INDIVIDUAL AREA
AGENT AREA
Dictionary
Agreement
An exchange of promises a meeting of the minds a mutual understanding or arrangement in contract law.
An exchange of promises a meeting of the minds a mutual understanding or arrangement in contract law.
Agreement of sale
Written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale.
Written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement; also called contract of sale.
Apartment(building)
A dwelling unit within a multifamily structure, generally provided as rental housing. An apartment building is a structure with individual apartment units but a common entrance and hallway.
A dwelling unit within a multifamily structure, generally provided as rental housing. An apartment building is a structure with individual apartment units but a common entrance and hallway.
Appraisal
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
Appraiser
An individual qualified by education, training, and experience to estimate the value of real property and personal property.
An individual qualified by education, training, and experience to estimate the value of real property and personal property.
Appreciation
The increase in the value of a property due to changes in market conditions, inflation, or other causes.
The increase in the value of a property due to changes in market conditions, inflation, or other causes.
Architecture
The manner in which a building is constructed, including the layout, floor plan style and appearance, materials used, and the building technology used.
The manner in which a building is constructed, including the layout, floor plan style and appearance, materials used, and the building technology used.
Asking price
Price at which an investment is offered for sale; also called ask price, asked price, ask, or offering price.
Price at which an investment is offered for sale; also called ask price, asked price, ask, or offering price.
Asking rent
The list price for rent.
The list price for rent.
Attached housing
Dwelling units that are attached to each other on at least one side, possibly divided from one another by firewalls or other physical partitions. Contrast with detached housing.
Dwelling units that are attached to each other on at least one side, possibly divided from one another by firewalls or other physical partitions. Contrast with detached housing.
Attorney-in-fact
One who is authorized to act for another under a Power Of Attorney which may be general or limited in scope. A person need not be an attorney-at-law to be an attorney-in-fact.
One who is authorized to act for another under a Power Of Attorney which may be general or limited in scope. A person need not be an attorney-at-law to be an attorney-in-fact.
Auction
A sale in which buyers make bids (offers) and the highest offer is accepted. Awning windows - Single-sash windows that tilt outward and up
A sale in which buyers make bids (offers) and the highest offer is accepted. Awning windows - Single-sash windows that tilt outward and up
Barter
The exchange of goods or commodities for other goods or commodities.
The exchange of goods or commodities for other goods or commodities.
Bathroom
A room in a house or in an apartment or condominium unit that contains a toilet, a sink and either a bathtub or a bathtub and shower combination. A room that contains these facilities but has only a shower and no tub is called a three-quarters bath. If the room contains only a toilet and sink, it is called a half bath.
A room in a house or in an apartment or condominium unit that contains a toilet, a sink and either a bathtub or a bathtub and shower combination. A room that contains these facilities but has only a shower and no tub is called a three-quarters bath. If the room contains only a toilet and sink, it is called a half bath.
Benchmark
1. a permanently affixed mark that establishes the exact elevation of a place; used by surveyors in measuring site elevations, or as a starting point for surveys; 2. a standard measurement that forms the basis for comparison.
1. a permanently affixed mark that establishes the exact elevation of a place; used by surveyors in measuring site elevations, or as a starting point for surveys; 2. a standard measurement that forms the basis for comparison.
Beneficiary
The person who receives or is to receive the benefits resulting from certain acts.
The person who receives or is to receive the benefits resulting from certain acts.
Bid
In negotiations or at an auction, the amount a prospective purchaser is willing to pay.
In negotiations or at an auction, the amount a prospective purchaser is willing to pay.
Blighted area
Any area in which the buildings, and sometimes the infrastructure, have been allowed to decay. As a result, property has depreciated.
Any area in which the buildings, and sometimes the infrastructure, have been allowed to decay. As a result, property has depreciated.
Breach of contract
A violation of the terms of a legal agreement; default . Breach of contract allows the non-breaching party to rescind the contract, sue for damages, or sue for performance of the contract.
A violation of the terms of a legal agreement; default . Breach of contract allows the non-breaching party to rescind the contract, sue for damages, or sue for performance of the contract.
Broker
Real estate: person who represents the seller and gets a commission when the property is sold.
Real estate: person who represents the seller and gets a commission when the property is sold.
Brokerage
The business of being a broker.
The business of being a broker.
Build to suit
An arrangement whereby a landowner offers to pay to construct on his or her land a building specified by a potential tenant, and then to lease land and building to the tenant.
An arrangement whereby a landowner offers to pay to construct on his or her land a building specified by a potential tenant, and then to lease land and building to the tenant.
Builder warranty
A guarantee on the quality of construction offered by the developer or building contractor.
A guarantee on the quality of construction offered by the developer or building contractor.
Built-ins
Appliances, machinery, and other equipment that are constructed as part of a building rather than left freestanding and moveable.
Appliances, machinery, and other equipment that are constructed as part of a building rather than left freestanding and moveable.
Business Opportunity
The sale or lease of an existing business enterprise including its goodwill.
The sale or lease of an existing business enterprise including its goodwill.
Budget
An itemized list of expected income and expenses prepared on a weekly monthly or annual basis.
An itemized list of expected income and expenses prepared on a weekly monthly or annual basis.
Cement
An asphalt-based cement used to bond roofing materials. Also known as flashing cement or mastic.
An asphalt-based cement used to bond roofing materials. Also known as flashing cement or mastic.
Ceramic Tile
A man-made or machine-made clay tile used to finish a floor or wall. Generally used in bathtub and shower enclosures and on counter tops.
A man-made or machine-made clay tile used to finish a floor or wall. Generally used in bathtub and shower enclosures and on counter tops.
Certificate of Title
A written document issued by an attorney or a qualified person who has examined the record of the real estate title reporting the state of that title.
A written document issued by an attorney or a qualified person who has examined the record of the real estate title reporting the state of that title.
Chip Board
A manufactured wood panel made out of wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing.
A manufactured wood panel made out of wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing.
Clear title
Property for which the title is free of competing claims, liens or mortgages; Also called free and clear.
Property for which the title is free of competing claims, liens or mortgages; Also called free and clear.
Closing
The act of transferring ownership of a property from seller to buyer in accordance with a sales contract.
The act of transferring ownership of a property from seller to buyer in accordance with a sales contract.
Coating
A layer of asphalt applied to the base material into which granules or other surfacing is embedded.
A layer of asphalt applied to the base material into which granules or other surfacing is embedded.
Common areas
Areas of a property that are used by all owners or tenants (the clubhouse and pool of a condominium development, the hallways and stairs of an apartment building, the elevators in an office building, the mall area of a shopping center).
Areas of a property that are used by all owners or tenants (the clubhouse and pool of a condominium development, the hallways and stairs of an apartment building, the elevators in an office building, the mall area of a shopping center).
Common property
Property owned equally by all members of a group (Recreation area of a cooperative apartment building).
Property owned equally by all members of a group (Recreation area of a cooperative apartment building).
Contract
An agreement between two or more persons (or entities) that creates (or modifies) a legal relationship. In real estate, a contract is usually an offer for property and an acceptance of that offer (e.g., an agreement of sale).
An agreement between two or more persons (or entities) that creates (or modifies) a legal relationship. In real estate, a contract is usually an offer for property and an acceptance of that offer (e.g., an agreement of sale).
Core space
The central areas of a building that contain elevator banks, restrooms, stairwells, electrical services, janitorial closets, and the like.
The central areas of a building that contain elevator banks, restrooms, stairwells, electrical services, janitorial closets, and the like.
Commission
The compensation or fee for services that a licensee receives for performing the agreed-upon terms under a brokerage contract which in the practice of real estate this is usually a percentage of the selling price of a property and/or a percentage of rentals
The compensation or fee for services that a licensee receives for performing the agreed-upon terms under a brokerage contract which in the practice of real estate this is usually a percentage of the selling price of a property and/or a percentage of rentals
Commission Split
A previously agreed upon sharing of funds by a listing broker with one or more cooperating brokers when a commission or funds have been received as a result of a sale. 2. A previously agreed upon sharing of funds between a broker and a sales associate.
A previously agreed upon sharing of funds by a listing broker with one or more cooperating brokers when a commission or funds have been received as a result of a sale. 2. A previously agreed upon sharing of funds between a broker and a sales associate.
Cost-Benefit Ratio
The present value of the anticipated investment returns divided by the present value of the capital outlay or cost.
The present value of the anticipated investment returns divided by the present value of the capital outlay or cost.
Curtain wall
An exterior wall that encloses a yard or other area but does not provide any structural support to a home.
An exterior wall that encloses a yard or other area but does not provide any structural support to a home.
Demand
One of the four essential elements of value which motivates consumers to buy goods or services at various prices and under varying conditions.
One of the four essential elements of value which motivates consumers to buy goods or services at various prices and under varying conditions.
Deposit
1. The money commonly used with sales contracts and leases that is paid in good faith to assure performance of a contract. If the party who put up the deposit fails to perform the deposit is forfeited unless conditions in the contract allow a refund. 2. Cash given along with an offer to purchase property.
1. The money commonly used with sales contracts and leases that is paid in good faith to assure performance of a contract. If the party who put up the deposit fails to perform the deposit is forfeited unless conditions in the contract allow a refund. 2. Cash given along with an offer to purchase property.
Detached housing
Residential buildings in which each dwelling unit is surrounded by freestanding walls and is generally sited on a separate lot.
Residential buildings in which each dwelling unit is surrounded by freestanding walls and is generally sited on a separate lot.
Developer
1. a builder, most commonly someone who constructs a commercial complex or a residential subdivision; 2. an entrepreneur who prepares raw land for construction, then in turn sells the lots to one or more builders so that they may build on the land.
1. a builder, most commonly someone who constructs a commercial complex or a residential subdivision; 2. an entrepreneur who prepares raw land for construction, then in turn sells the lots to one or more builders so that they may build on the land.
Development
1. The process of creating improvements on or to a parcel of land which may include subdividing access sewer and drainage lines utilities buildings and any combination of these elements. 2. A real estate project where improvements are or have been made.
1. The process of creating improvements on or to a parcel of land which may include subdividing access sewer and drainage lines utilities buildings and any combination of these elements. 2. A real estate project where improvements are or have been made.
Discount
Reduced price from a stated rate or list price , usually offered to a customer as an incentive to make a purchase.
Reduced price from a stated rate or list price , usually offered to a customer as an incentive to make a purchase.
Domed ceiling
A hemispherical ceiling that projects upward without support.
A hemispherical ceiling that projects upward without support.
Door operator
An automatic garage door opener.
An automatic garage door opener.
Double Hung Window
A window with two vertically sliding sashes both of which can move up and down.
A window with two vertically sliding sashes both of which can move up and down.
Double Glass
Window or door in which two panes of glass are used with a sealed air space between. Also known as Insulating Glass.
Window or door in which two panes of glass are used with a sealed air space between. Also known as Insulating Glass.
Down payment
An initial partial payment of the total selling price.
An initial partial payment of the total selling price.
Down-zoning
Act of rezoning a tract of land for a less intensive use than that existing or permitted.
Act of rezoning a tract of land for a less intensive use than that existing or permitted.
Drain Tile
A perforated corrugated plastic pipe laid at the bottom of the foundation wall and used to drain excess water away from the foundation.
A perforated corrugated plastic pipe laid at the bottom of the foundation wall and used to drain excess water away from the foundation.
Drainage
The running off of water from the surface of the land.
The running off of water from the surface of the land.
Drywall or Gypsum Wallboard
A manufactured panel made out of gypsum plaster and encased in a thin cardboard. The panels are nailed or screwed onto the framing and the joints are taped and covered with a 'joint compound'.
A manufactured panel made out of gypsum plaster and encased in a thin cardboard. The panels are nailed or screwed onto the framing and the joints are taped and covered with a 'joint compound'.
Duplex
Two dwelling units under one roof.
Two dwelling units under one roof.
Dwelling
Place of residence, such as a house or apartment.
Place of residence, such as a house or apartment.
Effective age
An appraiser's estimate of the physical condition of a building; The actual age of a building may be shorter or longer than its effective age.
An appraiser's estimate of the physical condition of a building; The actual age of a building may be shorter or longer than its effective age.
Elevations
The exterior view of a home design that shows the position of the house relative to the grade of the land.
The exterior view of a home design that shows the position of the house relative to the grade of the land.
Energy-efficient
Containing features that reduce the use of electricity or heating fuel, such as effective insulation, double-glazed windows, skylights, or a state-of-the-art furnace.
Containing features that reduce the use of electricity or heating fuel, such as effective insulation, double-glazed windows, skylights, or a state-of-the-art furnace.
Evaluation
A study of potential property uses, but not to determine its present value.
A study of potential property uses, but not to determine its present value.
Eviction
The lawful expulsion of an occupant from real property.
The lawful expulsion of an occupant from real property.
Exclusive listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
Excavation
The process of clearing trees, removing topsoil and grading land before the foundation is laid.
The process of clearing trees, removing topsoil and grading land before the foundation is laid.
Façade
The outside front wall of a building.
The outside front wall of a building.
Feasibility study
A determination of the likelihood that a proposed development will fulfill the objectives of a particular investor.
A determination of the likelihood that a proposed development will fulfill the objectives of a particular investor.
Flag lot
A method of subdividing land into individual parcels in such a way that compliance with local subdivision regulations is avoided.
A method of subdividing land into individual parcels in such a way that compliance with local subdivision regulations is avoided.
Floor area
The total area of all floors in a building.
The total area of all floors in a building.
Floor plan
A layout drawing of a building (or portion of a building) showing the size and the purpose of each room.
A layout drawing of a building (or portion of a building) showing the size and the purpose of each room.
Fireproof
Having all exposed surfaces constructed of noncombustible materials or protected by such materials.
Having all exposed surfaces constructed of noncombustible materials or protected by such materials.
Firewall
A partition of fireproof material intended to contain an outbreak of fire to a limited area.
A partition of fireproof material intended to contain an outbreak of fire to a limited area.
Gable roof
One with a triangle, with the ridge forming an angle at the top and each eave forming an angle at the bottom.
One with a triangle, with the ridge forming an angle at the top and each eave forming an angle at the bottom.
Gain
An increase in money or property value.
An increase in money or property value.
Garden apartments
Housing complex where some or all tenants have access to a lawn area.
Housing complex where some or all tenants have access to a lawn area.
Ground floor
At the level of the surrounding land (e.g., the ground floor of a building).
At the level of the surrounding land (e.g., the ground floor of a building).
Gross area
The total floor area of a building, usually measured from its outside walls.
The total floor area of a building, usually measured from its outside walls.
Gingerbread decoration
An intricate, almost lacy, wood trim.
An intricate, almost lacy, wood trim.
Girders
Crossbeams that support floor joists.
Crossbeams that support floor joists.
Grantee
The person to whom an interest in real property is conveyed.
The person to whom an interest in real property is conveyed.
Grantor
The person conveying an interest in real property
The person conveying an interest in real property
Habitable
A dwelling or property that is acceptable for human occupancy; that is, it is not derelict and it meets standards of decency.
A dwelling or property that is acceptable for human occupancy; that is, it is not derelict and it meets standards of decency.
Handyman's special
A property that requires substantial work to bring it up to normal standards.
A property that requires substantial work to bring it up to normal standards.
Highest and best use
The use of land that will bring the greatest return on an investment over a given period (i.e., that use of property that will make the most money).
The use of land that will bring the greatest return on an investment over a given period (i.e., that use of property that will make the most money).
Hip roof
One formed by four walls sloped in different directions with the two longer sides forming a ridge at the top.
One formed by four walls sloped in different directions with the two longer sides forming a ridge at the top.
Hopper window
A window that contains a single sash that tilts inward.
A window that contains a single sash that tilts inward.
Interest rate
Rate, usually expressed as a percentage per annum charged on money borrowed or lent.
Rate, usually expressed as a percentage per annum charged on money borrowed or lent.
Industrial property
Property used for industrial purposes, such as factories.
Property used for industrial purposes, such as factories.
Joint venture
An agreement between 2 or more parties who invest in a single business or property.
An agreement between 2 or more parties who invest in a single business or property.
Key lot
A lot that is crucial to the success of a development, such as the lot along a roadway or a lot that provides access to some amenity.
A lot that is crucial to the success of a development, such as the lot along a roadway or a lot that provides access to some amenity.
Knee wall
A wall-like structure that supports roof rafters.
A wall-like structure that supports roof rafters.
Land
A general term that usually refers to the ground and those natural objects that are more or less permanent on it.
A general term that usually refers to the ground and those natural objects that are more or less permanent on it.
Landlord
Owner of property who rents it to a tenant.
Owner of property who rents it to a tenant.
Landmark
Building or other structure that is particularly well-known or is historically significant.
Building or other structure that is particularly well-known or is historically significant.
Landscape architect
A professional who designs building sites, subdivisions, and other projects that require work on drainage, grading, vegetation, installation of utilities, and site improvements.
A professional who designs building sites, subdivisions, and other projects that require work on drainage, grading, vegetation, installation of utilities, and site improvements.
Lease
A written agreement issued by an owner or landlord in renting a property (or part of a property) to another person.
A written agreement issued by an owner or landlord in renting a property (or part of a property) to another person.
Listing
1. a written engagement contract between a principal and an agent , authorizing the agent to perform services for the principal involving the latter's property; 2. a record of property for sale by a broker who has been authorized by the owner to sell; 3. the property so listed.
1. a written engagement contract between a principal and an agent , authorizing the agent to perform services for the principal involving the latter's property; 2. a record of property for sale by a broker who has been authorized by the owner to sell; 3. the property so listed.
Lot
An individual parcel of land in the plat of a subdivision; A buildable lot has proper zoning and is suitable for construction.
An individual parcel of land in the plat of a subdivision; A buildable lot has proper zoning and is suitable for construction.
Lease
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
Load-bearing wall
Wall that helps support the weight above it, including a second story or roof.
Wall that helps support the weight above it, including a second story or roof.
Mall
A public area connecting individual stores in a shopping center ; generally enclosed. Also, an enclosed shopping center.
A public area connecting individual stores in a shopping center ; generally enclosed. Also, an enclosed shopping center.
Mansard roof
One having two slopes on all four sides, with the lower slope steeper than the upper, flatter sections.
One having two slopes on all four sides, with the lower slope steeper than the upper, flatter sections.
Marginal property
Property that is barely profitable to use.
Property that is barely profitable to use.
Market approach
In real estate, one of three appraisal approaches; The value is estimated by analyzing sales prices of similar properties (comparables) sold recentl.
In real estate, one of three appraisal approaches; The value is estimated by analyzing sales prices of similar properties (comparables) sold recentl.
Market penetration (capture rate)
The sales or leasing rate of a real estate development compared to the sales or leasing rate of all developments in the market area.
The sales or leasing rate of a real estate development compared to the sales or leasing rate of all developments in the market area.
Market price
The actual price paid in a market transaction.
The actual price paid in a market transaction.
Market research
Gathering, analyzing, and interpreting data concerning market conditions.
Gathering, analyzing, and interpreting data concerning market conditions.
Minimum down payment
The smallest cash contribution required to get a loan; Usually expressed as a percentage of the loan amount.
The smallest cash contribution required to get a loan; Usually expressed as a percentage of the loan amount.
Mezzanine
Floor of a building (usually the second) that has less area than the floors above and below.
Floor of a building (usually the second) that has less area than the floors above and below.
Negotiable
In real estate, the term refers to the fact that the price of a property is often the result of a negotiation between the buyer and seller.
In real estate, the term refers to the fact that the price of a property is often the result of a negotiation between the buyer and seller.
Occupancy (rate or level)
Percentage of currently rented units in a building, city, neighborhood, or complex.
Percentage of currently rented units in a building, city, neighborhood, or complex.
Off-site costs
Expenditures related to construction that are spent away from the place of construction (extending roads, sewers, and water lines to the site ).
Expenditures related to construction that are spent away from the place of construction (extending roads, sewers, and water lines to the site ).
Off-site improvements
The portions of a subdivision or development that are not directly on the lots to be sold (access streets, curbs, sewers, and utility ).
The portions of a subdivision or development that are not directly on the lots to be sold (access streets, curbs, sewers, and utility ).
Office building
A structure primarily used for the conduct of business, such as administration, clerical services, and consultation with clients and associates.
A structure primarily used for the conduct of business, such as administration, clerical services, and consultation with clients and associates.
On-site
(Performed) on the property itself; refers to property management, development, or other agencies or activities.
(Performed) on the property itself; refers to property management, development, or other agencies or activities.
Open house
A method of showing a home for sale whereby the home is left open for inspection by interested parties.
A method of showing a home for sale whereby the home is left open for inspection by interested parties.
Open space
Land, within a developed area, that is left undeveloped and serves as an amenity to surrounding occupants.
Land, within a developed area, that is left undeveloped and serves as an amenity to surrounding occupants.
Overbuilding
A situation in a given area where there has been more real estate construction than the market can absorb within a reasonable time.
A situation in a given area where there has been more real estate construction than the market can absorb within a reasonable time.
Parcel
A piece of property under one ownership; a lot in a subdivision.
A piece of property under one ownership; a lot in a subdivision.
Penthouse
A luxury housing unit located on the top floor of a high-rise building.
A luxury housing unit located on the top floor of a high-rise building.
Permeability
A measure of a material's ability to transmit liquids.
A measure of a material's ability to transmit liquids.
Plat
A plan or map of a specific land area.
A plan or map of a specific land area.
Prefabricated
1. constructed, as building components, in a factory prior to being erected or installed on the construction site; 2. constructed, as a house, of prefabricated components.
1. constructed, as building components, in a factory prior to being erected or installed on the construction site; 2. constructed, as a house, of prefabricated components.
Property management
The operation of property as a business, including rental, rent collection, maintenance , etc...
The operation of property as a business, including rental, rent collection, maintenance , etc...
Power of attorney
A legal document that authorizes another person to act on one's behalf; A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.
A legal document that authorizes another person to act on one's behalf; A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.
Potable
Suitable for drinking.
Suitable for drinking.
Property line
The recorded boundary of a plot of land.
The recorded boundary of a plot of land.
Raw land (undeveloped Property)
Acreage with no added improvements , such as landscaping, drainage, streets, utilities , and structures.
Acreage with no added improvements , such as landscaping, drainage, streets, utilities , and structures.
Real estate
The term for land and all fixtures to land, including buildings and improvements. Personal property is not usually considered real estate. A house is real estate, but the furniture in the house is not. Also known as real property.
The term for land and all fixtures to land, including buildings and improvements. Personal property is not usually considered real estate. A house is real estate, but the furniture in the house is not. Also known as real property.
Real estate agent
Someone who works for a real estate agency and is involved in the buying and selling of property.
Someone who works for a real estate agency and is involved in the buying and selling of property.
Real estate market
The real estate activity (i.e., purchases and sales) in a particular area at a particular time.
The real estate activity (i.e., purchases and sales) in a particular area at a particular time.
Rehabilitate
To restore a structure to a condition of good repair.
To restore a structure to a condition of good repair.
Residence
The place where one lives.
The place where one lives.
Rezoning
An action to change the designation of a subject parcel or group of parcels on the zoning map.
An action to change the designation of a subject parcel or group of parcels on the zoning map.
Sale pending
A real estate transaction for which a contract has been signed but that has not closed.
A real estate transaction for which a contract has been signed but that has not closed.
Shed roof
One having a single, sloped side.
One having a single, sloped side.
Site plan
A document that describes how a parcel of land is to be improved; It includes the outlines of all structures and site improvements, such as driveways, parking lots, landscaping, and utility connections.
A document that describes how a parcel of land is to be improved; It includes the outlines of all structures and site improvements, such as driveways, parking lots, landscaping, and utility connections.
Solar heating
A system that uses energy from sunlight to heat a structure and/or provide hot water.
A system that uses energy from sunlight to heat a structure and/or provide hot water.
Specifications
Detailed instructions provided in conjunction with plans and blueprints for construction. Specifications may stipulate the type of materials to be used, special construction techniques, dimensions, and colors.
Detailed instructions provided in conjunction with plans and blueprints for construction. Specifications may stipulate the type of materials to be used, special construction techniques, dimensions, and colors.
Survey
1. the process by which a parcel of land is measured and its area ascertained; 2. the plan showing the measurements, boundaries, area, and contours.
1. the process by which a parcel of land is measured and its area ascertained; 2. the plan showing the measurements, boundaries, area, and contours.
Tenant
Holder or possessor of real property.
Holder or possessor of real property.
Terrace
An unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
An unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
Trading up
Buying a larger, more expensive property.
Buying a larger, more expensive property.
Turnkey project
A development in which a developer completes the entire project on behalf of a buyer; the developer turns over the keys to the buyer at completion.
A development in which a developer completes the entire project on behalf of a buyer; the developer turns over the keys to the buyer at completion.
Upland
Property that borders a body of water.
Property that borders a body of water.
Up-zoning
The process in which a property is zoned from a lower to a higher use.
The process in which a property is zoned from a lower to a higher use.
Usable area
The occupiable part of an office or a building floor; generally measured from "paint to paint" inside the permanent walls and to the middle of partitions separating one tenant's space from that of other tenants on the same floor.
The occupiable part of an office or a building floor; generally measured from "paint to paint" inside the permanent walls and to the middle of partitions separating one tenant's space from that of other tenants on the same floor.
Utilities
Services, such as water, sewer, gas, electricity, and telephones, that are generally required to operate a building.
Services, such as water, sewer, gas, electricity, and telephones, that are generally required to operate a building.
Utility easement
Use of another's property for the purpose of laying gas, electric, water, and sewer lines
Use of another's property for the purpose of laying gas, electric, water, and sewer lines
Vacancy rate
The percentage of all units or space that is unoccupied or not rented.
The percentage of all units or space that is unoccupied or not rented.
Vendor
Another word for a seller that is commonly used in some kinds of property contracts.
Another word for a seller that is commonly used in some kinds of property contracts.
Vestibule
A small entrance hall or room.
A small entrance hall or room.
Vinyl-clad windows
Wood windows sheathed in vinyl on the outside.
Wood windows sheathed in vinyl on the outside.
Waiver
The voluntary renunciation, abandonment , or surrender of some claim, right, or privilege.
The voluntary renunciation, abandonment , or surrender of some claim, right, or privilege.
Walk-up
An apartment in (usually) a small apartment building in which there is no elevator.
An apartment in (usually) a small apartment building in which there is no elevator.
Warehouse
A structure designed for storage of commercial inventory.
A structure designed for storage of commercial inventory.
Zero-lot lines
Houses built without space between them and with little or no yard.
Houses built without space between them and with little or no yard.
Zoning
Regulations that control the use of land within a jurisdiction.
Regulations that control the use of land within a jurisdiction.
