SALE PRICE
The actual price a property sells for, exclusive of any special financing concessions.

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SALES COMPARISON APPROACH
An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently.

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SCARCITY
An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity.

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SECOND MORTGAGE
A loan secured by the equity in a home, when a primary mortgage already exists.

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SECONDARY MORTGAGE MARKET
An economic marketplace where mortgage bankers buy and sell existing mortgages.

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SECURED LOAN
A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.

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SECURITY
The property used as collateral for a loan.

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SEMIDETACHED HOUSING
Two residences which share a common wall.

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SERVICER
A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts.

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SERVICING
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.

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SHEATHING
The covering on outside walls beneath the siding or exterior finish such as stucco.

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SHEETROCK
Also called drywall, the gypsum board commonly used on interior walls.

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SILL PLATE
The lumber used around the foundation to support exterior wall framing.

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SILL COCK
Garden hose pipe connection.

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SINGLE-FAMILY PROPERTY
A property designed and built to support the habitation of one family.

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SOFFIT
The underside of a cornice at the eaves.

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STUCCO
A textured plaster exterior (and occasionally interior) wall finish.

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STUD
A vertical framing piece in a wall, generally 2x4 lumber in interior walls.

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SUBDIVISION
A residential development that is created from a piece of land which has been subdivided into individual lots.

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SUBJECT PROPERTY
A term which indicates a property which is being appraised.

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SUMP
A basin into which water drains and from which the water is pumped out.

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SURVEY
A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.

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SWEAT EQUITY
The method whereby a home owner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built.

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Real Estate Definitions