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CO-TENANCY A form of concurrent property ownership in which two or more persons own an undivided interest in the same property. DOMICILE The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. CAP RATE (CAPITALIZATION RATE) The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital. 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. MULTIPLE LISTING SERVICE (MLS) An organization created by Realtors to facilitate the sharing of listings among member brokers. DEALER An IRS designation for a person who regularly buys and sells real property. VENDOR The seller of realty. The seller under an agreement of sale. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. |
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