Quid Pro Quo
Definition of "Quid pro quo"
- Latin term meaning something in exchange for something else. For example, a person rushes through an order for another in return for having first choice in selecting a parcel of property.
- A business agreement whereby a real estate firm will provide business, typically referrals, to another company in exchange for receiving a service such as research of the real estate market.
Popular Real Estate Terms
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. An example is a bond interest coupon. The interest is ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract. ...
A property owner who lives in the property he also leases or rent to others. For example, John owns a two-family house. He lives in one side of the house and rents out the other side to the ...
Government official who values real estate property for tax purposes and ascertains the annual property tax assessments that must be collected. ...
We call a concept ostensible when, at first sight, it appears to be accurate or valid. However, upon closer inspection, it proves to be a half-truth or completely false. For instance, Dale ...
A map that shows land elevations. ...
Latin for pending the suit. A suit which is actually in progress and the outcome is pending. ...
The definition of a testator in real estate is an individual who makes or leaves a valid will detailing how their possessions are to be divided or distributed among their heirs. The ...
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