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personal property, but such interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate equity home mortgage second more commonly used in trust instruments, typically in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth. The law of England and Wales no longer recognises the life estate at law in relation to land, instead the holder of legal title to the land (whether the freehold fee simple or a lease) will hold that land on trust first equity home mortgage second equity home mortgage second life tenant and then for the remainderman. The National Association of Realtors (NAR), whose members are known as "Realtors," is America's largest trade association, representing 1 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR's membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,600 local associations equity home mortgage second boards and 54 state and territory associations of Realtors. They are pledged to a strict Realtor "Code of Ethics and Standards of Practice," which includes duties to equity home mortgage second the public, and other Realtors. The NAR wields substantial power as a lobbying organization for real estate buyers and sellers. The legal protection in question -- detailed in Section 580b of the California Code equity home mortgage second Civil Procedure -- dates to the Great Depression, when the Legislature passed a number of measures to protect Californians losing their homes in foreclosure sales. Because home values were plummeting and few people had money to bid at foreclosure auctions, destitute borrowers couldn't pay off the mortgage and were left facing a lifetime of debt. To this equity home mortgage second California remains one of a handful of states that bar lenders from hounding borrowers for the difference if a house fetches less in foreclosure than is still owed on