KEY TERMS

A part of the government survey, being a strip of land six miles in width, and numbered east or west of the principal meridian.

Land, together with fixtures, improvements and appurtenances.

A federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

A brief term for real property.

Literally “to buy back.” The act of buying back land after a mortgage foreclosure, tax foreclosure, or other execution sale.

For covered transaction under the TILA-RESPA Integrated Disclosure (TRID) Rule and under very specific circumstances, the Loan Estimate and/or the Closing Disclosure may be revised and delivered to the consumer.

See “Torrens Title.”

To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.

A mortgage for which the borrower pledges home equity in return for regular (monthly) payments, rather than a lump sum distribution of loan proceeds. Repayment is usually not required until the home is sold or the borrower’s estate is settled, provided the borrower continues to live in the home and keeps current all taxes and insurance. Also see “Home Equity Conversion Mortgage.”

The right which one has to pass across the land of another. An easement.

Rights to use of waterways in adjoining lakes or rivers.