Real Estate Glossary

A Latin phrase meaning let the buyer beware"; the legal maxim stating that the buyer must examine the goods or property and buy at his or her own risk."

The Veterans Administration's written appraisal of the value of a property.

The Supreme Court order indicating that the court has decided to exercise its discretion and accept a case offered on appeal. The court reviews only those select cases that it deems worthy of review.

A series of conveyances encumbrances and other instruments affecting the title from the time original patent was granted or as far back as records are available. A history of the recorded ownership of real estate and claims against title to real estate.

Procedure that is done to terminate your license or change the broker you are listed under 

The old name for personal property.

A personal-property mortgage. (See Security Agreement.)

In real estate an estate less than a freehold estate such as a lease.

(1) Personal property. (2) This term is sometimes used in a law to describe any interest in real or personal property other than a freehold.

An electrical device that automatically interrupts an electrical circuit when an overload occurs. Circuit breakers can be reset and today are used instead of fuses.