Friday, September 20, 2024, 8:21 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
E
EARNEST MONEYInitial payment made by purchaser of real
estate as evidence of good faith. |
EASEMENTA right, privilege or interest which one party
has in the land of another. |
EASEMENT APPURTENANTAn easement that is attached to and runs with
the land; it cannot exist apart from the particular land to which
it is attached. |
EASEMENT BY PRESCRIPTIONA method of acquiring a right to a portion of
property by lapse of time, in the manner of adverse
possession. |
EASEMENT IN GROSSAn easement which does not attach to the land,
and is usually given to a quasi-public corporation, such as the
electric or phone company. |
ECONOMIC LIFEThe period of time over which a property may
be profitably used. |
ECONOMIC OBSOLESCENCEA loss in value caused by factors apart from
the subject property itself but nonetheless affecting the subject
property. |
EFFECTIVE AGEThe apparent rather than the chronological age
of a property. |
EFFECTIVE DEMANDConsumer desire for an item coupled with the
consumers' financial ability to purchase that item. |
EGRESSMeans of leaving property without trespassing
the property rights of other surrounding owners. |