Archives: Glossary Terms

The day-to-day operation of real property including the marketing and leasing of space, collection of rents, selection of tenants and the maintenance, repair and renovation of the buildings and grounds and the financing of rental properties.

A licensee and agent of the owner of real property or properties handling all matters which are under his or her direction pertaining to its operation and who is paid for his or her services.

An organization established with the purpose of administering private regulations affecting residential land uses.

A government levy on privately owned property based on its market value or other uniformly-applied standard which is sometimes referred to as ad valorem tax or real estate tax.

The degree of relationship or ratio between two things.

To divide or split the taxes usually between seller and buyer in proportion to actual time of ownership or use.

A property owned by the government.

The records which by law give constructive notice to all of matters relating to land.

A government regulation limiting the use of real property.

An recording of items that need to be corrected prior to a sale or acceptance of a completed construction project.