Category: P

PARTIAL PAYMENT RETOTD Episode 00233

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PARTIAL PAYMENT A payment of less than the regular monthly amount. Usually, a lender will not accept partial payments. It’s a payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will…

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POPULATION MIGRATION RETOTD Episode 00156

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POPULATION MIGRATION The movement and relocation of people from one place of residence to another in response to social and economic factors and forces; a long-term trend that can be expected to affect local economies and real estate values.

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PERSONAL PROPERTY RETOTD Episode 00154

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PERSONAL PROPERTY Owned items which are not permanently affixed to the land. Any property that is not real property or attached to real property. For example furniture is not attached however a new light fixture would be considered attached and…

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PAYMENT DUE DATE RETOTD Episode 00152

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PAYMENT DUE DATE Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late…

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PROPERTY TAX RETOTD Episode 00139

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PROPERTY TAX A tax charged by local government and used to fund municipal services such as schools, police, or street maintenance. The amount of property tax is determined locally by a formula, usually based on a percent per $1,000 of…

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