Prescription


Definition of "Prescription"

Julie Sullivan
  Realty One Group

Method to obtaining title to property through open, notorious, adverse, and continuous use of the property for a statutorily prescribed period of time. For example, Jack openly and continuously occupies an abandoned home. Eventually it is ruled that he has acquire title to the property through prescription.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Retained Earnings

Net profit of a business, less dividends. Reinvestment of retained earnings enables an insurance com ...

Modified Accelerated Cost Recovery System (MACRS)

Term given to two depreciation systems defined by the Internal Revenue Service: The main system ...

Commitment

(1) An arrangement to buy real estate at a specified price and conditions. The failure to honor the ...

Liability, Professional

Liability created when an individual who offers services to the general public claims expertise in a ...

Bylaws

Regulatory rules that have to be followed by the organization in conducting its activities. ...

Slander

Oral defamation of the character or reputation of another. It is the basis for a lawsuit. ...

Related Real Estate FAQ

What Is A Contingency?

A contingency is a provision included in a sales contract stating that certain events must occur or ...

What Is A Mortgage Insurance Premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defau ...

What Do I Need To Know About Whole Life Insurance?

Whole life insurance insurance provides the coverage amount to your beneficiary in the of your death ...

What Is An Adjustable-rate Mortgage (ARM)?

A type of mortgage in which the interest rate is keyed to a certain economic index and is adjusted a ...

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

What Is Underwriting?

Underwriting is the process of evaluating a loan to determine whether the loan is a good risk. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

7 Things to Consider Before Moving to a New City How To Get A Loan with Bad Credit What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? How To Sell Your Home Why Use a Real Estate Agent?

FAQ

What is a treasury index? What is principal? I need Hospital Insurance in addition to my current health insurance policy? What are the benefits of Commercial Auto Insurance? What is a conventional mortgage?