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MONTH-TO-MONTH TENANCY A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week. PREPAYMENT PENALTY Fee charged by a lender for a loan paid off in advance of the contractual due date. LAND The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above. GUARDIAN One who is given the lawful custody and care of another(called a ward). GOVERNMENT SURVEY A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian. 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. METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. |
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