deliberate action by an individual or entity to cheat another causing damage. There is typically a misrepresentation to deceive, or purposeful withholding of material data needed for a proper decision. An example of fraud is when a property manager falsifies records in order to steal money. Falsification of a tax return by an individual. Examples of tax fraud are intentionally not reporting taxable income or overstating expense. tax fraud is a criminal act.
Popular Real Estate Terms
An agreement occurring from actions of those impacted, but not communicated in writing or orally. For example, it is presumed that a real estate agent will perform his or her obligations ...
An agreement by which a mortgage is made subject to a junior mortgage. For example, a loan on a vacant lot is made subject to a subsequent construction loan. ...
Said of property that is bought subject to the existing loan against it. ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
Precisely the optimum location for a retail business establishment in an urban central business district (CBD). A one-hundred-percent-location normally is a square block or intersection in ...
(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...
Lienholder's statement as to the unpaid balance on a trust deed note. ...
Local group of real estate brokers who are members of the State and National Board of REALTORS®. Meets regularly with their membership and helps determine licensing requirements as well as ...
Same as term lateral support: The right of a landowner to have lateral land support from adjacent properties. The right of lateral and subjacent support means that an adjacent land owner ...
Have a question or comment?
We're here to help.