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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. FHA See Federal Housing Administration. DISCRIMINATION The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally. 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. LEASE A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties. DESCENT The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. BEARER The legal owner of a piece of property. |
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