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| Blanket
Mortgage |
A mortgage which is secured by several structures or a number of
lots. A blanket mortgage is often used to finance proposed
subdivisions or development projects, especially
cooperatives. |
| Boundaries |
The perimeters or limits of a parcel
of land as fixed by legal description which is usually a metes and
bounds description. |
| Breach Of
Contract |
Violation of any of the terms or
conditions of a contract without legal excuse; default,
non-performance, such as failure to make payment when due. |
| Broker |
One who acts as an intermediary
between parties to a transaction. A real estate broker is a properly
licensed person who, for a valuable consideration, serves as an
agent to others to facilitate the sale or lease of real
property. |
| 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. |
| Building Permit |
A written permission granted by the
City Building Department and required prior to beginning the
construction of a new building or other improvement (including
fences, fence walls, retaining walls and swimming pools). |
| Bundle Of Rights |
An ownership concept describing all
those legal rights which attach to the ownership of real property,
including the right to sell, lease, encumber, use, enjoy, exclude,
will, etc. |
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Warren Pumyea
Keller
Williams Realty
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