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RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. DISCRIMINATION The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally. DEPRECIATION (APPRAISAL) A loss in value due to any cause; any condition which adversely affects the value of an improvement. NOTICE (1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination. FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. |
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