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Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
A set of rules can be used to infer any valid conclusion if it is complete, while never inferring an invalid conclusion, if it is sound. A sound and complete set of rules need not include every rule in the following list, as many of the rules are redundant, and can be proven with the other rules.
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Inferences are steps in logical reasoning, moving from premises to logical consequences; etymologically, the word infer means to "carry forward". Inference is theoretically traditionally divided into deduction and induction , a distinction that in Europe dates at least to Aristotle (300s BCE).
It explains a concept in terms of the concept itself without explaining its real nature (e.g.: explaining thought as something produced by a little thinker – a homunculus – inside the head simply identifies an intermediary actor and does not explain the product or process of thinking). [37]
WAULT, short for weighted average unexpired lease term, is a measurement used in commercial real estate to quickly judge the value of contracted rents in a property, or more commonly, a portfolio of properties.
An implied-in-fact contract is a form of an implied contract formed by non-verbal conduct, rather than by explicit words. The United States Supreme Court has defined "an agreement 'implied in fact'" as "founded upon a meeting of minds, which, although not embodied in an express contract, is inferred, as a fact, from conduct of the parties showing, in the light of the surrounding circumstances ...
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...