Bad Credit Home Equity Loan,

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.

FIXED RATE
An interest rate which is fixed for the term of the loan.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

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

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

INTEREST
The sum paid or accrued in return for the use of money.

MONTH-TO-MONTH TENANCY
A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week.

STRAIGHT NOTE
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

SHORELINE
The dividing line between private land and public beach on beachfront property.

LANDLOCKED
Real property having no access to a public road or way.

MASTER PLAN
A comprehensive plan to guide the long-term physical development of a particular area.

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

COMMERCIAL PROPERTY
A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.

PRINCIPAL BROKER
The licensed broker directly in charge of and responsible for the real estate operations conducted by a brokerage company.

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

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

LIQUIDITY
The ability to sell an asset and convert it into cash at a price close to its true value.