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earnest money deposit A deposit made by the potential home buyer to show that he or she is serious about buying the house. easement A right of way giving persons other than the owner access to or over a property. effective age An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. |
effective gross income
Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the source, but other income may qualify if it is significant and stable.
encumbrance
Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
