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GENERAL AGENT One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business. ACCELERATION CLAUSE A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property. BENEFICIARY A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust. EXECUTOR A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. DEFAULT Failure to meet legal obligations in a contract, including failure to make payments on a loan. TITLE COMPANY A company that insures title to property. |
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