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DOWER
The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.

MORTGAGE BROKER
A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans.

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.

BEQUEST
A gift of personal property by will.

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).

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

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

CAP RATE (CAPITALIZATION RATE)
The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital.

PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.

LANDLORD
The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord.

BILATERAL CONTRACT
A contract in which each party promises to perform an act in exchange for the other party's promise to perform.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

TRANSFER TAX
Tax paid when title passes from one owner to another.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

HUD
Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.

CREDIT REPORT
A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.

LAND CONTRACT
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

FHLMC
See Federal Home Loan Mortgage Corporation.

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.

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.