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MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. CANTILEVER A projecting beam or overhanging portion supported at one end only. ALIENATION CLAUSE A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor. ANNUAL PERCENTAGE RATE The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law. ACCRUED INTEREST Interest earned but not yet paid. BROKERAGE That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales. SURVIVORSHIP The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent. |
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