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HYPOTHECATE To pledge specific real or personal property as security for an obligation, without surrendering possession of it. BROKER An individual who brings buyers and sellers together and assists in negotiating contracts for a client. PROSPECT A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA. BUFFER ZONE A strip of land separating one parcel from another. TAX SHELTER A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment. CERTIFICATE OF ELIGIBILITY Document issued by the Veterans Administration to qualified veterans which verifies a veteran's eligibility for a VA guaranteed loan. Obtainable through local VA office by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility). CONVENTIONAL LOAN Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits. |
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