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OPEN HOUSE The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons. 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. WRAP-AROUND MORTGAGE A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. APPURTENANT Belonging to; adjunct; appended or annexed. RESERVE FUND Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account. GENERAL PARTNER A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts. |
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