An assessment by a homeowners' association or a condominium owners' association used to pay the costs of operating the common elements.

The sum of money allotted to cover future anticipated maintenance expenses.

The investment in professional property management that can be set as a fixed percentage of total rental income generated by the property managed or as a flat fee or any other agreed-upon method. Example: Acme Management Company is employed by several property owners to oversee and collect rent for their properties. Acme's standard management fee is 5% of gross rental income.

A set of arrangements for bringing buyers and sellers together through the price mechanism. A buyer's market is a market in which buyers can fulfill their desires at lower prices and on more advantageous terms than those prevailing earlier. It is a market characterized by many properties available and few potential users demanding them at prevailing prices. A capital market is comprised of the activities of all lenders and borrowers of equity and long-term debt funds. A money market is a market for borrowed funds, generally short-term. A seller's market is a market in which potential sellers can sell at prices higher than those prevailing in an immediately preceding period. It is a market characterized by very few properties available and a large number of users and potential users demanding them at prevailing prices.

An estimate of value developed for the purpose of arriving at a selling or market price.

The sign posts or indexes of market activity.

The price paid regardless of external influences such as pressure, motive or intelligence.

The amount for rent that can be charged by pricing the rent at a level near that of similar properties in the market area.

The sum of money that the presence of a structure - based on its highest and best use - adds to or subtracts from the value of the land on which it sits.

The ease and speed with which a property can be sold at or near its market value based on its expected market appeal. Example: A single-family house in an active market typically provides greater marketability than a farm or ranch in a rural area.

Any fact that would affect the judgment or decision making of a person in giving his or her consent to enter into a particular transaction based on the proposed terms and one which an agent must disclose about his non-client to his or her principal and one which an agent must disclose about the property or the area to his non-clients.

The improvements on land which do not conform to the most profitable use of the site.

A false or misleading statement or assertion or presenting something not in accordance with the facts from one person to another in words or by conduct.

A standardized manufactured home structure designed and equipped to be not more than two dwelling units to be used with or without a foundation system and which is entirely constructed in a factory and then transported to the site in one or more sections. See Manufactured home

A system used for the construction of factory-built homes and other improvements to real property that comply with local building codes, using very little labor through the on-site assembly of component parts or modules that have been mass produced at a different location. See Manufactured home.

Temporary suspension of development or utilities connections imposed by local government.

An instrument recognized as evidence by law by which property is hypothecated or pledged as security for the payment of a debt or obligation and by which a procedure for foreclosure is established by statute in event of default.

A lender or creditor who is the receiver of a mortgage and to whom a mortgagor gives a mortgage to secure a loan or the performance of an obligation. See Secured party.

A party whose principal business is the originating, financing, closing, selling and servicing of loans secured by real property for institutional lenders on a contractual basis.

The evidence of a debt secured by a mortgage in favor of individual parties as a group, usually with the mortgage held by a third party in trust for the mortgage bond creditors.

A party who acts as agent and brings a lender and borrower together in order to earn a commission.

A notice in writing from a lending institution promising to make the loan in the future and also specifying its terms and conditions.

The private business whose principal function is to originate by bringing lender and borrower together for a fee, to acquires loans for the purpose of resale and to service mortgage loans sold to financial institutions.

The insurance that is available to mortgage lenders from Private Mortgage Insurance Companies (PMICs) such as MGIC that protects the lenders against possible financial loss.

A policy that guarantees the repayment of a loan in the event of the death or disability of the borrower.

(MIP) The amount the borrower pays for the insurance on an FHA loan.

A company or group of private investors that buys mortgages for investment purposes.

The statement on a form approved by the state which is required by law to be furnished by a mortgage loan broker to a prospective borrower of a statutorily-prescribed time before the borrower becomes obligated to complete the loan.

A lender or creditor who is the receiver of a mortgage and to whom a mortgagor gives a mortgage to secure a loan or the performance of an obligation.

A situation in which a lender upon foreclosure of the loan secured by the mortgage takes possession and control of the mortgaged property and collects any income produced until it is sold at a foreclosure sale. Example: Following nonpayment of debt service for a period of 6 months, Savings Bank filed for foreclosure of the loan. Fearing dam-ages to the property, Savings immediately took possession under an action of mortgagee in possession.

A title insurance policy issued to the lender. It protects the lender for the amount of the mortgage loan.

A debtor or borrower who gives a mortgage on his or her property to a mortgagee to secure a loan or assure performance of an obligation.

A party who urgently needs to dispose of his or her property. Examples:
Seller desperate for cash.
Seller who has been transferred to another location and must sell in order to buy another house.
Seller who can't meet payments.
Seller who needs to pay other expenses.
Seller who has become unemployed.

In most cases this is an exclusive-right-to-sell listing taken by a member of a cooperative organization of real estate licensees and shared in a pool with all of its members who have agreed to cooperate so the property will receive the greatest market exposure and so the members will have the opportunity to try to find an interested buyer and share in any commissions or fees earned.

A provision in an exclusive listing giving the the listing broker the authority and obligation to distribute the listing to other brokers in the Multiple-Listing System.

(MLS) An association of real estate licensees that provides for a pooling of listings and the sharing of commissions on a specified basis.

The agreement of the provisions of a contract by the parties involved along with a mutual willingness to enter into a contract