same property, as the seller desires. It is a non-exclusive listing.
OPERATING BUDGET	A projection of the financial operation of an investment property.
OPTION CONTRACT	A contract wherein a seller agrees to sell property for a set amount and specified terms, if the buyer chooses to exercise that right to purchase during the contracted period of time. In return for the seller taking his property off the market, the buyer pays valuable, non-refundable consideration.
OPTIONEE	One who receives an option; a potential buyer who may or may not buy by the end of the term of the option.
OPTIONOR	One who gives an option; the potential seller.
ORIGINATION FEE	A fee (profit) charged by the lender to initiate a loan.
OSTENSIBLE AGENCY	Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
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PACKAGE MORTGAGE	A loan that uses both real and personal property as security.
PAR	The interest rate charged on a loan when there are no discount points involved.
PAROL EVIDENCE RULE	Prevents the admission into court of oral agreements reached prior or subsequent to the written contract and which contradict the terms in the written contract.
PARTIALLY AMORTIZED LOAN	A loan requiring payments of both principal and interest, but when the final payment is made, a balloon payment is required to retire the loan.
PARTIALLY DISCLOSED PRINCIPAL	The "other party" knows who the agent is, knows there is a principal, but is not told who the principal is.
PARTICIPATION LOAN	A loan where the lender becomes an investor or owner in the project for which the money is being loaned.
PARTITION SUIT	A court process where property owned concurrently can be divided into distinct portions so each co-owner may hold his or her portion in severalty. The court may order the property sold.
PARTY WALL	A common wall between two properties, usually involving a zero lot line.
PATENT DEED OR PUBLIC GRANT	The deed issued when the property is first conveyed from public or government ownership to a private individual.
PERCENTAGE LEASE	A lease used in commercial leasing. The tenant pays a percent of the net or gross income derived from the use of the property, or the tenant may be paying a flat rate plus a stated percent of the gross or net income.
PERIODIC TENANCY (MONTH-TO-MONTH)	A lease which automatically renews itself. The period for legal notice is established by statute in each state, or can be agreed upon as one of the terms of the lease (15 days in Utah).
PERSONAL PROPERTY	The opposite of real property, it is moveable and destructible. Synonyms are chattel and personalty.
PERSONAL REPRESENTATIVE	A term used in Utah for the Administrator or Executor of a will.
PERSONALTY	A synonym for personal property. The opposite of "realty."
PHYSICAL DETERIORATION	A type of depreciation that occurs when something wears out and will no longer perform the function or give the service that was originally intended.
PHYSICAL LIFE	The time span during which an improvement is in condition to be utilized and occupied.
PLAIN LANGUAGE POLICY	Title insurance covering the borrower, which will cover mechanic's liens, and costs no more than a standard policy.
PLEDGE	The borrower gives up possession of the property being used as collateral for the loan (the way a pawn shop works).
PLOTTAGE	Combining two or more parcels of land with a resulting increase in total value.
POINT OF BEGINNING	In the Metes and Bounds method, this is the corner at which the boundary description starts.
POLICE POWER	The right of government, such as in zoning, to exercise control over private individuals without their consent and without compensation.
POSITIVE INTENTIONAL FRAUD	When a person deliberately and overtly deceives or misrepresents facts pertinent to a contract.
POWER OF ATTORNEY	What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
POWER OF SALE (BARE, NAKED, LEGAL TITLE)	The authority (conveyed from the trustor to the trustee at the time the Trust Deed and Note are signed) to sell the property in the event of default. It is known as the power of sale.
PREPAYMENT PENALTY	This clause in a loan penalizes the borrower for paying off the loan earlier than agreed. It usually is placed in loans in times of falling interest rates to discourage refinancing.
PREPAYMENT PRIVILEGE	This clause in a loan allows the borrower to pay the loan off early. The amount of the monthly payments can be increased, with all of the extra payment applying to the principal; refinance without penalty; or make balloon payments from time to time. All of these techniques save large amounts of time and interest.
PRICE	The amount of money being asked for a product or property.
PRIMARY MONEY OR MORTGAGE MARKET	Those who originate loans of any type, regardless of the priority of the loan, are in this financial market.
PRIME RATE	The interest rate that is charged to a lender's most favored clients and is established by the major banks or lenders of America.
PRINCIPAL	The agent works for this person. This person is also sometimes referred to as a client.
PRINCIPAL BROKER	The broker who manages the offices and is responsible for supervising the activities of the licensed and unlicensed staff.
PRIOR APPROPRIATION OR STATUTORY APPROPRIATION	The legal doctrine used in Utah for distribution of water based on the idea that an owner of real property has no right to any water that is on, under, or adjacent to his property simply because he owns the land. In Utah, one must apply to the State Engineer, Division of Water Rights, to obtain water rights.
PROCURING CAUSE DOCTRINE	A doctrine governing who gets the selling portion of the commission. It says the agent who set up an uninterrupted chain of events that led to the closing earned the commission.
PROMISSORY NOTE	The document given as evidence of the loan. It contains all information relative to the money: payment, term, interest rate, etc.
PROPERTY MANAGEMENT	This activity occurs when a licensee manages investment property for the owner.
PROPERTY MANAGER	One who cares for the property of an owner. A property manager must be licensed.
PROPERTY MGMT. TRUST ACCOUNT	Must be opened when a real estate brokerage is handling more than six property management accounts.
PROPERTY TAX	The tax levied by government against real property. These taxes are due in Utah on November 30 and cover the full calendar year.
PROPRIETARY LEASE	Sometimes called an "owner's" lease. It is held by a person who owns shares in a stock cooperative. They own personal property which entitles them to the proprietary lease.
PRORATION	The process of computing the buyer's and seller's portion of an obligation owed by both, such as property tax.
PUFFING	Sales talk, or exaggerated statements that reflect an obvious overstatement by the agent and is not considered misrepresentation or fraud.
PURCHASE MONEY MORTGAGE	The seller is the lender and may be lending all or only part of the purchase price.
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QUANTITY SURVEY METHOD	The appraiser determines the cost of the materials; labor; management fees, and profit. These are used to determine the value of improvements when using the cost approach in appraisal.
QUIET ENJOYMENT	One of the rights in the "Bundle of Rights." The right of an owner or lessee to uninterrupted legal use of the property without interference or disturbance caused by defective title.
QUIET TITLE ACTION	A court ordered hearing to determine the actual ownership of real property. This type of proceeding would be conducted to transfer title to an adverse possessor.
QUIT CLAIM DEED	A deed that conveys all interest in a property which the grantor may or may not have, and gives no warranties as to the condition of title. Its primary use is to remove clouds from the title.
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RANGE	A vertical column of townships, measured east and west from the meridian in the Government or Rectangular Survey Method.
RATE OF RETURN	Same as Capitalization Rate or Cap Rate.
REAL ESTATE PURCHASE CONTRACT	A State approved form which may be filled out by all licensees which is used for an offer to buy real property. When accepted, it becomes the sales agreement.
REAL ESTATE RECOVERY FUND ACT	The purpose of this act is to protect the public from dishonest licensees.
REAL ESTATE TRUST ACCOUNT	A special bank account where money is deposited when it is being held for other people involved in a real estate transaction.
REAL PROPERTY	Land and appurtenances, air space to infinity, and the subsurface to the center of the earth.
REAPPRAISAL LEASE	A lease wherein the rent is determined by a periodic re-evaluation of the property's value.
RECIPROCITY	When states agree to recognize each others' education requirements for real estate licensing.
RECONCILIATION	An appraiser should use as many of the approaches to appraising as possible. This technique synthesizes the results into a single estimate of value. It is sometimes called correlation.
RECONVEYANCE OF DEED	The document a lender uses to return all interest in the property after the debt has been satified under a Trust Deed and Note. This is in accordance with the defeasance clause.
RECORDING	A form of delivery of a deed, also known as constructive delivery.
RECTANGULAR SURVEY METHOD	A method of land description that uses base and meridian lines, townships and sections. It is also referred to as the Government Survey Method.
REDLINING	The discriminatory practice of refusing to make loans in certain neighborhoods.
REFINANCE	Obtaining a new loan, often at a lower interest rate, out of which the old loan is paid off. If the new loan is for more than the balance of the old, it generates tax-free cash for various uses, and the interest paid on it is deductible.
REGULATION Z	See Truth in Lending.
REIT (REAL ESTATE INVESTMENT TRUST)	Its purpose is to avoid double taxation. It must have at least 100 members, and return at least 95% of the profits to the investors.
RELEASE CLAUSE	When a blanket loan has been given, this clause will allow part of the property to be removed as security for the loan when certain requirements have been met, sometimes called a partial release clause.
RELEASE OF LIEN	If a mechanic had previously placed a claim against the property where the work was done, when payment is made, this form must be filed within ten days.
REMAINDERMAN	The person who will receive the life estate when the current holder of the life estate dies. There can be more than one of these.
RESCISSION	As a remedy for fraud, or by agreement of the parties, all parties return to their original positions prior to the executing of the contract. It is also known as a "contract to end a contract."
RESIDENTIAL CONSTRUCTION EARNEST MONEY SALES AGREEMENT	Similar to the Real Estate Purchase Contract, but this one is to be used solely when the property being purchased is a new home to be constructed or for which no Certificate of Occupancy has been issued.
REVERSE ANNUITY MORTGAGE	When the mortgagee makes regular monthly payments to the mortgagor. The payments create the loan. It is used for elderly people who's homes are paid off or nearly so. The debt is not repaid until they either sell the house or die.
RIGHT OF FIRST REFUSAL	A right given to a prospective purchaser to be able to meet the price and terms at which the owner is willing to sell the property to another party. Unlike an option, the seller is under no obligation to withdraw his property from the market.
RIPARIAN RIGHTS	An approach to the distribution and use of water that states the owner of real property has a reasonable right to use any water that is on, under, or adjacent to the property.
ROOFTOP LEASE	This lease is used when the tenant only wants to rent the top of the building.
RULE OF DISCLOSURE	The responsibility to reveal all material facts to a principal, including mistakes and misrepresentations. Indeed it might be said concerning the fiduciary relationship, what the agent knows, the principal knows.
RULE OF OBEDIENCE	The responsibility of the agent to follow all instructions of his principal.
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SAFETY CLAUSE	A clause in a listing contract that protects the listing broker from the seller's attempt to sell the property after the expiration of the listing to avoid paying a commission.
SALES AGENT	A real estate licensee who does not have a broker's license and must work under the supervision of his employing principal broker.
SALE AND LEASE BACK	An owner sells a property, then leases it back from the new owner, thus obtaining capital for other activities and the purchaser obtaining a stable lessee.
SATISFACTION OF MORTGAGE	The document used by the lender to reconvey all of his interest in a property, as required by the defeasance clause under a mortgage.
SEASONED LOAN	A loan with a payment history. This feature of a loan is preferred by the secondary money market.
SECONDARY MONEY OR MORTGAGE MARKET	Individuals or financial institutions who purchase existing loans.
SECTION	An area of land one mile square in the Government or Rectangular Survey Method. It contains 640 acres.
SELLER DISCLOSURES	The property title and condition information required in the REPC to be given to the buyer by the seller.
SENIOR LIEN	Refers to first mortgages or trust deeds or the debt first recorded against the real property.
SERVICE PROPERTY	Property such as government buildings or churches which are used for public purposes and are non-profit.
SERVIENT TENAMENT	The name given to a property that is encumbered by an easement appurtenant.
SETTLEMENT	The date specified in the purchase contract when buyer and seller deliver any monies required, as cleared funds, to the settlement agent and sign the documents applicable to the transaction.
SEVERALTY	A form of ownership wherein an individual owns the property in sole ownership.
SEVERANCE	A process by which real property becomes personal property.
SHARED EQUITY MORTGAGE	The lender not only collects interest on the loan, but when the property is sold, the lender will receive a portion of the profits from the increase in the property's value since the time it was purchased.
SHERIFF'S DEED	The document given to the person who bid and bought property at a Sheriff's Sale. This document is not given until the statutory six-month period of redemption has passed.
SHERIFF'S SALE	The name of the event wherein a property is sold in foreclosure under a mortgage.
SHERMAN ANTITRUST ACT	A law designed to encourage competition and free enterprise by outlawing price fixing.
SHORT FORM OR CHECKLIST REPORT	An appraisal report that uses a standardized form wherein the appraiser checks boxes and fills in blanks. It is often required by a lending institutions.
SIMPLE INTEREST	The type of interest that is computed each month on the unpaid principal balance. It is used in most mortgages.
SITUS	Personal preference for one location over another which affects the value of the property.
SPECIAL ASSESSMENT	A tax customarily imposed against only those parcels of property that will benefit from a proposed public improvement such as sidewalks, sewer, street lights, parks, etc.
SPECIAL PURPOSE PROPERTY	Property that doesn't fit one of the standard zoning classifications (residential, commercial, agricultural, etc.) is put in this general category.
SPECIAL WARRANTY DEED	This type of deed contains only one covenant in the deed: the covenant against encumbrances. Furthermore, it only warrants the period of time that the grantor actually owned the property.
SPECIFIC PERFORMANCE	A legal remedy requiring a party to perform as agreed in the contract.
SPECIFIC, SPECIAL AGENT	An agent hired by contract to carry out specifically stated activities.
SPOT ZONING	The process involved when the zoning and planning commission changes the zoning of a single lot to be different from others surrounding it.
SQUARE FOOT METHOD	In this method for estimating the value of improvements, the appraiser multiplies the value per square foot times the number of square feet.
STANDARD COVERAGE TITLE INSURANCE	Title insurance which protects against losses arising from both recorded title claims, omissions and errors in public records, and from inadequate title search procedures. It does not protect from undisclosed and unrecorded claims against the title such as unrecorded mechanic's liens.
STATE ENGINEER	In Utah, the office to which one applies for water rights.
STATUTE OF FRAUDS	The requirement that certain contracts must be in writing in order to be enforceable in court.
STATUTORY DEDICATION	When the developer is allowed by the city, county, or state to convey the streets, sidewalks, gutters, etc. for maintenance by the government.
STATUTORY PERIOD OF REDEMPTION	The period of time following a foreclosure sale wherein the mortgagor has the right of paying off his debts and retaining ownership of the property sold in foreclosure. The mortgagor must redeem the property, rather that reinsate the loan.
STEERING	The act of directing buyers to or away from certain geographical areas for the purpose of discriminating.
STOCK COOPERATIVE	Persons buy an interest in a cooperative, which is personal property. This entitles them to a lease in one of the units, called a proprietary or "owner's" lease.
STRAIGHT NOTE	A loan that requires payments of interest only, sometimes called a term loan. Usually the entire principal is paid off in one balloon payment at the end of the loan.
SUBAGENT	Anyone who is assisting the agent (principal broker) in the agent's responsibilities. For instance, a sales agent or associate broker in the office, or principal broker with a co-broker agreement.
SUBDIVISION	Land divided into lots which may or may not include improvements such as water, utilities, curbs, gutters, and streets; but does not include buildings.
SUBJECT TO CLAUSE	This clause may be found in either a contract or a deed. In a contract, it is another name for the contingency clause. In a deed, it is another way of referring to the habendum or "to have and to hold" clause.
SUBLEASE	A lease given by the original lessee. The lessee remains fully liable to the lessor. The lessee pays rent to the lessor or landlord, and collects rent from the sublettee.
SUBORDINATION CLAUSE	The clause in a loan that can alter the priority of a loan.
SUBROGATION	The substitution of liability or rights, as in a title insurance policy.
SUBSTITUTION, PRINCIPLE OF	The appraisal principle which states that no prudent buyer will pay more that he has to to get what he wants. This is the basic principle of the Market Data or Comparison approach to appraisal.
SUPPLY AND DEMAND	The principle of economics, as well as appraisal, which states that when there is an overabundance of a particular product, the price will go down; conversely, when there is a limited amount of that product, the price will go up.
SURVIVORSHIP	In Joint Tenancy, the surviving owner(s) automatically receives ownership of the deceased person's share. It takes precedence over a will.
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TACKING	In adverse possession, this process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.
TAKE-OUT LOAN	Once construction is completed and an appraisal obtained, this is a term referring to the permanent, long-term financing for the property.
TAX CREDIT	Items which the IRS allows you to subtract from the dollar amount of taxes due. There are very few of these allowed.
TAX DEFERRED EXCHANGE	An exchange of like for like properties where no boot is involved. Tax on any capital gains is paid at a later date.
TENANCY AT SUFFERANCE	The lease has expired and the lessee is now possessing the property illegally, having been given proper notice to vacate. It is similar to trespassing except that the lessee, at one time, held a legal lease.
TENANCY AT WILL	A lease which requires little or no notice of termination. It is used in special circumstances wherein both the lessor and lessee agree that the lease can be terminated by either party. It is of uncertain duration.
TENANCY BY THE ENTIRETY	A form of ownership that can only be held by husband and wife similar to joint tenancy, except that one party cannot sell without the approval of the spouse.
TENANCY IN COMMON	A form of ownership where owners have equal rights of possession, but each owner can have a different percent of ownership. Upon the death of one, his interest goes to his heirs.
TENDER	Another term for the process of making or presenting an offer.
TESTATOR	The title of a person who makes a will.
THIRD PARTY DELIVERY	Delivery of the deed is accomplished by a third party who has written, acknowledged instructions from the grantor, also called a deed in escrow.
TIER	The horizontal row of townships, measured north and south from the baseline in the Governmental or Rectangular Survey method.
TIME IS OF THE ESSENCE	The clause in a contract that means all dates are firm and non-performance by the date specified may create a voidable contract.
TIMESHARE AND CAMP RESORT ACT	The act that governs developers who offer property for use with mobile types of housing or where you will use the property for a limited amount of time periodically.
TITLE	An abstract term denoting ownership; not a document.
TITLE INSURANCE	Since an attorney's opinion does not offer the buyer financial protection if the title proves unsound, insurance can be purchased which gives varying degrees of financial protection relative to the condition of title of real property.
TITLE THEORY	A legal doctrine or theory of mortgage law used in a few states that allows the lender to take property as collateral for the debt by holding title to the property until the debt is paid.
TO AND THROUGH DOCTRINE	An approach which says the agent who first showed the property to the buyer earns the selling portion of the commission.
TOWNSHIP	The largest land area used in the rectangular or government survey system. It is six miles square.
TRADE FIXTURE	That which is considered legally attached to a business. It is always personal property.
TRUST DEED (OR DEED OF TRUST)	The document that provides for a non-judicial foreclosure process. It is used in conjunction with a promissory note, by which a borrower hypothecates property as security for a debt or loan.
TRUSTEE	Since the courts are not being used in the case of a Trust Deed and Note, this person acts as an escrow agent to insure that the agreement of the Trustor and Beneficiary is carried out and the interests of each party are protected.
TRUSTEE'S DEED	The document that is given to the individual who successfully bids at a Trustee's Sale and purchases the foreclosed property. It conveys fee simple title.
TRUSTEE'S SALE	The event where property is sold in foreclosure by the Trustee under a Trust Deed and Note.
TRUSTOR	The legal term given to one who hypothecates property as collateral for a loan, using a promissory note and trust deed.
TRUTH IN LENDING, OR FEDERAL CONSUMER CREDIT PROTECTION ACT( OR REGULATION Z)	An act created in Congress to protect consumers from being deceived about the costs of borrowing money. It requires full disclosure of the cost of borrowing money and regulates advertising of credit.
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UNDISCLOSED PRINCIPAL	The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
UNDUE INFLUENCE	Taking advantage of another person because you hold a unique position of trust, such as a doctor/patient, attorney/client, real estate agent/client relationship.
UNIFORM COMMERCIAL CODE	The body of law that regulates the transfer, or sale, of personal property, such as when one is selling a business (UCC).
UNIFORM DECLARATION OF RESTRICTIONS	The document that is used when a subdivider or developer publicly and simultaneously records a group of restricitive covenants on all of the lots in a subdivision.
UNIFORM RESIDENTIAL LANDLORD AND TENANT ACT	A federal piece of legislation aimed at creating proper legal relationships between landlords or owners and tenants.
UNILATERAL CONTRACT	A contract wherein a promise is exchanged for a performance. Only one of the parties is initially bound, as when a reward is offered, for example, finding a lost animal.
UNIT-IN-PLACE METHOD	An appraisal method for determining the cost of improvements which takes a general approach. It is sometimes referred to as a sub-contractor approach and considers the cost of components, such as the concrete work, the framing, etc. or such items as extra light fixtures, kitchen or bathroom fixtures, etc.
UNIVERSAL AGENT	An agent hired to do all things for and in behalf of the principal.
UNLAWFUL DETAINER	The legal action a landlord brings against the tenant to evict when there is legal cause.
URBAN RENEWAL	The procedure of condemning private land as a blighted area and having it torn down and rebuilt.
USURY	Interest rates above the legal rate, or statutory limit.
UTAH EXEMPTION ACT	The law that provides protection for a portion equity when a homeowner experiences foreclosure or bankruptcy.
UTAH UNIFORM LAND SALES PRACTICES ACT	The body of law that governs subdivisions which fall under the regulation of the State of Utah.
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VA LOAN	A government loan that is guaranteed and does not require a down payment.
VALID CONTRACT	A contract that contains all the essential elements of a contract and therefore is binding on all parties.
VALUABLE CONSIDERATION	Consideration in the form of money, services, promises, or real or personal property.
VALUE	The power of a product, service, or property to command other goods or money in exchange. It is the present worth of future benefits arising out of ownership.
VARIANCE	The right of an individual to do something that violates current zoning regulations because the zoning and planning commission or Board of Adjustment granted that right.
VENDEE	One who buys or offers to buy.
VENDOR	One who sells or offers to sell.
VERTICAL LEASE	A lease for either air rights or subterannean rights (such as oil).
VOID CONTRACT	A contract that lacks one or more of the essential elements of a contract and therefore is not binding on any of the parties.
VOIDABLE CONTRACT	A contract wherein one of the parties can challenge one or more of the essential elements of the contract and therefore has the right to affirm or disaffirm the contract.
VOLUNTARY DEDICATION	When a private individual gives land as a gift for public use, such as land for a park, church, hospital, etc.
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WALK-THROUGH INSPECTION	An optional visit by the buyer to check and approve the condition of the property and any repairs that have been made.
WASTE	When the owner of the property commits destructive acts on the property or fails to keep up with maintenance requirements.
WATER RIGHTS	The ability under the law to have the use of water. It is considered to be real property.
WATER SHARES	A right to use water on real property, granted to the owner by a canal company with water certificates. It is considered personal property.
WRAPAROUND LOAN	A loan that encompasses one or more existing loans. It can be created with an All Inclusive Trust Deed.
WRIT OF EXECUTION	A court order directing an officer of the court to sell property of the defendant in order to satisfy a judgment.
WRIT OF RESTITUTION	The order the judge gives for the sheriff to evict a tenant and restore the premises to the lessor in an eviction action.
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ZONING	A right of state governments to regulate the height, bulk and use of private property in order to protect the health, morals, welfare, and safety of the public; usually delegated to the local level.
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