Real Estate Glossary

Civil Rights Act of 1866 - A federal law that prohibits all forms of racial discrimination.

Civil Rights Act of 1964 - A federal law that prohibits all forms of discrimination based on race, color, national origin, or gender in any housing program receiving federal money.

Commission - An agent's compensation for performing the duties in the agency. In real estate sales, this is typically the percentage of the selling price of the property.

Economic Obsolescence - This occurs when factors unrelated to the property itself, and outside the homeowner's control, diminishes its value.

Independent Contractor - A person or business that acts for another such as providing a service or result but the methods of providing the service or result are not subject to the control of another.

FHA (Fair Housing Administration) - The Fair Housing Administration was createdin the 1930s to help homeowners when they cannot afford the down payment of a 1-4 unit property.

Freehold Estate - A right to title of land where the property is immobile and there is no fixed duration of ownership.

Nonconforming Use - A type of zoning variance where a parcel of land is except from current zoning ordinances, most commonly because it had already been grandfathered into another use.

Package Loan - A package loan is secured by not only real estate but also by personal property that is sold with the real estate.

Truth in Lending - This is also known as Regulation Z and requires lenders to disclose the true costs of obtaining credit.

Warehousing - Packaging a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage loan originator.

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