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Real Estate Dictionary
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earnest money

see deposit.

easement

The right of the owner of one property to use part of the land of another for a specific purpose. The property that enjoys the right in this arrangement is said to be in the dominant position; the other is said to be in the servient position.

easement appurtenant

An easement for the benefit of another parcel of land, such as the right to cross parcel A to get to parcel B (this kind of easement usually passes with the transfer of property to a new owner).

easement by necessity

A landowner’s right to make use of the property of another person (or a portion of it) when such use is necessary to allow the landowner to enjoy his or her own land (e.g., an easement that allows a property owner to gain access to landlocked property).

easement by prescription

The continuing use of all or part of a property by the owner of a neighboring or nearby property for a specific period.

easement in gross

An easement for the benefit of a person or company rather than another parcel of land. These easements commonly are for the equipment of public utilities.

economic depreciation

A reduction in the value of a property that is caused by reasons aside from the condition of the property itself. For example, a shopping mall that is built across from a row of houses may result in traffic and noise that make the street a less desirable residential area, and the houses may decline in value.

economic life

The period for which an improvement to real estate can be expected to provide more value (or income) than its upkeep costs.

economic rent

see market rent.

effective age

The age of a structure as estimated by its condition rather than by its actual chronological age. This estimate may take into account both renovation and maintenance.
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