Respondeat Superior
term used in law stating 'allow the principal to respond'. An owner of property is legally liable for the improper actions of an agent representing him if it is within the scope of the duties reasonably expected to be performed. For example, a landlord may be held accountable for injury to prospective homeowners when the agent gets into an automobile accident showing them around to different apartment buildings.
Popular Real Estate Terms
An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. For example, the teaser rate may be offered at 2% below market. A borrower who cannot qualify ...
Relationship between individuals or entities out of which exists a mutual interest. An example is a privity of contract among the contracting parties concerning the actions each are to take. ...
“What is Situs?”, you ask.Situs is a word in Latin that basically means the site or location where something exists or originates. Like most words in latin, situs is usually ...
Association of the owners of all condominium units in a building that is concerned with managing day-to-day matters in the building complex, including the surrounding and enforcing ...
A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In contrast, a maintenance or repair expense ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
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Loan having the last payment either (1) more than twice the amount of any other payment, or (2) a payment arising from the lenders call provision. The term loan (or straight loan) is a form ...

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