Hampton Roads Employment Weekly,

DUAL AGENCY
Representing both principals (buyer and seller) to a transaction.

JUST COMPENSATION
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

RELEASE
The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

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

TURNKEY PROJECT
A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.

INTEREST RATE
The annual rate of interest on the loan, expressed as a percentage of 100.

CASHIER'S CHECK (OR BANK CHECK)
A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

DEALER
An IRS designation for a person who regularly buys and sells real property.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

GROSS AREA
The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

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