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An expense incurred in the normal course of business, such as rent or expenditures for supplies, as opposed to expenses for a specific project or venture. Under federal income tax laws, ordinary and necessary business expenses may be deducted in the year they are incurred, rather than spread over two or more years as with a capital expenditure.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.
  

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Shopping Center
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Inwood Tables
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An escrow set up to handle the concurrent sale of one property and the purchase of another property...
Pocket Listing
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Severance Damages
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Easement
A nonpossessory (incorporeal) property interest (short of an estate) that one person (the benefited...
Dry Closing
A closing that is complete except for the final act of disbursing funds and delivering documents. Th...
Meeting Of The Minds
Mutual assent or agreement between the parties to a contract regarding the substance of the contract...
Holiday
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Customer Trust Fund
An impound account maintained for the purpose of setting up a reserve to pay certain periodic obliga...