Definition: a common method of legal description that identifies a property by specifying the shape and boundary dimensions of the parcel. A metes-and-bound description starts a the point of beginning and follows the boundaries of the land by compass direction and linear measurements and returns to the point of beginning.
Pronunciation: \ˈmēt\ \ˈbau̇nd\ \di-ˈskrip-shən\
Used in a Sentence: The metes-and-bounds description is the oldest survey method.
Definition: any of the imaginary lines running north and south used by surveyors for reference in locating and describing land under the government survey method of property description
Used in a Sentence: The Tallahassee principal meridian and base line are the reference lines that govern surveys in Florida.
Definition: the point when two people, thinking of the same thing, reach an agreement through an offer and acceptance
Used in a Sentence: Once the buyer and seller came to a meeting of the minds the contract was able to be signed.
Definition: intervention between conflicting parties to promote reconciliation, settlement or compromise
Used in a Sentence: When the buyer and seller made conflicting demands regarding the escrowed property the broker implemented a mediation process to help settle the dispute.
Definition: any fact that affects the value of real property and is relevant to a person making a decision about that property
Pronunciation: \mə-ˈtir-ē-əl\ \ˈfakt\
Used in a Sentence: Real estate licensees must disclose all material facts to their clients.
Definition: the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale
Used in a Sentence: The appraiser determined that the market value for the property was $375,000.
Definition: an agreement between brokers to divide up competitive market areas among themselves and not complete in each other’s areas
Used in a Sentence: The various brokers decided to create a market allocation so they would not compete with each other for business.