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AGENCY A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty. CLUSTER DEVELOPMENT The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas. REPRODUCTION COST The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material. REFINANCE The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another. REALTY Land and everything permanently affixed thereto. RENTAL AGREEMENT An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. LOAN COMMITMENT A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms. MULTIPLE LISTING SERVICE (MLS) An organization created by Realtors to facilitate the sharing of listings among member brokers. TITLE INSURANCE A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy. |
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