Real Estate Glossary

The clause in mortgage or note stating the penalty, if any, for payment before it actually becomes due.

Title obtained by possession for a prescribed period; prescriptive rights.

Evidence which is good and sufficient on its face ("at first view") to establish a given fact or case, unless rebutted or contradicted.

The source of loan funds available directly to borrowers, whether for first or second mortgages.

The employer of an agent or broker; a sum of money owed as a debt upon which interest is calculated.

A meridian which serves as a reference for other meridians; a part of the rectangular method of survey.

The economic principle which holds that if a single improvement on a property does not result in a greater net return from the whole property, the cost of the improvement cannot be justified.

The appraisal principle which holds that the best use of a property is that which will produce the highest and most durable return on an owner's investment.

Conveyance of property from one private person to another.

In the Code, "things" are divided into common, public, and private; corporeals and incorporeals; and movables and immovables. private things are owned by individuals, other private (juridical) persons, and by the state or its political subdivisions in their capacity as private persons.