Definition: real and personal property that is acquired during a marriage Pronunciation: \ˈmer-ə-təl, ˈma-rə-\ \ˈa-ˌset also -sət\ Used in a Sentence: The house and all the furnishings were considered marital assets of t..
Definition: an agreement between brokers to divide up competitive market areas among themselves and not complete in each other’s areas Pronunciation: \ˈmär-kət\\ˌa-lə-ˈkā-shən\ Used in a Sentence: The various brokers decided to create a market allocation so they would not compete with each other for..
Definition: the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale Pronunciation: \ˈmär-kət\\ˈval-(ˌ)yü\ Used in a Sentence: The appraiser determined that the market value for the property was..
Definition: good or clear title that is reasonably free from risk of litigation over possible defects; also referred to as merchantable title Pronunciation: \ˈmär-kə-tə-bəl\ \ˈtī-təl\ Used in a Sentence: A marketable title is one that is free from plausible or reasonable o..
Definition: the stone, brick or concrete used to build things Pronunciation: \ˈmā-sən-rē\ Used in a Sentence: The house had a masonry foundation for added ..
Definition: any fact that affects the value of real property and is relevant to a person making a decision about that property Pronunciation: \mə-ˈtir-ē-əl\ \ˈfakt\ Used in a Sentence: Real estate licensees must disclose all material facts to thei..
Definition: intervention between conflicting parties to promote reconciliation, settlement or compromise Pronunciation: \ˌmē-dē-ˈā-shən\ Used in a Sentence: When the buyer and seller made conflicting demands regarding the escrowed property the broker implemented a mediation process to help settle th..
Definition: the point when two people, thinking of the same thing, reach an agreement through an offer and acceptance Pronunciation: Used in a Sentence: Once the buyer and seller came to a meeting of the minds the contract was able to ..
Definition: any of the imaginary lines running north and south used by surveyors for reference in locating and describing land under the government survey method of property description Pronunciation: \mə-ˈri-dē-ən\ Used in a Sentence: The Tallahassee principal meridian and base line are the reference lines that govern surveys i..
Definition: a common method of legal description that identifies a property by specifying the shape and boundary dimensions of the parcel. A metes-and-bound description starts a the point of beginning and follows the boundaries of the land by compass direction and linear measurements and returns to the point of beginning. Pronunciation: \ˈmēt\ \ˈbau̇nd\ \di-ˈskrip-shən\ Used ..