Archives: Glossary Terms

A sale in name only of real property to the state when a taxpayer is delinquent in paying property tax.

The current value for accounting purposes of an asset expressed as original cost, plus capital additions and less accumulated depreciation.

A mathematically closed diagram of the complete peripheral boundary of a site, reflecting dimensions, compass bearings and angles. It should bear a licensed land surveyor’s signed certification, and may include metes and bounds or other written description.

The breaking or violating of a law or duty either by commission or omission or the failure to meet a contractual obligation.

The violation of any terms or conditions in a contract without having a legal excuse such as the failure to make a loan payment when due.

The amount of income needed to simply meet the total amount of expenses for a project.

The mortgage financing that falls in between the termination of one loan and the beginning of another loan. See Gap loan and Swing loan.

Small wood or metal pieces inserted between floor joists to give them lateral rigidity.

Any person who for a fee, commission, finders fee or any other valuable consideration, or with the intent or expectation of receiving the same from another, solicits, negotiates or attempts to solicit or negotiate the listing, sale, purchase, exchange, lease or option to buy, sell, rent or exchange for any real estate or of the improvements thereon or any time-share interval as defined in the Tennessee Time-Share Act, compiled in title 66, chapter 32, part 1, collects rents or attempts to collect rents, auctions or offers to auction, or who advertises or holds out as engaged in any of the foregoing;

A written agreement required by state regulations setting forth the material aspects of the relationship between a real estate broker and each salesperson or broker performing licensed activities in the name of the supervising broker.