Branch office

A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office generally must be run by a licensed real estate broker, broker-salesperson, or associate broker working on behalf of the broker operating the principal office.

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Blue-sky laws

The common name for state and federal laws that regulate the registration and sale of investment securities.

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Blockbusting

The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry, or prospective entry, of minority persons into the neighborhood.

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Blanket mortgage

A mortgage that covers more than one parcel of real estate and provides for each parcel’s partial release from the mortgage lien on repayment of a definite portion of the debt.

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Binder

An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction.

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Bill of sale

(1) A written instrument was given to pass title to personal property. Transfers title to personal property in a transaction. (2) Legal confirmation of a housing transaction is an obvious must-have when signing on the dotted line as a buyer or seller. A bill of sale lays out the exact terms of a deal: final sale price, […]

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Beneficiary

The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. 2. A lender who lends money of real estate and takes back a note and deed of trust from the borrower.

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