HomesWEB Real Estate Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all

Word	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.

Member Login
Sign Up

Agents Add your Profile
List Your Home