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MULTIPLE LISTING SERVICE (MLS) An organization created by Realtors to facilitate the sharing of listings among member brokers. OPINION OF TITLE An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property. LAND TRUST An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates. OPEN HOUSE The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons. VALUE The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property. LIEN A legal claim by one person on the property of another for security for payment of a debt. CLUSTER DEVELOPMENT The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. OBSOLESCENCE A type of depreciation of property. |
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