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FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. ATTORNMENT The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. ORIGINATION FEE The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees. AGENT One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer. DISCLAIMER A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein." HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. |
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