Glossary S

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E-Store. The place that you can buy or sell business related items or services for a small ad fee.

SALE and LEASEBACK
A financing arrangement in which an investor buys property owned and used by a business
accompanied by a simultaneous leasing back of the property to the business by the
buyer/investor.
SALES COMPARISON APPROACH
A method for estimating the market value of a property by comparing similar properties
to the subject property.
SALE CONTRACT (DEPOSIT RECEIPT CONTRACT; PURCHASE AGREEMENT;
CONTRACT FOR SALE and PURCHASE)
An agreement whereby one party agrees to sell and the other party agrees to buy
according to the terms set forth.
SALESPERSON
A licensed individual who, for compensation, is employed by a broker or
owner/developer.
SAVINGS ASSOCIATION INSURANCE FUND (SAIF)
A federal agency that insures deposits of member SAs.
SEAL
A mark, emblem, or impression on a document used to authenticate the document or
signature.
SECONDARY LENDER
Agency or financial institution that buys mortgage loans previously made by primary
lenders.
SECONDARY MARKET
A source for the purchase and sale of existing mortgages.
SECOND MORTGAGE (SECONDARY FINANCING)
A loan that is junior or subordinate to a first mortgage, normally taken out when the
borrower needs more money.
SECRET PROFIT OR COMMISSION
(SEE OVERAGE.)
Retaining more than the agreed amount of sales commission, without the express
knowledge and consent of the parties involved; a form of fraud.
SECTION
One of the primary units of measurement in the government survey system of land
description. A section is one mile square and contains 640 acres.
SEISIN (SEIZING) CLAUSE
A covenant in a deed that warrants that the grantor (seller) holds the property by virtue
of a fee simple title and has a complete right to dispose of same.
SELLER's MARKET
The demand for available properties exceeds the supply.
SEPARATE PROPERTY
Real property owned by a husband or wife prior to the marriage with the spouse having
no present rights in such property; property owned individually.
SERVICE (SECONDARY) INDUSTRY
A business that attracts local money (e.g., grocery store, retail shop).
SETBACK
Restrictions established by zoning or deed on the space required between lot lines and
building lines.
SEVERALTY
Sole ownership of real property ('severed from all others).
SEVERANCE
The act of removing something attached to the land (e.g., fruit, timber, fence).
SITE PLAN
A document that indicates the improvement details for a project of greater-than-average
size.
SITUS (LOCATION)
Relationships and influences created by a location of a property that affect value (e.g.,
accessibility, personal preference).
SOLE PROPRIETORSHIP
Dealing as an individual in business.
SPECIAL ASSESSMENT
A tax levied against property to pay for all, or part of, an improvement that will benefit
the property being assessed.
SPECIAL EXCEPTION
An individual ruling in which a property owner is granted the right to use otherwise
contrary to law.
SPECIFIC LIEN
A claim that affects only the property designated in the lien instrument or agreement.
SPECIFIC PERFORMANCE
A remedy for an injured party obtained through a court of equity, which requires
specific accomplishment of the contract terms by a defendant.
STATE-CERTIFIED APPRAISER
A person verified by the DBPR as qualified to issue state-certified real property
appraisals.
STATUTE
An established rule or law passed by a legislative body.
STATUTE OF FRAUDS
An act that requires that certain real estate instruments and contracts affecting title to real
property be in writing in order to be enforceable.
STATUTE OF LIMITATIONS
An act that prescribes specific time restrictions for enforcement of rights by action of law.
STAY
Delay temporarily; stop for a limited time.
STEERING
Discriminatory acts against buyers.
STOCK
The ownership element in a corporation usually divided into shares and represented by
transferable certificates (may be divided into two or more classes of differing rights and
stated values.)
SUBBASELINES
(SEE TOWNSHIP LINES)
The east-west survey lines located every six miles north and south of the primary baseline.
SUBDIVIDE
To segment large, acquired tracts of real property in order to create small tracts for the
purpose of resale.
SUBJECT PROPERTY
The real property under discussion or appraisal.
SUBJECT TO THE MORTGAGE
A buyer makes regular periodic payments on the mortgage but does not assume
responsibility for the mortgage.
SUBLEASE
A lessee leasing property to a third party for a period of time less than the original lease
(also referred to as subletting.)
SUBMERIDIANS
(SEE RANGE LINES.)
The surveyed north-south lines running every six miles east and west of the principal
meridian.
SUBORDINATION
Made subject to or subservient to; assignment to a lessor role or position.
SUBORDINATION CLAUSE
A provision in a mortgage in which the lender voluntarily permits a prior or subsequent
mortgage to take a priority over the lender's otherwise superior mortgage; the act of
yielding priority.
SUBPOENA
A writ or order commanding the person named to appear and testify in a legal proceeding.
SUBROGATION
(SEE SUBORDINATION.)
Made subject to or subservient to; assignment to a lessor role or position.
SUBSTITUTION, PRINCIPLE OF
An economic law of value; no prudent buyer will pay more for a property than the cost
of an equally desirable replacement property.
SUIT
An act of suing; an action in a court of law for the recovery of a right or claim.
SUMMARY SUSPENSION
Emergency or immediate suspension of a license to protect the public.
SUPERSEDEAS, WRIT OF
A stay of enforcement; temporary stop in a legal proceeding restraining order.
SUPPLY (PRINCIPLE OF SUPPLY and DEMAND)
The quantity of goods or services offered for sale to consumers.
SURVEY
The procedure used to measure and describe a specific tract of real property for the
purpose of determining exact boundaries and the area contained therein.
SURVIVORSHIP, RIGHT OF
A legal concept whereby the surviving owners of a joint interest in real property are
entitled to the interest formerly owned by one or more deceased owners.
SUSPENSION
To cause to cease operating for a period of time; the temporary withholding of a
person's license rendering it ineffective; a period of enforced inactivity.
SYNDICATE
(SEE BUSINESS TRUST.)
A group of people who associate with each other for the purpose of purchasing shares or
units at a specified amount per unit, with the money raised to be used to purchase the
real property, often for subdividing and re-sale.