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IMPLIED WARRANTY OF HABITABILITY  A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. IMPOUND ACCOUNT...

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JOINT AND SEVERAL LIABILITY A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses. JOINT TENANCY  A form of property...

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LAND The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above. LAND CONTRACT Another name for an installment purchase...

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MAINTENANCE The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value. MALL  A landscaped public area set aside for pedestrian...

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NATIONAL ASSOCIATION OF REALTORS  Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world. NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an...

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OBSOLESCENCE A type of depreciation of property. OFFER A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested. OFFER AND ACCEPTANCE The two components of a valid contract; a «meeting of...

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PACKAGE MORTGAGE A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances. PARCEL A specific portion of a larger tract; a...

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QUALIFIED FEE An estate in fee which is subject to certain limitations imposed by the owner. QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and...

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RANGE A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction. RATE OF RETURN The relationship (expressed as a percentage) between the annual net income generated by a business and the...