Definition: any new mortgage taken as part of the purchase price of real property by the seller
Pronunciation:
Used in a Sentence: A purchase money mortgage is usually used to fill the gap be...
Definition: comments or opinions not made as representations of fact and thus not grounds for misrepresentation
Pronunciation:
Used in a Sentence: A licensee’s boasting of a properties benefits ...
Definition: a document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents
Pronunciation: \prə-ˈspek-təs\...
Definition: the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership
Pronunciation: \(ˌ)prō-ˈrāt\
Used in a Sentence: So...
Definition: a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit
Pronu...
Definition: a disclosure document required under the federal Interstate Land Sales Full Disclosure Act
Pronunciation: \ˈprä-pər-tē\ \ri-ˈpȯrt\
Used in a Sentence: Developers of 25 acres or mo...
Definition: a person who manages properties for various owners
Pronunciation: \ˈprä-pər-tē\ \ˈma-ni-jər\
Used in a Sentence: A property manager is responsible for maintaining the property and...
Definition: the area of the real estate profession that pertains to the leasing, managing, marketing and overall maintenance of the property of others
Pronunciation: \ˈprä-pər-tē\ \ˈma-nij-mənt\...
Definition: the rights or interests a person has in the thing owned but not, technically, the thing itself: bundle of rights including the right to possess, to use, to encumber, to transfer and t...
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