Secured Loan
Loan backed by collateral.

Secured Note
Written obligation of a borrower that is backed by collateral in the event of default.

Secured Party
Lender who possesses the collateral of the borrower if the loan is defaulted upon.

Securities and Exchange Commission (SEC)
Federal agency created in 1934 to carry out the provisions of the Securities Exchange Act. Generally, the agency seeks to protect the investing public by preventing misrepresentation, fraud, manipulation and other abuses in the securities market.

Securitization
Process of the borrower giving the lender security to obtain the loan.

Security
1. The property designated as collateral in a secured loan.
2. A document that serves as evidence of ownership.
3. Freedom from danger and the acts taken to prevent loss or physical danger.

Security Agreement
Legal contract in which the lender controls the pledged property being financed. This agreement describes the property and its location. In the event of default, the lender may sell the collateral.

Security Deposit
Prepayment to a landlord to offset any damage that might occur beyond normal wear and tear. It is considered a damage deposit. Laws in most states require landlords to hold the deposit in a separate account and refund the amount, if no damage is done, within a specified time after termination of the lease.

Security Instrument
An interest in real estate that allows the property to be sold upon a default on the obligation for which the security interest was created. The security instrument is more specifically described as a security deed, a mortgage or trust deed.

Security Interest
Interest in real estate in which the real estate serves as collateral.

Sedimentary Rock
Limestone, shale, gypsum sandstone, etc. are sedimentary rock products used in construction or building materials. This rock is formed from sand, rock fragments, shell remains and silt compressed into a solid mass over a period of time. The absence of faults or cracks makes the strength constant throughout the entire piece.

Sediment Interceptor
Strainer for water outlets, which filter out sediments prior to re-circulation of the water.

Seed Money
Funds, often put up by venture capitalists, needed to finance a new business.

Seedy
Paint surface which has had specs of dirt and other debris imbedded into it due to lack of a clean environment when drying.

Seep
To leak, drip or flow out slowly through small openings or pores. To ooze.

See-through Building
A vacant building. This term originated with the overbuilding of glass office building in Houston during the late 1980's. Without tenants or furniture, you could see right through the glass of the building.

Segment
1. Any of the parts that are separated or divided from the whole.
2. A part of a circle or sphere which is marked off or made separate by a line or plane as part of a circular area bounded by an arc and its cord.
3. Line defined by two points.

Segmented Arch
This arch, also called a flat arch, straight arch, jack arch, minor arch, or multi-centered arch, has a horizontal top surface, with a span of up to 6 feet, can support loads up to 1,000 pounds per square foot, with a rise to span ratio of 0.15 or less.

Seisin
Possession of realty by one who claims to own a fee-simple estate or a life estate or other salable interest.

Seismic
Earth vibrations relating to an earthquake or explosion.

Seismic Analysis
Scientific investigation of the structural strength of a building to withstand damage caused by earth vibrations.

Seismic Joint
Joint which allows movement so that stress on a structure is limited.

Seizin
Individual who enjoys a freehold land right.

Seizure
The freezing up or seizing of movable parts can be caused by excess heat or cold or improper lubrication and can prevent them from performing their designated task.

Self-Amortizing Mortgage
Mortgage that will retire itself through regular principal and interest payments.

Self-Contained Appraisal Report
A written appraisal report that contains all the information required by USPAP, with extensive detail.

Self-flashing Skylight
Skylight that installs directly into the roof slope and is less conspicuous.

Self-Help
The efforts of a landlord to cure a default on the lease without aid of legal proceedings. In most states, self-help remedies are not considered a legitimate substitute for a legal eviction.

Self-rimming Lavatory
Sink, which is also called rim-less, that has no metal ring, but has a built-in lip of the same material that supports it in the vanity top.

Self-siphoning
Condition in a trap, which compromises the water seal in a trap, so that self-siphoning occurs when the air pressure, which keeps the seal in place, is compromised. When there is no air pressure at one end of a tube to balance it out, the water rushes down the pipe in a solid stream. When the water stops running, the siphoning results in the water seal being lower than it should be, which allows gases and vermin back through the top of the seal. If the U-shaped section of pipe has legs of different length, this can occur as it does in S traps. P traps allow it to occur much less frequently.

Self-supporting Partition
Wallboard partition that can support only its own weight on the layers of wallboard, which are fastened to gypsum coreboard without internal, framing.

Self-Supporting Walls
Walls that support themselves and do not need external supports.

Self-tapping Screw
Screw with a pointed tip and sharp threads, which allow it to be started and screwed into an unthreaded hole.

Seller Financing
Agreement where the seller provides the financing for a purchase. Seller carry-back & seller take-back are similar terms.

Seller's Market
Very strong real estate market where sellers have the advantage because there are more buyers than properties for sale.

Selling Agent
A broker or salesperson who writes the contract for a buyer in a real estate transaction.

Selvage
1. The edge plate of a lock through which a bolt passes.
2. Edge finished in a way that protects the material from coming apart.
3. The edge that is finished so that it can be joined to another piece.