confessions

Daniela Rodriguez

Real Estate Agent

  1. Definitions 38
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Will

An expression of the desire of a person as to the disposition of that person's property or money after his or her death. Only written wills are valid legally.


An oral will, also called a nuncupative will, is a will that is spoken to witnesses, but not written. These type of wills are valid only in a few states and only in very limited and unusual circumstances.

Regression

A principle in appraising that holds that a high valued property in an area of low valued properties seeks the level of the low valued properties.


The opposite action, i.e. a low valued property seeking the level of surrounding high valued properties, is called the Principle of Progression.

Record

The act of filing for the record in the county recorder's office. To record a document is to give constructive notice of the contents of the document to the world.

Probate

Probate is a period of time during which the court has jurisdiction over the administration of the estate of a deceased person. In other words, it is a procedure whereby a will is proved valid or invalid.

Prescription

A method of obtaining an easement although the owner of the land burdened by the easement has not agreed to grant the easement.


Easement by prescription is created only if the following conditions are met:
1. Continuous and uninterrupted use for five years;
2. Use is hostile and adverse to the owner;
3. Use is open and notorious;
4. Exclusive; and
5. Under some claim of right.

Pledge

Pledge is making personal property security for payment of a debt, including transfer of possession to the lender, if the debtor fails to make payments on a scheduled debt.

Partnership

A contract between two or more persons to unite their property, labor or skill in pursuit of some joint or lawful business and to share the profits in a certain specified proportion.


General partnership is one in which all partners are jointly and severally liable for the debts of the partnership, regardless of the amount of an individual partner’s actual investment in the partnership.


Limited partnership is one in which limited partners are liable for the debts of the partnership only to extent of their investments in the partnership, while general partners are jointly and severally liable for the full amount of such debts.

Parcel

Generally, it refers to any part or portion of land. Legally, it means any area of land contained in one description.

Orientation

The placement of a house on a lot with regard to its relation to the sun, prevailing winds, privacy from the street, protection from outside noises, and other factors relating to comfort and privacy.

Net worth

Net worth is the difference between total assets and liabilities of a business. For an individual, it represents the properties owned, less any debt the person has.
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