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RANGE
A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.

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

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.

AGREEMENT OF SALE
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

COMMON ELEMENTS
Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.

NON-COMPETITION CLAUSE
A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

PRIME RATE
The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings).

PROBATE
The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

CONVERSION CLAUSE
A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature.

MISREPRESENTATION
A false statement or concealment of a material fact made with the intent to induce some action by another party.

POWER OF SALE
A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.