The Real Estate License Professor

Insurance that protects the owner and lender against physical hazards to property such as fire and windstorm damage.

A beam placed perpendicularly to joists and to which joists are nailed in the framing of openings such as windows doors and stairways.

Persons who succeed to the estate of someone who dies intestate (without a will). It sometimes indicates anyone who is entitled to inherit a decedent's property.

A term usually referring to real estate and all that goes with it as being incidental.

An appraisal phrase that means that use of real property that is most likely to produce the greatest net return on land or buildings or both over a given period of time.

A pitched roof with sloping sides and ends.

one holding a check or promissory note received for value (he/she paid for it) in good faith and with no suspicion that it might be no good claimed by another overdue or previously dishonored (a bank had refused to pay since the account was overdrawn). Such a holder is entitled to payment by the maker of the check or note.

A will that is entirely written dated and signed by the testator in the testator's handwriting. No witnesses are needed.

An exemption or reduction in real property taxes available to those who reside on their property as of March 1. The current amount is $70 off the normal tax bill otherwise due.

(exemption) A statutory protection of real property used as a home from the claims of creditors and judgments up to a specified amount.

A retail business location considered the best available for attracting business.

To give something as security without giving up possession of it. To pledge property; to pledge a security interest in property without the transfer of possession.