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SPECIAL ASSESSMENT A tax or levy customarily imposed against only those specific parcels of realty which will benefit from a proposed public improvement, as opposed to a general tax on the entire community. LOAN-TO-VALUE RATIO The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower. JOINT TENANCY A form of ownership of property giving each person equal interest in the property, including rights of survivorship. COMMUNITY PROPERTY A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage. OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. GENERAL AGENT One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business. COST OF FUNDS INDEX (COFI) An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. |
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