Housing made available to persons without regard to race, religion, sex, color, or national origin.

A written authorization to a real estate agent by a property owner, stating that a commission will be paid to the agent upon presentation of an offer which meets a specified price and terms. However, the agent has no exclusive right to sell and must bring in his offer before any other offer is presented or accepted.

A mortgage that can be prepaid without penalty. See: Or More Clause.

Land used for agriculture, recreation, scenic beauty, natural resources, water shed, or wild life, and so designed on a map.

Ratio of land area to floor area of an apartment building. Used in zoning requirements.

The ratio of operating expenses to effective gross income. The percentage derived from the ratio can be used by an appraiser to determine if the operating expenses are appropriate for the property.

The cost of operating an income producing property, such as management, utilities, and similar day to day expenses, as well as taxes, insurance, and a reserve for replacement of items which periodically wear out.

The fixing of rights and duties by law rather than by agreement of the parties involved. Examples would include Intestate Succession, certain types of Warranties, and Quasi Contract.

See: Abstract of Title.

A right, which acts as a continuing offer, given for consideration, to purchase or lease property at an agreed upon price and terms, within a specified time.

See: Option.

An option given to a tenant to rent additional space at a specified rental amount and terms.

The time during which an option may be exercised.

One who, for consideration, receives an option.

One who, for consideration, gives an option.

A clause in a note, mortgage, or deed of trust, allowing for additional payments to be made without penalty. The words “or more” come after the specified payment.

A verbal appraisal report. The conclusions must be based on the same methods as would be used in a written appraisal.

A contract, partly written and partly spoken, or not at all reduced to writing.

Court order confirming the terms of a sale of property out of an estate.

A law of statute. The term used to designate the enactments of the legislative body of a municipal corporation or a county.

A term having meaning only in relation to income tax. The regular graduated scale of tax is paid on income which is called “ordinary”, as opposed to capital gains or any other income taxed differently.