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Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

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Hazard Insurance: "Hazard insurance" is a type of insurance that protects real property against damage caused by certain risks, such as fire, theft, and natural disasters. It is typically required by most mortgage lenders to protect their investment in the... (Read more)
Heterogeneous: "Heterogeneous" means that something is made up of different parts or elements that are not alike. In the context of real estate appraising, it refers to properties or characteristics that are dissimilar, or not the same. This can make it... (Read more)
Highest and Best Use: "Highest and Best Use" is a term used in real estate that refers to the most profitable, legally permitted, economically feasible, and physically possible use of a property. When determining the highest and best use of a property, real... (Read more)
Holographic Will: A "holographic will" is a type of will that is entirely handwritten and signed by the person making the will. Unlike a typed or printed will, a holographic will does not need to be witnessed by other people in order to be valid. However, because... (Read more)
Home Equity Loan: A "home equity loan" is a type of loan that allows a homeowner to borrow money against the equity that they have built up in their home. Equity is the difference between the value of the home and the amount that is owed on any mortgages or... (Read more)
Home Inspector: A "home inspector" is a professional who is trained to evaluate the condition of a residential property and identify any potential issues or problems. They typically work for the buyer or seller of a property, and their job is to provide... (Read more)
Homestead Laws: "Homestead laws" are laws that provide legal protections to homeowners, particularly in the event of financial hardship or other legal proceedings. These laws vary from state to state, but generally provide exemptions or limitations on the amount... (Read more)
Homestead Tax Exemption: A "homestead tax exemption" is a type of tax benefit that is available to homeowners who use their primary residence as their primary place of residence. The exemption allows the homeowner to reduce the amount of property taxes that they owe,... (Read more)
Hypothecation: "Hypothecation" is a term used in real estate finance that refers to the practice of using a property as collateral to secure a loan. This means that if the borrower defaults on the loan payments, the lender may have the right to seize the... (Read more)

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