Definition: a right granted a sales associate or broker associate to work various properties owned by affiliated entities under one owner developer.
Pronunciation: \ˈgrüp\ \ˈlī-sən(t)s\
Used in a Sentence: The sales associate had a group license so she could work at the different communities the developer was building.
Definition: A lease of land alone, sometimes secured by improvements placed on the land.
Pronunciation: \ˈgrau̇nd\ \ˈlēs\
Used in a Sentence: We signed a ground lease for the property we wanted to build our warehouse on.
Definition: A rule of thumb for estimating the market value of income-producing residential property.
Pronunciation: \ˈgrōs\ \ˈrent\\ˈməl-tə-ˌplī(-ə)r\
Used in a Sentence: The agent used the gross rent multiplier when estimating the value of the apartment building we were interested in buying.
Definition: A lease of property in which the lessee pays a fixed rent and the lessor pays all of the expenses associated with the property.
Pronunciation: \ˈgrōs\ \ˈlēs\
Used in a Sentence: We were able to sign a gross lease on the office space that we wanted.
Definition: a rule of thumb for estimating the market value of commercial and industrial properties, the ratio to convert annual income into market value.
Used in a Sentence: The appraiser applied a gross market multiplier when estimating the value of the warehouse.
Definition: legislation that authorizes county property appraisers to assess land used for agricultural purposes according to its current value as agricultural land.
Used in a Sentence: Florida’s Green Belt Law protects farmers from having taxes increased unfairly because the land might be suited for urban growth.
Definition: the person transferring title to, or interest in, real property; seller.
Pronunciation: \ˈgran-tər, -ˌtȯr; gran-ˈtȯr\
Used in a Sentence: Once the grantor had signed the deed the property was officially ours.
Definition: the provision in a deed that specifies the names of the parties involved, the words of conveyance and a description of the property.
Used in a Sentence: We were careful to read the granting clause portion of the deed to confirm all information was correct.