Home Appraisal Kansas City,

RENTAL POOL
A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula.

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.

MALL
A landscaped public area set aside for pedestrian traffic.

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

PUNCH LIST
A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.

BEQUEST
A gift of personal property by will.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

GENERAL AGENT
One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

EXTENSION
An agreement to continue the period of performance beyond the specified period.

INTESTATE
To die without a valid will.

BUSINESS OPPORTUNITIES
Any type of business which is for sale.

USURY
Charging a rate of interest in excess of that permitted by law.

PARTNERSHIP
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.

FHA
See Federal Housing Administration.

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