Scott - The Real Estate Terms Pocketbook Dictionary: A Must For Real Estate Professionals

Robin Scott

Library Tales Publishing

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Copyright 2015 by Robin Scott. Published by Library Tales Publishing, Inc., New York, New York

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ToC

A

Abacus: The flat slab on top of a capital, supporting the architrave.

Abandonment: The action or fact of abandoning or being abandoned.

Abrasive Paper: Heavy paper coated on one side with sand or other Abrasive material and used for smoothing surfaces.

Abrasive Surface Tile: Floor tile roughened to avoid being slippery.

Absentee Landlord: A Landlord that lives outside the premises.

Absolute Title: the fact of owning land or property completely, without any possibility that someone else can prove they have a right to it:

Absorption Rate: the rate at which homes in a particular area are being sold .

Abutment: A structure made to hold an arch.

ABX Index: a synthetic tradable index referencing a basket of 20 subprime mortgage-backed securities.

AC Condenser: A condenser unit used in central air conditioning systems typically has a heat exchanger section to cool down and condense incoming refrigerant vapor into liquid.

AC Disconnect: The main source of power beside the A/C Condenser.

AC: The short form the word air conditioner or air conditioning.

Acceleration Clause: A contract provision that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met.

Accelerator: something which brings about acceleration, in particular: concrete, mortar, grout, or plaster hydration.

Acoustical Plaster: A substance which contains fibres or aggregate so that it absorbs sound .

ADA: An abbreviation for The Americans with Disabilities Act. a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public.

Addendum: A bid to clearly modify contract term or bid information.

AdjustableRate Mortgage (ARM): A loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets .

Adjustment Date: The date on which the interest rate changes in an adjustable rate mortgage .

Aerator The round screened screw on tip of a sink spout. It mixes water and air for a smooth flow.

Affidavit of Title: A written document specifying under oath that a seller is the actual possessor of the title of a property Agent. A person authorized by a principal to act on his or her own behalf.

Aggregate: A material or structure formed from a mass of fragments or particles loosely compacted together.

Air Rights: a type of development right in real estate, referring to the empty space above a property.

Air space: The spot that is in-between an insulation facing an interior of exterior wall coverings. Allowance: The amount put aside for extra items that are not included inside an original construction contract.

Alteration: A word used in describing a partial construction project or remodeling work.

Alternate Bid: An amount which may be added to or subtracted from the quoted price if alternate methods and materials are chosen .

Amenities: Improvement provided to tenants that lives in a building.

Amortization: The distribution of payment into multiple cash flow installments, as determined by an amortization schedule

Anchor bolts: bolt used to attach objects or structures to concrete

Annual Percentage Rate (APR): the interest rate for a whole year that is applicable for a loan, mortgage loan, credit card etc.

Application for Payment: A written document for payment.

Appraisal: A professional evaluation of a property by a specialist that is licensed.

Appraised Value: The fair markets value of a property, as a result the evaluation of the property.

Appreciation: An increase in the value of a property after it has been adjusted for capital improvements and partial sales .

Apron: A panel or board installed beneath the window sill.

Architect: a person who designs buildings and in many cases also supervises their construction.

Architectural Drawing: a technical drawing of a building (or building project) .

Area Wells: A barrier wall that is made of metal or concrete around a basement or cellar window.

Asbestos Abatement: A method by which asbestos is removed from a building.

Assessed Value: The amount of money that is on a property placed by a public tax assessor for purposes of taxation.

Assessment: A tax placed on an asset or a value that is on the worth of an asset.

Assessor: trained official that determines the fair market value of property.

Asset: Monetary value of items like bank accounts, stocks, real estate, personal property, etc.

Assignment: Change of mortgage ownership.

Assumable Mortgage: A mortgage that is assumable by the buyer after selling a property.

Assumption (Loan): Gives a buyer the permission to take over and take responsibility for an existing debt (mortgage) instead of getting a new one.

Astragal: A moulding or wooden strip of semicircular cross section.

Attic access: A space found directly below the pitched roof of a house or other building .

Attic Ventilators: a ventilation system which regulates the heat level of a buildings attic by exhausting hot air.

B

Backfill: refill (an excavated hole) with the material dug out of it.

Backflow: The unintentional flow of water into the supply pipes of a plumbing system.

Backing Frame: This a lumber set-up in-between the wall studs to provide extra support for handrail brackets, cabinets, and towel bars. This method allows items to be screwed and installed into solid wood instead of a dry wall that is weak, which may let items fixed into this wall to fall from the wall

Backing, Carpet: The portion of a carpet facing the floor.

Backing: Frame used for Support of lumbers mounted in-between wall.

Backout: Work carried out by a framing contractor used to prepare for a Rough Frame Inspection.

Backup Block: Concrete block used as a non-exposed structural wall and backs a finished surface used in providing a wall system.

Backup Offer: Purchase contract by real estate that becomes active if the present contract cannot close.