GLOSSARY 565

GLOSSARY 565

BEQUEST — Personal property given by the terms of a will. BETTERMENT — An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged. BINDER — An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy. BLANKET MORTGAGE — A single mortgage which covers more than one piece of real property.