In some states, the term describing a listing under which the broker’s commission is protected against a sale by other agents but not by a sale by the principal. Called a “non-exclusive” listing in some states.

An agency created by operation of law when one who is not an agent acts as an agent or an agent oversteps his/her authority, but action (or failure to act) by the principal leads one to believe that the authority exists. See also: Apparent Authority; Ostensible Agency.

A contractual relationship with consideration going from agent to principal; the agency is given as return consideration. Example: A broker agrees to work to obtain property for a builder in return for a listing after the builder has completed the project. The broker would be entitled to (have an interest in) the listing (agency), provided the broker did obtain the property for the builder.

One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied.

Relating to land, or to a division or distribution of land.

A general term usually describing a common view of two or more people regarding the rights and obligations of each with regard to a given subject. Not necessarily a contract, although all contracts are agreements.

See: Land Contract.

Has two separate meanings, depending on area of the country. In some states it is synonymous with a purchase agreement (See: Purchase Agreement). In other states, it is synonymous with a land contract. See: Land Contract.

A lien against crops (only), to secure money or payment for materials used to grow the crop.

(1) Land which is zoned agricultural, (2) Land used for growing of agricultural products or raising of livestock.

Any bounded air space which has been legally subdivided into a lot, such as a condominium.

The right to the use of the air space above property without the right to use the surface of the property. However, air rights may restrict surface rights, especially height of improvements.

See: Accredited Land Consultant.

A recessed part or addition to a room.

Latin for “otherwise”. Commonly meaning that a person is known by more than one name. In some states, indicated by the letters AKA (also known as).

Transfer of property from one owner to another.

A type of acceleration clause, calling for a debt under a mortgage or deed of trust to be due in its entirety upon transfer of ownership of the secured property. Also called a “due-on-sale” clause.

The chemical opposite of acid. Heavy concentrations of alkaline salts in soil may damage crops.

Soil which has an alkali, rather than an acid base.

See: Wrap-Around Mortgage.

The assertion or statement of a party to an action, setting forth that which the party expects to prove.