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S

Salesperson	Holder of an entry-level license who is allowed to assist a broker who is legally responsible for the salesperson's activities (synonymous in some areas with agent)
Second Mortgage	A mortgage placed on real property which is already encumbered with one mortgage. Determination of first, second, third, etc. mortgage is by priority of registration (time and date).
Security	Property offered as backing for a loan. In the case of mortgages, the property being purchased with the loan usually forms the security for the loan.
Seller's Broker	Agent who takes the seller as a client, is legally obligated to a set of fiduciary duties, and is required to put the seller's interests above all others'
Sellers' Market	Situation in which the demand for homes exceeds the supply offered for sale
Settlement	See Closing
Specific Performance	Lawsuit requesting that a contract be exactly carried out, usually asking that the seller be ordered to convey the property as previously agreed
Subagency	Legal process by which the seller who lists property for sale with a broker takes on the broker's associates and cooperating firms in a multiple listing system as agents
Survey	Map made by a licensed surveyor who measures the land and charts its boundaries, improvements and relationship to the property surrounding it. Shelter payment ratio Gross debt service plus annual heat costs as a function of the gross income of the mortgagor.