(1) A statutory right which could not be exercised in the absence of the statute, such as the statutes enabling persons to form a corporation. Since a corporation is created by the statute, it could not be formed except by the grant of the legislature. (2) A combination of individual ownership and central control. One may own a fast food restaurant, hotel, hardware store, etc., yet use the name of a national company. Each individual owner pays for the name use, advertising, and may be required to make certain purchases (napkins, buns, etc.) from the national company. The individual benefits from the name and advertising. The real estate brokerage business was slow to use the franchise method, but now has many companies operating in this manner.

A deception, intended to wrongfully obtain money or property from the reliance of another on the deceptive statements or acts, believing them to be true.

See: FHLMC.

Real property against which there are no liens, especially voluntary liens (mortgages).

An inducement for a tenant to lease space. The amount of time the tenant may occupy the property without paying rent is usually based on the supply and demand for space and the length of the lease.

A building containing one business, rather than a row of stores or businesses with a common roof and side walls.

Law requiring the government to disclose certain information upon a proper request. One of the exemptions to the act is disclosure of geological and geophysical information, such as maps showing the location of oil wells.

An estate, at least of duration of a lifetime, or of fee.

A highway with ramp entrances and exits only, all crossroads at a different grade level, and charging no tolls or fees.

A draftsman’s tool used in drawing noncircular curves. Also called an irregular curve.

The gas added to a refrigerator or air conditioner, which produces cold.

A method of painting on a wall on wet plaster. The paint becomes part of the wall and remains much longer than if simply painted on a dry plaster wall.

Easily reduced to powder or crumbled. Nonpliable.

(1) The external portion (face) of a building, which usually contains the main entrance. See also: Facade. (2) That portion of land bordering on a river, ocean, street, etc.

See: Elevation (2).

A determination of the value of real property based on a value per foot as measured along the frontage of a parcel. Usually used with commercial property.

See: Frontage.