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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.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Sale Contract: A sale contract is an agreement between two parties where one person agrees to sell something to another person and the other person agrees to buy it. In the case of real estate, a sale contract is an agreement between a buyer and a seller... (Read more)
Sale-leaseback: A sale-leaseback is an arrangement where the owner of a property sells the property to someone else and then leases it back from them. In other words, the seller becomes the tenant, and the buyer becomes the landlord. This can be a way for... (Read more)
Sales Comparison Approach: The Sales Comparison Approach is a way to determine the value of a property, like a house or a building, by comparing it to other similar properties that have been sold. It's like when you want to buy a car, and you check out the prices... (Read more)
Salesperson: A real estate salesperson is a licensed professional who represents buyers or sellers in real estate transactions. They help buyers find properties that fit their needs and budget, and assist sellers in marketing and selling their properties.... (Read more)
Sandwich Lease: A sandwich lease is a type of lease agreement where the lessee (the person who leases the property) becomes the lessor (the person who subleases the property) to another party. This means that the lessee is neither the owner nor the end-user of... (Read more)
Savings & Loan Associations: Savings & Loan Associations (S&Ls) are financial institutions that offer savings accounts and make loans to individuals and businesses. They were originally created to help people save money and buy homes, but they have expanded their services... (Read more)
Scarcity: Scarcity refers to the degree of unavailability of a product or service in relation to the demand for it. In other words, it is the idea that there is not enough of something to satisfy everyone who wants it. Scarcity is a critical element of... (Read more)
Second Mortgage: A second mortgage is a loan taken out against the equity in a property that is already mortgaged. It is called a "second" mortgage because it is subordinate to the first mortgage, which means that if the property is foreclosed on, the first... (Read more)
Secondary Mortgage Market: The secondary mortgage market refers to the buying and selling of existing mortgages by investors, rather than the original lender. The secondary market provides liquidity for lenders, allowing them to free up capital to make new loans, and it... (Read more)
Section (Rectangular Survey System): In the rectangular survey system used to define land ownership in the United States, a section is a specific area of land that is one square mile in size and makes up a part of a larger township. Each section is numbered and can be... (Read more)
Securities License: A securities license is like a special permission slip that allows people to buy and sell certain types of investments, like stocks and bonds. These licenses have different levels, and some of them, like the Series 39 and 22, let people... (Read more)
Security: In finance and real estate, "security" refers to an asset or financial instrument that provides a return to the owner. This can include physical assets like real estate, or financial assets like stocks, bonds, and mutual funds. It can also refer... (Read more)
Seller Financing: In real estate, "seller financing" is when the seller of a property provides financing to the buyer, instead of the buyer obtaining a traditional mortgage from a bank or other financial institution. Essentially, the seller becomes the lender,... (Read more)
Seller's Market: In real estate, a "seller's market" is when there are more buyers than there are properties for sale. This creates a situation where sellers have more negotiating power and can often sell their properties for... (Read more)
Senior Lien: In real estate, a "senior lien" is a type of lien that has priority over other liens on a property. This means that if the property is sold or foreclosed on, the holder of the senior lien has the first claim on any proceeds from the sale... (Read more)
Servient Estate: A "servient estate" is a property that is subject to an easement. An easement is a right that allows someone else to use or access a portion of the property, even though they don't... (Read more)
Servient Tenement: A servient tenement is a piece of land or property that is burdened or "serves" another property by allowing it to use a right of way or easement. In simpler terms, it's like being the host of a party and letting your guests park their cars in... (Read more)
Severalty: Severalty is a term used in real estate that means an individual or entity owns a property all by themselves, without sharing ownership with anyone else./bb/In real estate, the term "severalty" comes from the word "sever", which means to separate... (Read more)
Severance: Severance, in the context of real estate, is the process of dividing a piece of land from a larger property to create a new, smaller property. It's like taking a big piece of land and splitting it into two separate parts, each with its own... (Read more)
Sherman Antitrust Act: The Sherman Antitrust Act is a law in the United States that keeps the real estate market fair and competitive. It ensures that no single real estate company or a group of them becomes too powerful or controls too much of the market. This law... (Read more)
Sherman Antitrust Laws: The Sherman Antitrust Laws are rules in the United States that ensure businesses, like real estate agencies, operate fairly and competitively. These laws prevent companies from becoming too powerful or controlling too much of the market. They... (Read more)
Sinking Fund Factor: A "sinking fund factor" is a handy term that helps people determine the right amount of money they need to save regularly to achieve a specific financial goal within a set time frame. This useful tool allows for planning and managing... (Read more)
Site: Site, in real estate terms, refers to a specific piece of land that has been improved with utilities and other infrastructure in anticipation of development. Essentially, it's a plot of land that's been prepared for something to be built... (Read more)
Six Functions of a Dollar: "Six Functions of a Dollar" is a concept in finance that helps us understand how money can change over time. It's like a set of tools or formulas that help us calculate different scenarios involving money, like saving, investing,... (Read more)
Sole Proprietorship: A sole proprietorship is a type of business where one person owns and operates the business on their own. It's like being a one-person show, where the owner is responsible for everything the... (Read more)
Special Agency: A special agency is a type of agency relationship where an agent is given a specific task or limited authority to act on behalf of their principal. The agent only has authority to act in the specific matter for which they were appointed, and not... (Read more)
Special Assessment Lien: A special assessment lien is a type of lien placed on a property to secure payment of a tax levy for a specific public improvement, like a new road or sewer. Only properties that benefit from the improvement are taxed... (Read more)
Special Exception: A special exception is a permission granted by a zoning board or other governing body that allows a property owner to use their property in a way that is not normally allowed under the existing zoning regulations. The special exception is... (Read more)
Specific Lien: A "specific lien" is a claim that someone has on a certain property because the owner owes them money. This type of lien only applies to the specific property in question. If the owner doesn't pay back the debt, the person holding the lien has... (Read more)
Specific Performance: "Specific performance" is a legal term that means making someone follow through with a promise they made in a contract. Instead of just paying money to make up for breaking the promise, the person has to actually do what they agreed to do. It's... (Read more)
Speculation: Speculation refers to the act of investing in a property or other asset with the hope of making a profit in the future. It involves taking a risk by buying the property or asset with the expectation that its value will increase over time,... (Read more)
Square Foot Method: The square foot method is a way of estimating the value of a property based on its size or square footage. It involves multiplying the property's square footage by a predetermined value per square foot to arrive at an... (Read more)
Statistical Regression Analysis: "Statistical regression analysis" is a method used to find a relationship between different pieces of information, like how one thing might affect another. It helps us make predictions or understand how things are connected by looking at patterns... (Read more)
Statute of Frauds: The "Statute of Frauds" is a law that says certain types of agreements must be in writing and signed by the people involved, to make sure everyone is clear about what they agreed to and to help avoid disagreements later. If an agreement isn't... (Read more)
Statute of Limitations: In the context of real estate, the "Statute of Limitations" is a law that sets a time limit for how long someone can bring a legal claim related to real estate. This could include claims related to property ownership, title disputes, or breaches... (Read more)
Steering: Steering, in the context of real estate, is when someone tries to guide or influence a person's choice of where to live based on their race, ethnicity, or other personal characteristics. It's like trying to push someone to live in a... (Read more)
Step-Down Lease: A step-down lease, sometimes called a reverse step lease or a descending lease, is a type of lease agreement where the rent payments begin at a certain level and then decrease over time. This type of lease is different from the more common... (Read more)
Step-up Lease: A step-up lease, also known as a graduated lease or an escalating lease, is a type of lease agreement where the rent payments start low and increase over time at specified intervals. This type of lease helps the tenant by offering lower rent in... (Read more)
Straight-Line Cost Recovery: "Straight-line cost recovery" is a way of spreading out the cost of something expensive that a business buys, like a building or a piece of equipment, over its expected useful life. Instead of counting the whole cost in one year, the... (Read more)
Strict Foreclosure: "Strict foreclosure" is a process that happens when someone can't pay back the money they borrowed to buy a house. The bank or the lender, who lent the money, takes back the house because the borrower didn't keep up with their payments. Unlike... (Read more)
Subagency: "Subagency" is when one person or company helps another person or company represent someone else. In real estate, this usually means a second real estate agent helps the main agent who is working for a home seller or buyer. Even though the... (Read more)
Sublease: A "sublease" is when someone who is renting a place, like an apartment or office, allows someone else to rent it from them for a certain period. The original renter still has a contract with the property owner, but the person subleasing... (Read more)
Subordination: Subordination is when one person's claim or right to something is ranked below another person's claim or right. It can happen either by choice or by law. Think of it like a ladder, where each step represents a different priority level.... (Read more)
Subordination Clause: Subordination clause, in simple terms, is a part of a contract that says one loan or debt is less important than another loan or debt. This means, if something goes wrong and the person who borrowed money can't pay it back, the more important... (Read more)
Substantive Contact: Substantive contact is when a real estate agent and a potential buyer or seller have a meaningful conversation or exchange of information about a specific property. It goes beyond just a casual chat and involves discussing important details,... (Read more)
Substitution: Substitution is the idea that a smart buyer won't pay more for a specific item, like a house, if they can find another one that's pretty much the same but costs less. In other words, if two things are almost the same in terms of quality,... (Read more)
Subsurface Rights: Subsurface rights refer to the ownership of everything that's below the surface of a piece of land. When you own subsurface rights, it means you have the right to access and use the resources found beneath the ground, such as minerals, oil,... (Read more)
Suit for Possession: A suit for possession is a legal action taken by a landlord or property owner when they want to get back their property from a tenant or occupant who isn't supposed to be there anymore. It's a way for the owner to ask the court to help them... (Read more)
Superior Lien: A superior lien is like being first in a line of people waiting to get paid back. It means that if someone owes money on their property and has to sell it, the person or company with the superior lien gets paid before anyone else. This is... (Read more)
Supply: The quantity of a product or service available for sale, lease, or trade at any... (Read more)
Supply: "Supply" is a term used in the context of the supply and demand principle in economics. It refers to the amount of a particular product or service that is available for sale in a given market at a... (Read more)
Supply and Demand: Supply and demand is a fundamental principle in economics that explains how prices are determined in a market. It's the interaction between how much of a product is available for sale (supply) and how much people want to buy... (Read more)
Surface Rights: "Surface rights" is a term used in real estate that refers to the legal right to use the surface of a piece of land for a particular purpose, such as building a house or... (Read more)
Surplus Land (Excess Land): Surplus land, also known as excess land, is like having extra space in your yard that you don't really need for what you're currently using it for. It's extra land that isn't necessary for the property's main purpose or its highest and best... (Read more)
Surplus Productivity: Surplus productivity is a term used in real estate to describe the net income that a property generates after all the costs of labor, capital, and management have been paid. It's the income that's left over after all the expenses have been... (Read more)
Survey: A survey is a formal measurement of the boundaries, dimensions, and elevations of a piece of real estate. It's conducted by a professional surveyor to accurately determine the size and shape of... (Read more)
Survivorship, Right of: The right of survivorship is a rule that applies when two or more people own a property together. If one of the owners passes away, their share of the property automatically goes to the surviving owners, without having to go through a lengthy... (Read more)
Syndication: Syndication is when a group of people come together to invest in a big project, like buying or developing a property. Each person in the group contributes money, while a few organizers manage the project and make decisions. This way, everyone... (Read more)

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