10/1 ARMAn adjustable-rate mortgage, also known as an ARM, allows the homebuyer to keep the same interest rate for a certain amount of time.
2/28 Adjustable-Rate MortgageA 2/28 adjustable-rate mortgage (ARM) is a loan product that combines a short fixed rate period with a much longer adjustable term.
3/1 Adjustable-Rate MortgageA 3/1 adjustable-rate mortgage (ARM) is a 30-year mortgage product that carries a fixed interest rate for the first three years and a(...)
3/27 Adjustable-Rate MortgageA 3/27 adjustable-rate mortgage is a 30-year loan product that has a fixed introductory rate for the first three years.
4 Point InspectionFour (4) point inspections are the tools that insurance underwriters and insurance companies use to determine risk. As you might have(...)
40-Year Fixed-Rate MortgageA 40-year, fixed-rate mortgage is a loan product that permits the homebuyer to buy a home and make fixed, equal monthly payments over(...)
401(k) planA 401(k) plan is an employer-sponsored savings account specifically for retirement savings.
403(b) PlanA 403(b) plan is similar to a 401(k) plan. It is designed to help people who work for nonprofits or public organizations to save for(...)
5/1 ARMA 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an(...)
529 Plan529 plan is a tax-advantaged savings plan that allows you to pay for education expenses.
7/1 ARMA 7/1 ARM is an adjustable-rate mortgage that carries a fixed interest rate for the first seven years of its term, along with fixed(...)
80/10/10 LoanAn 80/10/10 loan is a mortgage product that combines a first mortgage, a home equity loan (also referred to as a second mortgage), and(...)
Abstract of TitleAn abstract of title is the written history of a piece of land to document all transactions associated with that land from the time(...)
Active SolarActive solar systems are those which collect solar radiation and convert it in the form of heat to water, air, or some other fluid.(...)
Actual Cash ValueActual cash value, commonly known by the acronym ACV, and also referred to as market value, is a term used in the insurance industry(...)
Ad Valorem TaxAn ad valorem tax is a form of taxation based on the value of a transaction or a property, either real estate or personal property. It(...)
AddendumAn addendum is a change to an existing contract. After signing a valid legal contract, parties use addenda to alter the terms of the(...)
AdemptionAdemption occurs when property gifted in a will is not in the estate’s possession at the time of the testator’s death. This occurs(...)
Adjustable-Rate MortgageAn adjustable-rate mortgage, or ARM, is a mortgage with an interest rate that can be increased or decreased from time to time,(...)
Adjusted BasisAdjusted basis refers to how much you lose or gain when you sell property. Before you can determine your profit or loss from the sale(...)
Administrator's DeedA document that transfers real estate from an intestate person (a person who dies without having a will) to his or her heirs. This(...)
Aerobic Septicis a small scale sewage treatment system similar to a septic tank system, but which uses an aerobic process for digestion rather than(...)
AES 256-bit EncryptionThe first and only publicly accessible cipher approved by the US National Security Agency (NSA) for protecting top secret information(...)
Agreement of SaleAn agreement of sale is a legal document that outlines the terms of a real estate transaction. It lists the price and other details of(...)
AI - Artificial IntelligenceIntelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans.
Air/Development RightsUnused rights that allow developers to make changes to their property within the limitations imposed by state or local law. An example(...)
AlgorithmA process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.
Alternative MortgageAn alternative mortgage is a home loan with terms that differ from conventional, fixed-rate mortgages and may come with higher(...)
AmortizationAmortization is the process of paying off debt with regular payments made over time. The fixed payments cover both the principal and(...)
Amortization TableWhether you are buying a new car, funding your education or buying property, it’s essential to understand the terms of your loan.(...)
Annual Percentage Rate (APR)Annual percentage rate, or APR, is a way of measuring the full cost a lender charges per year for funds. Typically associated with(...)
Apartment StyleAn apartment is a rental property that is usually owned (not just managed) by a property management company, located in a residential(...)
AppraisalReal estate appraisal, property valuation or land valuation is the process of developing an opinion of value, for real property. Real(...)
Appraised ValueThe appraised value of a home is the value at a specific point in time as determined by a licensed appraiser. An appraisal is usually(...)
AppreciationAppreciation, or capital appreciation, is an increase in the price or value of an asset. Appreciation occurs when the market value of(...)
Architectural FeesArchitectural fees are a form of compensation paid to an individual or entity that designs buildings or structures.
Architectural StyleAn architectural style is characterized by the features that make a building or other structure notable or historically identifiable.
Asking PriceThe asking price is the amount a home seller wants a buyer to pay to purchase his home. The asking price is generally part of the(...)
AssessmentAn assessment establishes the value of an asset, such as a home or a vehicle, for taxation purposes. In some cases, an assessment is(...)
Assessment RollAn assessment roll is a public record containing the information about property and individual pieces of land within the taxing(...)
AssetsAssets are anything with monetary value owned by individuals, governments, and companies. Assets are acquired through a transaction or(...)
Assumable MortgageAn assumable mortgage is a home loan that a buyer can take over from a seller, generally with lender approval. The buyer agrees to(...)
Assumption ClauseAn assumption clause is a provision in a mortgage contract that allows the homebuyer to take over the loan from the seller. It occurs(...)
AuditAn audit refers to the process of examining some aspect of an individual or company, be it financial or non-financial. When conducted(...)
Avigation EasementAn avigation easement, also called an aviation easement, is an agreement that compels property owners to cede air rights over their(...)
Balloon MortgageA balloon mortgage is a loan that features consistent payment amounts with a large payoff, known as a balloon payment, due at the end(...)
Balloon PaymentA balloon payment is an installment payment due at the end of a loan term. Such loans don’t amortize at the end of the term, but(...)
Bargain and Sale DeedThis type of deed typically involves real estate sales or court seized properties. This deed transfers ownership much like the quit(...)
Bargain SaleA bargain sale refers to the selling of a good or service for an amount less than the fair market value. It can be considered a(...)
Base Flood ElevationThe computed elevation to which the flood is anticipated to rise during the base flood.
Basis PointA basis point represents the smallest unit of measurement for interest rates and other financial instruments. One basis point is equal(...)
Bathroom 1/2A bathroom consisting of a sink and toilet
Bathroom 3/4A bathroom consisting of sink, shower, toilet
Bathroom FullA bathroom consisting of a sink, tub, toilet and sometimes a shower
Batts InsulationInsulation batts and blankets are sold in bundles or rolls. When the insulation is cut into 4-ft. or 8-ft. lengths and sold in a(...)
Bill of SaleA bill of sale comprises written documentation of the sale or transfer of goods or property from one party to another. A bill of sale(...)
Biweekly MortgageA biweekly mortgage is a home loan for which the buyer makes payments every two weeks instead of once a month. The amount paid is(...)
Blanket InsuranceBlanket insurance is a type of insurance policy that insures the common areas of a condominium or townhome. It also covers the common(...)
Blanket MortgageA blanket mortgage is a financial product used to fund the purchase of two or more pieces of property. It is a common option used to(...)
BlockchainA growing list of records called blocks, that are linked creating an unchangeable ledger. Each block contains a secret digital(...)
Blown-In Insulationrefers to blowing or spraying insulation product into wall cavities, attics, and floors.
Board & Batten Sidingdescribes a type of exterior siding or interior paneling that has alternating wide boards and narrow wooden strips, called "battens."(...)
Board of EqualizationA board of equalization is a government body or agency responsible for hearing appeals from local citizens concerning property taxes.(...)
Bonnett RoofBonnet roofs are like a reverse Mansard roof. The lower slope hangs over the side of the house creating and excellent overhang for an(...)
Breach of ContractIn contract law, breach of contract, also called breach of agreement, refers to the violation of any term or condition of a binding(...)
Breach of CovenantBreach of covenant is the violation of an agreement or promise made in a written contract or property deed. It can refer to an express(...)
Breach of WarrantyIn real estate terms, a breach of warranty occurs when the transfer of title to a piece of property, sold by the seller to the buyer,(...)
Breakfast RoomA “breakfast room”, also known as a breakfast nook, is designed to be in close proximity to the kitchen. ... Typically, a breakfast(...)
Bridge LoanA bridge loan, also called a swing loan or gap financing, is a short-term loan used to buy assets or covers obligations until(...)
BrokerA broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A(...)
Builder's WarrantyA home builders warranty covers the major structural elements of a new home from physical damage that may occur. A builder warranty(...)
Building CodeA building code is a set of regulations written by city or county officials with the help of construction pros that governs the(...)
Building InspectorA building inspector is a government employee who reviews plans and visits construction sites to ensure all local and national(...)
Building PermitBuilding permits are written authorizations issued by a city or county to construct a project. They are required for most construction(...)
Bundle of RightsBundle of rights is a term used to describe the various interests and rights that a real estate title holder has in regard to(...)
Bungalow StyleA Bungalow is a low house, with a broad front porch, having either no upper floor or upper rooms set in the roof, typically with(...)
Butterfly RoofA Butterfly roof is angled up on the outside creating a V-shape which the two pieces meet in a valley in the midsection. Popular for(...)
Buyer BrokerBrokers are legally responsible for the actions of their agents, are licensed by the state to collect fees and to oversee negotiations(...)
Buyer’s AgentA buyer’s agent represents only the buyer in a real estate deal. When you buy a home, your buyer’s agent focuses his or her energy on(...)
Buyer’s MarketA buyer’s market occurs when there are more homes on the market than there are buyers. In a buyer’s market, buyers have more(...)
BylawsBylaws are the written rules that govern an organization. These guidelines control how the organization will operate and outline what(...)
CapA cap, also referred to as an interest rate cap, is a risk management tool that provides protection against increasing interest rates(...)
Cape Cod StyleA Cape Cod house is a low, broad, single-story frame building with a moderately steep pitched gabled roof, a large central chimney,(...)
Capital AssetA capital asset is an item that you own for investment or personal purposes, such as stocks, bonds or stamp collections. When you sell(...)
Capital ExpenditureCapital expenditure, abbreviated as CAPEX, is any funds used by a company to upgrade or acquire physical assets, including equipment(...)
Capital GainsCapital gains are profits made from the sale of real estate, investments and personal property. The Internal Revenue Service (IRS)(...)
Capital ImprovementCapital improvement is any permanent structure or other asset added to a property that adds to its value.
Capital LossA capital loss occurs when you sell a security or investment for less than the original purchase price or its adjusted basis.(...)
CapitalizationCapitalization has multiple meanings. In accounting, capitalization refers to the process of expensing the costs of attaining an asset(...)
Capitalization RateCapitalization rate is the estimated percentage rate of return that a property will produce on the owner’s investment.
Capitalized Cap CostCapitalized cap cost is the sales price of a car being financed with a lease. It includes the car’s negotiated price plus any(...)
Cash FlowCash flow represents the money coming in and going out of a company or organization during a specific accounting period.
Cash-out RefinanceA cash-out refinance, or “cash-out refi,” is when a mortgage is refinanced for more than what is owed and the borrower takes out the(...)
Casualty and Theft LossA casualty and theft loss is one caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or(...)
Certificate of OccupancyA certificate of occupancy is a document issued by the local government that gives permission for tenants to live in a building that(...)
Certificate of SaleA certificate of sale is issued to a buyer when she purchases a foreclosed property. Although it doesn’t signify the buyer’s ownership(...)
Certificate of TitleA certificate of title is a statement provided by a title company or attorney stating that the title to the real estate or vehicle is(...)
Certified Passive HousePassive house is a voluntary standard for energy efficiency in a building, which reduces the building's ecological footprint.
Cesspoolan underground container for the temporary storage of liquid waste and sewage.
Chain of TitleThe chain of title is a real estate records search that lists the successive owners of a home or property. The purpose of a chain of(...)
Change FrequencyThe change frequency refers to how often a payment and/or interest rate changes in an adjustable-rate mortgage, or ARM. Also known as(...)
Change OrderA change order is a document that states and defines alterations to a construction plan. The change order acts as an amendment to the(...)
Chapter 11Chapter 11 refers to the bankruptcy code that is used to provide corporate or partnership reorganizations. A Chapter 11 debtor(...)
Chapter 12Chapter 12 is a special type of bankruptcy intended specifically for someone meeting the definition of “family farmer” or “family(...)
Chapter 13Chapter 13 bankruptcy allows private individuals to keep your property but must pay back a portion or the entirety of their debt over(...)
Chapter 7Chapter 7 refers to a chapter of the bankruptcy code that provides for “liquidation.” Under Chapter 7, your debt is discharged, but(...)
Chapter 9Chapter 9 is a chapter in the bankruptcy code that specifically addresses the debts of a municipality, such as a city or town. The(...)
Clapboarda long, thin, flat piece of wood with edges horizontally overlapping in series, used to cover the outer walls of buildings.
Clear TitleA clear title is one in which the owner owns the property outright and without any restrictions, such as liens or levies. With a clear(...)
ClosingClosing is one of the final components to the homebuying process in which the sale of the property takes place. A buyer signs lender(...)
Closing CostsClosing costs are the fees a seller and buyer pay to complete a real estate transaction. The costs paid at closing usually equal(...)
Closing StatementA closing statement, also called a HUD-1 statement or settlement sheet, is a form used in real estate transactions with an itemized(...)
Cloud on TitleA cloud on title is any unresolved claim, lien or other encumbrance on a property that may prevent transfer of ownership from one(...)
Co-housingA co-housing community is a community in which residents have their own private homes, typically built in a cluster, but share certain(...)
COAA COA is specific to owners of condominiums. Owners that are a part of these associations own their specific condominium and then(...)
COFI MortgageA COFI mortgage is a type of mortgage on which interest is calculated based on the cost of funds index, or COFI. These mortgages have(...)
CollateralCollateral describes the personal property or assets that a borrower offers to a lender to secure a loan. As part of the loan(...)
Colonial StyleColonial-style homes normally have a square or rectangle shape, with the door located in the exact center and the same number of(...)
Combination RoofUsing various roof designs on one home is called a Combination roof which adds interesting architectural appeal. This style is(...)
Combined Loan-to-Value RatioCombined loan-to-value ratio, or CLTV, is a borrower’s overall mortgage debt load, expressed as a percentage of the home’s fair market(...)
Commercial Real EstateCommercial real estate is land on which a business can be run. As opposed to residential real estate, which can only be used for(...)
CommissionA commission is the fee paid to someone as part of the sale of a particular product. One of the best known commissions involves the(...)
Commitment FeeA commitment fee is a fee that a lender may charge a borrower to whom it has agreed to extend credit. Generally charged for lines of(...)
Common Area AssessmentA common-area assessment is a cost that members of condominium associations and homeowners associations must pay to maintain common(...)
Common AreasCommon areas are elements of a property available for use for all tenants or owners. Common areas can include hallways, sidewalks,(...)
Common-interest DevelopmentA common-interest development (CID) is a housing area in which residents are members of a homeowners association, which allows them to(...)
Community Apartmenta collection of apartment buildings on adjoining pieces of land, generally owned by one entity. The buildings often share common(...)
Community Development TaxThe Community Development Corporation (CDC) Tax Credit program rewards local businesses that contribute to economic development(...)
Comp ValueA comp, which is an abbreviation for comparable sale, is a recently sold home in your area that’s similar to your home in location,(...)
Comparable ValueComparable value is the dollar amount that the seller or retailer considers property or merchandise to be worth. This is a highly(...)
Comparables (Comps)Comparables, sometimes referred to as “comps,” are properties used for comparison in the real estate appraisal process. When a house(...)
Comparative Market Analysis (CMA)Comparative market analysis, or CMA, is the examination, often in the form of a report, of various price points of similar properties(...)
CondemnationCondemnation occurs when a public authority, such as the local government, seizes a piece of private property for public use. The(...)
Conditional CommitmentWhen applying for a mortgage, a homebuyer may receive notice of a conditional commitment. This means the lender is willing to finance(...)
CondominiumA condominium is a building that contains multiple units available for owner occupancy. Each unit in the building has an owner, but(...)
Condominium ConversionCondominium conversion is the process of converting rental apartments, which are leased by the occupants, into condominium units,(...)
Condominium StyleA condominium is a large property complex divided into individual units and sold. Ownership usually includes a nonexclusive interest(...)
Conforming MortgageA conforming mortgage is a one that follows the guidelines of Fannie Mae and Freddie Mac, the two government-sponsored enterprises(...)
ConsiderationIn contract law, consideration refers to an item of value that the parties negotiate as a part of a contract. Consideration is a(...)
Constitutions and BylawsIn most organizations, the constitution describes the purpose of the organization, its principals and its key organizational(...)
Construction BudgetThe construction budget is the amount of money allotted for a specific building or remodeling project. Construction budgets are used(...)
Construction LoanA construction loan is a short-term, interim loan to pay for building a house. As work progresses, the lender pays out the money in(...)
Construction to Permanent LoanA construction to permanent loan is a loan used to finance the construction of a home. When the home is complete, it converts into a(...)
Consumer BankruptcyIf you’ve accumulated debt on personal expenses, then you have consumer debt. Consumer bankruptcy refers to the type of personal(...)
Contemporary StyleThe Contemporary style includes simple, clean lines with large windows devoid of decorative trim. The exteriors are a mixture of(...)
Contiguous LotsContiguous lots are pieces of real estate that are adjoined or adjacent to each other. Contiguous lots share a common boundary, so(...)
ContractAny real estate transaction requires a contract, which can be either written or verbal but must spell out every aspect of the(...)
Contract for DeedA contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the(...)
Contractual LienThere are many kinds of liens (tax liens, mechanic’s liens, judgment liens and statutory liens, for example), and indeed most of them(...)
Conventional MortgageA conventional mortgage or conventional loan is a plain-vanilla home loan that’s ideal for borrowers with good or excellent credit.(...)
Conventional Style"Conventional" styling simply means that it fits the norms that are well-established in most of the Western world. For the most part,(...)
Conversion ClauseA conversion clause is a provision that may appear in an adjustable-rate mortgage, allowing the loan to be changed to a fixed-interest(...)
Convertible MortgageA convertible mortgage is an adjustable-rate loan that gives the borrower the option to convert the loan to a fixed-rate mortgage.(...)
Conveyance TaxConveyance tax is levied on the transfer of real property at the county, municipal or state level. It is computed as a sale price(...)
CooktopA “cooktop” is a cooking appliance that sits on top of your countertops. It offers the same functions as the range, however, a wall(...)
CooperativeA housing cooperative, commonly referred to as a co-op, is a corporation formed to share ownership in a single property among multiple(...)
Cooperative MortgageA cooperative mortgage is a type of loan that allows the borrower to purchase shares of a cooperative housing project. In this type of(...)
Corrective WorkCorrective work consists of any maintenance or repairs a buyer requests to be completed before closing on a house or building.
Cost BasisYour adjusted basis is generally your cost in acquiring your home plus the cost of any capital property improvements that add value or(...)
Cost-plus ContractA cost-plus contract is an agreement that specifies the client will pay the contractor for construction expenses detailed in the(...)
CounterofferA counteroffer is an offer made in response to an initial offer with unfavorable terms. It’s part of the negotiating process and(...)
County Property ReportThe Property Detail report is a comprehensive report that summarizes all the information related to the property, including owner,(...)
Court Order DeedThese deeds include sheriff’s deeds, master deeds, or any other type of deed being created without the consent of the seller.(...)
CovenantA covenant is a promise on the part of businesses that borrow money to uphold certain conditions stated in its loan agreement. They’re(...)
Covenant Lite LoanA covenant lite loan is a loan agreement that has fewer covenants to protect the lender and fewer restrictions on the borrower(...)
Covenants, Conditions and RestrictionsCovenants, conditions and restrictions (commonly referred to as CCRs) are the written rules and restrictions pertaining to the use of(...)
Covered ExpensesCovered expenses refer to what an insurance provider includes as part of its coverage. Every insurance provider outlines specific(...)
Crawl SpaceThe primary purpose of a crawl space is to promote air circulation through the home and also allow easy access to plumbing, electrical(...)
Creative FinancingCreative financing is an innovative or unusual way of structuring a loan that allows a person to buy a home, land or some other major item.
CreditCredit is issued to people who want to obtain something now, but who can’t or don’t want to necessarily pay for it now, based on that(...)
Credit AgreementA credit agreement is a legally binding contract made between a person who borrows money and the lender. It is agreed upon by both(...)
Credit BureauA credit bureau tracks the credit history of borrowers in order to generate credit reports and credit scores. Financial companies buy(...)
Credit HistoryA credit history is the record of how a person has managed his or her credit in the past, including total debt load, number of credit(...)
Credit InsuranceCredit insurance is an insurance policy that pays off an outstanding debt in the event of the policy holder’s death, disability, or(...)
Credit LineA credit line is a flexible loan option offered by financial institutions to individuals and corporate entities. A credit line always(...)
Credit Monitoring ServiceA credit monitoring service tracks your credit for any significant changes such as new accounts or a dramatic increase in your balances.
Credit RatingA credit rating is a measurement of a person or business entity’s ability to repay a financial obligation based on income and past(...)
Credit ScoreA credit score is a number that represents a person’s creditworthiness. Credit scores are based on a variety of personal financial(...)
Credit Scoring SystemLenders use a credit scoring system, or a numerical system, to measure how likely it is that a borrower will make payments on the(...)
Credit UtilizationCredit utilization refers to the amount of credit you have used compared with how much credit you have been extended by a lender. It(...)
Curved RoofThe Curved roof is very modern and creates a unique roof design. The curve can vary from a slight curve to an arch shape and is(...)
Custom BuilderA custom builder constructs one-of-a-kind homes based on the client’s specifications, instead of building a home and then selling it.(...)
Custom HomeA custom home is a house designed specifically for you by a hired architect. It’s built to your specifications rather than to a(...)
CyberspaceCyberspace is a term used to describe the environment in which all electronic communications and communications via computer networks(...)
Days on the MarketThe term “days on the market” refers to the number of days between the day a house is listed on the market and the day it is sold.
Debit Bureau A debit bureau is an agency that collects and reports information on bank accounts, such as checking and savings. A debit bureau(...)
Debt ConsolidationDebt consolidation is a refinancing tactic in which someone takes out new loans to pay off her existing debt. The new loan combines(...)
Debt-to-Available-Credit RatioDebt-to-available-credit, also called your credit utilization ratio, refers to how much of your available credit you’re using. The(...)
Debt-to-Equity RatioThe debt-to-equity ratio is the relationship between a company’s total debt and its total equity. The debt-to-equity ratio is a key(...)
Debt-to-Income RatioDebt-to-income ratio refers to how much of a borrower’s monthly income is eaten up by debt. Creditors, especially mortgage lenders,(...)
Declarations PageA declarations page is the part of an insurance policy that identifies the people and property covered by the policy and the length of(...)
DeductibleA deductible is the amount a person with insurance pays toward her claim before the insurance company pays the remainder.
DeedA deed is a legal document used to transfer rights to an asset or a real property from one person to another. A deed is distinct from(...)
Deed in Lieu of ForeclosureWhen a property owner surrenders the deed to the property to their lender in exchange for being relieved of the mortgage debt.
Deed of TrustA Deed of Trust is a type of secured real-estate transaction that some states use instead of mortgages. Also called Reconveyance Deed(...)
DefermentDeferment is an agreement between a lender and a borrower to temporarily suspend debt payments.
Delinquent MortgageA mortgage becomes delinquent when the borrower doesn’t make the required payments. If the borrower continues to fall behind, the(...)
DenA “Den” is a small living room. A “Study” is an office without a computer, an “Office” is a study with a computer and just a place(...)
DepreciationDepreciation is a decrease in the price or value of an asset. Depreciation occurs when the market value of an asset is lower than the(...)
Designated AgencyA designated agency is one that represents both buyers’ and sellers’ interests. One agent, working for the broker or agency,(...)
Disaster LossDisaster loss occurs when resident incur a loss in an area that the president has declared as a national disaster area. Phenomena(...)
Disclosed Dual AgencyDisclosed dual agency is a term indicating that the dual agency relationship in a real estate transaction has been fully disclosed to(...)
Discount PointA discount point is a sum of money paid by the borrower or home buyer to the lender of the mortgage to decrease the interest rate of a(...)
Distressed PropertyDistressed property is any property that is under foreclosure or being sold by the lender. Normally, a distressed property is a result(...)
Document Needs ListThe document needs list is a list of key forms and documents a person taking out a mortgage needs to have on hand so that the lender(...)
Dome RoofThe polygonal shape of the Dome roof is unique and aethetically pleasing. This style of roof is an excellent choice for gazebos,(...)
Double OvenA “double oven” is a built-in oven fixture that has either two ovens, or one oven and one microwave oven.
Double Widea mobile home consisting of two units that have been fastened together along their length.
Down DraftA downdraft vent is a sleek way to expel fumes from your kitchen without the need of a range hood. Downdraft ventilation is often(...)
Down PaymentA home down payment is simply the part of a home’s purchase price that you pay up front and does not come from a mortgage lender via a loan.
Drain FieldSeptic drain fields, also called leach fields or leach drains, are subsurface wastewater disposal facilities used to remove(...)
DrawA draw is a payment taken from construction loan proceeds made to material suppliers, contractors and subcontractors. That means the(...)
Dry Dockis a narrow basin or vessel that can be flooded to allow a load to be floated in, then drained to allow that load to come to rest on a(...)
Dual AgencyDual agency is a term that refers to a situation when one real estate agent represents both the home buyer and seller in a(...)
Duct MasticDuct mastic is a sealant designed for use on ductwork and will eliminate air leakage through gaps or seams in the duct system
Due-on-Sale ClauseA due-on-sale clause is a stipulation in a mortgage or deed of trust, requiring a borrower to pay the entire loan balance upon the(...)
Duplex StyleA duplex is a multi-family home that has two units in one building — regardless of how those homes are arranged. Units can be(...)
Earnest MoneyA sum of money that a buyer pays to the seller at the time of entering a contract. Its primary purpose is to make sure that the buyer(...)
EasementA nonpossessory right to use and/or enter onto the real property of another without possessing it.
Effective YearThe year in which an existing structure was remodeled through demolition and/or construction.
Electronic Environmental ControlsEnvironmental Control Systems can enable you to operate everyday domestic appliances and mechanisms by remote control. Mechanisms that(...)
Eminent DomainThe power of a state, provincial, or national government to take private property for public use. Also known as Condemnation.
EncroachmentEncroachment is a situation in real estate where a property owner violates the property rights of his neighbor by building on or(...)
EncryptionEncryption is a method of data security that encodes information stored or transmitted from one computer or device to another in a way(...)
EndorsementsAn insurance endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the(...)
ENERGY STAR Certified HomesENERGY STAR certified homes and apartments are at least 10% more efficient than homes built to code and achieve a 20% improvement on(...)
ENERGY STAR Qualified Doorsa program which provides certification to buildings and consumer products which meet certain standards of energy efficiency.
ENERGY STAR Qualified EquipmentEnergy Star (trademarked ENERGY STAR) is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy(...)
EnerPHitis the standard issued by the Passivhaus Institute that focuses on retrofit projects. Significant Energy and CO2 savings of between 75(...)
Engineered SepticAn engineered septic system is often used in cases where a conventional septic system cannot be installed.
Engineering PlanPlans and specifications for the work to be constructed, including such maps, profiles, plans and other data as may be necessary to(...)
EquifaxEquifax is a credit bureau. Equifax tracks the credit history of borrowers in order to generate credit reports and credit scores. It(...)
EquityEquity describes the value of an asset after subtracting the value of any liabilities on the asset. Commonly used to describe the(...)
EscrowFinancial instruments held by a neutral third party on behalf of two parties who are engaged in a financial transaction. An escrow(...)
Escrow CompanyCommonly used in real estate transactions, an escrow company holds money and documents between parties. As a neutral third party, the(...)
EthereumEthereum is a distributed computing platform built on blockchain technology. One way to think of it is as a “world computer” in which(...)
Excellent Credit ScoreA credit score is a number that is based on a statistical analysis performed by lenders and financial institutions that indicates a(...)
Exclusive ListingExclusive listing is when a property owner enters into a legal agreement with a brokerage and its designated agent to market the sale(...)
Executor's DeedAn executor's deed is used to transfer real property from the estate of a deceased person to an heir pursuant to the terms of a will.(...)
Exhaust FanExhaust fans pull odors, fumes, and moisture from an area of the home, venting them outdoors for removal.
ExperianExperian is one of the major credit reporting agencies. A publicly listed, international corporation, Experian collects financial(...)
Fair Credit Reporting ActThe Fair Credit Reporting Act is a law that provides a set of rules that credit bureaus must follow. The act protects everyday(...)
Fair Debt Collection Practices ActThe Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect(...)
Fair Housing ActThe Fair Housing Act is a federal law that was passed in 1968. It prohibits discrimination in the buying, renting, selling or(...)
Fair Market ValueFair market value is the price that a willing buyer will pay to an unrelated but willing seller. Specific circumstances must exist for(...)
Fannie MaeThe Federal National Mortgage Association, known as Fannie Mae, is a government-sponsored enterprise (GSE) that purchases mortgages(...)
Farm Service AgencyEstablished in 1994, the Farm Service Agency is a federal agency responsible for providing loan guarantees and disaster relief to(...)
Farmhouse StyleA farmhouse is a building that serves as the primary residence in a rural or agricultural setting. Historically, farmhouses were often(...)
Fee SimpleFee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the(...)
Fee Simple DefeasibleFee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the(...)
Fees in APRFees in APR is a term used to highlight the additional costs incurred when getting a loan, such as a mortgage.
FHA 203(b)The FHA 203(b) "may be used to purchase or refinance a new or existing one-to-four family home in both urban and rural areas including(...)
FHA 203(k)An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs(...)
FHA LoanA Federal Housing Administration (FHA) loan is a mortgage insured by the FHA. By insuring the loan, the FHA offsets the risk(...)
Fiber Cementis a composite building and construction material, used mainly in roofing and facade products because of its strength and durability.
Fiberglass SidingIt has many of the advantages of vinyl siding and fewer disadvantages, but is usually more expensive. ... It has the same profile as(...)
FICO ScoreThe Fair Isaac Corp., known as FICO, is a company that specializes in what it calls “predictive analytics.” It collects information(...)
Fiduciary DeedThese deeds are most frequently used when the seller is acting in a fiduciary capacity, such as the executor or administrator of an(...)
Fiduciary DutyFiduciary duty is a requirement that a person in a position of trust, such as a real estate agent, broker or executor, must act in(...)
Finder’s FeeA finder’s fee is a sum paid to someone for producing a buyer or a seller.
Finished AtticA “Finished Attic” area is defined as "an enclosed area in a house that is suitable for year round use, embodying walls, floors, and(...)
Firm PanelThe Flood Insurance Rate Map (FIRM) is an official flood map used in National Flood Insurance.
First LienA first lien is the first to be paid when a borrower defaults and the property or asset was used as collateral for the debt. A first(...)
First MortgageA first mortgage is the primary loan on a property. A first mortgage has priority over any other claim on the property’s title in the(...)
Fixed-Rate MortgageA fixed-rate mortgage is a financial product that has a constant interest rate for the life of the loan.
Flat FeeA flat fee refers to a fixed charge that a client pays a broker instead of a percentage-based commission.
Flat RoofA Flat roof is what its name suggests, however, it does have a slight pitch to allow of water runoff. Generally used on commercial(...)
Flood Elevation CertificateAn elevation certificate documents important features of your property, including its location, flood zone, building characteristics(...)
Flood InsuranceFlood insurance is a product that covers property loss caused by flooding. The most common way to get flood insurance is by going(...)
Flood Map (FEMA)Flood hazard mapping is an important part of the National Flood Insurance Program (NFIP), as it is the basis of the NFIP regulations(...)
Flood PlainLocated along the edge of rivers, streams and lakes, flood plains play an important role in the environment by holding water overflow,(...)
Flood Zone CodeCodes associated with the severity and type of flooding in the area.
Floor PlanA floor plan is a drawing to scale, showing a view from above, of the relationships between rooms, spaces, traffic patterns, and other(...)
Foam InsulationSpray foam insulation can create an airtight seal that's 24 times less permeable to air infiltration. It can also provide a moisture(...)
ForbearanceForbearance is an agreement between a lender and a borrower to temporarily suspend debt payments.
ForeclosureA legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing(...)
Fractional OwnershipFractional ownership is where several people share the ownership of an asset such as a holiday home. Unlike other forms of shared use(...)
Freddie MacFreddie Mac, the informal name of the Federal Home Loan Mortgage Corp., is a U.S. government-sponsored enterprise (GSE) that buys(...)
French StyleFrench house styles tend to be simple, square, and symmetrical. They resemble small manor homes with massive hipped roofs and window(...)
Full RecourseFull recourse is a state in which a debt obligation is owed regardless of the borrower’s personal and financial situation. With full(...)
Gable RoofKnown as a pitched or peaked roof, this style, having a triangular shape, is one of the most popular in the United States. The Gable(...)
Gambrel RoofReferred to often as a barn roof and similar to the Mansard style except the Gambrel has only 2 sides. Similar also in that it(...)
Georgian StyleGeorgian houses are characterized by their: Rigid symmetry in building mass as well as window and door placement. Brick, stone, or(...)
GFEGFE is an acronym for good faith estimate. Within three days of applying for a mortgage or reverse mortgage, the loan company is(...)
GHF4456It permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
Gift DeedThis is used to convey the title on real property that is given for no consideration or for only a token consideration. In some(...)
Gift TaxGift taxes are imposed on money or property transferred from one person to another as a gift. For the purpose of this tax, a gift is(...)
Grace PeriodA grace period is a period of time creditors give borrowers to make their payments before incurring a late charge or risk defaulting(...)
Grant DeedWhile the grant deed guarantees that the seller owns the property entirely, it doesn’t offer the buyer legal protection against any(...)
GrantorA grantor refers to a person or institution that conveys ownership of a property. It is also an entity that creates a trust, also(...)
Gravity FurnaceGravity furnaces are heating units and their related equipment that employ gravity to move warm air throughout a building.
Gray Water Systemare onsite wastewater systems that use graywater for subsurface landscape irrigation through the use of mulch basins, disposal(...)
Guaranteed LoanA guaranteed loan is one in which a third party supports the borrower by promising to repay the debt if the borrower defaults or stops(...)
Guaranteed MortgageA guaranteed mortgage is a home loan guaranteed by a third party, often a government agency that will buy the debt from the lender and(...)
Hard InquiryA hard inquiry, also called a hard pull, is a type of credit check done to determine an applicant’s creditworthiness. It results when(...)
HardiPlankHardiPlank is a type of fiber-cement siding, as it is comprised of cellulose fibers and cement-like components
Hazard InsuranceHazard insurance is a property insurance policy that provides coverage for damage to the structure of your home. Some home insurance(...)
HeirThe word “heir” describes a person who inherits property upon the death of another. It may be a spouse, child, descendant or other(...)
HELOCA home equity line of credit, or HELOC, is a loan in which the lender agrees to lend a maximum amount within an agreed period, where(...)
HERS Index ScoreThe Home Energy Rating System (HERS) Index is the industry standard by which a home's energy efficiency is measured. It's also the(...)
Hip RoofThis type of roof slopes on all four sides, are equal in length, and join at the top forming a ridge. A Hip roof is very sturdy and(...)
Historic PreservationHistoric preservation applies to the protection of structures, landmarks and natural areas that have been deemed “historically significant.”
HOAA homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for(...)
HOA Master Insurance PolicyA master policy is a form of property and liability insurance that HOA members collectively pay for as part of their membership dues.
Holding Tanka large container in which liquids are temporarily held.
Home InspectionA home inspection is a visual assessment of a house’s physical structure and mechanical systems, including the roof, ceilings, walls,(...)
Home InventoryA home inventory is a complete breakdown of the contents within your home. A home inventory will help you provide a detailed list to(...)
Home KeeperHome Keeper was a Fannie Mae reverse mortgage program that allowed older homeowners to borrow against the equity in their homes.(...)
Home Ownership and Equity Protection ActThe Home Ownership and Equity Protection Act is a federal law that discourages banks and other financial institutions from predatory(...)
Home WarrantyIf you recently bought a home, chances are you were offered a home warranty. A home warranty is a service contract, not an insurance(...)
Homeowner Insurance Declarations PageA homeowner declarations page lists insurance coverages, limits and deductibles. This includes coverages for the dwelling, personal(...)
Homeowners Insurance PolicyHomeowners’ insurance, also called home insurance, provides financial protection in the event that the homeowner’s house or its(...)
Homestead ExemptionHomestead exemption laws prevent the sale of a home in order to pay off taxes or creditors. Nearly every state in the U.S. has(...)
Housing DiscriminationHousing discrimination is the illegal practice of discriminating against buyers or renters of dwellings based on race, color,(...)
Housing Expense RatioA housing expense ratio is the comparison of a borrower’s before-tax income. The number often is calculated when lenders are deciding(...)
HUD-1 StatementThe HUD-1 statement is a settlement form used to itemize and reconcile all the charges paid by the buyer and seller in purchasing real(...)
HypothecationHypothecation is the promise of collateral in return for a loan. When a lender chooses to issue a loan to a borrower, the lender(...)
ICAT Recessed LightingICAT recessed light fixtures are rated both to safely come in contact with insulation and are better airsealed. ICAT is an acronym for(...)
ICFs (Insulated Concrete Forms)Insulating concrete form or insulated concrete form (ICF) is a system of formwork for reinforced concrete usually made with a rigid(...)
Impact FeesLocal governments often charge impact fees to help fund infrastructure improvements. They typically collect these fees from(...)
Income PropertyIncome property is property that the owner rents to others. Rather than occupying the property, the owner uses the property to produce(...)
Indoor airPLUSIndoor airPLUS is a voluntary partnership and labeling program that helps new home builders improve the quality of indoor air by(...)
InheritanceAn inheritance comprises assets received from the estate of a person who has died. It can also refer to sum total of property a person(...)
Inheritance TaxAn inheritance tax is a state tax that people pay when they receive money or property from the estate of a person who has died. Unlike(...)
Inspection ReportAn inspection report is written by a home inspector after a thorough evaluation of the home’s condition, including the electrical(...)
Installment ContractAn installment contract is a purchase agreement in which the buyer agrees to make a series of payments on specified dates in exchange(...)
Installment CreditInstallment credit is a loan for a fixed amount of money. The borrower agrees to make a set number of monthly payments at a specific(...)
Installment LoanAn installment loan is a financial product that permits individuals to borrow a large sum of money that they can then repay over time.
InsuranceInsurance is a policy paid for by an individual, a business, or another entity intended to protect the insured against financial loss.
Insurance AgentInsurance agents work for insurance companies and reach out to new and existing clients to sell insurance. ... Types of insurance that(...)
Insurance BinderInsurance binders are contracts of temporary insurance pending the issuance of a formal policy or proper rejection of the application(...)
Inter vivos GiftInter vivos is Latin for “between the living.” An inter vivos gift is a legal term that refers to a transfer or gift given to someone(...)
InterestInterest is both the cost of borrowing funds and the profit that accrues to those who deposit funds in a savings account.
Interest RateAn interest rate is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally(...)
ISO PPC RatingMunicipal fire suppression efforts in communities using a rating system from 1 (the best) to 10.
Itemized DeductionsThe Internal Revenue Service (IRS) allows taxpayers to deduct certain expenses in order to legitimately reduce their taxable income.(...)
Jerkinhead RoofReferred to sometimes as clipped Gable or English hip roofs and are more stable than a regular Gable roof. By clipping the roof(...)
Joint LiabilityJoint liability is the state of two or more people who are equally responsible for paying back a debt. If someone applies for loan,(...)
Joint TenancyJoint tenancy is a form of property ownership in which two or more individuals own a property with equal interest and enjoy equal(...)
Joint Tenants with Rights of SurvivorshipJoint tenants with rights of survivorship (JTWROS) describes a form of property ownership in which a co-owner is automatically granted(...)
JudgmentA judgment is a decision from a judge on a civil action or lawsuit. Usually a person is required to pay an amount of money to satisfy(...)
Judgment LienA judgment lien can be placed on a property when a homeowner is sued, losses, and cannot pay. Judgment liens cover an array of(...)
Judicial ForeclosureA judicial foreclosure refers to when the foreclosure goes through the court system, and there is a court order for the property to be(...)
Jumbo CDA jumbo CD is a savings certificate that has a specified interest rate, fixed maturity date and a minimum investment requirement of(...)
KYC Policies(Know Your Customer) Policies to prevent businesses (financial and non-financial) from being used, intentionally or unintentionally,(...)
Lap Sidingrefers to a type of siding that is installed horizontally on your home. When the planks are placed on your residence, they overlap one(...)
LatitudeIn geography, latitude is a geographic coordinate that specifies the north–south position of a point on the Earth's surface. Latitude(...)
LeaseA lease is a contract in which one party, the lessor, gives the right of occupancy or use of property, such as a car, apartment or(...)
Lease OptionA lease option is a written agreement in which an owner allows a person to use a property in exchange for rent, and also gives that(...)
Leased EquipmentEquipment leasing allows owners to rent equipment from a leasing company or vendor for a specific period of time. Typical items are(...)
Leasehold EstateA leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease(...)
LEED For HomesLEED for Homes is a voluntary rating system that promotes the design and construction of high-performance green homes.
Legal DescriptionA legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements(...)
LesseeA lessee, also known as a tenant, is a person who rents land or personal property from the owner, or lessor.
LessorA lessor is a person who grants a lease. The lessor wants to retain ownership of a property, vehicle or other equipment, so he leases(...)
Letter of IntentA letter of intent provides a formal, but preliminary, agreement between two parties who intend to do business with each other. They(...)
LiabilityA liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and(...)
LiborThe London Interbank Offered Rate, or LIBOR, is the most common benchmark interest rate index used to make adjustments to(...)
LienA lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity may place(...)
Life CapA life cap, or lifetime cap or rate cap, is the maximum amount that a borrower’s interest rate can increase over the term of the loan.(...)
Line of CreditA line of credit, also known as a credit line, is an open-ended, revolving loan that a borrower may access on demand. The lender(...)
List PriceList price is the price established by the manufacturer. Don’t be overly impressed with stores that price items below the list price.(...)
ListingAn arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a(...)
Living AreaBy definition, living area (sometimes referred to as "heated living area" or "heated square footage") is space that is intended for.(...)
Living Building ChallengeThe end goal of the Living Building Challenge is to encourage the creation of a regenerative built environment. The challenge is an(...)
Loan ApplicationA loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their(...)
Loan CommitmentA loan commitment is a lender’s promise to offer a loan or credit of a specified amount to a borrower. Also called a commitment(...)
Loan ConsolidationLoan consolidation enables a student to consolidate multiple student loans into a single loan. By consolidating your student loans,(...)
Loan DefaultDefaulting on a loan is the failure of a borrower to pay the principal or interest on a security or loan. For example, when a borrower(...)
Loan OriginationLoan origination is the term used to describe the process that occurs when a buyer obtains a mortgage loan from a lender. It involves(...)
Lock-InWhen applying for a mortgage from a lender, a lock-in, or rate lock, represents a guarantee from the lender to give you a certain(...)
Locked-In RateA locked-in rate, also referred to as a rate lock, is a specific interest rate for a mortgage loan that is being held for a borrower.(...)
LockoffIn the real estate business, a lockoff refers to a time-share unit that can be divided into two distinct dwelling units. Sometimes(...)
LoftA “Loft” can be an upper story or attic in a building, directly under the roof (U.S usage) or just a storage space under the roof(...)
Log Cabin StyleA log cabin is a small log house, especially a less finished or architecturally sophisticated structure. Log cabins have an ancient(...)
LongitudeLongitude, is a geographic coordinate that specifies the east–west position of a point on the Earth's surface.
Lot SizeLot size is the land you own according to the survey of boundary lines determined by the city. Square footage is the usable space in(...)
Low VOC InsulationIt mostly refers to paints and other products that have a very low or zero VOC, e.g. sealants, adhesives and cleaners. Low VOCs are(...)
Maintenance (Grounds)provides a pleasant outdoor environment by ensuring that the grounds of houses, businesses, and parks are attractive, orderly, and healthy.
Major EncroachmentA garage or part of a house being built on your property would fall into this category. Other items that can cause issues are an(...)
Mansard RoofAlso known as a French roof, the Mansard style is a 4 sided roof with a double slope on each side which meet forming a low pitched(...)
Manufactured HousingManufactured housing refers factory-built homes that can be placed on a piece of land. Styles vary from modest trailers to dwellings(...)
Market ConditionsMarket conditions are the factors that influence the housing market in a particular area, such as cost of living, demographics, supply(...)
Master DeedA document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas(...)
Master-planned CommunityMaster-planned community is a large-scale residential neighborhood with a large number of recreational and commercial amenities, such(...)
Master's DeedA deed from a judicial officer given as a result of a foreclosure, a tax sale, or sometimes a divorce,depending on the state and its(...)
MaturityIn finance, maturity refers to the date on which the principal balance of a loan becomes due and payable. It also refers to the date(...)
Maturity DateThis includes loan amount, interest rate, payment and maturity date. The maturity date is the date when your final payment is due.
McMansionMcMansion is a term for houses between 5,000 and 10,000 square feet with grandiose entryways and multicar garages, often built on(...)
Mechanic’s LienA mechanic’s lien is a legal claim made against real estate by suppliers or contractors who have not been paid for the work they have(...)
Median PriceMedian price is the middle point for real estate prices. It is not the same as the average price.
Mediterranean StyleMediterranean-style homes, which resemble the aesthetic of Mediterranean villas, originated in the 1920s. ... A blend of Spanish and(...)
Metal Sidingis a popular alternative to wood, vinyl, and other materials in situations where durability is a top priority. The two types of metal(...)
Minor EncroachmentMinor encroachments might consist of a fence, portable outdoor shed, doghouse or garden spot that crosses a property line. The(...)
Misting Systemis a series of misting nozzles placed in a tube and pressurized to provide a fine spray consisting of water droplets between 5 microns(...)
MLSMLS stands for multiple listing service, which is a database that real estate agents use to share their listings with other agents and(...)
Modern StyleThe Modern house was most typically a post-and-beam structure with a flat or broad low-pitched gable or shed roof. Exposed structure,(...)
ModificationModifications are changes lenders make to an existing loan, resulting from the borrower’s inability to repay the loan.
Moratorium PeriodA moratorium period is a period during a loan term when the borrower is not obligated to make a payment.
MortgageA mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage(...)
Mortgage AgentA mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
Mortgage BankerA mortgage banker is someone who originates home loans. The mortgage banker might keep the loan or sell it to an investor.
Mortgage BondA mortgage bond is a bond in which holders have a claim on the real estate assets put up as its collateral.
Mortgage DeedA document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if(...)
Mortgage InsuranceMortgage insurance is a product that insures a mortgage in case the borrower defaults. Homeowners who pay a down payment of less than(...)
Mortgage Interest DeductionMortgage interest deduction is the interest expense on a home loan that the government allows you to subtract from your income prior(...)
Mortgage LienA mortgage lien is a form of conditional ownership of your property claimed by your home loan provider. Since your lender has a claim(...)
Mortgage Life InsuranceMortgage life insurance is a type of insurance product that pays off a mortgage if the borrower dies.
Mortgage Loan OriginatorA mortgage loan originator helps a borrower choose the correct mortgage product and complete the application process.
Mortgage NoteA Mortgage Note states the amount of debt and the rate of interest, and obligates the borrower, who signs the note, personally(...)
MortgagorA mortgagor is the person who borrows money to finance the purchase of real estate using the value of the property as collateral for(...)
Mound SepticA mound system is an engineered drain field for treating wastewater in places with limited access to multi-stage wastewater treatment(...)
MudroomA “mudroom” a small room or entryway where footwear and outerwear can be removed before entering a house. A proper mudroom would be(...)
National Housing ActThe National Housing Act was signed on June 27, 1934, by President Franklin D. Roosevelt to improve housing conditions, make housing(...)
Natural BuildingA natural building involves a range of building systems and materials that place major emphasis on sustainability.
Necessity EasementAn easement which may be implied by law where an owner of land splits his property so that one of the resulting parcels is landlocked(...)
Net MeterNet metering is an electricity billing mechanism that allows consumers who generate some or all of their own electricity to use that(...)
Net WorthNet worth is a measure of wealth. Net worth is the sum of all assets owned by a person or a company, minus any obligations or liabilities.
NGBS New ConstructionThe NGBS is a point-based system, wherein a single-family or multifamily building(s) can attain certification depending on the(...)
Non-liquid AssetAssets are classified as either liquid or non-liquid. A liquid asset can fairly quickly and easily be turned into cash, while a(...)
Nonrecourse LoanA nonrecourse loan, also known as nonrecourse debt or nonrecourse plan, is one that is secured by collateral. Nonrecourse loans are(...)
NoteA note, also known as a promissory note, is a legal debt instrument where one party makes a promise in writing to pay a certain amount(...)
Notice of DefaultIf a borrower falls behind on his mortgage payments, the mortgage lender might file a notice of default, which is an official public(...)
Notice of RescissionA notice of rescission is a form given with the intention of terminating a contract, provided that the contract entered into is a(...)
Open HouseAn open house is when a seller opens his home so that potential buyers can view it without an appointment.
Open ListingAn open listing is a property that multiple brokers have the option to market and sell to earn commission on the sale of the home.
PantryA “pantry” is a small room or closet in which food, dishes, and utensils are kept.
Parcel NumberAn assessor's parcel number, or APN, is a number assigned to parcels of real property by the tax assessor of a particular jurisdiction(...)
Partially FinishedA partially finished basement is also called as a half-finished basement. It is mostly used by children and teenagers. It can be used(...)
Passive SolarIn passive solar building design, windows, walls, and floors are made to collect, store, reflect, and distribute solar energy in the(...)
PaydownPaydown is the process of reducing the amount owed on a mortgage or other loan over time by making partial payments toward the debt.
Pellet StoveA pellet stove is a stove that burns compressed wood or biomass pellets to create a source of heat for residential and sometimes(...)
Per Diem InterestPer diem interest is the amount of interest charged on a daily basis for a just-closed mortgage.
Perc Testis a test to determine the water absorption rate of soil (that is, its capacity for percolation) in preparation for the building of a(...)
Periodic RateThe periodic rate is the interest rate charged over a certain number of time periods. The periodic rate equals the annual interest(...)
Permeable Pavingis a method of paving vehicle and pedestrian pathways to enable infiltration of stormwater runoff.
Personal LiabilityThe personal liability portion of your homeowners insurance policy covers you against lawsuits for injury or property damage that you(...)
Personal PropertyPersonal property is essentially any property except for real estate.
Personal Property TaxesPersonal property taxes, also known as property taxes, are a form of taxation on what is termed personal property. Personal property(...)
Pest InspectionThe pest inspection is a separate process performed by a licensed pest inspector who’s trained to look for signs of infestations and(...)
PHIUS+is the largest Passive Building Certification in North America. It is a well-recognized proven construction standard and quality(...)
Photovoltaics Seller OwnedThe electrical features of the property include a solar photovoltaic system that is owned by the seller.
Photovoltaics Third-Party OwnedThe electrical features of the property include a solar photovoltaic system owned by a third party. This is typically a lease but may(...)
Piggyback LoanA piggyback loan is a second loan on top of a conventional mortgage loan that makes it possible to finance a real estate purchase(...)
Planned Developmentit is a designed grouping of both varied and compatible land uses, such as housing, recreation, commercial centers, and industrial(...)
POAA Property Owner's Association is a governing body that encompasses HOAs and COAs. POA fees are combined with HOA or COA fees. Serving(...)
PointsHomebuyers can buy points to reduce how much interest they pay on their mortgage loan over its lifetime. A point is equal to 1 percent(...)
Portfolio LenderA portfolio lender is a bank or lending institution that originates mortgages and holds them in its own portfolio instead of selling(...)
PossessionIn a real estate transaction, possession occurs when the buyer takes ownership of a property after signing closing documents.
Power of AttorneyPower of attorney is the designation given to someone who has the power to act on behalf of another person’s legal matters. It is in(...)
Power Purchase AgreementA power purchase agreement, or electricity power agreement, is a contract between two parties, one which generates electricity and one(...)
Pre-Wired for RenewablesIndicates the electric infrastructure on the property has been extended to more easily incorporate an on-site electric generation(...)
PreapprovalYour mortgage preapproval is a statement of how much money a lender is willing to let you borrow to pay for a house.
Prepayment PenaltyPrepayment penalty is a provision in a mortgage contract that requires the borrower to pay a penalty if the mortgage is paid off(...)
PrequalificationPrequalification is an initial evaluation of an applicant’s ability to qualify for a loan. Prequalification is used in the mortgage(...)
Prescriptive EasementAn easement upon another's real property acquired by continued use without permission of the owner for a legally defined period which(...)
Prime RatePrime rate is the interest rate that banks charge their preferred customers, or those with the highest credit ratings. It is used to(...)
PrincipalThe principal is the amount due on any debt before interest, or the amount invested before returns. All loans start as principal, and(...)
Principle of ProgressionPrinciple of progression is the idea that the value of a house increases when more valuable houses are built in the area.
Private EasementA private easement is when a property owner sells an easement to someone else—for example, to use as a path or driveway or for sewer(...)
Private Mortgage Insurance (PMI)Private mortgage insurance is what borrowers have to pay when they take out a mortgage from a commercial lender and pay a down payment(...)
ProbateProbate is the legal process of distributing a dead person’s assets.
Probate SaleThe sale of an owner’s property after his death is referred to as a “probate sale.” A probate sale may include real property, such as(...)
Promissory NoteA promissory note is a written promise that one party will pay the other party by a specified time.
Proof of ClaimWhen a person files for bankruptcy, if a creditor wants to seek payment from the debtor, he or she must file a proof of claim with the(...)
Property-Assessed Clean EnergyPACE financing is a means of financing energy efficiency upgrades, disaster resiliency improvements, water conservation measures, or(...)
Property ReportA property report includes a variety of documents that provide a comprehensive profile of a property. Prospective property buyers,(...)
Property TaxProperty tax is any tax on real estate or certain other forms of property.
Property Tax DeductionProperty taxes paid on real estate and personal property may be deducted from federal income taxes. If an individual pays property(...)
Property Tax Lien A legal claim against a property for unpaid property taxes which prohibits a property from being sold or refinanced.
Property ValueProperty value refers to the worth of a piece of real estate based on the price that a buyer and seller agree upon.
Proprietary LeaseA proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a(...)
Prudent Investor RuleThe prudent investor rule is a legal guideline for trustees of investment portfolios. It requires a fiduciary to act in the best(...)
Punch ListPunch lists, also known as snag lists, are used with building new properties and with remodeling or repairing older properties.
Purchase-Money MortgageA purchase-money mortgage is a loan that the seller of a property issues to the buyer of a home as part of the property transaction.
Purchase PriceThe amount of money someone pays for something (such as a house)
Purchase & Sale AgreementThe Purchase and Sale Agreement (also called a Property Sale Agreement) is a binding legal documents which spells out the terms of the(...)
Pyramid RoofA type of Hip roof, the Pyramid roof also comes to a point at the top having no vertical sides or gables. This style of roof is used(...)
Quad WideThere are only a few companies that make Quadruple Wide Mobile Homes meaning they are given great deals on materials, appliances and(...)
Quit Claim DeedThis type of deed is usually used when the participants are in some sort of relationship with one another, whether they be family(...)
Radiant BarrierA radiant barrier is a type of building material that reflects thermal radiation and reduces heat transfer.
Rain Barrel/Cistern(s)A rain barrel or cistern is a water tank used to collect and store rainwater runoff, typically from rooftops via pipes.
Rammed EarthA technique for constructing foundations, floors, and walls using natural raw materials such as earth, chalk, lime, or gravel.
Ranch StyleRanch style homes are one-story houses with an open and casual layout. The shape of the house is either rectangular or an "L" or "U"(...)
RangeA “range” is an “all-included” cooking appliance that combines a cooktop with a wall oven. It is generally larger in size, includes an(...)
Rate LockA rate lock is a freeze of the interest rate on a mortgage loan for a period of time. It is a guarantee from a lender that the(...)
Reaffirmation AgreementA reaffirmation agreement is used in Chapter 7 bankruptcy cases when the person filing for bankruptcy wants to continue paying one or(...)
Real EstateReal estate is private property in the form of buildings and land. Real estate can be used for residential, commercial, or industrial(...)
Real Estate AgentA real estate agent is a licensed professional who guides buyers and sellers through real estate transactions. Agents perform(...)
Real Estate BubbleA real estate bubble, also referred to as a “housing bubble,” occurs when the price of housing rises at a rapid pace, driven by an(...)
Real Estate Investment Trust (REIT)Real estate investment trusts, referred to as REITs, are companies that own and manage income-generating real estate or related assets.
Real Estate Settlement Procedures ActThe Real Estate Settlement Procedures Act (RESPA) is a federal law that imposes controls on the way lenders of federally backed home(...)
RealtistA Realtist is a member of the National Association of Real Estate Brokers, an organization that brings together minority real estate(...)
RealtorA Realtor is a salesperson licensed to sell real estate but differs from a real estate agent in some ways. A Realtor is a member of(...)
RecessionA recession is a significant, widespread decline in economic activity lasting more than a few months. Experts define this period as(...)
ReconveyanceReconveyance is the transfer of a title to the borrower after a mortgage has been fully paid.
Recourse LoanA recourse loan is a type of loan whereby the lender can seek financial damages in the event that the borrower defaults in his loan(...)
Recreation RoomA “recreation room” (also known as a rec room, rumpus room, playroom, or ruckus room) is a room used for a variety of purposes, such(...)
RedliningRedlining is the illegal practice of refusing to provide financial services to consumers based on the area where they live.
RefinanceRefinance, also called refinancing or refi, is the process by which one loan is replaced by another loan, in most cases with more(...)
Regulation ZRegulation Z is part of the Truth in Lending Act of 1968. The legislation is designed to protect consumers against misleading lending(...)
RelictionReliction is the increase in land that occurs when a river or the ocean permanently withdraws from the site.
Remaining BalanceThe remaining balance refers to the unpaid portion of a loan, debt or credit card.
Renovation YearThe year in which an existing structure is updated with cosmetic changes.
Replacement CostsReplacement cost is an insurance term that refers to how much it would cost to replace something, such as a home, using the same type(...)
Resale ValueA home’s resale value is the amount it is expected to sell for at some point in the future. Many things, including any improvements(...)
RescissionRescission is the act of canceling a contract and returning both parties to the status they held before they entered the agreement.(...)
Reserve FundA reserve fund is a savings account or other liquid asset managed by a condominium, business or individual for anticipated future(...)
Residential Lease AgreementThe term “residential lease agreement” refers to the legally binding contract made between a landlord and his tenant and contains all(...)
Residential Real EstateResidential real estate is an area developed for people to live on. As defined by local zoning ordinances, residential real estate(...)
Residuary EstateResiduary estate is a probate term that refers to the assets in a deceased person’s estate after all gifts are bequeathed and debts,(...)
Restrictive CovenantsA covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved.
Reverse MortgageA reverse mortgage is a loan for people aged 62 and up in which the lender pays homeowners in advance on the equity of their homes.
Revolving Line of CreditA revolving line of credit refers to a type of loan offered by a financial institution. Borrowers pay the debt as they would any other.
Right of First RefusalRight of first refusal is a contractual agreement that gives a specific party the opportunity to buy property before the owner can(...)
Right of RescissionRight of rescission is a federal law and a part of the Truth in Lending Act that gives borrowers the right to cancel a financial(...)
Riparian Water RightsDoctrine pertaining to properties adjacent to a waterway that governs the use of surface water and gives all owners of land contiguous(...)
Roll InRoll in is when the costs of a loan are added to the principal balance. Roll in, which is also called “rolling” or “to roll,” is(...)
Roof Turbine(s)Roof turbines are installed directly on the top of a roof and use wind power to suck hot and humid air out of the attic.
Safe Emergency Egress from HomeLarger-sized windows that meet codes for emergency escape and rescue requirements are called egress windows.
Safe HarborWhile many use the term “safe harbor” in reference to accounting and taxes, safe harbor laws are seen in a variety of industries,(...)
Sale of Loan PortfolioSale of loan portfolio is when a lender sells off a large batch of its loans, which gives the lender more cash to fund additional(...)
Sallie MaeSallie Mae is a financial services company for college students and their families. Originally founded as the Student Loan Marketing(...)
Saltbox RoofThe Saltbox roof is asymmetrical with one side similar to a sloping flat roof and the other side more of a lean-to roof. The extreme(...)
Saltbox StyleA saltbox house is a traditional New England style of house with a long, pitched roof that slopes down to the back, generally a wooden(...)
Sawtooth RoofAs the name suggests, the roof resembles the side view of a saw blade creating various slopes and use for natural light and is an(...)
Secondary Mortgage MarketMortgage originators sell home mortgage loans to investors on the secondary mortgage market. Loan aggregators buy mortgage loans from(...)
Secured LendingSecuring lending is when the borrower is required to give the lender collateral as a form of insurance against defaulting on the loan.
Seller’s AgentA seller’s agent, or seller’s real estate agent, is a professional who helps list the property for sale.
Seller’s DisclosureA Seller Disclosure is a set of documents completed by the seller of a home, listing any known issues with the property and any(...)
Seller’s MarketSeller’s market is a real estate term, indicating that there are more real estate buyers in the market than there are sellers.
Septic TankA septic tank is an underground chamber made of concrete, fiberglass, or plastic through which domestic wastewater (sewage) flows for(...)
ServicerA servicer is a company that collects and handles all transactions on your mortgage account on a day-to-day basis.
Settlement StatementA settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the(...)
Shared Appreciation MortgageA shared appreciation mortgage, or SAM, is a home loan in which the lender offers a below-market interest rate in exchange for a share(...)
Sheriff's DeedA deed that gives ownership rights in property bought at a sheriff's sale. A sheriff's sale is a sale conducted by a sheriff upon(...)
Short saleIn real estate, a short sale is transaction where a property sells for less than the amount owed on the property. Short sales usually(...)
Shotgun StyleA shotgun house is a narrow rectangular domestic residence, usually no more than about 12 feet (3.5 m) wide, with rooms arranged one(...)
Simple interestSimple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.
Simple interest loanA simple interest loan is one in which the interest has been calculated by multiplying the principal (P) times the rate (r) times the(...)
Single WideSome mobile homes are considered to be “single wide”– meaning that they are usually 8-12 feet in width. They may have as little as 400(...)
Site SurveySite surveys are inspections of an area where work is proposed, to gather information for a design or an estimate to complete the(...)
Skillion RoofA Skillion roof is often called a shed or lean-to roof. It is a single, sloping roof attached to a taller wall. This type of roof is(...)
SKUIn the field of inventory management, a stock keeping unit (SKU) is a distinct type of item for sale, such as a product or service,(...)
Soft inquiryA soft inquiry, also known as a soft pull, is a preliminary review of a person’s credit history by a lender or other entity.
SolariumA “solarium”, also known as a greenhouse or glass enclosure, is a type of sunroom addition that is made entirely of glass. The(...)
Southwestern StyleSouthwestern house plans reflect a rich history of Colonial Spanish and Native American styles and are usually one story with flat(...)
Spanish StyleSpanish Revival architecture tends to feature low-pitched, red-tile roofs, stucco walls, rounded arches, and an asymmetrical façade.(...)
Special AssessmentA special assessment is a levy that homeowners’ associations or local governments impose to pay for the installation or repair of(...)
Special Purpose DeedAlso called Administrator’s, Executor’s, Sheriff’s, Tax, Foreclosure, or Gift Deed. Frequently used in connection with court(...)
Special Tax DistrictSpecial districts are independent, special-purpose governmental units that exist separately from local governments such as county,(...)
Special Warranty DeedThis deed is slightly different from the warranty deed. This special warranty only encompasses the time the property was owned by the(...)
Split-level StyleA split-level home (also called a tri-level home) is a style of house in which the floor levels are staggered. There are typically two(...)
Starter homeFirst home that people plan to move from later on.
SteeringSteering refers to the illegal practice of directing a prospective homebuyer to or away from a neighborhood based on the presence or(...)
Stock CooperativeA stock cooperative is a corporation which is formed to hold title to improved real property, either in fee simple or for a term of(...)
Structural EncroachmentThis occurs when a property owner specifically builds something on land they don't own. Typically between neighbors, but it could also(...)
SubagentA subagent is a real estate agent or broker who brings in the buyer to purchase a property, but he is not the property’s listing agent.
Subprime mortgageA subprime mortgage is a home loan offered to customers with poor credit history. These loans carry higher interest rates, justified(...)
Subsurface Rights (Oil/Mineral/Gas)A landowner's right over minerals and other substances found below a property. A person acquires a subsurface right through purchase(...)
Sun NumberRating from 1-100 that shows your home's potential for solar capabilities
SurveySurveys are used to establish boundaries when new parcels of land are being developed, as well as to identify and confirm already(...)
Sweat equityIn real estate, sweat equity is the amount of work a homeowner puts into his or her home in an effort to improve the value of the residence.
Take-out loanA take-out loan is any type of long-term financing commonly used to buy or extract value from real property.
Tangible personal propertyTangible personal property is physical property that can be touched, such as furniture, clothing, and vehicles.
Tax creditA tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
Tax deductionA tax deduction reduces the amount of income that is subject to taxation by federal and state governments.
Tax DeedA legal document that grants ownership of a property to a government body when the property owner does not pay the taxes due on the(...)
Tax deferralTax deferral is when taxpayers delay paying taxes to some point in the future.
Tax evasionTax evasion occurs when a person or an organization illegally takes purposeful steps to avoid paying a tax liability.
Tax exemptionA tax exemption is the right to exclude all or some income from taxation by federal or states governments.
Tax liabilityTax liability is the total amount of tax owed in a given period, by individuals and organizations, to federal, state, and local governments.
Tax lienA tax lien is a legal claim that a federal, state, or local government places on your property and assets when you fail to pay your taxes.
Tax saleA tax sale is a government sale of property to recover unpaid taxes.
Tax shelterA tax shelter is a method of lowering taxable income for individuals or companies. Although some tax shelters are permitted under U.S.(...)
Tax-sheltered annuityA tax-sheltered annuity (TSA) is a retirement savings plan that allows employees of tax-exempt organizations and self-employed people(...)
Tax tablesEach year, the IRS publishes its revised tax tables and taxpayers determine how much tax they owe.
Taxable incomeTaxable income is the amount of income used to calculate the taxes owed by an individual or a company.
Taxpayer identification number (TIN)A taxpayer identification number (TIN) is used by the Internal Revenue Service (IRS) to process all tax-related documents and tax returns.
Teaser loanTeaser loans are adjustable-rate mortgages, or ARMs, that offer seemingly low introductory interest rates, or what lenders call teaser(...)
Teaser rateA teaser rate, also known as an introductory rate, is a below-market interest rate that lasts for a limited period of time.
Tenancy by the entiretyTenancy by the entirety refers to a form of concurrent estate ownership whereby a married couple jointly owns the entire property.
Tenants in commonTenants in common, also referred to as tenancy in common, is a form of ownership of real property in which two or more people own the(...)
TermA term is a period of time. Generally, it represents a period of time until a loan or any type of deposit or investment achieves maturity.
TimeshareA timeshare is the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing(...)
TitleA title document is evidence and recognition of an individual’s right to ownership of something.
Title AgentA title agency ensures that the property you are purchasing is legally available for the seller to sell. ... Title agencies find(...)
Title insuranceTitle insurance protects buyers of real estate and issuers of mortgage loans from defects or problems with a land title in the(...)
Title searchA title search is the process of going through public records, regarding a piece of property to ensure that the current owner has the(...)
Townhome StyleA townhouse or townhome is a single family home that shares one or more walls with other independently-owned units. They are often(...)
Trading upIn real estate, trading up is a term that describes when a homeowner sells her home in order to buy a house that is bigger, in a(...)
Transfer taxTransfer tax refers to taxes paid when the title to a piece of real property changes hands from one owner to another.
Triple Wide A mobile home consisting of three units joined together to create a large, spacious home.
Trust DeedA trust deed is a deed of conveyance creating and setting out the conditions of a trust.
Truth in Lending ActTruth in Lending. The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices.(...)
Tudor StyleTudor homes are characterized by their steeply pitched gable roofs, playfully elaborate masonry chimneys (often with chimney pots),(...)
Unclassified loanAn unclassified loan is a bank loan that the lender considers to be at high risk of default.
UnderwritingUnderwriting is the process that banks and other financial institutions use to assess the creditworthiness or risk of a potential borrower.
Uniform Gift to Minors ActThe Uniform Gift to Minors Act (UGMA) comprises state laws in the United States that permit the gifting of securities and money to minors.
Uniform Transfers to Minors ActThe Uniform Transfers to Minors Act (UTMA) is an extension of the Uniform Gifts to Minors Act (UGMA) that lets individuals give(...)
Universal defaultUniversal default is a policy of some lenders that allows them to penalize borrowers who pay any creditor late, resulting in a drop in(...)
Unsecured debtUnsecured debt or an unsecured loan refers to a loan not backed by collateral.
Unsecured loanUnsecured loans are loans that don’t require collateral to be approved for the loan. The lender will check your creditworthiness and(...)
UpgradesUpgrades are optional features that buyers of newly built houses can select for more money.
Upside downUpside down describes the situation when you buy something on credit and now owe more for it than it is worth.
USDAUSDA loans are zero-down-payment mortgages for rural and suburban homebuyers.
UsuryUsury is the term used when someone charges more than the maximum interest rate allowed by law. State laws govern legally allowed(...)
Utility EasementAn easement that allows a utility the right to use and access specific areas of another's property for laying gas, electric, water,(...)
Utility ReportA home utility report (HUR) is a report that’s compiled and emailed or sent to customers from their energy provider detailing home(...)
VA loanA VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs. These loans are available to people who are(...)
Variable rateA variable rate, or variable interest rate, is the amount charged to a borrower for a variable-rate loan, such as a mortgage.
Variable-rate loanA variable-rate loan is one where the interest rate on the loan balance changes as rates in the market change, based on an index.
Variable-rate mortgageA variable-rate mortgage is a home loan with a variable interest rate, meaning that it changes periodically based on the movement of a(...)
Victorian StyleVictorian homes commonly included towers, turrets, dormers, and wide wrap-around porches. Decorative railings and turned posts were(...)
Voluntary lienA voluntary lien is a type of lien in which the owner of a property grants another party legal claim to that property as a guarantee(...)
Walk-throughA walk-through is a buyer’s final inspection of a property before closing on the sale.
Walking distanceWalking distance is a measure of the distance from a home or neighborhood to businesses, public transit, schools, shopping centers and(...)
Warranty DeedThis type of deed is used to provide conveyance and protection to those involved. This type of deed includes a warranty. This shows(...)
Water RightsSurface water rights and underground water rights. The disposal of surface waters, which consist of drainage from rain, springs, and(...)
WaterSenseWaterSense is a U.S. Environmental Protection Agency program designed to encourage water efficiency in the United States through the(...)
WellA well is an excavation or structure created in the ground by digging, driving, or drilling to access liquid resources, usually water.(...)
Wet BarA “wet bar” is a small bar used for mixing and serving alcoholic beverages, it includes a sink with running water. This differs from a(...)
Wind MitigationWind mitigation is the implementation of certain building techniques in order to limit damage caused by intense wind.
Wind Mitigation Inspection ReportA wind mitigation or windstorm report informs the insurance company of a home's construction in order to determine its stability in(...)
Wire transferA wire transfer, also called a bank wire or a bank transfer, refers to the movement of funds between people or entities over an(...)
Wraparound mortgageA wraparound mortgage is a type of financing where a borrower receives a second mortgage to guarantee the payments on a first mortgage.
Zero balanceA zero balance is what shows on a credit card customer’s bill when the outstanding balance has been paid and there were no new charges(...)
Zero-down-payment mortgageThere are no down payment home loans, as well as mortgages that you can get with a small down payment.
Zero Energy Ready HomeThey are regular grid-tied homes that are so air-tight, well insulated, and energy efficient that they produce as much renewable(...)
Zero-lot lineA zero-lot-line property is one where a home or building has at least one wall placed on the boundary line of the property, leaving(...)
ZoningZoning is the method governments use to control how land is developed and used.
Zoning VarianceIt permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
ABC123It permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
