Dictionary

Definition:  A state tax imposed on the transfer or conveyance of realty or any realty interest by means of deed, lease, sublease, assignment or similar instrument. Pronunciation:    \ˈdä-kyə-men-tə-rē\ Used in a Sentence:  The documentary tax stamp on the deed was $524.50.

Definition:  One with whom the broker or sales associate hopes to be successful in achieving the purpose of employment.  Per Section 475.01, F.S., a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. Pronunciation: \ˈkəs-tə-mər\ Used in a Sentence:   The sales associate hoped to sign a new customer when the couple asked about selling their house.

Definition: When the correction of a defect results in as much added value as the cost to correct the defect. Pronunciation:   \ˈkyu̇r-ə-bəl\ \di-ˌprē-shē-ˈā-shən\ Used in a Sentence:   The repair of the cracked driveway was considered a curable depreciation because the owners were able to recoup the costs by getting a higher price for their house.

Definition: Insufficient attention to duties and responsibilities by those who know, or should know, what is required of them. Pronunciation:   \ˈkəl-pə-bəl\ \ˈne-gli-jən(t)s\ Used in a Sentence:   The broker was charged with culpable negligence for not managing his agents properly.

Definition:   A street that is designed to connect to another street at only one end with a circular turnaround at the other end. Pronunciation:   \ˈkəl-di-ˌsak, ˈku̇l-; ˌkəl-di-ˈ, ˌku̇l-\ Used in a Sentence:   Many people prefer to live on a cul-de-sac because there is less traffic.

Definition:   A lender; a person or business entity to whom a debt is owed. Pronunciation:   \ˈkre-di-tər, -ˌtȯr\ Used in a Sentence:   She owed thousands of dollars to the creditor.

Definition: To make an entry on the right or credit side of an account; or, a payment of value received. Pronunciation:   \ˈkre-dit\ Used in a Sentence:    The purchase price of the property was entered as a credit to the seller on the closing statement.

Definition:   A warranty, guarantee, or promise formally given in a legal document. Pronunciation:   \ˈkəv-nənt, ˈkə-və-\ Used in a Sentence:   A covenant of seisin was in the deed showing the grantor is in possession of the property and has the good right to sell it.

Definition:  A rejection of the original offer by proposing a new offer, thereby terminating the original offer. Pronunciation:   \ˈkau̇n-tər-ˌȯ-fər, -ˌä-fər\ Used in a Sentence:   The seller rejected the initial offer and came back with a counteroffer.