Definition: an opinion by a person competent in examining titles, such as a title attorney, as to the status of the record title of a property Pronunciation: \ə-ˈpin-yən\ \tī-təl\ Used in a Sentence: An opinion of title is not a guarantee..
Definition: an estimate of a property’s worth given by a licensee for the purpose of a prospective sale Pronunciation: \ə-ˈpin-yən\ \ˈval-(ˌ)yü\ Used in a Sentence: The agent gave his opinion of value on the property we were interested ..
Definition: an agreement to keep open for a specified period of time an offer to sell or lease real property Pronunciation: \ˈäp-shən\ \ˈkän-ˌtrakt\ Used in a Sentence: An option contract can be used to give a buyer time to resolve questions..
Definition: the party who takes and option and pays a consideration Pronunciation: \ˌäp-shə-ˈnē\ Used in a Sentence: The optionee had the exclusive rights to buy the property during the specified perio..
Definition: the party who gives and option and receives a consideration Pronunciation: Used in a Sentence: The property owner, or optioner, grants a buyer the exclusive rights to purchase property within a set perio..
Definition: one or more parties cause a third party to be deceived into believing that a business relationship exists when no such relationship exists Pronunciation: \ä-ˈsten(t)-sə-bəl, ə-\\ˈpärt-nər -ˌship\ Used in a Sentence: An ostensible partnership was created when the two brokers worked in the same office but did not have separ..
Definition: retaining more than the agreed amount of sales commission, without the express knowledge and consent of the parties involved; a form of fraud Pronunciation: \ˈō-və-rij, ˈōv-rij\ Used in a Sentence: When we found the broker had kept an overage in commission from the sale of our house, we filed a ..
Definition: the relationship between annual net operating income and the value or sale price of a property Pronunciation: \ˌō-vər-ˈȯl\ Used in a Sentence: Most licensees, appraisers and others prefer the OAR as a capitaliza..
Definition: an addition or change to property not in line with its highest and best use, or a betterment that exceeds that justified by local conditions Pronunciation: \ˈō-vər-im-ˈprüv-mənt\ Used in a Sentence: A $500,000 home in a neighborhood of $200,000 homes would be considered an overim..
Definition: an unlicensed entity that sells, exchanges or leases its own property Pronunciation: \ˈō-nər\ \di-ˈvel-lə-pər\ Used in a Sentence: We worked directly with the owner developer of the new house we were..