Archives: Glossary Terms

A broker or salesperson who accomplishes the exchange.

General matters affecting title to real property that are not included in the coverage of a title insurance policy..

An illegal zoning law that would serve to prohibit low- and moderate-income housing in a community. Example: Ocean Park adopted a zoning ordinance that required a housing density of not more than four homes per acre. This exclusionary coning would prevent apartments and condominiums from being built and was being challenged by a low-income housing developer

A listing agreement where a seller employs one broker to the exclusion of all others and agrees to pay that broker a fee if a buyer is secured through a broker under the terms of the contract but not pay a fee if a sale is negotiated directly by the owner without the services of any broker..

A general term applied to a listed property which usually refers to an “exclusive right to sell” or “exclusive agency” contract.

A listing agreement where a seller employs a broker and agrees to pay a commission if a buyer is secured under the terms of the contract and if it is sold by anyone including the owner during the term of the agreement and simultaneously also employs and authorizes the broker to act as the sole or exclusive agent for the seller in an agency relationship for the entire transaction process.

A clause often included in leases that clears or relieves the landlord of liability for personal injury to tenants as well as for property damages.

A contract in which all parties have fulfilled their promises and whose terms have been performed and completed. At the closing, all parties signed the contract, made it an executed contract.

The completion of an act or process such as an escrow.

A contract in which something remains to be done (or executed) by one or more of the parties..