Dictionary

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...

Definition:   an estimate of a property’s worth given by a licensee for the purpose of a prospective sale Pronunciation:    \ə-ˈpin-yən\ \ˈval-(ˌ)yü\ Used in a Sentence:    The agent gave his opini...

Definition:   an opinion by a person competent in examining titles, such as a title attorney, as to the status of the record title of a property Pronunciation:   \ə-ˈpin-yən\ \tī-təl\ Used in a Sen...