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DENSITY A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area. APPRAISAL The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report. PREPAYMENT PRIVILEGE The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale. TENANCY BY THE ENTIRETY A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property. TIME SHARING A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period. SUMMARY POSSESSION A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy. YEAR-TO-YEAR TENANCY A periodic tenancy in which the rent is reserved from year to year. |
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