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Popular Real Estate Glossary Terms
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Insurance programs that combine finite risk insurance, reinsurance, and traditional insurance as an alternative to self insurance. These programs are long-term in duration. The objective is ...
Initial or senior mortgage on property. It comes before all subsequent mortgages, and the mortgage has precedence in payment if default occurs. ...
Lease where, in addition to the rent, the lessee pays the taxes, insurance, and maintenance. As a guarantee for the lessor, the lessee posts a bond payment equivalent to one year's tax, ...
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense ...