Definition: the area of the real estate profession that pertains to the leasing, managing, marketing and overall maintenance of the property of others Pronunciation: \ˈprä-pər-tē\ \ˈma-nij-mənt\ Used in a Sentence: The owner hired a property management firm to take care of his propertie..
Definition: a disclosure document required under the federal Interstate Land Sales Full Disclosure Act Pronunciation: \ˈprä-pər-tē\ \ri-ˈpȯrt\ Used in a Sentence: Developers of 25 acres or more must provide buyers with a property report prior to signing the sale..
Definition: a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit Pronunciation: \prə-ˈprī-ə-ˌter-ē\ \ˈlēs\ Used in a Sentence: A proprietary lease entitles the purchaser to the right to occupy..
Definition: the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership Pronunciation: \(ˌ)prō-ˈrāt\ Used in a Sentence: Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real prope..
Definition: a document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents Pronunciation: \prə-ˈspek-təs\ Used in a Sentence: We were give a copy of the prospectus when we went to view the new condominium..
Definition: comments or opinions not made as representations of fact and thus not grounds for misrepresentation Pronunciation: Used in a Sentence: A licensee’s boasting of a properties benefits is calle..
Definition: any new mortgage taken as part of the purchase price of real property by the seller Pronunciation: Used in a Sentence: A purchase money mortgage is usually used to fill the gap between the buyer’s downpayment and a new first or assumed..
Definition: the process of reviewing a prospective borrower’s credit and payment capacity before approving a loan Pronunciation: \ˌkwä-lə-fə-ˈkā-shən\ Used in a Sentence: It is smart to get a qualification from a lender before looking for a house so you know what you can afford..
Definition: powers delegated to the FREC to enact rules and regulations, decide questions of practice and validate records Pronunciation: \ˈkwā-ˌzī\ \jü-ˈdi-shəl\ Used in a Sentence: The power to grant or deny a license is a quasi-judicial power of..
Definition: powers designated to the FREC to enact rules and regulations, decide questions of practice and validate records Pronunciation: \ˈkwā-ˌzī\ \ˈle-jəs-ˌlā-tiv\ Used in a Sentence: The FREC exercises is quasi-legislative powers when it ado..