Statute


Definition of "Statute"

Legislative written decree (rule) stipulating prescribed action and conduct designed to be in the public's best interest. Laws may cover civil and criminal matters.

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Popular Real Estate Terms

Uniform Simultaneous Death Act

Statute in most states under which, if no evidence exists in a common disaster (when an insured and beneficiary die within a short time of each other ...

Living Well

Legal document that permits the individual to declare his or her desires concerning the use of life-sustaining treatment to be made at the point in ti ...

Truth-in-Lending Act (TILA)

Also called Consumer Credit Protection Act of 1969 or Regulation Z. A federal statute protecting buyers. The key provision is that both the dollar amo ...

Internal Revenue Code

Federal statute defining the federal tax code, covering such topics as credits against tax; business-related credits; computing credit for investment ...

Statute Of Limitations

Period, set by law, after which a damage claim cannot be made. Limits are set by individual states and usually range from one to seven years. ...

Alaska Trust Act

Enacted on April 1, 1997; provides protection against creditors for irrevocable trusts provided that the trust has a grantor who is a discretionary be ...

Popular Real Estate FAQ

What Is An Index?

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

What Is Accession?

The right of a property owner to have and enjoy all of the advantages of property ownership including air right, mineral rights, riparian rights, and ...

What Is An Appreciation?

Changes in the market conditions, or improvements to the property that increase the value of the property. ...

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A seller disclosure is a form required by most states; the seller uses this form to disclose any known defects of the home. ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the interest rate. ...

What Is A Gated Community?

A gated community is a community of homes where you must pass through a security gate in order to enter the community. ...

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