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| There are 81 entries in the glossary. |
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| Back fill | Soil used to solidify the foundation of a structure. |
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| Back title letter | A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
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| Back-to-back escrow | Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
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| Backup offer | A secondary bid for a property that the seller will accept if the first offer fails.
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| Backwater valve | A valve in a sewer line that prevents sewage from flowing back into a house.
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| Balance sheet | A statement that shows the assets, liabilities and net worth of an individual.
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| Balloon loan | A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
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| Balloon payment | The final lump sum payment due at the end of a balloon mortgage.
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| Balloon-frame construction | A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
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| Balustrade | Railing held up by a set of posts on a porch or stairway.
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| Bankruptcy | A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
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| Bargain sale | The sale of a piece of property for less than market value.
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| Baseboard | Any board or molding found at the bottom of an interior wall.
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| Baseboard electric heat | Heating units installed in the floor that can be controlled by a central thermostat.
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| Basement | The area of a home below ground level.
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| Basis Point | A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
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| Bay | The opening between two columns or walls that forms a space.
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| Bay window | A window that projects outward in a curve.
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| Bearing wall | A wall that supports its own weight in addition to other parts of a structure.
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| Before-tax income | Total income before taxes are deducted.
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| Beneficiary | The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
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| Bequest | Personal property given to a person through a will.
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| Betterment | An improvement that increases a property's value as opposed to repairs that maintain the value.
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| Bidding war | Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
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| Bilateral contract | A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
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| Bill of sale | A document that transfers ownership of personal property. |
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| Binder | A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
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| Biweekly mortgage | A mortgage that requires payments every two weeks and helps repay the loan over a shorter term. |
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| Blanket insurance policy | A policy that covers more than one person or piece of property.
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| Blanket mortgage | A mortgage that covers more than one property owned by the same borrower.
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| Blighted area | A neighborhood that has deteriorated.
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| Blind nailing | Nails driven into a wall and concealed with putty.
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| Blue sky laws | Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
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| Blue-ribbon condition | A house maintained close to its original condition. Also called mint condition.
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| Blueprint | A plan of a building in such detail as to enable workmen to construct it from the print. The name comes from the photographic process which produces the plan in white on a blue background. |
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| Board foot | Measurement of lumber that is the equivalent of 144 cubic inches.
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| Board of Equalization | A state board charged with ensuring that local property taxes are assessed in a uniform manner.
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| Board-and-batten siding | Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
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| Boilerplate | Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
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| Bona fide | A legal term that refers to actions or persons that are honest and in good faith.
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| Bond | An agreement that insures one party against loss by acts or defaults of another party.
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| Book value | The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
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| Boring test | An analysis of soil in which holes are bored into the ground and samples are removed.
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| Borough | A section of a city that has authority over local matters.
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| Borrow | Sand, gravel or other material used for grading.
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| Borrow pit | The hole at a site that has been excavated.
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| Boulevard | A street lined with trees or constructed with a landscaped median.
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| Boundary | The dividing line between two adjacent properties.
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| Braced framing | A construction method in two-story homes in which the frame is reinforced with posts and braces.
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| Breach of contract | The failure to perform provisions of a contractwithout a legal excuse.
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| Breach of covenant | The failure to obey a legal agreement.
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| Breach of warranty | A seller's inability to pass clear title to a buyer.
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| Break-even point | The point in which the owner's rental income matches expenses and debt.
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| Breast height | The height at which the diameter of a tree is measured: four feet, six inches above the ground.
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| Breezeway | A roofed passageway with open sides.
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| Brick | Building material made from clay molded into oblong blocks and fired in a kiln.
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| Bridge loan | A short-term loan for borrowers who need more time to find permanent financing.
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| Broker | A person licensed by the state to deal in real estate.
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| Brokerage | The act of bringing together two or more parties in exchange for a fee or commission.
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| Broom clean | The ideal condition of a building when it is turned over to an owner or tenant.
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| Brownstone | A vintage row house constructed of red sandstone.
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| Buffer strip | A parcel of land that separates two or more properties.
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| Builder upgrades | Extra house features or better finishing materials that a builder offers.
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| Building and loan association | An organization that raises money to helps its members purchase real estate or construct a building.
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| Building code | A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
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| Building inspector | A city or county employee who enforces the building code and ensures that work is correctly performed.
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| Building line or setback | Guidelines that limit how close an owner can build to the street or an adjacent property.
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| Building moratorium | A halt on home construction to slow the rate of development.
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| Building paper | A thick, water-resistant paper that serves as insulation.
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| Building permit | A permit issued by a local government agency that allows the construction of home or renovation of a house.
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| Building restrictions | Regulations that limit the manner in which property can be used.
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| Built-ins | Appliances or other items that are framed into a home or permanently attached.
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| Bulkhead | A retaining wall designed to hold back water from the ocean or another body of water.
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| Bundle of rights | The various interests or rights an owner has in a property.
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| Bungalow | A small one-story house or cottage.
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| Butterfly roof | A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
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| Buy-down mortgage | A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
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| Buyer broker | A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
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| Buyer's market | A slow real estate market in which buyers have the advantage.
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| Buyer's remorse | An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
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| Bylaws | The rules and regulations that a homeowners association or corporation adopts to govern activities.
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