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LESSOR The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord. RATE OF RETURN The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business. PUFFING Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case. INVENTORY An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling. ATTORNMENT The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. CAP RATE (CAPITALIZATION RATE) The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital. HUD-1 UNIFORM SETTLEMENT STATEMENT A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan. |
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