Glossary of Terms

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EASEMENT
	A right enjoyed by one landowner over the land of another.
ECONOMICS
	The study of how persons and society choose resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future, among various people and groups in society.
ENCROACHMENT
	The unauthorized extention of the boundaries of land.
ENCUMBRANCE
	Outstanding claim or lien recorded against property or any legal right to the use of the property by another person who is not the owner.
EQUITY
	The interest an owner of real property has in its total assets after allowing for encumbrances and creditors' claims.
EQUITY OF REDEMPTION
	The right of the mortgagor to reclaim clear title to the property upon full repayment of the debt.
ESCHEAT
	The reversion of property to the state in the event the owner thereof dies leaving no will and having no legally qualified heir to whom the property may pass by lawful descent.
ESTATE
	An interest in land.
ESTOPPEL
	A bar to alleging or denying a fact because of one's own previous actions or words to the contrary.
ETHICS
	Rules of behaviour made and accepted by business to provide fair and moral practice.
EXCLUSIVE LISTING
	The giving of the sole right to offer the described property for sale according to the terms of the agency agreement.
EXPRESS AUTHORTIY
	Authority delegated by the principal which clearly sets forth in exact, plain, direct and well-defined limits those acts and duties which the agent is empowered to perform on behalf of the principal, e.g. an exclusive listing.
EXPROPRIATION
	Taking of private property by the state for public use, with fair compensation to the owner, through the exercise of the right of eminent domain.
EXTRAS
	Chattels included in the sale.