Primary mortgage on a property, which takes priority over any other liens and is satisfied before any secondary liens.
Senior real estate analyst (srea)
The highest designation once awarded by the Society of Real Estate Appraisers. SREA's could exchange this designation for the MAI.
Senior residential appraiser (sra)
A designation granted by the Appraisal Institute for Residential Appraisers. An SRA may refer to himself as a member of the Appraisal Institute, though not an MAI.
Sensible cooling effect
The difference between the total cooling effect and the dehumidifying effect.
Sensible cooling load
The heat gain of the home due to conduction, solar radiation, infiltration, appliances, people, and pets. Burning a light bulb, for example, adds only sensible load to the house. This sensible load raises the dry-bulb temperature.
Sensible heat
Heat, that when added or removed, causes a change in temperature but not in state. Heat that results in a temperature change.
Sensible heat storage
A heat storage system that uses a heat storage medium, and where the additional or removal of heat results in a change in temperature.
Sensitivity analysis
Technique of investment analysis that enables investors to determine variations in the rate of return on an investment property in accordance with changes in a critical factor, such as how much the rate of return will change if expenses rise 5% or rental income drops 10%. It's an experiment with decision alternatives using a what-if approach.
Sentimental value
Emotional value of property to each particular person.
