KEY LOT
A parcel of land that because of its location must
be acquired in order to assemble several parcels into
one large parcel. The key lot may be a corner lot
or it could be an interior lot.
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KEY TENANT A major or primary tenant
in an office building or shopping center. Generally
such a tenant leases a significant amount of the net
leasable space.
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KICKBACK Payment made to someone
for referral of a customer or business. Generally
speaking, kickbacks are illegal. The reason is that,
unlike a commission, a kickback is made without the
customer's knowledge; thus, the referral could have
been made without the customer's best interest at
heart. Secret kickbacks to a lender from a provider
of a service are specifically prohibited by the Real
Estate Settlement Procedures Act.
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KICKER The right of a mortgage lender
or other investor to share in income, in addition
to principal and interest receipts. Also known as
equity-kicker and lender participation.
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KIOSK A small freestanding structure
located in a shopping center or mall from which merchandise
is sold. The type of products marketed would include
film, flowers, ice cream, or any item that is uniform
in nature so that it can be purchased with little
or no shopping. Typically, the tenants of these operations
pay a substantially high rent based on a percentage
of sales.
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