Real Estate Definition(s) of the Day:
Terms and their meaning are important parts of the real estate transacation. Understanding them is an important part of the licensing process. Terms make up an important part of license testing.
Estate: Possessory interest in real estate; either a freehold estate or leasehold estate. 2. The real and personal property left by someone by who has died.
Fee Simple Estate: The greatest estate one can have in real property; freely transferable and inheritable, an of indefinite duration, with no conditions on title. Also called: Fee Simple, Fee Title, or Fee Simple Absolute.
Amortization: Elimination of a debt, such as Mortgage, with a series of equal payments (principle and interest at regular time intervals.
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