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PREPAYMENT PRIVILEGE The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale. CAPS (PAYMENT) Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization. INCORPOREAL RIGHTS Intangible or non-possessory rights in real property such as easements, licenses, profits and the like. WEAR AND TEAR The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. CAPITALIZATION A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal. LESSOR The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord. RENT CONTROL Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power. |
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