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RATE OF RETURN
The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

EXTENDER CLAUSE
A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker.

CLOSING COSTS
Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses).

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

INVENTORY
An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

PREPAID INTEREST
Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date.

RESERVE FUND
Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.

INSTITUTIONAL LENDER
Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law.

MORTGAGE INSURANCE
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

PRINCIPAL
The capital sum; interest is paid on the principal. NOT spelled principle.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

CLOSING COSTS
Costs for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, and surveying fees.

LIEN
A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

CANTILEVER
A projecting beam or overhanging portion supported at one end only.

POINTS
A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount.

BUSINESS DAYS
Days of the week excluding Saturdays, Sundays, and holidays; normal working days.

PRIVATE MORTGAGE INSURANCE (PMI)
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

PRIVATE MORTGAGE INSURANCE
A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

BASIS
The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.

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