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

See: Participation.

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

As defined by the Uniform Partnership Act, “An association of two or more persons to carry on as co-owners, a business for profit”. The business must be lawful and the partners must agree to share in the profit or loss (but not necessarily equally).

A wall erected on a property boundary as a common support to structures on both sides, which are under different ownerships.

(1) A method of escalation found in modern leases whereby the tenant directly pays increases in operating expenses of the property. (2) A method of paying interest directly to certificate holders of a mortgage pool.

A mortgage backed certificate under which interest from the mortgage pool is paid directly to the certificate holder.

Instrument of conveyance of title to public (government) land.

A defect plainly visible or as would be discovered by the exercise of ordinary care. A patent defect in a legal description is one which cannot be corrected on its face, and a new description must be used. See also: Latent Defect.

Originally, a courtyard, enclosed by columns, or an open courtyard. Modernly, a paved area adjoining a house, used for relaxation, outdoor cooking, eating, etc.

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.

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

A bridge over a highway, railway, etc., for pedestrian traffic.

See: Traffic Count.

A tunnel, under a highway, used for pedestrian traffic.

A punishment. In a real estate contract containing a liquidated damage clause, the clause is not valid if construed as a penalty. See: Liquidated Damages.

Most popularly applied to nails. A measure of length, symbolized by the letter “d”.

(1) A valve to regulate or direct the flow of water. (2) A conduit for a similar purpose.

(1) A condominium or apartment on the roof of a building, used as a residence. (2) A small building on a roof, which houses elevator machinery, ventilating equipment, etc.

Yearly, annually.