In business opportunities, refers to the sale of one average inventory of a business within a specified time. For example: A business having an average inventory worth $10,000, and having gross sales of $5,000 per month, would “turn over” the inventory once every two months.
A toll road. Modernly, a road across a large portion of a state, having limited access, maximum speeds, and for the use of which a toll is charged.
An oil distilled from pine and other trees, used to thin paint and as a solvent for varnish.
TO FOUR-FAMILY PROPERTY – Property designed to provide housing for no more than four families. Has much the same legal protection and lending advantages as a single family residence. The laws change once the dwelling is designed for more than four families.
A door with a resistance to fire, so that is would take a fire two hours to burn through it.
A wall with a resistance to fire, so that it would take a fire two hours to burn through it.
A mortgage or deed of trust that begins with a fixed interest rate for a specified number of years and then uses an adjustable rate for the remaining years.
See: Uniform Commercial Code.
Originally acts of a corporation beyond or against its charter. Now includes illegal acts. An officer of a corporation may be personally liable for an ultra vires act of the corporation.
A cause which reasonable prudence and care could not have prevented, such as death, illness, papers lost in the mail, etc.
An appraisal term describing an improvement not in conformity with the surrounding area, and so, not suited to its location. May be an underimprovement or overimprovement.
So unfair that a court will not allow it. So one sided that no one in his right mind would agree on one side, and no fair and honest person would agree on the other side.
A sub-lease for either less than the remaining term on the master lease or less than the total property covered by the master lease.
A “prime” or first coat before the finish or “top coat” of paint or other finish.
A system of electrical wiring built into the floor of a building through conduits, ducts, and raceways.
An improvement which is deficient in size or quality in relation to the site on which it is built.
A mortgage, trust deed, or land contract prior to (underlying) another mortgage, trust deed, or land contract which is all inclusive or wraps around it.
A passageway under a road, railway, or other right of way. May be for pedestrian traffic, automobiles, or any other method of transportation.
(1) Temporary load-bearing beams used during construction. (2) Permanent load-bearing supports, added to an existing structure.
One who insures another. A small title company may buy insurance from a larger one (the underwriter) for all or part of the liability of its policies. A larger title company may buy part of the insurance from another company on high liability policies.
The process of analyzing both the worthiness of a potential borrower and the property involved to enable a lender to decide whether to make a loan, the amount to lend and how much to charge in interest and fees.
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