Hampton Roads Transportation,

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

RIGHT TO RESCISSION
Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.

OPEN SPACE
Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like).

ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.

COMMINGLING
To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.

FINDER'S FEE
A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee.

OPEN SPACE
Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like).

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

ALTERNATIVE DOCUMENTATION
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application.

LEASEHOLD
A less-than-freehold estate which a tenant possesses in real property.

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

FLOOD INSURANCE
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

JUNIOR MORTGAGE
A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.

COMMUNITY PROPERTY
A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.

LOAN-TO-VALUE RATIO
The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

SALE AND LEASEBACK
A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession.

SECURITY AGREEMENT
A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.

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

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

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

SECURITY DEPOSIT
Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

HOUSING AND URBAN DEVELOPMENT
See HUD.

LEVERAGE
The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing.

COMMISSION
The compensation paid to a real estate broker(usually by the seller) for services rendered in connection with the sale or exchange of real property.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

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