Definition: an interest in the entire property, rather than ownership of a particular part of the property Pronunciation: Used in a Sentence: Mark and Craig have an undivided interest in the lakefront..
Definition: a contract that was valid when made but either cannot be proved or will not be upheld by a court Pronunciation: \ˌən– in-ˈfȯr-sə-bəl\ \ˈkän-ˌtrakt\ Used in a Sentence: Because the contract was not in writing as required by state statutes it was an unenforceable..
Definition: the set of standards that must be followed when performing appraisal services Pronunciation: Used in a..
Definition: an agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party Pronunciation: \ˌyü-ni-ˈla-tə-rəl\ \ˈkän-ˌtrakt\ Used in a Sentence: A unilateral contract obligates only one party to an ..
Definition: individual prerequisites required to constitute a single joint tenancy Pronunciation: \ˈyü-nə-tē\ Used in a Sentence: A joint tenancy can only exist with the four unities of possession, interest, title, and time ar..
Definition: a general agent; one authorized to act on behalf of another Pronunciation: \ˌyü-nə-ˈvər-səl\ \ˈā-jənt\ Used in a Sentence: The seller appointed his attorney to act as his universal agent in the handling of ..
Definition: a one time mortgage insurance premium on FHA mortgage loans that is paid at closing Pronunciation: Used in a..
Definition: a deduction from potential gross income for (1) current or expected future space not rented due to tenant turnover and (2) loss from uncollected rent due from delinquent tenants. Pronunciation: Used in a Sentence: We factored in vacancy and collection losses when reviewing the income statement on the apartment..
Definition: the percentage of rental units that are not occupied Pronunciation: \ˈvā-kən(t)-sē\ Used in a Sentence: The vacancy rate in the office building was less..
Definition: sufficient to be legally binding; enforceable Pronunciation: \ˈva-ləd\ Used in a Sentence: For a contract to be considered valid it must comply with the provisions of contract law and contain the four essential elements- competent parties, mutual assent, legal purpose, cons..