Dictionary

Definition:  A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use. Pronunciation: \ˈēz-mənt\ \pri-ˈskrip-shən\ Used in a Sentence:   The man had used the access road to get to his hunting lodge for over 20 years and thus was granted an easement by prescription.

Definition:  A process by which the record of a criminal conviction is destroyed or sealed after expiration of time. Pronunciation:  \ik-ˈspənj-mənt\ Used in a Sentence:    The man asked for an expungement of his records based on satisfying the terms of his deal.

Definition:   An agreement where all terms and conditions have been spelled out and a meeting of the minds is reached in words of agreement and mutual understanding.  May be written, oral or a combination of the two. Pronunciation:  \ik-ˈspres\  \ˈkän-ˌtrakt\ Used in a Sentence:   The primary requirements in an express contract are mutual understanding and agreement.

Definition:   Property that has been declared to be excluded from taxation or claim by others. Pronunciation:  \ig-ˈzem(p)t\ Used in a Sentence:   The church is exempt from having to pay taxes on its property.

Definition:  A contract in which one or both parties have not yet performed some condition. Pronunciation: \ig-ˈze-k(y)ə-ˌtȯr-ē\ \ˈkän-ˌtrakt\ Used in a Sentence:   It was considered an executory contract because the buyer had not yet signed it.

Definition:   A contract that has been performed fully. Pronunciation:   \ˈek-si-ˌkyüt-ed\ \ˈkän-ˌtrakt\ Used in a Sentence:   Once everyone had signed the document it became an executed contract.  

Definition:  A written agreement given to one real estate broker as the sole agent for the sale of an owner’s property, with the commission going to that broker regardless of who actually sells the property during the contract period. Pronunciation:   \iks-ˈklü-siv, -ziv\ Used in a Sentence:   Because they had an exclusive-right-of-sale listing the broker still made a commission even though the seller found the buyer.

Definition:   A written listing agreement giving a sole agent the right to sell a property for a specified time. Pronunciation:   \iks-ˈklü-siv, -ziv\ \ˈā-jən(t)-sē\ Used in a Sentence:   The seller signed an exclusive-agency listing contract with the broker for a 6 month period.  

Definition:  The right of an owner to keep others from tresspassing by entering or using the property without permission. Pronunciation: \iks-ˈklü-zhən\ Used in a Sentence:   The right of excusion allowed the farmer to put a fence around his property to keep people out.