Business / Real Estate Glossary

Exclusive-Authorization-And-Right-To-Sell Listing: A written listing agreement appointing a broker as the exclusive agent for the sale of property for a specified period of time. The listing broker is entitled to a commission if the property . . . View Full Definition

Exclusive-Buyer-Agency-Agreement: This is a completely exclusive agency agreement. The buyer is legally bound to compensate the agent whenever the buyer purchases a property of the type described in the contract. The broker . . . View Full Definition

Exculpatory Clause: A clause in an agreement that relieves a party from all obligation for his or her acts or failure to act.

Execute: The act of making a document legally valid, such as formalizing a contract by signing or acknowledging and delivering a deed. In some cases, execution of a document may refer solely to the a . . . View Full Definition

Executor: A male person appointed by a testator to carry out the directions and requests in his or her last will and testament, and to dispose of his or her property according to the provisions of the . . . View Full Definition

Executory Contract: A contract under which something remains to be done by one or more of the parties.

Executrix: A female person appointed by a testator to carry out the directions and requests in his or her last will and testament, and to dispose of his or her property according to the provisions of t . . . View Full Definition

Exemplary Damages: Monetary damages that go beyond the actual compensatory damages. They are awarded to punish a wrongdoer for fraudulent, malicious and wrongful conduct.

Express Agency: A stated (written or verbal) agency agreement.

Express Agreement-Contract: An oral or written contract in which the parties state the contracts terms and express their intentions in words.

Express Authority: The stated (written or verbal) authority of an agent.

Extended Coverage Policy: A title insurance policy that covers risks normally excluded by most standard coverage policies. The standard policy normally insures the title only as shown by the public records. It does n . . . View Full Definition

Extender Clause: 1. A condition, once found in most listing forms, providing that the listing would continue for a set period of time, such as 90 days, and then would be automatically renewable until the par . . . View Full Definition

External Depreciation: Reduction in a propertys value caused by outside factors (those that are off the property).

External Obsolescence: A type of incurable depreciation caused by negative factors not on the subject property, such as environmental, social or ecomomic forces. The loss in value can not be reversed by spending m . . . View Full Definition

Fair Credit Reporting Act: The Fair Credit Reporting Act gave consumers the right of access to, and correction of, credit reports.

Fair Employment And Housing Act: Californias Fair Employment and Housing Act (FEHA) (Sections 13100-13196 of the Government Code) prohibits housing discrimination based on marital status as well as race, color, religion, se . . . View Full Definition

Fair Housing Act: Pursuant to the federal Fair Housing Act, any offer to sell, rent, buy, or exchange property shall not contain any preference, limitation, or discrimination based on race, color, religion, s . . . View Full Definition

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