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CALL OPTION A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender. EARNEST MONEY Deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed. SIMPLE INTEREST Interest computed on the principal balance only. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. 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. OFFER A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested. |
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