EASEMENT - A property interest which one person has in land
owned by another entitling the holder of the interest to limited
use or enjoyment of the other's land.
EASEMENT IN GROSS - The limited right of one person to use
another's land (servient estate), which right is not created for
the benefit of any land owned by the owner of the easement; that
is, there is no dominant estate, as the easement attaches
personally to the owner, not to the land.
EMBLEMENTS - Growing crops (called "fructus industriales"),such
as rice and taro, which are produced annually through labor.
EMINENT DOMAIN - The right of government, both state and
federal, to take private property for a necessary public use,
with just compensation paid to the owner.
ENCROACHMENT - An unauthorized invasion or intrusion of a
fixture or other real property wholly or partly upon another's
property, thus reducing the size and value of the invaded
property.
ENCUMBRANCE - Any claim, lien, charge or liability attached to
and binding upon real property which may lessen the value of the
property but will not necessarily prevent transfer of title.
ENTIRETY, TENANCY BY - A form of joint ownership of property
between husband and wife with the right of survivorship.
ENVIRONMENTAL IMPACT STATEMENT - A report which includes a
detailed description of a proposed development project with
emphasis on the existing environment setting, viewed from both a
local and regional perspective, and a discussion of the probable
impact of the project on the environment during all phases.
EQUITY - That interest or value remaining in property after
payment of all liens or other charges on the property. A owner's
equity is normally the monetary interest over and above the
mortgage indebtedness.
ERRORS AND OMISSIONS INSURANCE - A form of insurance which
covers liabilities for errors, mistakes and negligence in the
usual listing and selling activities of a real estate office or
escrow company.
ESCHEAT - The reversion of property to the state when a decedent
dies intestate and there are no heirs capable of inheriting, or
when the property is abandoned.
ESCROW - The process by which money and/or documents are held by
a disinterested third person (a "stakeholder") until the
satisfaction of the terms and conditions of the escrow
instructions (as prepared by the parties to the escrow).
ESTOPPEL - A legal doctrine by which a person is prevented from
asserting rights or facts which are inconsistent with a previous
position or representation he had made by his act, conduct or
silence.
ETHICS - A system of moral principles, rules and standards of
conduct.
EVICTION - The legal process of removing a tenant from
possession of the premises for some breach of the lease
contract.
EXCHANGE - A transaction in which all or part of the
consideration for the purchase of real property is the transfer
of property.
EXCLUSIVE AGENCY - A written listing agreement giving one agent
the right to sell property for a specified time, but reserving
to the owner the right to sell the property himself without
payment of any commission.
EXCLUSIVE LISTING - A written listing of real property in which
the seller agrees to appoint only one broker to sell the
property for a specified period of time. The two types of
exclusive listings are the exclusive agency and the exclusive
right to sell.
EXECUTIVE - The act of making a document legally valid, such as
formalizing a contract by signing, and delivering a deed.
EXECUTOR - A person appointed by a testator to carry out the
directions and requests in the last will and testament, and to
dispose of property according to the provisions of the will.
EXECUTORY CONTRACT - A contract in which one or both of the
parties has not yet performed.
EXTENDER CLAUSE - A "carry over" clause (referred to as a safety
clause) contained in a listing which provides that a broker is
still entitled to a commission for a set of period of time after
the listing has expired or sold to a former prospect of the
broker.
EXTENSION - An agreement to continue the period of performance
beyond the specified period.
