Free Real Estate Vocabulary Flashcards

A loan greater than the amount allowable for purchase by a federal agency.

Loans that exceed the maximum amount established by Fannie Mae and Freddie Mac for conforming mortgage loans, making them nonconforming loans.

A loan for an amount greater than the allowable 100% financed amount. It is determined by subtracting the maximum allowable 100% financed amount from the purchase price and financing 75% of the difference. Example: maximum allowable VA Loan – $110,000. Sale price – $130,000. Difference is $20,000;75% of the difference is $15,000. Total jumbo loan – $110,000 plus $15,000=$125,000. Required down payment – $5000.

A metal box used to enclose the meeting (junction) of electrical circuits, wires, and cables.

A lien which is subordinate to a prior lien.

Secured creditor with a lower priority lien than another lien on the same land.

Any mortgage of lesser priority than a first mortgage.

See: Salvage Value.

(1) The certificate of an officer before whom a writing was sworn to, such as a notary public. (2) That part of an affidavit stating where, when, and before whom, the affidavit was sworn.

The extent of the authority of a court, or other governmental branch or agency.

In condemnation the amount paid to the property owner. The theory is that in order to be “just”, the property owner should be no richer or poorer than before the taking.