NH Real Estate Terms

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NH Real Estate Terms
2012-10-03 19:07:53
NH Real Estate Terms

NH Real Estate Terms
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  1. Accession
    The aquisition of title to additional land or improvements as a result of the annexation of fixtures or as a result of alluvial desposits.
  2. Commission
    The compensation to a real estate broker for services rendered in the sale, rental or exchange of real property.
  3. Customer
    A prospective buyer or seller of real estate.
  4. Chattel
    An item of tangible personal property.
  5. Situs
    Preference by people for a certain location.
  6. Fixture
    An article that was once personal property but has been so affixed to real estate that it has become real property.
  7. Sub-Agent
    An agent of a person who is already acting as an agent for a principal.
  8. Procuring Cause
    The effort that brings about the desired results.
  9. Puffing
    Exaggerated comments or opinions not made as representations of facts.
  10. Fraud
    Material misstatement of a material fact, known to be false, done with the intent to deceive, and relied upon by the injured party to his or her damage.
  11. Law of Agency
    Gives rise to a fiduciary relationship and imposes on the agent certain duties, obligations, and high standards of good faith and loyalty.
  12. Severence
    The act of removing something attached to land or of terminating a relationship.
  13. Improvement
    Valuable additions made to real property.
  14. Bundle of Legal Rights
    An ownership concept describing the legal rights that attach to the ownership of real property.
  15. Client
    The person who employs an agent to perform a service for a fee.
  16. Fiduciary
    Describes the faithful relationship owed by a broker to a principal.
  17. Dual Agency
    Representing both principals to a transaction.
  18. Special Agent
    One authorized by a principal to perform a particular act without contemplation of continuity of service.