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

APPRECIATION
An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent.

USURY
Charging a rate of interest in excess of that permitted by law.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

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

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.

LAND, TENEMENTS AND HEREDITAMENTS
A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

DEPOSIT
Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract.

ACCELERATION CLAUSE
A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

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.