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| Second law efficiency
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The ratio of the minimum amount of work or energy required to perform a task to the amount actually used. |
| Second law of thermodynamics
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This law states that no device can completely and continuously transform all of the energy supplied to it into useful energy. |
| Second lien
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A lien which is in addition to a first lien and subordinate to that first lien. It can be satisfied only after the first lien has been satisfied. |
| Second mortgage
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A second loan that uses an already mortgaged house as collateral. The first mortgage has priority over the second loan. |
| Secondary financing
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Loan that is subordinate to the primary loan and cannot be satisfied until the primary loan is paid. |
| Secondary mortgage market
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Trading of packaged home loans that are resold as securities to investors, most often Freddie Mac and Fannie Mae. |
| Seconds
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A grade of material which has a slight defect or does not meet the standard set for the product. They are usable where a lessening of standard or appearance is not a problem. |
| Section
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Measure of land representing one square mile in the government rectangular survey; 640 acres. There are 36 sections in a 6-mile square township. |
| Section 1031
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This section of the Internal Revenue Code deals with tax-deferred exchanges of certain property. General rules for tax-deferred exchange of real estate state that the properties must be like-kind property (real estate for real estate), exchanged and held for use in a trade or business or held as an investment. |
| Section 1034
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The section of the Internal Revenue Code that applied to the sale of a principal residence before May 7, 1997. It allowed the deferment of gain on a house when a more expensive house was purchased. Section 1034 was replaced by Section 121 for sales after May 6, 1997. |
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