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RESIDUAL PROCESS An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it. AGENT One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer. GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. LIMITED COMMON ELEMENTS That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments. GROSS AREA The total floor area of a building measured from the exterior of the walls (excluding those unenclosed). DUE ON SALE CLAUSE A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. KIOSK A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. |
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