The Real Estate
Encyclopedia: K-O

A key lot is a parcel of land situated behind or adjacent to another lot in a manner that creates an irregular relationship between frontage, access, and orientation within a subdivision or urban block. The term is most commonly used in land planning and subdivision...

The fiduciary duty of loyalty is one of the highest legal obligations owed by a real estate agent to a client. Under this duty, the agent must place the client’s interests above the agent’s own interests and above the interests of any other party in the transaction....

The Mortgage Assistance Relief Services (“MARS”) Rule, also known as Regulation O, is a federal consumer protection regulation issued by the Federal Trade Commission (“FTC”) to address deceptive and abusive practices involving mortgage relief and foreclosure rescue...

A “Non-Qualified Mortgage” (“Non-QM”) is a mortgage loan that does not meet the specific underwriting or product standards established for Qualified Mortgages (“QM”) under federal law and Regulation Z. Non-QM loans are not necessarily unsafe or predatory; rather, they...

The Mortgage Disclosure Improvement Act (“MDIA”) is a federal law enacted in 2008 as an amendment to the Truth in Lending Act (“TILA”) to strengthen consumer protections and improve the timing and accuracy of mortgage disclosures. MDIA was designed to ensure that...

The “Opt-Out Rule” is a consumer privacy requirement established under the Gramm-Leach-Bliley Act (“GLBA”) that gives consumers the right to limit certain sharing of their nonpublic personal information with nonaffiliated third parties. Under this rule, financial...

A mini-perm loan is a medium-term financing instrument used to bridge the gap between short-term construction or acquisition financing and long-term permanent financing. Typically lasting between three and ten years, a mini-perm loan allows a property owner or...

In real estate law, ownership refers to the rights of one or more persons to possess, use, and control property to the exclusion of others. It represents a legal relationship between a person and property that is recognized and protected by law. Ownership is often...

In real estate and agency law, ostensible authority refers to the authority that a third party reasonably believes an agent possesses based on the actions or omissions of the principal. It arises when the principal’s conduct creates the appearance that the agent is...

In real estate and site planning, orientation refers to the placement of a structure on a lot in relation to environmental and surrounding factors. This includes consideration of exposure to the sun’s rays, prevailing winds, street frontage, and nearby sources of...