Dictionary

Definition:    an unlicensed entity that sells, exchanges or leases its own property Pronunciation:   \ˈō-nər\ \di-ˈvel-lə-pər\ Used in a Sentence:    We worked directly with the owner developer of...

Definition:    title insurance issued for the total purchase price  of the property to protect the new owner against unexpected risks Pronunciation:   \ˈō-nərz\ \ˈpä-lə-sē\ Used in a Sentence:    W...

Definition:  an addition or change to property not in line with its highest and best use, or a betterment that exceeds that justified by local conditions Pronunciation:   \ˈō-vər-im-ˈprüv-mənt\ Use...

Definition:   the relationship between annual net operating income and the value or sale price of a property Pronunciation:   \ˌō-vər-ˈȯl\ Used in a Sentence:    Most licensees, appraisers and oth...

Definition:   retaining more than the agreed amount of sales commission, without the express knowledge and consent of the parties involved; a form of fraud Pronunciation:  \ˈō-və-rij, ˈōv-rij\ Used...

Ostensible Partnership Definition: One or more parties cause a third party to be deceived into believing that a business relationship exists when no such relationship exists. Pronunciation: \ä-ˈste...

Definition:   the party who gives and option and receives a consideration Pronunciation: Used in a Sentence:   The property owner, or optioner, grants a buyer the exclusive rights to purchase prope...

Definition:  the party who takes and option and pays a consideration Pronunciation:   \ˌäp-shə-ˈnē\ Used in a Sentence:    The optionee had the exclusive rights to buy the property during the speci...

Definition:    an agreement to keep open for a specified period of time an offer to sell or lease real property Pronunciation:    \ˈäp-shən\ \ˈkän-ˌtrakt\ Used in a Sentence:   An option contract c...