Kick-Out Clause

A Kick-Out Clause is a provision in a real estate purchase contract that allows a seller to continue marketing a property even after accepting a contingent offer. It is most commonly used when the buyer’s purchase depends on selling their current home. If the...

Mello-Roos

Mello-Roos is a special tax assessment levied on property owners within designated community facilities districts (CFDs) in California. Established under the Mello-Roos Community Facilities Act of 1982, the tax was created to help local governments finance public...

Noise Easement

A noise easement is a legal agreement that grants permission for noise generated by a nearby activity, facility, or transportation source to affect a property. In real estate, noise easements are most commonly associated with airports, highways, railroads, military...

Key Lot

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...

Loyalty (Fiduciary Duty)

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....

MARS Rule (Regulation O)

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...