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OPEN HOUSE The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons. TITLE Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. FAIR MARKET VALUE The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. TRIPLE NET LEASE A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property. |
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