Thursday, May 9, 2024, 9:16 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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STRAIGHT LEASEThe type of rental arrangement requiring rent payments of fixed amounts made at specific intervals through the lease's duration. |
STRAIGHT LINE DEPRECIATIONSetting aside or allowing a fixed sum of money each year to offset replacement or improvements when needed. |
STRAIGHT LOANA note on which interest only is paid during the term of the loan. When the loan expires, the entire sum of principal is due. |
STRAW MANOne who purchases property for another to conceal the identity of the real purchaser; a dummy purchaser. |
SUBDIVIDINGThe process of apportioning a parcel of land into individual lots. |
SUBDIVISION REGULATIONSThe governmental regulation of the ways in which subdivided property must be planned and completed. |
SUBLEASEA lease given by a lessee for a portion of the unexpired balance of his term, or one given for a portion of the leased premises. |
SUBORDINATION CLAUSEA clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance. |
SUBROGATIONThe substitution of one person in place of another with reverence to a lawful claim, demand or right, so that he succeeds to such rights of the other. |
SUMMARY POSSESSIONA process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he would not be evicted. Also called Dispossess Proceeding or Unlawful Detainer. |