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EXTENSION An agreement to continue the period of performance beyond the specified period. PERSONAL PROPERTY Things which are tangible and moveable; property which is not classified as real property; chattels; personalty. LISTING A written employment agreement between a property owner and a broker authorizing the broker to find a buyer or a tenant for a certain real property. COMMISSION The compensation paid to a real estate broker(usually by the seller) for services rendered in connection with the sale or exchange of real property. TAX SALE Public sale of property by a government authority as a result of non-payment of taxes. USURY Charging a rate of interest in excess of that permitted by law. DISCLAIMER A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein." |
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