Definition: A written agreement given to one real estate broker as the sole agent for the sale of an owner’s property, with the commission going to that broker regardless of who actually sells the property during the contract period. Pronunciation: \iks-ˈklü-siv, -ziv\ Used in a Sentence: Because they had an exclusive-right-of-sale listing the broker still ..
Definition: A contract that has been performed fully. Pronunciation: \ˈek-si-ˌkyüt-ed\ \ˈkän-ˌtrakt\ Used in a Sentence: Once everyone had signed the document it became an executed contra..
Definition: A contract in which one or both parties have not yet performed some condition. Pronunciation: \ig-ˈze-k(y)ə-ˌtȯr-ē\ \ˈkän-ˌtrakt\ Used in a Sentence: It was considered an executory contract because the buyer had not yet ..
Definition: Property that has been declared to be excluded from taxation or claim by others. Pronunciation: \ig-ˈzem(p)t\ Used in a Sentence: The church is exempt from having to pay taxes on its..
Definition: An agreement where all terms and conditions have been spelled out and a meeting of the minds is reached in words of agreement and mutual understanding. May be written, oral or a combination of the two. Pronunciation: \ik-ˈspres\ \ˈkän-ˌtrakt\ Used in a Sentence: The primary requirements in an express contract are mutual understanding and ..
Definition: A process by which the record of a criminal conviction is destroyed or sealed after expiration of time. Pronunciation: \ik-ˈspənj-mənt\ Used in a Sentence: The man asked for an expungement of his records based on satisfying the terms of..
Definition: The act of failing to pay money to a person entitled to receive it. Pronunciation: Used in a..
Definition: An act found in Title VIII of the Civil Rights Act of 1968 that created protected classes of people and prohibits discrimination based on race, color, religion, sex, national origin, familial status or handicap status, when selling or renting residential property Pronunciation: Used in a Sentence: All licensed real estate agents must abide by ..
Definition: A protected class as defined in the Fair Housing Act, consisting of one or more individuals under age 18 living with a parent or legal guardian, pregnant women, foster parents and a person in the process of securing legal custody. Pronunciation: \fə-ˈmil-yəl, -ˈmi-lē-əl\ Used in a Sentence: A person cannot be denied housing based on ..
Definition: An active participant in the secondary mortgage market that buys and sells mortgages. Pronunciation: \ˈfa-nē\ \ˈmā\ Used in a Sentence: A few months after we bought our house our mortgage was sold to Fannie Mae by o..