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OPEN LISTING A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission. POSSESSION The act of either actually or constructively possessing or occupying property. 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. HUD A federal cabinet department officially known as the Department of Housing and Urban Development. DENSITY A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). STATUTE OF LIMITATIONS That law pertaining to the period of time within which certain actions must be brought to court. |
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