REAL ESTATE SCHOOL

fixture

An item of personal property that has been converted to real property by being permanently affixed to the realty.

Step-up Lease

One which provides for rental payment increases in predetermined amounts.

eminent domain

Power of a government to take private property for public use.

Down Zoning

Rezoning an area from a high density use to a low density use

lease hold estate

Tenant RENTING)

an implied contract

a contract in which the duties and obligations assumed by the parties are not verbalized but indicated by their actions is known as

Exclusive right to sell

a listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.

Vendee

buyer

executory contract

contract not fully performed on both sides

Fiduciary

held in trust; confidential

Easement in Gross

the right to use land for a specific, limited purpose unrelated to any adjacent parcel

Offeree

A person to whom an offer is made.

Offeror

A person who makes an offer.

Optionee

The holder of the option. Buyer

Land Contract

The seller accepts a down payment on a parcel of land but title to the property does not pass until the last principal payment has been received. This is referred to as an installment sales contract or a contract for a deed.

Non-conforming use

Utilization of a use that does not comply with local zoning for a particular parcel.