See: Multifamily Dwelling.

An exclusive listing, submitted to all members of an association, so that each may have an opportunity to sell the property.

A town, city, or village, incorporated as a political corporation under state statutes. Would not include a county, or such political divisions as a district.

See: Ordinance.

Written evidence (documents) which an owner possesses to prove his title to property.

A horizontal bar, dividing window panes in a window.

An institution owned by its depositors, as evidenced by certificates of deposit rather than stock. These institutions are active in long term real estate financing, as opposed to commercial banks, which concentrate more on short term loans.

A company in which the owners are the customers. Stock is issued to the users, who are the organizers of the company.

In conveyancing, setting forth both the present name of the grantor and the name under which said grantor acquired title, if different. For example: Joan Doe, a married woman, who acquired title as (or also known as) Joan Smith.

An association of people engaged in the real estate business. Organized in 1908, it currently lists over half a million members. With headquarters in Chicago, it is dedicated to the betterment of the real estate industry through education, legislation, and high ethical standards for its members.

A national trade association whose members include not only real estate brokers, but appraisers, property managers, and other affiliated groups.

The most detailed of the appraisal reports in which conclusions are supported and explained. The requirements for reaching said conclusions, however, do not differ from the shorter letter report of any properly done appraisal.

An organization dedicated to the betterment of the real estate industry and speci-fically to the role of blacks in the real estate industry. It is composed primarily of black real estate brokers who have adopted the term “Realists”. Originally founded in Miami in 1947, the association is now based in Washington, D.C.

The list of sites which the Environmental Protection Agency considers the most hazardous and are not being used (usually abandoned). The list relies on the Hazard Ranking System (see which).

See: Act of God.

A finish which retains the color and appearance of the surface covered, such as varnish over wood, rather than paint.

A human being rather than some type of business entity, such as a corporation, partnership, etc.

Resources of an area, such as minerals, oil, timber, water, etc. May also include people.

Granting citizenship to an alien. In the United States, a naturalized citizen has the rights of a native citizen, with the exception that the naturalized citizen may not hold the office of president.

(1) Capable of carrying commercial shipping, or boats for travel. (2) Any waters put to a public use are “navigable” in some states, giving the word a legal meaning different from its normal meaning.

A general term which legally differs in different jurisdictions. May mean a body of water capable of carrying a commercial vessel, or a body of water large enough to ebb and flow. In some areas, minor streams have been held to be navigable.