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BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. JUNIOR MORTGAGE A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage. BASE LINE AND MERIDIAN An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states. PLANNED UNIT DEVELOPMENT (PUD) A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces. REBATE A reduction or kickback of a stipulated charge. MINERAL RIGHTS Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor. INCOME PROPERTY Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential. FLOOR DUTY A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time. |
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