Definition: cash, checks, money orders, and items that can be converted into cash that a person (broker) holds in trust for another person
Used in a Sentence: When we made our deposit on the house the broker placed the funds into a trust funds account.
Definition: a person or party, either appointed or required by law to administer or manage another’s property
Used in a Sentence: He was named as trustee to the child’s estate.
Definition: a right of property, either real or personal, held by one party for the benefit on another
Used in a Sentence: The property will be held in trust until her 25th birthday.
Definition: used in advertising, include the following – the amount or percentage of down payment, number of payments, period (term) of repayment, amount of any payment, and the amount of any finance charges
Used in a Sentence: The Truth in Lending Act requires creditors to disclose certain information if triggering terms are used in an advertisement.
Definition: a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent
Pronunciation: \tran-ˈzak-shən\ \ˈbrō-kər\
Used in a Sentence: A buyer or seller who chooses limited representation is a customer under the transaction broker relationship.
Definition: an article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property
Used in a Sentence: The display racks attached to the walls in the retail store are considered trade fixtures.
Definition: the east-west survey lines located every six miles north and south of the primary base line
Pronunciation: \ˈtau̇n-ˌship\ \ˈlīn\
Used in a Sentence: Township lines run horizontally on a map.
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