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

A

Abandonment
The voluntary relinquishment of rights of ownership or other interest (such as an easement) by failure to use the property, coupled with an intent to abandon (give up the interest).

Abatement
A reduction or decrease. Usually applies to a decrease of assessed valuation of ad valorem taxes after the assessment and levy.

Abstract
A summary, an abridgement. Before the use of photostatic copying, public records were kept by abstracts of recorded documents.

Abstracter's Certificate
A certificate contained in an abstract which shows the time period and scope of the search of public records done by the abstracter.

Abstract Of Judgment
A summary of the essential provisions of a court judgment, which when recorded in the county recorder's office, creates a lien upon the property of the defendant in that county, both presently owned or after acquired.

Abstract Of Title
A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title. Still in use in some states, but giving way to the use of title insurance.

Acceleration Clause
Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property, or other event which endangers the security of the loan.

Accessibility
The location of a site in terms of how easily it may be reached by customers. employees, carriers, and others necessary to the intended use of the property.

Accord
An agreement by which one accepts something different (usually less) from what is owed as full satisfaction The amount owed may be in dispute or simply accepted as full satisfaction by the creditor or claimant. The agreement and acceptance is called "Accord and Satisfaction."

Accretion
The gradual addition to the shore or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statutes specify otherwise.

Accrued Depreciation
(1) The amount reserved each year in the accounting system for replacement of a building or other asset. (2) The useful life of a property at any given time.

Acknowledgement
A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public), stating that the execution is of his own volition.

Acquisition Costs
Costs of acquiring property other than purchase price: escrow fees, title insurance, lenders fees, etc.

Act Of God
Damage caused by nature (floods, winds, etc.) rather than destruction by man.

Adjustable Rate Mortgages (ARM's)
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Mortgage Loans (AML'S), Flexible Rate Loans, Variable Rate Loans.

Ad Valorem
"According to value." A method of taxation using the value of the object taxed to determine the amount of tax. Taxes can be either "Ad Valorem" or "Specific." Example: A tax of $5.00 per $1000.00 of value per house is "Ad Valorem," A tax of $5.00 per house (irrespective of value) is "Specific."

Advance Fee
A fee charged by a broker to a seller to cover all or a portion of the broker's costs of promoting the property. The fee is generally credited against commissions but is not refunded if no commissions are received. Most frequently used in connection with large offerings which require a substantial outlay of funds for promotion.

Agency
A relationship created when one person (the principal) delegates to another (the agent) the right to act on his or her behalf in business transactions.

American Land Title Association (ALTA)
A national association of title insurance companies, abstractors, and agents. The association adopts standard title policy forms.

Amortization
Payment of a debt in equal installments of principal and interest, rather than interest only payments.

Annual Percentage Rate (A.P.R.)
The Annual Percentage Rate is the cost of your credit as a yearly rate. The A.P.R. considers the interest rate, points, and certain other fees called finance charges associated with obtaining credit.

Appraisal
An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications.

Appraisal Methods
Generally, three major methods of appraisal: Cost Approach, Income Approach, Market Value (comparables) Approach.

Arrears
(1) Payment made after it is due is in arrears. (2) Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent. Example: A rental payment made July 1 pays the rent to August 1. An interest payment made July 1 pays the interest to July 1.

Assumable
A mortgage loan which can be transferred to another person without a change in the terms of the loan. VA and FHA loans are assumable, FHLMC and FNMA are not.

Assumption of Note
Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. The lender usually must approve the new debtor in order to release the existing debtor (usually the seller) from liability.

Avigation Easement
An easement over private property abutting an airport runway, which limits the height of crops, trees, structures, etc., in the aircraft's take off and landing path.

B

Balloon Note
A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity.

Balloon Payment
The unpaid principal amount of a loan due on a specific date in the future. Usually the amount that must be paid in a lump sum at the end of the term.

Bankrupt
One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).

Bankruptcy
Proceedings under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt's property is distributed by the court to the creditors as full satisfactions of the debts, in accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor for, involuntary by the creditors.

Beneficiary
The Person who is entitled to receive funds of property under the terms and provisions of a will, trust, insurance policy or security instrument. In connection with a mortgage loan the beneficiary is the lender.

Bill Of Sale
An instrument by which title to personal property is transferred or conveyed.

Biweekly
Also known as accelerated mortgages. Biweeklies reduce interest expense and build home equity faster than monthly payments.

Bona Fide Purchaser
A purchaser in good faith. for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated B.F.P.

Breach Of Warranty
In real property, the failure of the seller to pass title as either expressed or implied (by law) in the conveyancing document.

Broker, Real Estate
One who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together a buyer and seller, landlord and tenant, or parties to an exchange.

Building And Loan Association
An organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.

Buydown
A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan. The buydown is usually for the first 1 to 5 years of the loan.

Buy-Sell Offer
An offer by one owner of a business or real estate to buy out the interest of another owner of the same business or real estate (a partner or other shareholder), or to sell the offeror's interest at the same price or proportionate price if unequal ownership. Example: A and B each own a 112 interest in Lot 1. A offers to buy B's interest for $10,000 or to sell A's interest to B for $10,000. Theoretically very fair, since B has the option to buy or sell. However, B's interest may be worth $12,000, but B is financially unable to buy A's interest (also worth $12,000).

C

Call
In a metes and bounds description, the angle and distance of a given line or arc. Each call is usually preceeded by the word then or thence. Example: N 220 E 100' (lst. call), thence N 800 E 1W (2nd. call).

Cancellation Clause
A clause in a lease or other contract, setting forth the conditions under which each party may cancel or terminate the agreement. The conditions may be as simple as giving notice or complex and require payment by the party desiring to cancel.

Cap
The maximum which an adjustable rate mortgage may increase, regardless of index changes.

Capital Assets
Assets of a permanent nature used to produce income, such as machinery, buildings, equipment, land, etc. Must be distinguished from inventory. A machine which makes pencils, for example, would be a capital asset to a pencil manufacturer, but inventory to the company whose business is to sell such machines.

Capital Gains
Gains realized from the sale of capital assets. Generally, the difference between cost and selling price, less certain deductible expenses. Used mainly for income tax purposes.

Carrying Charges
The costs involved in keeping a property which is intended to produce income (either by sale or rent) but has not yet done so.

CC and Rs (Covenants, Conditions and Restrictions)
Limitations placed on the use and enjoyment of real property. These are found most often in condominiums and planned unit developments.

Certificate Of Title
In areas where attorneys examine abstractor chains of title, a written opinion, executed by the examining attorney, stating that title is vested as stated in the abstract.

Chain of Title
A chronological list of recorded instruments tracing title to land, from the original owner to the present owner.

Chains And Links
Measurements. In real estate measurements(surveying) a chain is 66' long or 100 links, each link being 7.92". The measurement may change when used in fields other than surveying.

Classified Property Tax
Property tax which varies in rate depending on the use (zoning classification) of the property.

Clear Title
Title to property which is free from liens, defects or other encumbrances.

Closing
(1) In real estate sales, the final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed. (2) A selling term meaning the point at which the client or customer is asked to agree to the sale or purchase and sign the contract. (3) The final call in a metes and bounds legal description which "closes" the boundaries of the property.

Closing Costs
Expenses, beyond the selling price, such as loan fees, title fees, etc. Paid when documents are executed and/or recorded and the sale is complete.

Closing Statement
A summary, in the form of a balance sheet, showing the amounts of debits and credits to which each party to a real estate transaction is entitled upon closing.

Cloud On Title
An invalid encumbrance on real property, which, if valid, would affect the rights of the owner. For example: A sells Lot 1, tract 1, to B. The deed is mistakenly drawn to read Lot 2 by the recording of the erroneous deed. The cloud may be removed by quit claim deed, or, if necessary, by court action.

Commercial Property
Property which is zoned "commercial" (for business use). Property such as stores, restaurants, etc., falling between residential and industrial.

Commingling
To mix funds held in trust with other funds. For example: A broker or builder mixes deposits (should be in a trust account) with his funds by putting the deposits in his general account. Although commingling is in itself a violation for which a broker may lose his license, it does not mean that, by commingling, the broker or builder intended to misappropriate the funds.

Commission
Compensation due a real estate lender for acting on behalf of the principal.

Community Property
Property acquired during a marriage by either a husband or wife, or both, which is not separate property.

Comparables (Comps)
An abbreviation for comparable properties used for comparative purposes in the appraisal process.

Conditional Sales Contract
A sale in which the title to property or goods remains with the seller until the purchaser has fulfilled the terms of the contract, usually payment in full.

Condominium
A structure of two or more units, the interior space of which are individually owned: the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces (exclusive of paint or other finishes) of the exterior walls, floors, and ceiling. The balance of the property is called the common area.

Conforming
A loan that meets the guidelines set forth by Fannie Mae and Freddie Mac in maximum loan amount, credit standards, employment and income standards, and acceptable collateral as well as product type and definition.

Consideration
A required element in all contracts by which something of value, including a promise, is exchanged for the act or promise of another.

Contingency
Action conditioned upon a certain event. Acceptance of the terms of a contract based on something else happening or certain conditions being met.

Conveyance
The transfer of title or an interest in real property by means of a written instrument such as a deed of trust.

D

Declaration Of Trust
A written acknowledgement by one holding legal title to property that the property is held in trust for the benefit of another.

Deed
Actually, any one of many conveyancing or financing instruments, but generally a conveyancing instrument, given to pass fee title to property upon sale.

Deed Of Trust
An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary), and reconveyed upon payment in full.

Defeasible Title
Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A's title may be good (doesn't marry) or may be defeated (marries before 30).

Deficiency Judgment
Commonly the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually, the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.

Delivery
In conveyancing, the placing of the property in the actual or constructive possession of the grantee. Usually accomplished by delivery of a deed to the buyer, or by recording said deed.

Demand
The lender's statement of the amount due to pay off a loan.

Demand Note
A note having no date for repayment, but due on demand of the lender.

Deposit
(1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

Depreciation
(1) Decrease in value to real property improvements caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

Discount Points
The fee associated with the note rate for your loan. The more discount points you pay, the lower the rate you can buy. The fewer you pay, the higher your rate.

Disposition of Real Estate Statement
A statement that the buyer will occupy the property being purchased even though the buyer owns other property. The buyer states that the other property will be sold or rented. Particulars must be given as to any loan on the property and the equity or rent to payment amounts.

Documentary Transfer Tax
The tax, based on sales price, less loans which are being assumed, which is charged by the city and/or county on the transfer of real property.

Dual Agency
The representation of opposing principals (buyer and seller) at the same time. In brokerage many states get around this by saying that the agent aids the buyer but is the agent of the seller only. A problem arises if both buyer and seller pay the broker, then full disclosure must be made. An escrow agent is the agent of buyer and seller and usually paid by both. This is why an escrow agent must be neutral.

Due on-Sale-Clause
A clause in a mortgage loan which gives the lender the right to demand payment in full when the property changes ownership. Not applicable to FHA or VA loans.

E

Easement
A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. It is either for the benefit of land (appurtenant), such as right to cross A to get to B or "in gross," such as a public utility easement.

Easement of Necessity
An easement granted by a court when it is determined that said easement is absolutely necessary for the use and enjoyment of the land. Commonly given to landlocked parcels.

Egress
A term concerning a right to come and go across the land (public or private) of another. Usually part of the term ingress and egress.

Encumbrance, Incumbrance
A claim, lien, charge, or liability attached to and binding real property. Any right to, or interest in, land which may exist in one other than the owner, but which will not prevent the transfer of fee title.

Equitable Conversion
A legal fiction applied to a land contract which treats the vendee's (buyer's) interest as a real property interest even though the seller holds legal title, and the seller's interest as a security interest (personal property). This enables the buyer to act as the "owner" of the property without having "legal" title.

Equitable Mortgage
(1) A lien against real property (mortgage) which is enforceable in a court of equity, but does not legally constitute a mortgage. (2) A deed given as security for a debt will be held to be a mortgage rather than a transfer of title. Also called a constructive mortgage.

Equity
The value of a person's interest in real property after all liens and charges have been deducted.

Equity Line Of Credit
A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage (deed of trust) is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the mortgage.

Escalation Clause
A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as (1) Fixed increase - A clause which calls for a definite, periodic rental increase. (2) Cost of living - A clause which ties the rent to a government cost of living index, with periodic adjustments as the index changes. (3) Direct expense - The rent is adjusted according to changes in the expenses of the property paid by the lessor, such as tax increases, increased maintenance costs, etc.

Escrow
Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event, modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.

Excess Condemnation
Taking by right of eminent domain, more property than actually necessary for the intended purpose. This happens frequently, the excess property being sold at auction after completion of the project.

Exception
A provision in a title insurance binder or policy excludes liability for a specified title defect or an outstanding encumbrance.

Exclusive Listing
A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker it certain real property of the owner is sold during a stated period, regardless of whether the broker is or is not the cause of the sale. The broker promises to put forth his or her best efforts to sell the property, and may make specific promises as to advertising or other promotion in certain instances.

Exposure
(1) The degree to which a property for sale, lease, etc., is made noticeable (exposed) to potential buyers, tenants, etc., through advertising, multiple listing groups, etc. (2) The direction in which a property faces. For example: Does a store depending on walk-in trade face the sun in the morning when people walk in the sun to get warm (eastern exposure), or face the sun in the afternoon when people walk in the shade to keep cool (western exposure).

F

Fair Market Value
An appraisal term for the price which a property would bring in a competitive market given a willing seller and willing buyer, each of whom has a reasonable knowledge of all pertinent facts, with neither being under any compulsion to buy or sell.

Fee Simple
An estate under which the owner owns a contract interest in the property and is entitled to the unrestricted enjoyment of the property, including the right to dispose property.

Federal Deposit Insurance Corporation (F.D.I.C.)
The federal corporation which insures against loss of deposits in banks, up to a maximum amount.

Federal Home Loan Banks
Banks created under the Federal Home Loan Bank Act of 1932, in order to keep a permanent supply of money available for home financing. The banks are controlled by the Federal Home Loan Bank Board. Savings and loans, insurance companies, and other similar companies making long term mortgage loans may become members of the Federal Home Loan Bank System, and thus may borrow from one of the regional banks throughout the country.

Federal National Mortgage Association - Fannie Mae
Fannie Mae is one of the Government Sponsered Enterprises (GSE), yet receives no government funding or backing. It is a private company, owned by shareholders and chartered by Congress to purchase mortgages thereby making funds available to lenders. It does not lend directly to borrowers; rather it buys mortgages made by lenders.

Fee
(1) Modernly, and not in strict legal terms, synonymous with fee simple or "ownership." (2) A charge made by a landlord to a tenant, which is not refundable. For example: A cleaning deposit would be refunded if the tenant left the rented property reasonably clean. A cleaning fee would be a charge by the landlord for cleaning the rented property and would not be refunded regardless of the condition of the property.

FHA (Federal Housing Admininistration)
A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.

Federal Home Loan Mortgage Corporation - Freddie Mac
Freddie Mac is one of the Government Sponsored Enterprises (GSE), recieving no government funding or backing. It is a stockholder-owned corporation chartered by Congress to increase the supply of funds that lenders could make available to borrowers. It does not lend directly to borrowers, but buys mortgages made to borrowers.

Finance Charge
A total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined by the Federal Truth-In-Lending laws.

Financial Statement
An accounting statement showing assets and liabilities of a person or company. Used generally for large loans or other instances when the credit report (history of payment of debts) in itself is not sufficient.

Finder's Fee
A fee paid to someone who finds a buyer or property for a broker, buyer, etc. The term is sometimes used to attempt to pay a commission to an unlicensed person. Generally, a finder's fee is considered a commission and may only be paid to one who holds a real estate license.

First Mortgage
A mortgage on property that is superior in position to any other mortgage.

Fixed Rate Loan
A loan on which the same rate of interest is charged for the life of the loan.

FNMA Buydown
FNMA (Federal National Mortgage Association) accepts loans containing a buy down provision on single family residential, owner occupied properties. A prepayment (points) will buy a lower rate of interest during the first one to five years of the loan. Restrictions apply as to the amount of the buydown and rise in payment amount as the loan progresses.

Forfiture
The taking of an individual's properly by a government, because the individual has committed a crime. In the United States, private property cannot be taken, except by eminent domain upon payment of just compensation, or for nonpayment of taxes.

Full Disclosure
In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose known defects in the property for sale or lease. A builder must give to a potential buyer the facts of his new development (are there adequate school facilities? sewer facilities? (an airport nearby?, etc.). A broker cannot charge a commission to buyer and seller unless both know (disclosure) and agree.

Future Acquired Property
Property acquired after a loan or sale. For example: A loan agreement may state that the loan is a lien on all property presently owned or which the borrower may acquire in the future.

G

Garnishment
A legal proceeding under which a person's money in control of another (such as salary) is taken for payment of a debt. The amount which may be taken is set by statute (usually as a percentage), and, in most states, a judgment is necessary before garnishment.

General Lien
(1) A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to specific property. (2) The right of a creditor to hold personal property of a debtor for payment of a debt not associated with the property being held. Must be done under an agreement since against general precepts of law.

General Membership
A partnership made up of general partners,without special (limited) partners.

GNMA (Government National Mortgage Association) Options
A method of purchasing GNMA securities through "puts" and calls." A GNMA Call Option is the right to buy GNMA securities at a specific yield for a specified time, A Put Option is the right to sell GNMA securities at a specific yield for a specified time. The buyer pays for the option and may exercise it, not exercise it, or sell it.

Graduated Payment Mortgage
A mortgage or deed or trustcalling for increasingly higher payments over the term of the loan. This allows the buyer low beginning payments. The payments then increase as (theoretically) the buyer's earnings increase.

Grantee
One to whom a grant is made. The purchaser of real property.

Grantor
One who has made a grant. The seller of real property.

Grantor Grantee Index
The record of the passing of title to all the properties in a county as kept by the county recorder's office. Property is checked by tracing the names of the sellers and buyers (chain of title). Title companies usually have more efficient methods by keeping records according to property description, rather than peoples names.

Gross Income
The scheduled (total) income, either actual or estimated, derived from a business or property.

Gross Income Multiplier
A figure which, when multiplied by the annual gross income, will theoretically determine the market value. A general rule of thumb which varies with specific properties and areas.

Gross Lease
A lease which obligates the lessor to pay all or part of the expenses of the leased property, such as taxes, insurance, maintenance. utilities, etc.

Guarantee
Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation not performed. Differs from a surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect.

H

Hidden Defect
An encumbrance on a title that is not apparent in the public records; for example, unknown heirs, secret marriages and forged instruments.

Holdback
Portion of a loan held back by the lender until a contingency is met. In the sale of a home insured by VA or FHA., funds may be held back to make necessary improvements to bring the property to VA or FHA standards. The money to make these repairs may not be available until closing. One and one halt to double the estimated amount necessary is held back. If repairs are not made in the time allowed, these funds are used to make the repairs. In construction financing, funds are held back until, for example, a certain percentage of a subdivision has been sold, or a certain portion of a building has been constructed.

Holder In Due Course
A holder of a check or note who takes, for value and in good faith, the note before it is overdue or the check without knowledge that it has bounced, if, in fact it has.

Holding Period
The time period used by the IRS to determine along or short term capital gain. The period during which the taxpayer owns the capital asset.

Homestead
The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors. Property tax exemptions (for all or part of the tax) are also available in some states. Statutory requirements to establish a homstead may include a formal declaration to be recorded.

Home Warranty Insurance
Private insurance insuring a buyer against defects (usually in plumbing, heating, and electrical) in the home he has purchased. The period of insurance varies and both new and used homes may be insured.

Hypothecate
To mortgage or pledge without delivery of the security to the lender.

I

Impound Account
Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.

Improvements
Generally, buildings, but may include any permanent structure or other development, such as a street, utilities, etc.

Inchoate Instrument
An unrecorded instrument (such as a deed) which is valid only between the parties and those having actual notice, but not against "the world" as it would be after recording.

Income Averaging
A method of figuring income tax by paying tax on the average income per year for the past five years. For example: A, a real estate salesperson, earns $10,000 taxable income for 4 years. In the fifth year, A sells a shopping center and earns $100,000 taxable income. A-could take the total income for 5 years ($140,000), divide by 5 ($28,000), and pay tax on $28,000 for the past 5 years, less what A has already paid.

Increasing And Diminishing Returns
An economic theory that an increase in capital or manpower will not increase production proportionately (five workers may do less than five times the work of one worker; and two workers may do more than twice the work of one worker). When the increase in production is proportionately greater than the addition, there is an increasing return, when production is proportionately less than the addition, the return diminishes.

Industrial Tax Exemption
An exemption from local property taxes granted to encourage industries to come into an area. Has been used successfully in the South. Usually granted for a definite period.

Inheritance Tax
A tax on the transfer of property from a deceased person: based on the right to acquire the property rather than the property itself.

Installment Contract
A method of purchasing by installment (usually monthly) payments. When referring to real property, it is usually called a land contract.

Institutional Lenders
Banks, savings and loan associations, and other businesses which make loans to the public in the ordinary course of business, rather than individuals, or companies which may make loans to employees.

Insured Mortgage
A mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure. May be insured by FHA, VA, or by private mortgage insurance companies.

Interest Cap
The maximum interest rate increase of an Adjustable Mortgage Loan. An interest rate cap places a limit on the amount your interest rate can increase. Interest caps come in two versions:

• Periodic caps, which limit the interest rate increase from one adjustment period to the next; and
   
• Overall caps, which limit the interest rate increase over the life of a loan.

Interpleader
A court action which may be filed in an existing case to be the initial action. One holding funds which are in dispute, but not having an interest in the funds, would file an interpleader. For example: An escrow agent is holding a deposit of a buyer which funds both buyer and seller claim to be entitled. Escrow is willing to give the funds to either buyer or seller but does not want to be liable for giving the funds to the wrong party. The interpleader filed by the escrow agent asks the court to determine to whom the funds should be awarded.

Interstate Land Sales
Sales of land to a buyer in another state. Because the buyer is usually totally dependent on the seller for information regarding the property, federal disclosure laws have been passed to aid the buyer. The buyer also has a period (now 3 days) after signing a purchase agreement, in which to rescind. The laws were passed because of the large promotional land sales of the 50's and early 60's, some of which sold worthless desert and swamp land.

IRA (Individual Retirement Account)
Savings programs available to individuals. The plans allow for a certain amount to be deposited each year. This money is not subject to income tax for that year or following years as long as it is not withdrawn. The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket. During the life of the account, the money may be put into various interest bearing investments. Securities dealers as well as banking institutions now offer IRA'S.

J

Joint Appraisal
An appraisal by more than one appraiser, but one which states common conclusions of all.

Joint Tenancy
An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Judgment
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

Judgment Lien
A lien against the property of a judgment debtor. An involuntary lien.

Judgment Proof
One against whom a judgment creditor cannot collect (no assets). If one can show he was defrauded by a "judgment proof" real estate licensee, he may recover from the state fund in states having such a fund.

Jumbo VA Loan
A loan for an amount greater than the allowable 100% financed amount. It is determined by subtracting the maximum allowable 100% financed amount from the purchase price and financing 75% of the difference. Example: maximum allowable VA Loan-$110,000. Sale price-$130.000. Difference $20,000: 75% of the difference is $15,000. Total jumbo loan-$110,000 plus $15.000 = $125,000. Required down payment-$5,000.

K

Keogh Plan
A retirement plan whereby a self-employed person may set aside a certain portion of income (tax deferred) into a retirement account. The money is taxable upon withdrawal at retirement when the person's tax bracket is often lower.

L

Landowner's Royalty
In oil and gas leases, the portion of the value of each barrel of oil which goes to the property owner.

Land Residual Technique
An appraisal technique by which land value is determined by first determining the net return attributable to the building only, and deducting it from the total return to the property (may be estimated), the residual amount is capitalized to find the land value. The building value may be determined by construction costs (new building), depreciated construction costs (it only a few years old), or estimated present construction costs (if an older building).

Late Charge
A penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. May or may not be included as usury. If not, the amount of late charge is either set by statute or must be "reasonable."

Lease With Option To Purchase
A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period. Legal Description: A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal.

Legal Owner
The term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.

Lessee's Interest
In appraising the value of a lessees interest to determine the value of a potential sublease of assignment (sale) of the lease, the value is the market value of the property, less the interest of the lessor. The lessor's interest would be largely determined by the ratio of the return on the lease to the market value without the lease. Lien: A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by contract, such as a deed of trust, or by a court judgment.

Lien Waiver (Waiver Of Liens)
For our purposes, a waiver of mechanic's lien rights, signed by subcontractors so that the owner or general contractor can receive a draw on a construction loan.

Loan Ratio
The ratio, expressed as a percentage, of the amount of a loan to the value or selling price of real property. Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by statute.

Loan to Value Ratio
The ratio of the mortgage loan's principal to the property's appraised value or its sales price, whichever is lower.

Long Term Capital Gain
Gain on the sale of a capital asset which has been held for a specified time or longer. Long term capital gain is taxed at a special rate and not as ordinary income.

M

Marketable Title
Title which can be readily marketed (sold) to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances.

Market Value
The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time (market price).

Market Value Approach
Appraising the value of a property by comparing the price of similar properties (comparables) recently sold. The degree of similarity of the properties and circumstances of the sale are the important characteristics to consider.

Maturity
(1) Termination period of a note. For example: A 30 year mortgage has maturity of 30 years. (2) In sales law, the date a note becomes due.

Mechanic's Lien
A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.

Merger Of Title
A lesser interest in real property being merged (absorbed) into a greater interest. For example: A lessee purchases the property being leased. The interest as a lessee is merged into the interest as an owner, thus ending the leasehold interest.

Metes and Bounds
A form of land description in which boundaries are described by courses, directions, distances and monuments.

Mile
A linear measurement equal to 5280 feet on land and 6076 feet across water (nautical mile).

Mortgage
(1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.

Mortgage Banker
A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker used its own funds, these funds are generally borrowed and the financing is either short term or long term, the mortgages are sold to investors (many times insurance companies) within a short time.

Mortgage Company
A company authorized to service real estate loans, charging a fee for this service.

Mortgagee
The party lending the money and receiving the mortgage. Some states treat the mortgagee as the "legal" owner, entitled to rents from the property. Other states treat the mortgagee as a secured creditor, the mortgagor being the owner. The latter is the more modern and accepted view.

Mortgage Insurance
Insurance written by a private mortgage insurance company (referred to as PIC) protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA and the VA.

Mortgage Life Insurance
A term life insurance policy for the amount of the declining balance of a loan secured by a mortgage or deed of trust. The beneficiary under the policy is the mortgagee. In the event of death (some policies also cover disability) of the insured (mortgagor), the mortgage is paid in full.

Mortgage Servicing
Controlling the necessary duties of a mortgagee, such as collecting payments, releasing the lien upon payment in full, foreclosing if in default, and making sure the taxes are paid, insurance is in force, etc. Servicing may be done by the lender or a company acting for the lender, for a servicing fee.

N

Negative Amortization
A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases.

Negotiable Instrument
According to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money, on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee.

Net Lease
A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net, and other such repetitions are used.

Net Worth
The difference between total assets and liabilities of an individual, corporations, etc.

Non-conforming
Any loan that does not meet standard Fannie Mae/ Freddie Mac guidelines.

Nonexclusive Listing
A listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission. Also called an agency agreement.

Nonrecourse Loan
A loan not allowing for a deficiency judgment. The lender's only recourse in the event of default is the security (property) and the borrower is not personally liable.

Notarization
The certificafion by a Notary Public that a person signing a document has been properly identified. Notarization does not certify the content of a document, only validity of signature.

Notice Of Cessation
A notice stating that work has stopped on a construction project. Done to accelerate the period for filing a mechanic's lien.

Notorious Possession
A requirement for adverse possession. Possession so open (notorious) that the owner is presumed to have notice of it and its extent.

O

Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.

Origination Fee
The fee that the lender charges to originate the loan, this fee is typically 1 point.

Ownership
Rights to the use, enjoyment, and alienation of property, to the exclusion of others. Concerning real property, absolute rights are rare, being restricted by zoning laws, restrictions, liens, etc.

P

Partial Release
A release of a portion of property covered by a mortgage. A subdivider will obtain a partial release as each lot is sold, upon payment of an agreed upon amount. In areas where the subdivider is not usually the builder, it may be necessary to sell groups of lots to obtain a partial release. In areas where deeds of trust are used instead of mortgages, a "partial reconveyance" is the document used.

Participation Certificates
Mortgage securities, rather than mortgages. The advantage of the certificate is that it is readily marketable or pledgeable.

Partition
(1) Any division of real or personal property between co-owners, resulting in individual ownership of the interests of each. (2) A wall, sometimes moveable, and not load-bearing, used to divide a room or building.

Payment Cap
A maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate. If the payment is less than the interest alone, negative amortization is created.

Payoff
The payment in full of an existing loan or other lien.

Payoff Escrow
An escrow, specifically for the purpose of paying off an existing lien. Usually part of an existing escrow, and called a sub escrow.

Perfecting Title
Process involving the elimination of any adverse claims against a title.

Personal Property Loan
A loan which is secured by both real and personal property. The minimum ratio of personal to real property is set by law. The credit of the borrower is a major consideration in making the loan.

PITI
Refers to principal, interest, taxes and insurance,the four major components of a usual monthly mortgage payment.

PITI Ratio
The principal, interest, tax and insurance payment to income ratio. Used in mortgage lending decisions.

Planned (Unit) Development (PUD)
A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels. The lots are generally small, being the exact size of the improvements, or slightly larger.

Point
One percent. When referring to mortgages or deeds of trust, the term is used to describe the percentage of discount rather than interest (for which the word "percent" is used). The points are paid by the seller in FHA and VA insured loans, and by either buyer or seller (or both) in conventional loans.

Points
A fee charged by the lender to fund a loan, in addition to and separate from other fees charged. One point equals one percent of the amount of the loan. Discount points are charged or are received based on the note rate the borrower selects. Additionally a one point origination fee is typically charged by a lender to underwrite a residential loan.

Power of Attorney
An authority by which one person (principal) enables another (attorney in fact) to act for him. (1) General power - Authorizes sale, mortgaging, etc. of all property of the principal. Invalid in some jurisdictions. (2) Special power - Specifies property, buyers, price and terms. How specific it must be varies in each state.

Pre-approval
When purchasing a home, it can be advantageous to get pre-approved for a mortgage.

A pre-approval takes the prequalification process one step further. A loan application must be completed, which is required in order to be prequalified. The mortgage lender will review the following information: income, debt, assets, confirmed monies available for down payment and closing costs. A credit report will be run and the lender will then issue a loan approval letter to the borrower based on their review of the information.

The 'pre-approval letter' can be provided to a Realtor and/or Seller. Typically, Realtors/Sellers prefer to work with people they know are able to obtain sufficient loan funds to purchase the property.

Pre-qualification
A pre-qualification is the process in which the mortgage loan originator reviews the income, debt, assets, credit history and confirmed monies available for down payment and closing costs. From this information, the mortgage representative is able to confirm the amount and type of loan available to the borrower. The borrower receives a pre-qualification which basically provides you with an understanding of your lending capabilities.

Prescriptive Easement
The granting of an easement by a court, based on the presumption that a written easement was given (although none existed), after a period of open and continuous use of land.

Principal
The sum of money outstanding upon which interest is payable. Also refers to one who is served by an agent. Private Mortgage Insurance (PMI): Insurance written by a private mortgage insurance company protecting the mortgage lender against loss occasioned by a mortgage default and foreclosure.

Private Mortgage Insurance
Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.

Property Management
The branch of the real estate business dealing with the management of property. The property may be a rented house or a large office or industrial complex. The duties may range from merely collecting rents to complete management of all maintenance and may also include being leasing agent or sales agent.

Proration
The method used in dividing charges into that portion which applies only to a party's ownership up to particular date.

Q

Qualification
The process of reviewing a prospective borrower's credit and payment capacity prior to approving a loan.

Quarter Section
One quarter of a section. A quarter section (commonly called a quarter) contains 160 acres.

Quitclaim Deed
A deed operating as a release, intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.

R

Rate Index
An index used to adjust the interest rate of an adjustable mortgage loan. For example: the change in U.S. Treasury securities (T-Bills) with a 1 year maturity. The weekly average yield on said securities, adjusted to a constant maturity of one year, which is the result of weekly sales, may be obtained weekly from the Federal Reserve Statistical Release H.15 (519). This change in interest rates is the "index" for the change in the specific Adjustable Mortgage Loan.

Rate Of Return
The annual percentage of return on investment on income property.

Real Estate
(1) Land and anything permanently affixed to the land. such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property it not attached. The term is generally synonymous with real property, although in some states a fine distinction may be made. (2) May refer to rights in real property as well as the property itself.

Real Estate Settlement Procedures Act (RESPA)
A federal statute requiring disclosure of certain costs in the sale of residential, improved property which is to be financed by a federally insured lender.

Reconveyance
The conveyance to the landowner of the title, held by a trustee under a deed of trust, when the performance of the debt is satisfied.

Recordation
Involves filing for record in the office of the county recorder for the purpose of giving constructive notice of title, claim or interest in real property.

Record Owner
The owner of property as shown by an examination of the public record.

Redemption
The process of canceling a defeasible title to land, such as is created by a mortgage foreclosure or tax sale.

Redemption Period
A time period during which a mortgage, land contract, deed of trust, etc., can be redeemed. Usually set by statute, and after judicial foreclosure.

Refinance
(1) The renewing of an existing loan with the same borrower and lender. (2) A loan on the same property by either the same lender or borrower. (3) The selling of loans by the original lender.

Reinstatement
(1) Payment of a note, mortgage, deed of trust, etc., to bring it from default to good standing. (2) Restoring the previously used entitlement of a veteran to enable the veteran to purchase property under a VA program. (Also called Restoration of Eligibility).

Reinsurance
The transferring of a portion of the liability to other insurers. Example: Insurer A insures for $200,000, A insures for $100,000 and reinsures the "second" $100,000 through B insurer, The "first" $100,000 is called "primary liability."

Renegotiable Rate Mortgage
A real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the APR based on the time or renegotiation (2 years rather than 15).

Reservation
(1) A right created and retained by a grantor. The reservation may be temporary (such as a life estate) or permanent (such as an easement running with the land). (2) Public land reserved for a special purpose, such as an indian reservation.

Right Of Way
A strip of land which is used as a roadbed, either for a street or railway. The land is set aside as an easement or in fee, either by agreement or condemnation. May also be used to describe the right itself to pass over the land of another.

S

Savings And Loan Association
Originally an association chartered to hold savings and make real estate loans. Federally insured and regulated. Active in long term financing rather than construction loans. Recent changes in federal controls have enabled these associations to offer checking accounts, consumer loans, and other services traditionally offered by banks.

Secondary Financing
A loan secured by a mortgage or trust deed, which lien is junior (secondary) to another mortgage or trust deed.

Secondary Mortgage Market
The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at discount. The secondary mortgage market should not be confused with second mortgage.

Second Mortgage
A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.

Shared Appreciation
The gaining or retaining of equity in a property by someone other than the buyer. For example: the seller retains a 25% interest in the property. This makes the buyer responsible for only 75% of the purchase price and, therefore, lowers the necessary financing by 25%. This obviously makes the property more affordable. By agreement, expenses are shared as well as any increase in value when the property is sold. Statement of Information (SI): A confidential information statement completed by the buyer, seller and borrower in every transaction where a policy or policies of title insurance are requested. Allows the title company to competently search documents affecting the property to be insured, documents which may not refer to said property. Allows title companies to differentiate between parties with similar names when searching matters such as liens and court decrees.

"Subject To" Clause
A clause in a deed, stating that the grantee takes title "subject to" an existing mortgage. The original mortgagor is alone responsible for any deficiency, should there be foreclosure of the mortgage. Differs from an "assumption" clause, whereby the grantee "assumes" and agrees to pay the existing mortgage.

Sweat Equity
A program which allows a purchaser to do work on the property in place of all or part of the down payment and other costs of purchase.

Subordination Agreement
An agreement under which a prior or superior lien is made inferior or subject to an otherwise junior lien.

Survey
The measurement of the boundaries of a parcel of land, it's area, and sometimes its topography.

T

Take Out Commitment
Agreement by a lender to place a long term (take out) loan on real property after completion of construction.

Tax Base
The assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

Tax Deed
(1) Deed from tax collector to governmental body after a period of non-payment of taxes according to statute. (2) Deed to a purchaser at a public sale of land taken for delinquent taxes. The purchaser receives only such title as the former owners had and strict procedures must be followed to prevent attachment of prior liens.

Tax Lien
A statutory lien imposed against real property for nonpayment of taxes.

Tenancy In Common
An undivided ownership in real estate by two or more persons. The interests need not be equal. and, in the event of the death of one of the owners, no right of survivorship in the other owners exists.

Tenant At Will
One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term of possession.

Title Plant
The information warehouse of a fide company in which it has accumulated and is constantly updating records of properties in its area which it can use to search title to real property.

Title Policy
A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalid title in the borrower, or loss caused by invalid title in the borrower, or loss of priority of the mortgage or deed of trust.

Townhouse
Originally a house in a city as opposed to a country estate. More recently the term is applied to certain types of row houses, whether planned unit developments or condominiums.

Transfer Tax
State tax on the transfer of real property. Based on purchase price or money changing hands. Check statutes for each state. Also called documentary transfer tax.

Treasury Bills
Interest bearing U.S. Government obligations sold at a weekly sale. The change in interest rates paid on these obligations is frequently used as the Rate Index of Adjustable Mortgage Loans.

Trustee
A person who holds title in trust for the benefit of another. In a deed of trust, the trustee is the person named to hold title in trust for the benefit of the lender until the loan is paid off.

Trustee In Bankruptcy
One appointed by a bankruptcy court, and in whom the property of the bankrupt vests. The trustee holds the property in trust, not for the bankrupt, but for the creditors.

Trustor
The borrower under a deed of trust. One who deeds their property to a trustee as security for repayment of a loan.

U

Unavoidable Cause
A cause which reasonable prudence and care could not have prevented, such as death, illness, papers lost in the mail, etc.

Underlying Financing
A mortgage, deed of trust, etc., prior to (underlying) a land contract, mortgage, etc , on the same property.

Undisclosed Principal
A principal whose identity is not revealed by an agent.

Uniform Laws
Laws approved by the National Conference of Commissioners on Uniform State Laws. Many have been adopted in one or more states. Among these are the Uniform Commercial Code, Uniform Negotiable Instruments Act, Uniform Partnership Act, Uniform Residential Landlord and Tenant Act, etc.

Uniform Settlement Statement
The Standard HUD Form 1 required to be given to the borrower, lender and seller at, or prior to, settlement.

Unilateral Contract
A contract under which one party expressly makes a promise, the other party, although making no reciprocal promise, may be obligated by law or may have already given consideration.

Unmarketable Title
Title which contains defects that would allow a purchaser to be released from his obligation to purchase.

Unrecorded Instrument
A deed, mortgage, etc., which is not recorded in the county recorder's office and, therefore, not protected under recording statutes. Valid between the parties involved, but not against innocent third parties.

Useful Life
(1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.

V

Vacancy Factor
The estimated percentage of vacancies in a rental project. May be based on past records of the property, or a professional guess if a new project. Surrounding area buildings, it similar, may be used for comparison.

Variable Interest Rate
An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate."

Veneered Construction
The placing of a facing material over the external surface of a structure.

Vesting
Denotes the manner in which title is held. Examples of common vestings are: Community Property, Joint Tenancy and Tenancy in Common.

Vital Statistics
Data regarding births, deaths, marriages, health records, etc., and usually kept by a governmental bureau. Federally, the Bureau of Vital Statistics.

Voluntary Lien
A lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust.

W

Waive
To knowingly abandon, relinquish, or surrender a right, benefit, or claim.

Warranty
A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lessor role with the increase of the use of title insurance.

Warranty Deed
A deed used in many states to convey fee title to real property. Until the wide spread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.

Without Recourse
A finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower.

Y

Yield
Ratio of income from an investment to the total cost of the investment over a given period of time.

Z

Zero Lot Line
The consruction of a building on any of the boundary lines of a lot. Usually built on the front line such as a store built to the sidewalk.

Zero Side Yard
The building of a subdivision with each house built on a side boundary line. This gives more usable yard space on narrow lots. An easement for maintenance is given over a portion of the lot adjoining each house.

Zone
(1) An area of a county or city in which the use of the land is restricted by law (zoning ordinance). (2) An area designated by a number for the delivery of mail. Zip codes incorporate the zones.

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