Real Estate Glossary

Federal legislation forbidding discrimination in the sale, rental, and financing of real estate on the basis of race, color, religion, sex, handicap, familial status.

A federal agency which buys mortgages in the secondary money market from commercial banks and federally insured savings and loan associations; "Freddy Mac".

An agency of the federal government which insures certain real estate loans.

A part public, part private corporation that buys and sells mortgages in the secondary money market. "Fannie Mae".

The national controller of the money supply, the Federal Reserve System regulates the printing of money, buys and sells bonds, and controls the reserve requirements of its member banks.

An estate granted absolutely but only so long as a specified event occurs or does not occur.

A fee estate which exists only until a specified event does or does not occur. Upon the happening of such event, the fee automatically ends and reverts back to the original grantor, or to his estate.

An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses.

An estate which was inheritable by particular lineal heirs. Upon lack of such heirs the estate reverted back to the grantor or his heirs. No longer recognized.

The title insurance policy covering the property owner.

Medieval legal and social system in which ownership of the land was vested in the monarch.

A person in a position of great trust and confidence, as the relationship between principal and agent.

A fee paid to a person for the services of putting together the two parties in a real estate transaction.

A year, used for tax, corporate, and accounting purposes which begins on a date other than January 1.

An article of personal property which has been installed in or attached to land or a building thereon, in such a manner, that it is now considered to be a part of the real estate.

A child of a deceased person who has not attained the age of twenty-four, or of any age who because of a mental incapacity or physical infirmity is incapable of managing his person or his property.

The portion of the property of a deceased person that his descendants must receive upon his death.

Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

The intentional and successful employment of deception in order to cheat or deceive another person and to thereby gain some dishonest advantage.

An estate in real property for an indefinite and uncertain time.

Property measurement by the front foot on its street line or waterfront line with each front foot extending the depth of the lot.

The ownership right regarding the fruits or incomes from Louisiana real estate.

Refers to the owner's unrestricted power to dispose of the property. Similar to fee simple ownership in Common Law.

Lack of desirability in terms of layout, style and design as compared with that of a new property serving the same function.