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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. IMPUTED INTEREST Interest implied by the federal tax law. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) INNOCENT PURCHASER FOR VALUE One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property. INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. HABITABLE Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. COMMUNITY PROPERTY A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage. DEPRECIATION (TAX) For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property. |
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