Ultra Vires
Definition of "Ultra vires"
Action that is beyond that allowed legally. Examples are charging illegally high interest rate on mortgages and real estate exceeding the amount permissible by legal statute, and a real estate company performing duties it is not authorized by the corporate charter to perform. Violations may result in lawsuits.
Popular Real Estate Terms
Property deriving at least 75% of the income from personal residences. ...
Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty ...
A method of brick construction where the bricks are laid with their sides facing outward. ...
Right to property depends on some occurrence. ...
What a piece of property could be sold for on the market. ...
Clause in a percentage lease permitting the landlord to cancel a lease and recover the property if the tenant's sales fall below a specified level. Clause in a lease permitting the ...
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other people's money. ...
Have a question or comment?
We're here to help.