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Real Estate Dictionary


   

E

Engineer - Person who uses scientific knowledge to solve practical problems. There are engineers in different fields, for instance a building engineer.

Environment - Surroundings. An appraisal term meaning the characteristics of the area around a property which may have an affect of the value of the property. For example a property bordering a golf course as opposed to a highway.

Environmental Hazards - Hazards that can be found in the environment such as noise from the road, antenna, satellite, electricity spot, industrial area, construction site, radon (A radioactive gas ususally found in basements and digged places).

Entrepreneur - One who creates a product on his own account. One who assumes the financial risk of the initiation, operation and management of a given business or undertaking. Someone who perceives an opportunity and creates an organization. Taking an idea and make it real.

Equity - A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.

Escrow - Interested third party holds funds or documents on behalf of others and subject to their instructions. Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event. In some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instruction as to their use. An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Escrow Agent - In real estate the agent of the buyer and the seller and is usually paid by both. This is why an escrow agent must be neutral.

Estate - Extensive landed property in a "Moshav". The purpose is residential, agriculture, commerce and vacation. Each estate owner is also a member in the agriculture association of the "Moshav". See also "Meshek", "Nachala" (Hebrew) and Farm. The interest or nature of the interest which one has in property, such as a life estate, the estate of a deceased, real estate, etc. The ownership interest of an individual in real property. Total sum of all the real and personal property owned by an individual.

Ethics - With regard to professions, a code of professional standards, containing aspects of fairness and duty to the profession and the general public.

Exclusive Listing (Exclusivity Contract) - 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 if certain real property of the owner is sold during a defined time 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.

Executor - A person named in a will to administer an estate. The court will appoint an administrator if no executor is named.

Exchange Rate - Price of a unit of one country's currency in terms of another country's currency.

Expropriation - depriving an owner of property by taking it for public use. Called Hebrew "Hafkaa". See also Condemnation.

 
 
 
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