b. A leasehold estate that continues fora specified period of time. It is notordinarily terminated by death of eitherparty or by the sale of the property.(Property Management).
Express Agreement: Fee Simple Absolute: External Obsolescence: Fee Simple Defeasible: Fair Employment And Housing Act (FEHA): Fee Simple Estate: Fannie Mae (Federal National Mortgage Associa- Tion): Fee Simple Qualified: Farmer Mac: Fiduciary: 18a
A fee simple estate with no restrictions on its use. An agreement established by a deliberate act of the parties that both parties acknowledge as their intention. a. An interest in land, such as a fee simple conditional or fee simple with special limitation, that may result in the estate of ownership being defeated. (Real Estate Principles, Real Estate Practice). b. Any limitation on property use that could result in loss of the right of ownership. (Fundamentals of Real Estate Appraisal) a. Economic or environmental obsolescence; loss in value due to outside causes, such as changes in nearby land use. (Real Estate Principles, Real Estate Practice). b. Loss of value from forces outside the building or property, such as changes in optimum land use, legislative enactments that restrict or impair property rights, and changes in supply- demand relationships, and always considered incurable. (Fundamentals of Real Estate Appraisal). The greatest interest in real property one can own, including the right to use the property at present and for an indeterminate period of time in the future. a. California law that provides protection from harassment or discrimination in employment or housing on the basis of age (40 and over), ancestry, color, religious creed, denial of family and medical care leave, disability (mental and physical) including HIV and AIDS, marital status, medical condition (cancer and genetic characteristics), national origin, race, religion, sex, and sexual orientation. Information about enforcement procedures can be found at . (Real Estate Principles). b. See Rumford Act. (Real Estate Practice). a. A fee simple estate with some restrictions on the right of possession. (Real Estate Principles, Real Estate Practice). b. Ownership of property that is limited in some way. (Fundamentals of Real Estate Appraisal). Now a private corporation dealing in the secondary mortgage market. a. A person in a position of trust and confidence who owes a certain loyalty to another, such as an agent to a principal. (Real Estate Principles, Real Estate Practice). b. The relationship between an agent and his or her principal, which requires the utmost loyalty and good faith. (Property
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- Fall '19
- Real Estate Practice