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DECLARATION OF RESTRICTIONS A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. LENDER The bank, mortgage company, or mortgage broker offering the loan. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. PROSPECT A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA. PLOTTAGE The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage. |
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