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REDUCTION CERTIFICATE An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity. FLOOR AREA RATIO The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area. KIOSK A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand. TAKE-OUT FINANCING Long-term permanent financing. FIRST REFUSAL, RIGHT OF The right of a person to have the first opportunity either to purchase or lease real property. LESS-THAN-FREEHOLD ESTATE An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance. OVERRIDE A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson. |
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