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GENERAL AGENT One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business. 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. REMAINDER ESTATE A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. DISTRAINT The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears. CEILING The maximum allowable interest rate of an adjustable rate mortgage. PREPAID INTEREST Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date. COLLATERAL Assets (such as your home) pledged as security for a debt. |
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