Definition: A booklet containing consumer information regarding closing costs the borrower may incur at closing. RESPA requires lenders to give the booklet to loan applicants. Pronunciation: Used in a Sentence: We were given our settlement cost booklet before the closing so we knew what costs we could expe..
Definition: To pledge real or personal property as security without delivery of title or possession. Pronunciation: \hi-ˈpä-thə-ˌkāt, hī-\ Used in a Sentence: The lender required the buyers to hypothecate the property as security for repayment of t..
Definition: The time frame during which a broker must deposit escrow funds: no later than the end of the third business day after an associate or employee has received the funds. Pronunciation: \i-ˈmē-dē-ət-lē\ Used in a Sentence: Brokers must place trust funds into an escrow account immediate..
Definition: real property that is owned by a unit of government and is not subject to taxation. Pronunciation: \i-ˈmyün\ Used in a Sentence: The county courthouse is immune f..
Definition: Real property that is owned by a unit of government and is not subject to taxation. Pronunciation: \i-ˈmyün\ Used in a Sentence: The county courthouse is immune from st..
Definition: Expressed indirectly (e.g. an implied contract) Pronunciation: \im-ˈplī\ Used in a Sentence: His words implied a contract was..
Definition: An unwritten contract where the terms are inferred from the actions of the parties. Pronunciation: \im-ˈplīd\ \ˈkän-ˌtrakt\ Used in a Sentence: We had an implied contract with ..
Definition: A listing that arises by implication from the conduct of the broker and the seller and may be enforceable even though not in writing. Pronunciation: \im-ˈplīd\ \ˈlis-tiŋ\ Used in a Sentence: The seller had an implied listing with the broker based on their con..
Definition: A valuable addition made to real property that increases its value, not repairs. Pronunciation: \im-ˈprüv-mənt\ Used in a Sentence: The addition of another bathroom to the house was a significant im..
Definition: Income that is earned from work, investments, business, etc. Pronunciation: \ˈin-ˌkəm\ Used in a Sentence: Our annual income was adequate to qualify for the loan amou..