Real Estate Glossary

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.