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INVERSE CONDEMNATION An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation MARGINAL LAND Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain. 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. COURTESY TO BROKERS The practice of sharing commissions with cooperating brokers. 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. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. GIFT TAX A graduated federal tax paid by a donor upon making a gift. |
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