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DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

PRINCIPAL BROKER
The licensed broker directly in charge of and responsible for the real estate operations conducted by a brokerage company.

IMPOUND ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)

PROPERTY
The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the "bundle of rights."

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.