Real Estate Glossary

A type of mortgage not defined in the Code which secures a collateral note; this note may then be issued as security for debts incurred now or in some future time.

That which appears to be good title but which is not in fact good title, such as title held under a defective deed.

Mixing money belonging to clients with personal funds.

An agent's compensation for performance of the duties of his agency; in real estate practice, a percentage of the selling price of the property, or percentage of rentals, etc.

In a condominium, land and all parts of a building normally used by all of the owners for their mutual convenience or safety.

Laws which have evolved from general usage and are legally established through court decision.

Common "things" are those which may not be owned by anyone; things such as air and the high seas which may be freely used by everyone conformably with the use for which nature has intended them.

Personal and real property acquired by husband and wife through their joint efforts during marriage and owned equally by them.

Those who are qualified or mentally competent to enter into a contract.

Interest paid both on the original principal and on interest accrued from the time it fell due.