Real Estate Terms
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REAL ESTATE TERMS
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REAL ESTATE GLOSSARY: K
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.
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.
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.
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.
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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