Definition: The taking of private real property for a public purpose under the right of eminent domain for a fair price. Pronunciation: \ˌkän-ˌdem-ˈnā-shən, -dəm-\ Used in a Sentence: In order to construct the new road the city had to purchase several properties through con..
Category : C
Definition: A multiunit dwelling consisting of individual ownership of a unit and undivided ownership of common areas. Pronunciation: \ˌkän-də-ˈmi-nē-əm\ Used in a Sentence: A benefit of living in a condominium is that your outside property maintenance is take..
Definition: A set of papers explaining the condominium and the association. Pronunciation: \ˌkän-də-ˈmi-nē-əm\ \ˈdä-kyə-mənts\ Used in a Sentence: We asked for a copy of the condominium documents before we closed on..
Definition: When different parties each make claims that are not in agreement with one another. Pronunciation: \ˈkän-ˈflik-tiŋ\\di-ˈmands\ Used in a Sentence: The broker notified the FREC of the conflicting demands between the buyer and the seller regarding the escrowed..
Definition: A standardized conventional loan written on uniform documents that meets the purchase requirements of Fannie Mae and Freddie Mac. Pronunciation: \kən-ˈfȯrm\ Used in a Sentence: We were able to obtain a conforming loan to purchase ..
Definition: Incentive offered to conclude a contract. Pronunciation: \kən-ˌsi-də-ˈrā-shən\ Used in a Sentence: The builder was offering free upgrades in consideration for closing on a ..
Definition: A claim based on the principle of “unjust enrichment”; supports parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property and have not received compensation. Pronunciation: \kən-ˈstrək-shən\ \ˈlēn, ˈlē-ən\ Used in a Sentence: The closing could not take place due to a construction lien placed ..
Definition: The recording of an instrument or document in the public records designed to give sufficient notice to all. Pronunciation: \kən-ˈstrək-tiv\ \ˈnō-təs\ Used in a Sentence: Once the deed was recorded it provided constructive notice of the sale of the..
Definition: A non-licensed member of the Florida Real Estate Commission. Pronunciation: \kən-ˈsü-mər\ \ˈmem-bər\ Used in a Sentence: In addition to her job as a teacher, Sue was also a consumer member for..
Definition: A measurement of average price changes of goods and services during a base period. Pronunciation: \kən-ˈsü-mər\ \ˈprīs\ \ˈin-ˌdeks\ Used in a Sentence: The Consumer Price Index is used to determine the rate of ..