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GLOSSARY
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Easement
A right created by grant, reservation, agreement, prescription, or necessary implication, that conveys use but not ownership of a portion of a property. It is either for the benefit of land (appurtenant), such as right to cross A to get to B, or “in gross”, such as a public utility easement. An easement is typically written into the deed.
Effective Age
Age of a structure as estimated by its condition and utility rather than actual age. Takes into account rehabilitation and maintenance (or lack thereof).
Effective Gross Income (EGI)
The total gross income from all sources, after allowing for vacancy and collection losses.
Eminent Domain
A governmental right to acquire private property for public use by condemnation, and the payment of just compensation.
Encroachment
Generally, construction or trespassing on the property of another, as of a wall, fence, building extension, etc.
Equity
The market value of real property, less the amount of existing liens.
Equity Loan
A loan ( mortgage) based on the equity in a property.
Eviction
A court action to remove one from possession of real property. Most commonly, the removal of a tenant.
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