A lease. The term is mainly used when concerning residential property.

The fair rental value of a property; the market rental value.

The general upkeep of property without major replacement or change of the plan or characteristics of the building.

The substitution of a portion of a structure with one of substantially the same nature, such as a new furnace, new roof, etc.

The current cost to construct a building having the same utility as the subject building but using modern techniques and material.

A legal action to recover goods wrongfully taken, where damages are not satisfactory.

See: Per Stirpes.

The current cost to construct an exact duplicate of the subject property.

A request by a beneficiary under a deed of trust to the trustee, requesting the trustee to reconvey the property (release the lien) to the trustor, usually upon payment in full.

The selling of property after the initial sale. Example: A builder sells a house. The homeowner subsequently “resells” the house. The second sale is in the resale market.

See: Proceeds.

To void or cancel in such a way as to treat the contract or other object of the recision as if it never existed.

See: Rescission of a Contract.

Annulling or abrogating a contract and placing the parties to it in a position as if there had not been a contract.

(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.

A setting aside of funds, usually for indefinite contingencies, such as future maintenance of a structure, or to pay future claims, such as insurance claims.

A body of water used as household water (drinking, washing, etc.), irrigation, or other domestic or commercial uses. The water is usually treated and its purity is monitored.

A place where someone lives. See also: Domicile (1).

A manager of an apartment project who lives on the property. Some states require a resident manager in apartment projects above a certain number of units. The manager is not required to have a real estate license.

A designation awarded by the NATIONAL ASSOCIATION OF REALTORS to a member who is a state certified Residential Appraiser and has the required additional required experience and tested education.