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SECOND MORTGAGE An additional mortgage placed on a property that has rights that are subordinate to the first mortgage. CONDOMINIUM A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project. CASHIER'S CHECK (OR BANK CHECK) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's. DEFERRED COMMISSIONS Commissions which are earned but not yet fully paid. 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. |
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