UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who...
VACANCY FACTOR An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area. VALUE The power of a good or service...
SALE AND LEASEBACK A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession. SCHEMATICS Preliminary architectural drawings and sketches; basic layouts not containing...
WAIVER To voluntarily give up or surrender a right. WAREHOUSE A building used to store merchandise and other materials or equipment. WAREHOUSING – A term used in financing to describe the process which loan correspondents employ, assembling into one package a...
YARD The open spaces on alot, as established by the required setback, that is unoccupied or unobstructed (except as allowed by the Municipality Zoning Ordinance). YEAR TO YEAR TENANCY A periodic tenancy in which the rent is reserved from year to year. YIELD The...
ZONING The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement...
