Real estate

Real estate

Of or pertaining to property of land and the buildings on it. This also includes any minerals, crops, or any other natural resource. The business of real estate is the buying, selling, or renting property.

6Categories 16551Terms

Add a new term

Contributors in Real estate

Become a Contributors

Real estate > Contracts

invitation to bid (ITB)

Law; Contracts

Oral or written invitation to prospective suppliers to submit a bid on materials or services. ITB is only a solicitation, and does not qualify as an offer because the party making ...

invitation to tender

Law; Contracts

An alternative term for request for tenders.

job costing

Law; Contracts

An order-specific costing technique, used in situations where each job is different and is performed to the customer's specifications. Job costing involves keeping an account of ...

justification and approval

Law; Contracts

Contracting document which details the rationale in opting for a non-competitive contract award instead of open competition.

labor hour contract

Law; Contracts

Type of 'time and material' contract in which the required materials neither are included in the contract nor are they supplied by the contractor. The owner (principal) of the ...

lapse of offer

Law; Contracts

Automatic 'closing' of an offer. Although no offer remains 'open' indefinitely, a properly communicated written offer is said to be open until it is revoked by the offeror before ...