Definition: a loan covering both real and personal property Pronunciation: \ˈpa-kij\ \ˈmȯr-gij\ Used in a Sentence: When buying the restaurant we used a package mortgage to include the cooking equipment and ..
Category : P
Definition: an agreement that is not in writing, an oral agreement Pronunciation: \ˈper-əl, ˈpa-rəl\ \ə-ˈgrē-mənt\ Used in a Sentence: Some parol contracts are recognized by law as en..
Definition: a mortgage provision under which the mortgagee agees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money Pronunciation: \ˈpär-shəl\ \ri-ˈlēs\ \ˈklȯz\ Used in a Sentence: A partial release clause is frequently found in tract development construction loa..
Definition: property subject to taxation, but the owner is partially relieved of the burden Pronunciation: \ˈpär-sh(ə-)lē\ \ig-ˈzem(p)t\ Used in a Sentence: By having our property homesteaded we were partially exempt from all of the taxes asses..
Definition: an association of two or more persons who carry on a business for profit as co-owners and share the profits and losses Pronunciation: \ˈpärt-nər-ship\ Used in a Sentence: The two brokers decided to form a partnership and open an agency..
Definition: a provision in a mortgage that requires the borrower to pay a penalty in money if the mortgage payments are made in advance of the normal due date or if the mortgage is paid in full ahead of schedule Pronunciation: \ˈpe-nəl-tē\ \ˈklȯz\ Used in a Sentence: We chose a mortgage without a penalty clause because ..
Definition: for each day or by the day, an allowance for daily expenses Pronunciation: \(ˌ)pər-ˈdē-əm\ Used in a Sentence: We were allowed a per diem of $50 for our expenses during our busi..
Definition: a lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises Pronunciation: \pər-ˈsen-tij\ \ˈlēs\ Used in a Sentence: When we opened the new store we signed a percentage lease with the..
Definition: point when a party or parties to a contract fulfill the promises or obligations in the contract Pronunciation: \pə(r)-ˈfȯr-mən(t)s\ Used in a Sentence: The full performance of each and every contract condition is necessary to terminate a..
Definition: an individual hired by a licensee to perform administrative tasks associated with real estate transactions. The tasks will determine if the assistant must be licensed. Pronunciation: \ˈpərs-nəl, ˈpər-sə-nəl\ \ə-ˈsi-stənt\ Used in a Sentence: Mary hired a personal assistant for her agency to help with answering the phone and setting up app..