HomesWEB, Real Estate Glossary and Mortgage Terms, Consumer Resources

Word (2608)	Definition
A measure of the electrical requirement of an appl	An abbreviation for water closet (toilet).
A-frame design	An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
A/C	An abbreviation for air conditioner or air conditioning.
A/C Circuit	(Alternating Current) The flow of current through a conductor first in one direction then in reverse. It is used exclusively in residential and commercial wiring because it provides greater flexibility in voltage selection and simplicity of equipment design
A/C Condenser	The outside fan unit of the Air Conditioning system. It removes the heat from the freon gas and "turns" the gas back into a liquid and pumps the liquid back to the coil in the furnace.
A/C Disconnect	The main electrical ON-OFF switch near the A/C Condenser.
AAMA	Architectural Aluminum Manufacturer’s Association.
Above-Grade	The portion of a building that is above ground level.
Abstract of judgment, law	The summary of a court judgment that creates a lien against a property when filed with the county recorder.
Abstract of judgment, law	The summary of a court judgment that creates a lien against a property when filed with the county recorder.
Accelerated cost recovery system	A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
Accelerated cost recovery system	A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
Accelerated depreciation	A bookkeeping method that depreciates property faster in the early years of ownership.
Accelerated depreciation	A bookkeeping method that depreciates property faster in the early years of ownership.
Acceleration Clause	A clause contained in a note & trust deed which gives the beneficiary or payee the right to declare the entire payment of any balance due upon an event such as a sale or transfer of title to Real Property.
Acceleration Clause	A clause contained in a note & trust deed which gives the beneficiary or payee the right to declare the entire payment of any balance due upon an event such as a sale or transfer of title to Real Property.
Accelerator	Any material added to stucco, plaster or mortar which speeds up the natural set
Acceptance	The seller's written approval of a buyer's offer.
Acceptance	The seller's written approval of a buyer's offer.
Access	Any means by which a person can enter property.
Accessibility	The degree to which a building or site allows access to people with disabilities.
Accommodation Recording	The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity.
Accommodation Recording	The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity.
Accretion	The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
Accretion	The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
Acknowledgment	A written declaration affirming that a person acted voluntarily.
Acre	A measurement of land equal to 43,560 square feet.
Acre	43,500 square feet
Acre foot	The volume of material needed to cover an acre of land one foot deep.
Active solar system	A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
Active solar system	A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
Actual age	The number of years a structure has been standing.
Actual age	The number of years a structure has been standing.
Add-on interest	The interest a borrower pays on the principal for the duration of the loan.
Add-on interest	The interest a borrower pays on the principal for the duration of the loan.
Addendum	An addition or change to a contract.
Addendum	An addition or change to a contract.
Additional principal payment	Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
Additional principal payment	Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
Adhesion	The property of a coating or sealant to bond to the surface to which it is applied.
Adhesive Failure	Loss of bond of a coating or sealant from the surface to which it is applied.
Adjustable Rate Mortgage (arm)	Also regarded as a Variable Rate Mortgage. A Mortgage with an interest rate that may be adjusted up or down, depending on its terms, conditions or specific index.
Adjustable Rate Mortgage (arm)	Also regarded as a Variable Rate Mortgage. A Mortgage with an interest rate that may be adjusted up or down, depending on its terms, conditions or specific index.
Adjusted cost basis	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.
Adjusted cost basis	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.
Adjustment period	The amount of time between interest rate adjustments in an adjustable-rate mortgage.
Adjustment period	The amount of time between interest rate adjustments in an adjustable-rate mortgage.
Administrator	A person given authority to manage and distribute the estate of someone who died without leaving a will.
Administrator	A person given authority to manage and distribute the estate of someone who died without leaving a will.
Administrator's deed	A legal document that an administrator of an estate uses to transfer property.
Administrator's deed	A legal document that an administrator of an estate uses to transfer property.
Adverse possession	The acquisition of title to property through possession without the owner's consent for a certain period of time.
Adverse use	The access and use of property without the owner's consent.
Adverse use	The access and use of property without the owner's consent.
Aeolian soil	Soil that is composed of materials deposited by the wind.
Aeolian soil	Soil that is composed of materials deposited by the wind.
Aerator	The round screened screw-on tip of a sink spout. It mixes water and air for a smooth flow.
Affiant	A person who makes a sworn statement.
Affiant	A person who makes a sworn statement.
Affirmation	A substitution for an oath granted to people based on religious reasons.
Affirmation	A substitution for an oath granted to people based on religious reasons.
Agency	A relationship that can be created by one or more persons in which one is authorized to act for another. In a Real Estate listing or sales transaction, a disclosure of Agency Relationships lawfully must be signed by all parties.
Agency	A relationship that can be created by one or more persons in which one is authorized to act for another. In a Real Estate listing or sales transaction, a disclosure of Agency Relationships lawfully must be signed by all parties.
Agency closing	The process by which a lender uses a title company or other firm as an agent to complete a loan.
Agency closing	The process by which a lender uses a title company or other firm as an agent to complete a loan.
Agent	A person licensed by the state to conduct real estate transactions.
Agent	A person licensed by the state to conduct real estate transactions.
Aggregate	A mixture of sand and stone and a major component of concrete
Agreed boundary	A compromise boundary to which property owners agree in order to resolve a dispute.
Agreement of sale	A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Agreement of sale	A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Air Filters	Adhesive filters made of metal or various fibers that are coated with adhesive liquid to which the particles of lint and dust adhere. These filters will remove as much as 90% of the dirt if they do not become clogged. The more common filters are of the throwaway or disposable type
Air Infiltration	The amount of air leaking in and out of a building through cracks in walls, windows and doors
Air space	The area between insulation facing and interior of exterior wall coverings. Normally a 1" air gap
Alcove	A recessed section of a room, such as a breakfast nook.
Alienation clause	A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
Alienation clause	A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
Alkali	Mineral salt found in soil.
Alkaline soil	Soil that contains a higher concentration of mineral salt than natural acid.
Alley	A lane behind a row of buildings or between two rows of buildings.
Alligatoring	A condition of paint or aged asphalt brought about by the loss of volatile oils and the oxidation caused by solar radiation. "Alligatoring" produces a pattern of cracks resembling an alligator hide and is ultimately the result of the limited tolerance of paint or asphalt to thermal expansion or contraction
Allowance(s)	A sum of money set aside in the construction contract for items which have not been selected and specified in the construction contract. For example, selection of tile as a flooring may require an allowance for an underlayment material, or an electrical allowance which sets aside an amount of money to be spent on electrical fixtures
Allowances	Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
Allowances	Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
Alternative mortgage	Any home loan that does not conform to a standard fixed-rate mortgage.
Alternative mortgage	Any home loan that does not conform to a standard fixed-rate mortgage.
Aluminum siding	A metal covering that provides an alternative to paint for owners of wood homes.
Aluminum Wire	Conductors made of aluminum for carrying electricity. Aluminum generally is limited to the larger wire sizes. Due to its lower conductivity, aluminum wire smaller than No. 12 is not made. Aluminum is lighter and less expensive than copper but not as good a conductor. It also breaks easily
Aluminum-clad windows	Wooden windows with aluminum covering the exterior.
Amendment	An instrument containing any changes or modifications which the parties agree, after the initial escrow instructions have been executed by the parties.
Amendment	An instrument containing any changes or modifications which the parties agree, after the initial escrow instructions have been executed by the parties.
Amenities	Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
Amenities	Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
American Society of Home Inspectors	The American Society of Home Inspectors is a professional association of independent home inspectors.
American Society of Home Inspectors	The American Society of Home Inspectors is a professional association of independent home inspectors.
Americans with Disabilities Act	A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.
Ammeter	Device to measure the current flowing in a circuit
Amortization	Provision for the payment of a debt as to both principal and interest is paid in equal installments over a period of time.
Amortization	Provision for the payment of a debt as to both principal and interest is paid in equal installments over a period of time.
Amortization tables	Mathematical tables that lenders use to calculate a borrower's monthly payment.
Amortization tables	Mathematical tables that lenders use to calculate a borrower's monthly payment.
Amperage	The strength of an electrical current.
AMPS (Ampheres)	The rate at which electricity flows through a conductor
Anchor bolt	A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
Anchor bolts	Bolts to secure a wooden sill plate to concrete, or masonry floor or wall.
Angle Iron	A piece of iron that forms a right angle and is used to span openings and support masonry at the openings. In brick veneer, they are used to secure the veneer to the foundation. Also known as shelf angle.
Annealing	– In the manufacturing of float glass, it is the process of controlled cooling done in a lehr to prevent residual stresses in the glass. Re-annealing is the process of removing objectionable stresses in glass by re-heating to a suitable temperature followed by controlled cooling.
Annual	Any kind of plant that must be planted every year.
Annual	Any kind of plant that must be planted every year.
Annual mortgagor statement	A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
Annual mortgagor statement	A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
Annual Percentage Rate (APR)	The finance charges for a loan, including points and other loan fees, that are charged in addition to interest on the loan.
Annual Percentage Rate (APR)	The finance charges for a loan, including points and other loan fees, that are charged in addition to interest on the loan.
Annuity	The payment of a fixed sum to an investor at regular intervals.
Annuity	The payment of a fixed sum to an investor at regular intervals.
Anti-Walk Blocks	Elastomeric blocks that limit lateral glass movement in the glazing channel which may result from thermal, seismic, wind load effects, building movement, and other forces that may apply.
Anticipatory breach	A communication that informs a party that the obligations of the original contract will not be fulfilled.
Anticipatory breach	A communication that informs a party that the obligations of the original contract will not be fulfilled.
Application	A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
Application	A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
Application fee	The fee that a lender charges to process a loan application.
Application fee	The fee that a lender charges to process a loan application.
Appraisal	An opinion of fair market value of both land and improvements on it. This is not to be confused with a Comparative Market Evaluation which an Agent may make.
Appraisal	An opinion of fair market value of both land and improvements on it. This is not to be confused with a Comparative Market Evaluation which an Agent may make.
Appraisal	An expert evaluation of property
Appraisal fee	The fee that an appraiser charges to estimate the market value of the property.
Appraisal fee	The fee that an appraiser charges to estimate the market value of the property.
Appraisal report	A detailed written report on the value of a property based on recent sales of comparable sites in the area.
Appraisal report	A detailed written report on the value of a property based on recent sales of comparable sites in the area.
Appraised value	An opinion of the current market value of a property.
Appraised value	An opinion of the current market value of a property.
Appreciation	An increase in the value of a home or other property..
Appreciation	An increase in the value of a home or other property..
Appurtenance	Anything belonging to or incidental to land and considered part of Real Property.
Appurtenance	Anything belonging to or incidental to land and considered part of Real Property.
Aproach	The area between the sidewalk and the street that leads to a driveway or the transition from the street as you approach a driveway
Apron	A trim board that is installed beneath a window sill
Arbitration	A method of resolving a dispute in which a third party renders a decision.
Arbitration	A method of resolving a dispute in which a third party renders a decision.
Arbor	An area shaded by trees, shrubs or vines on a latticework structure.
Arch	A curved structure that supports weight over an area, such as a doorway.
Architect	A licensed professional who designs homes, buildings and other structures.
Architect	One who has completed a course of study in building and design, and is licensed by the state as an architect. One who draws up plans.
Architects Rule (ruler)	Three sided ruler with different scales on each side. Also referred to as a "scale."
Architectural fees	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.
Area wells	Corrugated metal or concrete barrier walls installed around a basement window to hold back the earth
Arpent	A French measurement of land equal to .84625 acres.
As-is condition	The purchase or sale of a property in its existing condition.
As-is condition	The purchase or sale of a property in its existing condition.
Asbestos	A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
Asking price	A seller's initial price for a property.
Asking price	A seller's initial price for a property.
Asphalt	A dark brown to black, highly viscous, hydrocarbon produced from the residue left after the distillation of petroleum. Asphalt is used on roofs and highways as a waterproofing agent
Assessed Value	The value of property for taxation purposes.
Assessed Value	The value of property for taxation purposes.
Assessment	The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
Assessment	The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
Assessment	A tax levied on a property, or a value placed on the worth of a property.
Assessment rolls	A list of taxable property compiled by the assessor.
Assessment rolls	A list of taxable property compiled by the assessor.
Assessments	Special or local levies upon property in the immediate vicinity of an improvement. Assessments can be imposed by governmental entities such as flood control districts, street lighting or air pollution districts which serve the area.
Assessments	Special or local levies upon property in the immediate vicinity of an improvement. Assessments can be imposed by governmental entities such as flood control districts, street lighting or air pollution districts which serve the area.
Assets	Items of value which include cash, real estate, securities and investments.
Assets	Items of value which include cash, real estate, securities and investments.
Assignment	The transfer, in writing, of a person’s interest to another person of an asset, such as an assignment of stock, a deed of trust or a lease.
Assignment	The transfer, in writing, of a person’s interest to another person of an asset, such as an assignment of stock, a deed of trust or a lease.
Assignor	A person who transfers rights and interests of a property.
Assignor	A person who transfers rights and interests of a property.
Assumable mortgage	A mortgage that can be transferred to another borrower.
Assumable mortgage	A mortgage that can be transferred to another borrower.
Assumption (of a mortgage or deed of trust)	An agreement by one party to another to pay an obligation previously owed by another. For example, the assumption of an existing trust deed loan by a new owner may occur when a property is sold.
Assumption (of a mortgage or deed of trust)	An agreement by one party to another to pay an obligation previously owed by another. For example, the assumption of an existing trust deed loan by a new owner may occur when a property is sold.
Assumption clause	A provision that allows a buyer to take responsibility for the mortgage from a seller.
Assumption clause	A provision that allows a buyer to take responsibility for the mortgage from a seller.
Assumption fee	The charge imposed by the existing lender when a buyer assumes the seller’s existing loan.
Assumption fee	The charge imposed by the existing lender when a buyer assumes the seller’s existing loan.
Astragal	A molding, attached to one of a pair of swinging double doors, against which the other door strikes
Attic access	An opening that is placed in the drywalled ceiling of a home providing access to the attic
Attic Ventilators	In houses, screened openings provided to ventilate an attic space.
Attorney-in-fact	An agent authorized to act for another (see power of attorney)
Attorney-in-fact	An agent authorized to act for another (see power of attorney)
Average price	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.
Average price	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.
Avigation easement	An easement over private property near an airport that limits the height of structures and trees.
Awning windows	Single-sash windows that tilt outward and up.
Back Charge	Billings for work performed or costs incurred by one party that, in accordance with the agreement, should have been performed or incurred by the party to whom billed. Owners bill back charges to general contractors, and general contractors bill back charges to subcontractors. Examples of back charges include charges for cleanup work or to repair something damaged by another subcontractor, such as a tub chip or broken window.
Back fill	Soil used to solidify the foundation of a structure.
Back Nailing	The practice of nailing roofing felts to the deck under the overlap, in addition to hot mopping, to prevent slippage of felts
Back title letter	A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
Back-to-back escrow	Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
Back-to-back escrow	Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
Backer Rod	In glazing, a polyethylene or polyurethane foam material installed under compression and used to control sealant joint depth, provide a surface for sealant tooling, serve as a bond breaker to prevent three-sided adhesion, and provide an hour-glass contour of the finished bead
Backfill	The replacement of excavated earth into a trench around or against a basement /crawl space foundation wall
Backflow	The flow of liquids through irrigation into the pipes of a potable or drinking water supply from any source which is opposite to the intended direction of flow.
Backflow Preventer	A device or means to prevent backflow into the potable water supply.
Backhoe	Self powered excavation equipment that digs by pulling a boom mounted bucket towards itself. It is used to dig basements and/or footings and to install drainage or sewer systems
Backing	- Frame lumber installed between the wall studs to give additional support for drywall or an interior trim related item, such as handrail brackets, cabinets, and towel bars. In this way, items are screwed and mounted into solid wood rather than weak drywall that may allow the item to break loose from the wall. Carpet backing holds the pile fabric in place
Backout	Work the framing contractor does after the mechanical subcontractors (Heating-Plumbing-Electrical) finish their phase of work at the Rough (before insulation) stage to get the home ready for a municipal frame inspection. Generally, the framing contractor repairs anything disturbed by others and completes all framing necessary to pass a Rough Frame Inspection.
Backup offer	A secondary bid for a property that the seller will accept if the first offer fails.
Backup offer	A secondary bid for a property that the seller will accept if the first offer fails.
Backwater valve	A valve in a sewer line that prevents sewage from flowing back into a house.
Balance sheet	A statement that shows the assets, liabilities and net worth of an individual.
Balance sheet	A statement that shows the assets, liabilities and net worth of an individual.
Ballast	A transformer that steps up the voltage in a florescent lamp.
Balloon framed wall	Framed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.
Balloon loan	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.
Balloon loan	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.
Balloon Payment	A final installment payment in most cases much larger than the preceding payments on a promissory note.
Balloon Payment	A final installment payment in most cases much larger than the preceding payments on a promissory note.
Balloon-frame construction	A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
Balloon-frame construction	A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
Balusters	Vertical members in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as 'pickets' or 'spindles'.
Balustrade	Railing held up by a set of posts on a porch or stairway.
Balustrade	The rail, posts and vertical balusters along the edge of a stairway or elevated walkway.
Bankruptcy	A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
Bankruptcy	A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
Bargain sale	The sale of a piece of property for less than market value.
Bargain sale	The sale of a piece of property for less than market value.
Barge	Horizontal beam rafter that supports shorter rafters
Barge board	A decorative board covering the projecting rafter (fly rafter) of the gable end. At the cornice, this member is a fascia board
Barometer	Instrument for measuring atmospheric pressure
Barrel Roof	A roof design which in cross section is arched.
Base or baseboard	A trim board placed against the wall around the room next to the floor.
Base shoe	Molding used next to the floor on interior base board. Sometimes called a carpet strip.
Baseboard	Any board or molding found at the bottom of an interior wall.
Baseboard electric heat	Heating units installed in the floor that can be controlled by a central thermostat.
Basement	The area of a home below ground level.
Basement window inserts	The window frame and glass unit that is installed in the window buck
Basis Point	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.
Basis Point	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.
Bat	A half-brick
Batt	A section of fiber-glass or rock-wool insulation measuring 15 or 23 inches wide by four to eight feet long and various thickness'. Sometimes "faced" (meaning to have a paper covering on one side) or "unfaced" (without paper).
Bay	The opening between two columns or walls that forms a space.
Bay window	A window that projects outward in a curve.
Bay window	Any window space projecting outward from the walls of a building, either square or polygonal in plan.
Bead	In glazing, an applied sealant in a joint irrespective of the method of application, such as caulking bead, glazing bead, etc. Also a molding or stop used to hold glass or panels in position.
Beam	A structural member transversely supporting a load. A structural member carrying building loads (weight) from one support to another. Sometimes called a "girder".
Bearing header	(a) A beam placed perpendicular to joists and to which joists are nailed in framing for a chimney, stairway, or other opening. (b) A wood lintel. (c) The horizontal structural member over an opening (for example over a door or window).
Bearing partition	A partition that supports any vertical load in addition to its own weight.
Bearing point	A point where a bearing or structural weight is concentrated and transferred to the foundation
Bearing wall	A wall that supports its own weight in addition to other parts of a structure.
Bearing wall	A wall that supports any vertical load in addition to its own weight
Bedrock	A subsurface layer of earth that is suitable to support a structure
Before-tax income	Total income before taxes are deducted.
Before-tax income	Total income before taxes are deducted.
Below-Grade	The portion of a building that is below ground level
Beneficiary	In a deed of trust the lender is designated as the beneficiary. He obtains the benefit of the security.
Beneficiary	In a deed of trust the lender is designated as the beneficiary. He obtains the benefit of the security.
Beneficiary Statement	The statement or report from the lender setting forth the terms and conditions of the loan already of record, such as amounts still owed, interest rate, monthly payment, etc.
Beneficiary Statement	The statement or report from the lender setting forth the terms and conditions of the loan already of record, such as amounts still owed, interest rate, monthly payment, etc.
Beneficiary’s Demand	The payment required by the beneficiary under the note or deed of trust before authorizing a reconveyance, the lien on title to property created by a deed of trust.
Beneficiary’s Demand	The payment required by the beneficiary under the note or deed of trust before authorizing a reconveyance, the lien on title to property created by a deed of trust.
Bent Glass	Flat glass that has been shaped while hot into curved shapes
Bequest	Personal property given to a person through a will.
Bequest	Personal property given to a person through a will.
Betterment	An improvement that increases a property's value as opposed to repairs that maintain the value.
Betterment	An improvement that increases a property's value as opposed to repairs that maintain the value.
Bevel	(of a door) is the angle of the front edge of a door usually from 1/8" to 2".
Bid	A formal offer by a contractor, in accordance with specifications for a project, to do all or a phase of the work at a certain price in accordance with the terms and conditions stated in the offer
Bid bond	A bond issued by a surety on behalf of a contractor that provides assurance to the recipient of the contractor's bid that, if the bid is accepted, the contractor will execute a contract and provide a performance bond. Under the bond, the surety is obligated to pay the recipient of the bid the difference between the contractor's bid and the bid of the next lowest responsible bidder if the bid is accepted and the contractor fails to execute a contract or to provide a performance bond.
Bid security	Funds or a bid bond submitted with a bid as a guarantee to the recipient of the bid that the contractor, if awarded the contract, will execute the contract in accordance with the bidding requirements of the contract documents
Bid shopping	A practice by which contractors, both before and after their bids are submitted, attempt to obtain prices from potential subcontractors and material suppliers that are lower than the contractors' original estimates on which their bids are based, or after a contract is awarded, seek to induce subcontractors to reduce the subcontract price included in the bid.
Bidding requirements	The procedures and conditions for the submission of bids. The requirements are included ion documents, such as the notice to bidders, advertisements for bids, instructions to bidders, invitations to bid, and sample bid forms.
Bidding war	Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
Bidding war	Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
Bifold door	Doors that are hinged in the middle for opening in a smaller area than standard swing doors. Often used for closet doors.
Bilateral contract	A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
Bilateral contract	A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
Bill of sale	A document that attests to the transfer of or transfer of ownership of personal property.
Bill of sale	A document that attests to the transfer of or transfer of ownership of personal property.
Binder	A memorandum of agreement to issue insurance giving temporary coverage until a formal policy is issued.
Binder	A memorandum of agreement to issue insurance giving temporary coverage until a formal policy is issued.
Binder	A receipt for a deposit to secure the right to purchase a home at an agreed terms by a buyer and seller
Bipass doors	- Doors that slide by each other and commonly used as closet doors
Biweekly mortgage	A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
Biweekly mortgage	A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
Blanket insurance policy	A policy that covers more than one person or piece of property.
Blanket insurance policy	A policy that covers more than one person or piece of property.
Blanket mortgage	A mortgage that covers more than one property owned by the same borrower.
Blanket mortgage	A mortgage that covers more than one property owned by the same borrower.
Blankets	Fiber-glass or rock-wool insulation that comes in long rolls 15 or 23 inches wide.
Bleeding	A migration of a liquid to the surface of a component or into/onto an adjacent material.
Blighted area	A neighborhood that has deteriorated.
Blighted area	A neighborhood that has deteriorated.
Blind nailing	Nails driven into a wall and concealed with putty.
Blister	An enclosed raised spot evident on the surface of a building. They are mainly caused by the expansion of trapped air, water vapor, moisture or other gases.
Block out	To install a box or barrier within a foundation wall to prevent the concrete from entering an area. For example, foundation walls are sometimes "blocked" in order for mechanical pipes to pass through the wall, to install a crawl space door, and to depress the concrete at a garage door location.
Blocked (door blocking)	Wood shims used between the door frame and the vertical structural wall framing members.
Blocked (rafters)	Short "2 by 4's" used to keep rafters from twisting, and installed at the ends and at mid-span.
Blocking	Small wood pieces to brace framing members or to provide a nailing base for gypsum board or paneling
Blow insulation	Fiber insulation in loose form and used to insulate attics and existing walls where framing members are not exposed
Blow insulation	Fiber insulation in loose form and used to insulate attics and existing walls where framing members are not exposed.
Blue print(s)	A type of copying method often used for architectural drawings. Usually used to describe the drawing of a structure which is prepared by an architect or designer for the purpose of design and planning, estimating, securing permits and actual construction.
Blue sky laws	Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
Blue sky laws	Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
Blue stake	Another phrase for Utility Notification. This is when a utility company (telephone, gas, electric, cable TV, sewer and water, etc) comes to the job site and locates and spray paints the ground and/or installs little flags to show where their service is located underground.
Blue-ribbon condition	A house maintained close to its original condition. Also called mint condition.
Board foot	Measurement of lumber that is the equivalent of 144 cubic inches.
Board foot	A unit of measure for lumber equal to 1 inch thick by 12 inches wide by 12 inches long. Examples: 1" x 12" x 16' = 16 board feet, 2" x 12" x 16' = 32 board feet
Board of Equalization	A state board charged with ensuring that local property taxes are assessed in a uniform manner.
Board of Equalization	A state board charged with ensuring that local property taxes are assessed in a uniform manner.
Board-and-batten siding	Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
Boilerplate	Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
Boilerplate	Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
Bona fide	A legal term that refers to actions or persons that are honest and in good faith.
Bona fide	A legal term that refers to actions or persons that are honest and in good faith.
Bond	An agreement that insures one party against loss by acts or defaults of another party.
Bond	An agreement that insures one party against loss by acts or defaults of another party.
Bond or bonding	An amount of money (usually $5,000-$10,000) which must be on deposit with a governmental agency in order to secure a contractor's license. The bond may be used to pay for the unpaid bills or disputed work of the contractor. Not to be confused with a 'performance bond'. Such bonds are rarely used in residential construction, they are an insurance policy which guarantees proper completion of a project.
Book value	The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
Book value	The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
Boom	A truck used to hoist heavy material up and into place. To put trusses on a home or to set a heavy beam into place
Boring test	An analysis of soil in which holes are bored into the ground and samples are removed.
Borough	A section of a city that has authority over local matters.
Borough	A section of a city that has authority over local matters.
Borrow	Sand, gravel or other material used for grading.
Borrow pit	The hole at a site that has been excavated.
Bottom chord	The lower or bottom horizontal member of a truss.
Bottom plate	The "2 by 4's or 6's" that lay on the subfloor upon which the vertical studs are installed. Also called the 'sole plate'.
Boulevard	A street lined with trees or constructed with a landscaped median.
Boulevard	A street lined with trees or constructed with a landscaped median.
Boundary	The dividing line between two adjacent properties.
Boundary	The dividing line between two adjacent properties.
Brace	An inclined piece of framing lumber applied to wall or floor to strengthen the structure. Often used on walls as temporary bracing until framing has been completed.
Braced framing	A construction method in two-story homes in which the frame is reinforced with posts and braces.
Brake Metal	Sheet metal that has been bent to the desired configuration.
Breach of contract	The failure to perform provisions of a contract without a legal excuse.
Breach of contract	The failure to perform provisions of a contract without a legal excuse.
Breach of covenant	The failure to obey a legal agreement.
Breach of covenant	The failure to obey a legal agreement.
Breach of warranty	A seller's inability to pass clear title to a buyer.
Breach of warranty	A seller's inability to pass clear title to a buyer.
Break-even point	The point in which the owner's rental income matches expenses and debt.
Breaker panel	The electrical box that distributes electric power entering the home to each branch circuit (each plug and switch) and composed of circuit breakers.
Breast height	The height at which the diameter of a tree is measured: four feet, six inches above the ground.
Breezeway	A roofed passageway with open sides.
Breezeway	A roofed passageway with open sides.
Brick	Building material made from clay molded into oblong blocks and fired in a kiln.
Brick ledge	Part of the foundation wall where brick (veneer) will rest
Brick lintel	The metal angle iron that brick rests on, especially above a window, door, or other opening.
Brick mold	Trim used around an exterior door jamb that siding butts to
Brick tie	A small, corrugated metal strip @ 1" X 6"- 8" long nailed to wall sheeting or studs. They are inserted into the grout mortar joint of the veneer brick, and holds the veneer wall to the sheeted wall behind it.
Brick veneer	A vertical facing of brick laid against and fastened to sheathing of a framed wall or tile wall construction
Bridge loan	A short-term loan for borrowers who need more time to find permanent financing.
Bridge loan	A short-term loan for borrowers who need more time to find permanent financing.
Bridging	Small wood or metal members that are inserted in a diagonal position between the floor joists or rafters at mid-span for the purpose of bracing the joists/rafters & spreading the load.
Broker	A person licensed by the state to deal in real estate.
Broker	A person licensed by the state to deal in real estate.
Brokerage	The act of bringing together two or more parties in exchange for a fee or commission.
Brokerage	The act of bringing together two or more parties in exchange for a fee or commission.
Broom clean	The ideal condition of a building when it is turned over to an owner or tenant.
Broom clean	The ideal condition of a building when it is turned over to an owner or tenant.
Brownstone	A vintage row house constructed of red sandstone.
BTU	British Thermal Unit - The amount of heat energy required to raise the temperature of one pound of water through a change of one degree F.
Bubbling	In glazing, open or closed pockets in a sealant caused by release, production or expansion of gasses
Buck	Often used in reference to rough frame opening members. Door bucks used in reference to metal door frame. See Window Bucks
Buffer strip	A parcel of land that separates two or more properties.
Builder upgrades	Extra house features or better finishing materials that a builder offers.
Builder upgrades	Extra house features or better finishing materials that a builder offers.
Builder's Risk Insurance	Insurance coverage on a construction project during construction, including extended coverage that may be added for the contract for the customer's protections.
Building and loan association	An organization that raises money to helps its members purchase real estate or construct a building.
Building and loan association	An organization that raises money to helps its members purchase real estate or construct a building.
Building code	A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Building code	A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Building codes	Community ordinances governing the manner in which a home may be constructed or modified
Building inspector	A city or county employee who enforces the building code and ensures that work is correctly performed.
Building inspector	A city or county employee who enforces the building code and ensures that work is correctly performed.
Building insurance	Insurance covering the structure of the building.
Building line or setback	Guidelines that limit how close an owner can build to the street or an adjacent property.
Building line or setback	Guidelines that limit how close an owner can build to the street or an adjacent property.
Building moratorium	A halt on home construction to slow the rate of development.
Building moratorium	A halt on home construction to slow the rate of development.
Building paper	A thick, water-resistant paper that serves as insulation.
Building paper	A general term for papers, felts, and similar sheet materials used in buildings without reference to their properties or uses. Generally comes in long rolls.
Building permit	A permit issued by a local government agency that allows the construction of home or renovation of a house.
Building permit	A permit issued by a local government agency that allows the construction of home or renovation of a house.
Building Permit	Written authorization from the city, county or other governing regulatory body giving permission to construct or renovate a building. A building permit is specific to the building project described in the application.
Building restrictions	Regulations that limit the manner in which property can be used.
Building restrictions	Regulations that limit the manner in which property can be used.
Built-ins	Appliances or other items that are framed into a home or permanently attached.
Built-up roof	A roofing composed of three to five layers of asphalt felt laminated with coal tar, pitch, or asphalt. The top is finished with crushed slag or gravel. Generally used on flat or low-pitched roofs.
Bulkhead	A retaining wall designed to hold back water from the ocean or another body of water.
Bull nose (drywall)	Rounded drywall corners
Bundle	A package of shingles. Normally, there are 3 bundles per square and 27 shingles per bundle.
Bundle of rights	The various interests or rights an owner has in a property.
Bundle of rights	The various interests or rights an owner has in a property.
Bungalow	A small one-story house or cottage.
Bungalow	A small one-story house or cottage.
Butt edge	The lower edge of the shingle tabs.
Butt Glazing	The installation of glass products where the vertical glass edges are without structural supporting mullions.
Butt hinge	The most common type. One leaf attaches to the door's edge, the other to its jamb.
Butt joint	The junction where the ends of two timbers meet, and also where sheets of drywall meet on the 4 foot edge. To place materials end-to-end or end-to-edge without overlapping.
Butterfly roof	A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
Buy down	A subsidy (usually paid by a builder or developer) to reduce monthly payments on a mortgage.
Buy-down mortgage	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.
Buy-down mortgage	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.
Buyer broker	A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
Buyer broker	A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
Buyer's market	A slow real estate market in which buyers have the advantage.
Buyer's market	A slow real estate market in which buyers have the advantage.
Buyer's remorse	An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
Buyer's remorse