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GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. JUDICIAL FORECLOSURE A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted. FLOOR DUTY A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time. LIQUIDATED DAMAGES An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract. COMPARABLES Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property. APPURTENANT Belonging to; adjunct; appended or annexed. CONDEMNATION Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use. |
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