Century 21 Jim White &. Associates

Real Estate Glossary Terms

• Declaratory Judgment

  A binding judicial determination of the rights and standing of litigants. A declaratory judgment does not result in any relief for the action brought before the court. It merely determines whether there is a justifiable action between the litigants. A Subsequent judicial action between the partie ...

• Conforming Loans

  Loans that adhere to national guidelines by Fannie Mae, who buy the loans on the secondary market. Fannie Mae purchases mortgages to a certain dollar limit. Conforming loans typically come with a lower interest rate than larger mortgage, or jumbo loans, which are purchased on the secondary mortgag ...

• Liquidated Damages

  An amount of money provided for in a contract as compensation if the contract is not fulfilled. An example is an offer to buy real property that includes a provision that once the seller accepts the offer, if the buyer does not complete the purchase, the seller may keep the buyer's deposit as damage ...

• Reinforced Concrete Construction

  Construction method where reinforced concrete is used with concrete block and mortar to form an extremely strong building. Reinforced concrete construction is often used in conjunction with tie beams that gives the structure both vertical and lateral support. ...

• Advanced Life Underwriting

  Process of analyzing complex personal and business cases according to tax and estate planning requirements to determine life insurance needs. The family life agent or underwriter normally does not become involved in complex business or personal cases, but draws on the expertise of the advanced life ...