Glossary

Professional real estate services that are rendered one transaction at a time instead of the conventional full-service, commission-based brokerage relationship.

An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.

The summary of a court judgment that creates a lien against a property when filed with the county recorder.

The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.

A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.

A bookkeeping method that depreciates property faster in the early years of ownership.

A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.

The seller's written approval of a buyer's offer

Any means by which a person can enter property.

The degree to which a building or site allows access to people with disabilities.

The gradual addition to the shore or bank of a waterway by deposits of sand or silt.

A written declaration affirming that a person acted voluntarily.

A measurement of land equal to 43,560 square feet.

The volume of material needed to cover an acre of land one foot deep.

A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.

The number of years a structure has been standing.

Tax based on assessed property value.

The interest a borrower pays on the principal for the duration of the loan.

An addition or change to a contract.

Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.

A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.

The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.

The amount of time between interest rate adjustments in an adjustable-rate mortgage.

A person given authority to manage and distribute the estate of someone who died without leaving a will.

A legal document that an administrator of an estate uses to transfer property.

The acquisition of title to property through possession without the owner's consent for a certain period of time.

The access and use of property without the owner's consent.

Soil that is composed of materials deposited by the wind.

A person who makes a sworn statement.

A substitution for an oath granted to people based on religious reasons

The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.

The process by which a lender uses a title company or other firm as an agent to complete a loan.

Laws in most states require agents who act for buyers or sellers to disclose who represents whom in a real estate transaction. Laws vary widely by state.

A compromise boundary to which property owners agree in order to resolve a dispute.

A document the buyer initiates and the seller approves that details the price and terms of the transaction.

Short for air-handling unit, the blower equipment in a furnace, heat pump, or similar appliance designed for circulating heated or cooled air through a central heating system.

A designated airspace over a piece of property.

The blower equipment in a furnace, heat pump, or similar appliance designed for circulating heated or cooled air through a central heating system.

Recessed section of a room, such as a breakfast nook.

A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.

Mineral salt found in soil.

Soil that contains a higher concentration of mineral salt than natural acid.

A lane behind a row of buildings or between two rows of buildings.

A budget offered by builders of new homes for the purchase of carpeting and fixtures.

Any home loan that does not conform to a standard fixed-rate mortgage.

A metal covering that provides an alternative to paint for owners of wood homes.

Wooden windows with aluminum covering the exterior.

Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers, and other enticements offered by builders of planned developments.

Professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your area.

A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.

The process of paying the principal and interest on a loan through regularly scheduled installments. Initially, most of each payment is applied toward interest owed, and later in the loan term increasingly applied toward principal.

Mathematical tables that lenders use to calculate a borrower's monthly payment.

The strength of an electrical current.

The basic unit used to measure electric current.

A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.

Any kind of plant that must be planted every year.

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a street lighting or sewer assessment.

A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.

A measure of interest rate that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.

The payment of a fixed sum to an investor at regular intervals.

A communication that informs a party that the obligations of the original contract will not be fulfilled.

A substance applied to aluminum wiring connections to seal and promote conduction.

A taxpayer or representative who appeals to a higher tribunal.

A document that details a potential borrower's income, debt, and other obligations to determine credit worthiness.

Includes any fees that are paid upon application. An application fee may include charges for property appraisal and a credit report, if those fees are not reported separately.

An opinion of the value of a property at a given point in time.

The fee that a professional real estate appraiser charges to appraise, or estimate the market value of, a property.

A detailed written report on the value of a property based on recent sales of comparable sites in the area.

An opinion of the current market value of a property.

An increase in the value of a home or other property.

A thorough assessment made by a lender of a borrower's ability to pay for a home, and a confirmation of the amount the borrower may obtain.

A measure of interest that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.

A paved area, such as the junction of a driveway with the street.

A thermostat submerged in water and used to control the operation of a device.

A method of resolving a dispute in which a third party renders a decision.

An area shaded by trees, shrubs, or vines on a latticework structure.

A spark between two electrical points.

A curved structure that supports weight over an area, such as a doorway

Half-round or elliptical trim mounted above a door or window for decorative purposes.

A licensed professional who designs homes, buildings, and other structures.

The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget.

A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.

A publicly published number used to adjust the interest rate for an adjustable rate loan (ARM). An index (such as Treasury bills or the prime rate) reflects the lender's cost of credit, and is not controlled by individual lenders.

A French measurement of land equal to .84625 acres.

A term used by tax assessors to describe a list of properties in a certain category sold within a given period of time.

The purchase or sale of a property in its existing condition.

A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.

A professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your area.

A seller's initial price for a property.

The combining of two or more adjoining lots into one larger tract to increase total value.

A tax assessor's determination of the value of a home in order to calculate a tax base.

The estimated value of a piece of real estate or a levy placed on property in addition to taxes.

A list of taxable property compiled by the assessor

An official who determines the assessed value of a property.

Items of value which include cash, real estate, securities, and investments.

The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.

A person who transfers rights and interests of a property.

A mortgage that can be transferred to another borrower.

A provision that allows a buyer to take responsibility for the mortgage from a seller.

A fee the lender charges to process new records for a buyer who assumes an existing loan.

A clause in a listing contract stating that the agreement will automatically continue for a certain period of time after the expiration date. This is discouraged and prohibited in many states.

A device in the flue of a heating unit that closes to prevent heat loss when the unit is not in operation.

The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.

An easement over private property near an airport that limits the height of structures and trees.

Single-sash windows that tilt outward and up.

A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.

A lender calculation that compares a borrower's total debt (principal, interest, property taxes, and insurance, plus other monthly debt payments) to gross monthly income.

Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.

A rigid board used beneath tile.

Soil used to solidify the foundation of a structure.

The area behind and above a countertop, typically covered to prevent water from splashing onto the wallboard.

A secondary bid for a property that the seller will accept if the first offer fails.

A valve in a sewer line that prevents sewage from flowing back into a house.

A device used as a heat shield to deflect the byproducts of combustion.

A statement that shows the assets, liabilities, and net worth of an individual.

One type of inlet valve assembly inside a toilet tank that, when opened automatically, fills the tank with water.

The toilet tank mechanism that controls flushing.

A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal

The final lump-sum payment due at the end of a balloon mortgage

A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.

Intermediate vertical support for a stair railing, often made from turned hardwood.

Railing held up by a set of posts on a porch or stairway.

A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven to 10 years and can severely limit a person's ability to borrow.

The sale of a piece of property for less than market value.

The amount upon which loan payments are based. If the borrower finances his or her closing costs, those costs will be added to the base loan amount.

Any board or molding found at the bottom of an interior wall.

Heating units installed in the floor that can be controlled by a central thermostat.

The area of a home below ground level.

A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.

A narrow piece of material used on the outside of a house to cover joints in walls.

The opening between two columns or walls that forms a space.

A window that projects outward in a curve.

A wall that supports its own weight in addition to other parts of a structure.

Total income before taxes are deducted

The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.

Personal property given to a person through a will.

A built-up lip of concrete designed to prevent runoff water from entering the garage or driveway.

An improvement that increases a property's value as opposed to repairs that maintain the value.

A home that has two levels. Typically, a garage or storage area is situated in the lower level and the home in the upper section. Most bi-level structures were built after 1950.

Part of a mechanical thermostat. Consists of two different types of metal that expand and contract at two different rates with changes in room temperature.

The process that contractors use to estimate the cost of a house or project before it is completed.

Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.

A contract in which the parties involved give mutual promises. Also called a reciprocal contract.

A document that transfers ownership of personal property.

A preliminary agreement between buyer and seller.

A report issued by a title insurance company that details the condition of a home's title and provides guidelines for a title insurance policy

A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

A policy that covers more than one person or piece of property.

A mortgage that covers more than one property owned by the same borrower.

A neighborhood that has deteriorated

Nails driven into a wall and concealed with putty.

The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry of a particular race into the neighborhood

A house maintained close to its original condition. Also called mint condition.

Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.

The plan for a home or other structure.

A type of siding composed of vertical boards and batten slats that cover wall joints.

Measurement of lumber that is the equivalent of 144 cubic inches.

A state board charged with ensuring that local property taxes are assessed in a uniform manner.

Siding composed of 8- to 12-inch-wide wooden boards nailed vertically to create a barn-like exterior.

Form language used in deeds, mortgages, and other documents. Details can be added by individual parties.

A legal term that refers to actions or persons that are honest and in good faith

An agreement that insures one party against loss by acts or defaults of another party.

A room with no specifically designated function, unlike a living room, bedroom, or kitchen.

The value of a property as a capital asset based on its cost plus any additions, minus depreciation.

A piece of sheet metal that connects a heating or cooling duct and a vent.

An analysis of soil in which holes are bored into the ground and samples are removed.

A section of a city that has authority over local matters.

Sand, gravel, or other material used for grading

The hole at a site that has been excavated.

A street lined with trees or constructed with a landscaped median.

The dividing line between two adjacent properties.

A construction method in two-story homes in which the frame is reinforced with posts and braces.

The technique used to reinforce a structure.

An electrical circuit with its own circuit breaker in the service panel.

The failure to perform provisions of a contract without a legal excuse.

The failure to obey a legal agreement.

A seller's inability to pass clear title to a buyer.

The point in which the owner's rental income matches expenses and debt.

A roofed passageway with open sides.

Building material made from clay molded into oblong blocks and fired in a kiln.

brick veneer

A short-term loan for borrowers who need more time to find permanent financing.

Anyone who acts as a go-between. A real estate broker is licensed to handle property transactions and operate a brokerage firm. A mortgage broker is an individual or firm that matches borrowers to lenders and loan programs for a fee.

The act of bringing together two or more parties in exchange for a fee or commission. Real estate brokerages are firms or companies that are licensed to conduct real estate transactions

The ideal condition of a building when it is turned over to an owner or tenant.

A vintage row house constructed of red sandstone.

A parcel of land that separates two or more properties.

The feasibility of constructing a home or other structure on a piece of land. Parcels for which a building permit cannot be obtained may be considered "unbuildable."

Extra features or better finishing materials offered by a builder.

An organization that raises money to helps its members purchase real estate or construct a building

A comprehensive set of laws that controls the construction or remodeling of a home or other structure.

A city or county employee who enforces the building code and ensures that work is correctly performed.

Guidelines that limit how close an owner can build to the street or an adjacent property.

A halt on home construction to slow the rate of development.

A thick, water-resistant paper that serves as insulation

A permit issued by a local government agency that allows the construction or renovation of a house.

Regulations that limit the manner in which property can be used.

Appliances or other items that are framed into a home or permanently attached.

A retaining wall designed to hold back water from the ocean or other body of water

The various interests or rights an owner has in a property.

A small one-story house or cottage

The way in which two boards meet so that the ends touch in a continuous line.

A roof formed by two gables that dip in the middle to resemble a butterfly's wings.

A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.

An agent representing a buyer in a home purchase, either as a single agent or as an exclusive buyer's broker.

A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid either by the buyer or through the seller or listing broker at closing.

A slow real estate market in which buyers have the advantage

An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.

National buyer's brokerage company with offices in 13 states. Call (800) 359-4092 for information and referrals.

National referral service for buyer's brokers only. Call (800) 500-3569 for information and referrals.

The rules and regulations that a homeowners association or corporation adopts to govern activities.

Also known as CREIA. A trade organization of home inspectors whose members must meet the group's education and performance requirements. Call (800) 388-8443 for list of CREIA-certified inspectors in your area.

A clause in a loan agreement that allows a lender to ask for the balance at any time.

An incandescent light inside a metal can that is mounted flush with the surface

Cylindrical chambers with bulbs recessed into the ceiling

A clause that details the conditions under which each party may terminate the agreement.

A projecting structure supported on one end, such as a balcony

A limit on the amount the interest rate or monthly payment can increase in an adjustable rate mortgage.

A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.

The decorative top of a column or pilaster.

The cost of making improvements on a property.

Profit an investor makes from the sale of real estate or investments.

A tax placed on profits from the sale of real estate or investments.

Any improvement that extends the life or increases the value of a piece of property

A mathematical formula that investors use to compute the value of a property based on net income.

The percentage rate of return estimated from the net income of a piece of property.

Monies used to create income, such as funds invested in rental property.

A group of real estate agents who tour a house that has been recently listed for sale.

A roof that covers a driveway or other parking area.

Financing in which a seller agrees to take back a note for a set amount of the sale of the home.

A window hinged on its sides to allow it to swing open vertically.

The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income

The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner

A check the bank draws on itself rather than on a depositor's account

The trim that encircles a window or door opening, hiding the gap between the door or window jamb and the wall's surface

A high, open ceiling formed by finishing exposed roof rafters.

An acrylic or silicon sealant used to fill cracks, crevices, and holes in a home.

A formal notice asking a court to suspend action until the party that filed the challenge can be heard.

A legal principle stating that a buyer is responsible for ensuring the quality of goods purchased. From Latin, "let the buyer beware."

A courtyard or atrium.

A document showing that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm, or other financial institution.

A large, ceiling-mounted paddle fan. Also known as a Casablanca fan.

The standard height of a ceiling is eight feet

A cabinetry term referring to the vertical piece of wood on the front that divides the opening into two parts.

A device that generates cold air through an outside unit connected to ductwork inside the house.

The area of a city where most large businesses are located.

A document showing that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm, or other financial institution.

An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable rate mortgages.

A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program

A document stating that a home or other building has met all building codes and is suitable for habitation

A document issued at a judicial sale that entitles the buyer to receive a deed after court confirmation of the purchase of the property

An advanced designation issued by the National Association of Realtors (NAR) to members who meet specific performance and education requirements for handling international real estate transactions.

An advanced designation issued by the National Association of Realtors (NAR) to members who meet specific performance and education requirements for real estate office management.

An advanced designation issued by the National Association of Realtors (NAR) to members who meet specific performance and education requirements for handling residential real estate transactions.

The official record that details the ownership history of a piece of property

Decorative trim installed on a wall about 32 inches above the floor to protect against scuffs from furniture.

The adjustment schedule on an adjustable rate mortgage

A modification of a construction contract to authorize a change in the work, an adjustment in the amount of the contract, or a change in the contract time. The owner, architect, and contractor must sign the change.

A shielded vertical shaft that houses various pipes, drains, ducts, and flues

Personal property such as furniture, clothing, or a car.

A lien on personal property used as collateral for a loan.

The back wall or lining of a fireplace or furnace chimney

A concrete cap that surrounds the top of the chimney brick. The cap protects the masonry from rain and other elements

The passage inside a chimney that channels smoke and heat to the outside.

A short pipe at the top of a chimney that increases ventilation to the fireplace and reduces smoke.

A board made of wood chips glued together under pressure

A block made of ash and cement, used in construction

Cinders used below a basement or around a foundation to promote drainage.

Short for electrical circuit, a complete circuit requires two electrical conductors (wires), an electrical source, and an electrical device such as a light. Electricity travels through one "hot" wire from the source to the device where it is converted into light, heat, or energy, then it returns along the other "neutral" wire to the source.

A switch-like device in an electrical circuit that is designed to shut down the circuit in the event of an electrical overload or short circuit. Circuit breakers are normally installed in main electrical panels or subpanels.

A tank used to store rainwater

A type of siding, typically cedar, composed of overlapping horizontal boards

A tax that varies in rate depending on the use of the property.

An opening in the drainage system for the removal of obstructions. It also refers to the part of a fireplace from which ashes can be removed.

A Y-shaped fitting with a cap or plug on one of the arms of the Y that can be removed in the event of a drain clog to snake out the drain line.

A title to property that does not have liens, defects, or other legal encumbrances.

Part of the assembly needed to raise and lower a sink or tub pop-up. The clevis is a pin that connects to a pivot rod.

The final procedure in which documents are signed and recorded and the property is transferred

Expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs exist in addition to the price of the property and are paid at closing. Some are one-time expenses and some are recurring.

A document which details the final financial settlement between a buyer and seller and the costs paid by each party.

An invalid encumbrance on real property

A method of squeezing more homes into less space

Individual housing units that are clustered around a common building where residents share cooking and other activities.

Coverage that involves the use of two or more insurers

A person who signs a promissory note with the borrower and assumes responsibility for the loan.

A second party who signs a promissory note and takes responsibility for the debt.

A designation on special light switches and outlets intended to be installed with aluminum wiring.

A change to a will that adds or subtracts provisions or clarifies portions of the document.

The structural element that connects roof rafters.

Additional security that a borrower supplies to obtain a loan

The series of steps a lender takes to bring a delinquent mortgage up to date.

The action of two or more people to break the law.

Unincorporated communities along the border between the United States and Mexico

A slender upright structure that consists of a base, a round or square shaft, and a capital.

The support base for a load-bearing column. The footing is usually made of reinforced concrete.

An outer door with interchangeable screen and glass panels

A window with interchangeable screen and glass panels.

The fumes or exhaust from a gas- or oil-burning appliance such as a water heater or furnace. Combustion gases are usually vented through a flue.

A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards

An area that is zoned for businesses.

The mixing of money held in trust with other funds.

A negotiable percentage of the sales price of a home, paid to the agents of the buyer and seller

A promise by a lender to make a loan with specific terms for a specified period.

A fee charged by the lender to guarantee a specific set of loan terms to be honored at some future date.

An area inside a housing development that is owned by all residents

A body of laws based on custom, usage, and rulings by courts in various jurisdictions.

Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve, or operate common areas.

A project composed of individually owned units that share usage and financial responsibility for common areas

Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states

A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live

The distance and time it takes a person to reach his or her workplace

Properties used as comparisons to determine the value of a certain property.

An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

A term for a buyer who is legally fit to enter into a sales contract

The interest paid on the principal balance of a mortgage plus accrued interest.

Motorized equipment in a refrigeration (or air conditioning) system that circulates coolant through the system.

The process of pouring concrete into forms on the ground, allowing the forms to harden, and then raising the material to a vertical position to form walls.

The process the government uses to take private property for public use without the consent of the owner.

A drain required by a dehumidifier, high-efficiency furnace, or similar appliance to carry away condensation

A small pump used with high-efficiency furnaces or other appliances that create significant condensation. It activates when water collects to a certain level and pumps it out to a drain.

Part of a refrigeration (or air conditioning) system that pressurizes refrigerant to cool it by changing it from a vapor to a liquid. On a refrigerator, the condenser is the coil on the outside of the unit; an air conditioner's condenser is usually outside the house.

A promise by a lender to make a loan if the borrower meets certain conditions.

A contract for the sale of property stating that the title will remain invested in the seller until the conditions of the contract have been fulfilled.

Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms, and recreational areas are owned by all the residents.

The change in title from a single owner of an entire project or building to multiple owners of individual units.

A metal pipe that houses electrical wiring

Any loan that meets the qualifications to be purchased by Fannie Mae or Freddie Mac. The current conforming loan limit is $252,700

A binding written agreement between two parties to have a judgment entered and recorded

A court-appointed guardian

Anything that is legal, has value, and induces a person to enter into a contract.

Funding arranged by an owner for the construction of a project.

Drawings and specifications from an architect that provide detailed requirements for the construction of a project

A short-term loan for home or building construction. The lender disburses the funds in stages

A construction loan that is converted to a longer-term traditional mortgage after construction has been completed.

A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.

A design that features streamlined shapes, large unadorned windows, and industrial materials.

Pieces of property that are adjoined

A condition specified in a purchase contract, such as a satisfactory home inspection.

A property listing with a special condition attached.

A fee that must be paid if a certain event occurs.

A simple, battery-powered tool that indicates whether an electrical circuit is complete or incomplete by lighting or buzzing when you touch its two probes to the wires.

An agreement between two or more parties that creates or modifies an existing relationship.

A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.

A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.

The individual who contracts for the construction of a home or project.

A voluntary obligation such as a mortgage or trust deed.

Any restrictions imposed on the amount or type of new development in an area.

A long-term loan a lender makes for the purchase of a home

The exchange of personal or real property of one character for another.

A mortgage which starts as an adjustable rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time

The transfer of title of property

A tax imposed on the transfer of real property.

A real estate broker who finds a buyer for a property listed by another broker

A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation

Any loan related to a cooperative residential project

A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.

A short block or bracket projecting from a wall and providing support for a horizontal member.

A reinforcement placed in the corner where two walls intersect.

The effect on the value of a property because it is situated on a corner or near a corner.

A horizontal molding that projects from the top of a structure or wall

An arrangement by which employers pay to transfer and move employees

Necessary or desired repairs to remedy problems uncovered by a home or specialized inspection.

A construction contract that determines the builder's profit based on a percentage of the cost of labor and materials

A small, one-story house

A hole drilled to recess the head of a screw.

A response to an offer.

Fee charged at closing to cover the delivery of documents between lenders, escrow companies, and other parties during a real estate transaction

A legal assurance or promise in a deed or other document, or implied by law.

Rules and regulations for a development, such as those pertaining to acceptable landscaping or improvements that can be made to individual units.

An architectural style that evolved as part of the Arts and Crafts movement near the turn of the century.

The space between the ground and the first floor of a home, usually no higher than four feet.

Innovative home-financing arrangements that help sell a property.

The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame

A record of an individual's current and past debt payments

Insurance that pays off a mortgage in the event of the borrower's death.

The degree of creditworthiness assigned to a person based on credit history and financial status

A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness.The three largest credit bureaus are Trans Union Corp., Equifax, and Experian (formerly TRW).

Large companies that gather financial and credit information from various sources about individuals who have applied for credit.

A nonprofit cooperative organization that provides banking and financial services such as mortgages, home improvement loans, and home equity loans to its members

An individual or institution to whom a debt is owed

Abbreviation of California Real Estate Inspection Association, a trade organization of home inspectors whose members must meet the group's education and performance requirements. Call (800) 388-8443 for list of CREIA-certified inspectors in your area.

The strengthening of a structure by bracing cross members between beams.

A piece of molding around the top of a room.

A designation on standard light switches and outlets that intended to be installed with copper wiring.

A street or alley that is closed at one end.

A dome-like structure that sits on top of a roof.

A deficiency in a property that is easy or inexpensive to fix, such as chipping paint.

The first impression of a house as seen from the street

The value of a home at the time of appraisal

An exterior wall that encloses a yard or other area but does not provide any structural support to a home.

A builder who constructs a home or building based on plans created by the owner

A structure designed by an architect hired by the owner

The familiar type of doorknob mechanism found on most interior (and some exterior) doors, designed to fit into a large hole bored through the face of a door's stile.

A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue

The period of time a property is listed for sale prior to being sold or taken off the market

A lock that requires a key to open from the outside and a turn button from the inside.

Any amount one person owes to another

The formal transfer of debt from one party to another, backed by a contract of assumption signed by both parties. Also known as assignment of debt.

A roofless, floored area that adjoins a house.

An amount of money supplied by the seller and held in escrow for the buyer, to be applied toward negotiated decorating changes.

The legal document that transfers ownership of a piece of property.

A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.

A drain used to dispose of water from the basement floor to a sewer line

The failure to fulfill a duty or discharge an obligation, such as making monthly mortgage payments

Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value

A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.

An analysis of soil to determine if the surface can support the foundation of a house.

Small rectangular blocks that project from a building, usually under cornices or along rooflines.

Money given by the buyer with an offer to purchase property. Also called earnest money.

The decline in value of a piece of property

A project in which the owner contracts directly with an individual or company to perform design and construction

Unlike architects, designers are limited to drawing blueprints

Images that are incorporated into house listings to give potential buyers a view of the property.

Plans which show the layout of a house but are less detailed than full blueprints.

Single pieces of lumber sawed to standard dimensions

A light switch that controls the brightness of one or more lights. Most allow a full range of control from full off to full on

To create a slight dent with a light blow of a hammer when driving a nail. This technique is typically used when hanging drywall to provide a tiny pocket for receiving drywall compound

An extension of the water supply line into a storage tank. This delivers water close to the heat source on the bottom of a water heater

An insurance policy that covers an individual's ability to produce income

A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

Fees that a borrower pays when the lender makes the loan, to get a lower interest rate. Lenders offer various rate/point combinations, and borrowers pay points to adjust the interest rate to the market rate. One point equals one percent of the loan amount

Property that is in poor physical or financial condition.

A list of documents a lender requires from a potential borrower submitting a loan application. The required documents range from paycheck stubs to credit card statements.

A fee charged by the settlement agent (escrow company or attorney) to ready the necessary paperwork for closing

A hemispherical ceiling that projects upward without support

A person's primary or permanent home

A window set upright in a sloping roof

A window that consists of two sashes that slide up and down.

Joints that lock two pieces of wood together with meshed teeth.

A length of wood that is round in profile and made of hardwood (round lengths of softwood are called rounds).

A short piece of a wooden dowel typically fitted into a counterbored hole to hide the head of a screw

The difference between purchase price and the portion of the purchase price financed by a lender. Most lenders require that the down payment come from the buyer's own funds, but may also allow gifts from relatives

A vertical gutter that empties water from the roof to the ground.

Also called a snake. A long, coiled-wire tool that you can unwind and push into a drain line to free a clog.

The round metal trim that fits into the hole at the bottom of a sink or bathtub. The stopper or pop-up fits into this flange to retain water in the sink or tub

A valve used to drain a water storage tank in order to perform maintenance or replacement.

A system of gutters and drainpipes that carry water away from the foundation of a house.

Part of a home's plumbing system that carries waste to the sewer or septic system. Most residential drainpipes are from 1? to 4 inches in diameter.

A payment made to subcontractors or suppliers from a construction loan.

Angled strips of metal flashing that are designed to protect the eaves from water damage. With an L-shaped profile, they tuck under the first course of shingles and extend down over the fascia.

A loop in the service conductor that minimizes the chance of water penetration

A flat ceiling built lower than the original ceiling

A fungal decay that causes wood to become brittle and crumble.

A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs

A relationship in which a real estate agent or broker represents both parties in a transaction.

An agent who represents both the buyer and the seller in a transaction. Some states require strict disclosure of this arrangement to consumers

A rigid metal or flexible insulated tube, designed to deliver air to and from a furnace or other air-handling unit.

system of large tubes, pipes, or channels (ducts) designed to deliver air to and from a furnace or other air-handling unit

Standard language in a mortgage which states that the loan must be paid when a house is sold.