Real estate refers broadly to the property, land, buildings, and air rights that are above land, and the underground rights below it. Percentage lease: A commercial lease of property in which the rent is based upon a percentage of the sales volume derived from the leased premises. Mill: One-tenth of a cent; a tax rate of one mill on the dollar or one-tenth of one percent of the assessed value of a property. (License law is supported by this legal theory.). All Rights Reserved. Prior to investing in real estate, any savvy investor will want to know if the units within that property, fund or trust are priced fairly. Acronym Finder, All Rights Reserved. Coldwell Banker®, Coldwell Banker Global Luxury and the Coldwell Banker Logos are registered service marks owned by Coldwell Banker Real Estate LLC. 'Hepatomegaly' and 'hydronephrosis' are among the most frequently looked-up words in September. Copyright © 2010 by Party wall: A wall erected on a line between adjoining properties for the use of both properties. Optionor: One who grants an option to another, usually the land owner. Gross Asset Value (GAV) & Net Asset Value (NAV). In Real Estate, “Real” means physical. Feedback, The World's most comprehensive professionally edited abbreviations and acronyms database, Ohio Reformatory for Women (Marysville, OH), Operation Rescue West (Christian activist organization; now Operation Rescue). We have almost 200 lists of words from topics as varied as types of butterflies, jackets, currencies, vegetables and knots! Landlord: An owner who has leased an estate-in-land to a tenant. Patent: An instrument of conveyance of government-owned land to an individual. All the latest wordy news, linguistic insights, offers and competitions every month. Legal description: A description recognized by law that is sufficient to locate and identify a property without oral testimony. Learn more about real estate. As a real estate investor, it is important to understand how assets are valued to make well-informed investment decisions. 12-61-804 or 12-61-805, with any additional duties and obligations agreed … And best of all it's ad free, so sign up now and start using at home or in the classroom. Multiple listing service (MLS): A marketing arrangement among real estate brokers whereby a seller authorizes the listing broker to share information and a pre-determined portion of a commission to any broker cooperating in the sale of the property. If you run across any other abbreviations or terms you don't understand, please contact us. NASA, In traditional advertising they are used to conserve space (e.g. Purchase money mortgage: A mortgage given by the purchaser to secure a loan for part or all of the purchase price. Postal codes: USA: 81657, Canada: T5A 0A7, Your abbreviation search returned 7 meanings, Note: We have 16 other definitions for ORW in our Acronym Attic, The Acronym Finder is By investing in real estate, he became one of the richest men in the the country. Coldwell Banker Mason Morse fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Lessee: Party who possesses an estate in realty under a lease; commonly referred to as tenant. Houghton Mifflin Harcourt. Such a mortgage becomes a lien on the property simultaneously with the passing of title, and if immediately recorded becomes prior to any lien against the purchaser. Mutual assent,(meeting of the minds): Agreement of the parties to the contract, mutually consenting to be bound by its exact terms; an essential contract element . Offer: To present for sale; or a proposal presented for acceptance or rejection which, if accepted, will form a binding contract. This method starts from a well-marked point of beginning and follows the boundaries of the land until it returns once more to the point of beginning. Upon payment of the debt or performance of the obligation, a mortgage automatically becomes void. There are two key metrics that should be used when completing that assessment. Principal: A person, partnership, association or corporation who authorizes or employs another, called the agent, to do certain acts on behalf of the principal. Optionee: One who requests, receives or stands to benefit from an option. PSP, HIPAA Mechanic's lien: A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate. Net listing: A listing contract whereby the owner is to receive a certain net price, with the broker receiving any excess over and above the net price as commission. There are some words that seem to be of perennial interest, so if you compare the list of words that were looked up most often in March with the words that were looked up most often in September, you will find a lot of words appearing on both lists. Land economics: The production, distribution and consumption of wealth deriving from land classification and use. Download our English Dictionary apps - available for both iOS and Android. Independent broker: A license level qualifying a broker to work without the supervision of an employing broker, requiring two years of active licensed experience, and if upgrade to broker associate was by means of the broker transition course, passage of the Colorado part of the broker licensing exam. Personal property: All that is not real property; items of a temporary or movable nature. Decem means ‘ten’, but December isn’t the tenth month. November is the eleventh month of the year in the Western calendar . Limited agent: An agent whose duties and obligations to a principal are only those set forth in C.R.S. ,random Mortgagee: The party (lender) to whom property is conveyed under a mortgage as security for the repayment of a loan or fulfillment of some obligation. © 1988-2020, Personalty: Synonym for personal property. installment land contract, (ILC): also land contract, or installment contract; an agreement for the purchase of real estate on an installment basis, whereby the deed is withheld until all or a specified portion of the purchase price is paid . Landlord agent: A broker engaged by and representing a landlord as an agent in a leasing transaction. Marketable (merchantable) title: A title free from reasonable doubt of defect; which can be readily sold or mortgaged to a reasonably prudent person; a title free from material defects or grave doubts and reasonably free from potential litigation. Yes – Some of them are very Weird! Power of attorney: A legal instrument authorizing another person to act in place of the person drawing the instrument. ...the most spectacular piece of real estate he had ever imagined. Inter alia: Latin meaning "among other things". So, it means physical estates and properties such as land, housing, buildings, etc. Or is it? Life estate: An estate or interest in real property held for the duration of the life of some certain person. They are used often in advertisements and on the multiple listing service sites in the descriptions of a property. ...the real estate agent who sold you your house. Intestate: Dying without leaving a valid will. 12-61-804 or 12-61-805, with any additional duties and obligations agreed to pursuant to section 12-61-803 (5). Meaning; ORW: Outstanding Resource Water: ORW: Osler-Rendu-Weber syndrome: ORW: Ohio Reformatory for Women (Marysville, OH) ORW: Operation Rescue West (Christian activist organization; now Operation Rescue) ORW: Ottawa Race Weekend (Canada) ORW: Off Roading Warriors: ORW: Ohio Racewalker (magazine) Amaze your friends with your new-found knowledge! Mortgagor: The party who gives a mortgage (borrower) conveying interest in the property to the lender as security for the obligation to repay a loan or fulfill some obligation. National Association of REALTORS©, (NAR): A national association of real estate personnel whose goal is the professional advancement of the real estate industry and whose membership is comprised of state and local real estate associations or boards. Abbreviations are a necessity in real estate advertising because most of the time so much information must be communicated such little space. Lien: A right given by law to a creditor to have a debt or charge satisfied out of the value of real or personal property belonging to the debtor. By investing in real estate, he was one of the richest men in the United States. Life estate: An estate or interest in real property held for the duration of the life of some certain person. Judgment: Final declaration of the rights of the parties by a court. Note: A written instrument acknowledging a debt and promising payment. Last month, this month and the next two are great for practising Latin numerals, as you do: septem, octo, novem, decem (7, 8, 9, 10). Indemnify: To insure; to secure against loss. Webster’s New World College Dictionary, 4th Edition. Option: A temporary right for a specified time, and for which a consideration is paid, during which an optionee may purchase or lease property at a set price. Lessor: Party who conveys a right or estate in realty to a lessee under a lease; commonly referred to as landlord. Obsolescence: Impairment of desirability and usefulness of the property resulting from economic, functional, physical, fashion, or other changes. inRead more Word(s) in meaning: chat  Land: Real property; all below the surface, the surface and the airspace above it, and that which is affixed to it permanently; synonymous with "real property", "realty", and "real estate" often used to mean only the unimproved surface of the earth. But hang on a moment. Listing: An agreement or contract of employment, either oral or written, whereby the owner authorizes the real estate broker to sell, exchange or lease real estate. Joint tenancy:A type of co-ownership of real property featuring a right of survivorship and four unities (time, title, interest and possession). List of 31 ORW definitions. Examples: NFL, Principal note: A promissory note secured by the mortgage or trust deed. Each Office is Independently Owned and Operated. Our new online dictionaries for schools provide a safe and appropriate environment for children. Periodic tenancy: See estate from period-to-period. Land: Real property; all below the surface, the surface and the airspace above it, and that which is affixed to it permanently; synonymous with "real property", "realty", and "real estate" often used to mean only the unimproved surface of the earth.

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