Employment contract

A document evidencing formal employment between the employer and the employee or between the principal and the agent. In the real estate business, this generally takes the form of a listing or management agreement.

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Employee status

The status of one who works as a direct employee of an employer. An employer is obligated to withhold income taxes and Social Security taxes from the compensation of his or her employees.

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Eminent domain

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court determines that the use is a public use and determines the price or compensation to be paid to the owner. The right of eminent domain gives the government the ability […]

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Emblements

Growing crops that are produced annually through the tenant’s own care and labor and that she or he is entitled to take away after the tenancy is ended. Emblements are regarded as personal property even prior to harvest, so if the landlord terminates the lease, the tenant may still reenter the land and remove such […]

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Economic obsolescence

(1) The impairment of desirability or useful life arising from factors external to the property, such as economic forces or environmental changes, that affect supply-demand relationships in the market. The loss in the use and value of a property arising from the factors of economic obsolescence is to be distinguished from a loss in value […]

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Economic life

The period of time over which an improved property will earn an income adequate to justify its continued existence.

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Easement in gross

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner.

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Easement

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land. An easement appurtenant passes with the land when conveyed.

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