Definition: A mortgage that typically has a lower rate than a fixed rate mortgage to start, but can be adjusted periodically by the lender. Pronunciation: \ə-ˈjəs-tə-bəl, mȯr-gij Used in a Sentence: The buyer chose an adjustable rate mortgage to get a l..
Definition: An owner’s original cost of a property plus buying expenses plus capital improvements. Pronunciation: ə-ˈjəst-ed Used in a Sentence: The adjusted basis of the property calculated out to be..
Definition: A summary of allegations of facts and charges against a licensee. Pronunciation: əd-ˈmi-nə-ˌstrā-tiv kəm-ˈplānt Used in a Sentence: An administrative complaint was filed against the agent due to a breach..
Definition: The body of law created by administrative agencies in the form of rules, regulations, orders and decisions. Pronunciation: əd-ˈmi-nə-ˌstrā-tiv Used in a Sentence: Administrative law prohibits agents from misrepresenting a..
Definition: An attorney hired by the Division of Administrative Hearings, Department of Administration, to hear complaints and issue recommended orders. Pronunciation: əd-ˈmi-nə-ˌstrā-tiv Used in a Sentence: The charge against the broker was reviewed by an administrative ..
Definition: A commission or partial payment received by a broker in advance of completing the real estate service. Pronunciation: əd-ˈvan(t)s Used in a Sentence: The seller paid the broker an advance fee when he listed his house..
Definition: An intention in opposition to the interest of another party (as, with a buyer and a seller). Pronunciation: ad-ˈvərs Used in a Sentence: The low counter offer was an adverse interest to t..
Definition: A means of gaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner. Pronunciation: ad-ˈvərs pə-ze-shən Used in a Sentence: The occupant of the house tried to claim adverse possession because he had lived there for several years and had been paying the taxes on ..
Definition: A sworn statement made in writing under oath or before an authorized official. Pronunciation: a-fə-ˈdā-vət Used in a Sentence: We have a signed affidavit stating that the two men were seen entering the..
Definition: An arrangement in which (a) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% ..