Homeowner Glossary

• 10/1 ARMA 10/1 ARM is a mortgage loan that begins with a long initial period of fixed interest and then transitions to regularly adjusting(...)
• 2/28 Adjustable-Rate MortgageA 2/28 Adjustable-Rate Mortgage is a long term home loan structured with a short introductory period of fixed interest followed by an(...)
• 3/1 Adjustable-Rate MortgageA 3/1 Adjustable-Rate Mortgage is a home loan that combines a short initial period of fixed interest with ongoing interest rate(...)
• 3/27 Adjustable-Rate MortgageA 3/27 Adjustable-Rate Mortgage is a long term home loan that combines a short initial period of fixed interest with an extended(...)
• 4 Point InspectionA 4 Point Inspection is a focused property evaluation that examines four major systems of a residential structure to assess their(...)
• 40-Year Fixed-Rate MortgageA 40-Year Fixed-Rate Mortgage is a home loan with a repayment term that extends over forty years and an interest rate that remains(...)
• 401(k) PlanA 401(k) Plan is an employer sponsored retirement savings arrangement that allows employees to set aside a portion of their(...)
• 403(b) PlanA 403(b) Plan is an employer sponsored retirement savings arrangement designed for employees of certain nonprofit organizations,(...)
• 5/1 ARMA 5/1 ARM is a type of mortgage loan that combines an initial period of fixed interest with a later period in which the interest rate(...)
• 529 PlanA 529 Plan is a tax advantaged savings arrangement designed to help individuals and families set aside funds for education related(...)
• 7/1 ARMA 7/1 ARM is a type of adjustable interest home loan that combines an initial period of payment stability with later rate variability.(...)
• 80/10/10 LoanAn 80/10/10 Loan is a home financing structure that uses two mortgages and a down payment to complete a property purchase while(...)
• Abstract of TitleAn Abstract of Title is a compiled summary of the public records related to the ownership and legal status of a specific piece of real(...)
• Active SolarActive Solar refers to a system that captures energy from the sun and uses mechanical or electrical components to convert that energy(...)
• Actual Cash Value Actual Cash Value is a valuation method used to determine the current worth of property by accounting for depreciation, age,(...)
• Ad Valorem TaxAn Ad Valorem Tax is a form of taxation based on the assessed value of property rather than a fixed fee or flat rate. In real estate,(...)
• AddendumAn Addendum is a supplemental document that modifies, clarifies, or adds terms to an existing contract without replacing the original(...)
• AdemptionAdemption is a legal concept in estate and real property law that occurs when a specific piece of property named in a will is no(...)
• Adjustable-Rate MortgageAn Adjustable-Rate Mortgage is a home loan in which the interest rate is not fixed for the entire life of the loan. Instead, the rate(...)
• Adjusted BasisAdjusted Basis is a tax and accounting concept that represents the modified value of an asset after certain changes are applied to its(...)
• Administrator's DeedAn Administrator’s Deed is a legal instrument used to transfer ownership of real property from the estate of a deceased individual(...)
• Aerobic Septic An Aerobic Septic system is a type of on site wastewater treatment system that uses oxygen to support bacteria that break down(...)
• AES 256-bit EncryptionAES 256-bit Encryption is a widely used method of securing digital information by converting readable data into an encoded format that(...)
• Agreement of SaleAn Agreement of Sale is a legally binding contract that outlines the terms and conditions under which a property will be transferred(...)
• Artificial IntelligenceArtificial Intelligence refers to the development and use of systems that can perform tasks normally requiring human cognition. These(...)
• Air/Development RightsAir/Development Rights refer to the legal ability to use, sell, or transfer the buildable space above a parcel of land or an existing(...)
• AlgorithmAn Algorithm is a defined set of logical steps used to solve a problem, make a decision, or perform a calculation. It provides a(...)
• Alternative MortgageAn Alternative Mortgage is a home financing option that differs from traditional fixed-rate or standard adjustable-rate mortgage(...)
• AmortizationAmortization is the structured process by which a loan balance is reduced over time through scheduled payments. Each payment is(...)
• Amortization TableAn Amortization Table is a detailed schedule that breaks down each payment on a loan over time, showing how much of each payment goes(...)
• Annual Percentage Rate Annual Percentage Rate (APR) represents the total yearly cost of borrowing money, expressed as a percentage. It is designed to(...)
• Apartment Style Apartment Style refers to a residential design and layout approach in which living spaces are organized as individual dwelling units(...)
• AppraisalAn Appraisal is a formal process used to develop a professional opinion of value for a property, asset, or interest in property. In(...)
• Appraised ValueAppraised Value is an opinion of a property’s worth determined by a qualified professional using recognized valuation methods. It(...)
• AppreciationAppreciation describes the increase in value of an asset over time. In real estate and property ownership, Appreciation refers to the(...)
• Architectural FeesArchitectural Fees refer to the compensation paid to a licensed architect or architectural firm for professional services related to(...)
• Architectural StyleArchitectural Style refers to the distinct visual, structural, and design characteristics that define how a building looks and how it(...)
• Asking Price The Asking Price is the amount a seller initially requests for a property when it is offered for sale. The Asking Price is(...)
• AssessmentAn Assessment in real estate is a formal determination of a property’s value or characteristics for taxation, regulatory, or(...)
• Assessment RollAn Assessment Roll is an official public record maintained by a taxing authority that lists properties within a jurisdiction along(...)
• AssetsAssets are items, resources, or rights that have economic value and can be owned or controlled by an individual, business, or other(...)
• Assumable Mortgage An Assumable Mortgage is a type of home loan that allows a qualified buyer to take over the existing loan terms of the seller(...)
• Assumption ClauseAn Assumption Clause is a provision within a mortgage or loan agreement that governs whether, and under what conditions, a borrower(...)
• AuditAn Audit is a formal and systematic process used to examine, evaluate, and verify information, records, or operations against defined(...)
• What Is Avigation Easement In Real Estate?What Is Avigation Easement In Real Estate? Avigation Easement is a specific real estate, title, ownership, or transaction concept that(...)
• Balloon MortgageA Balloon Mortgage is a type of real estate loan structured so that regular payments are made for a defined period, followed by a(...)
• Balloon Payment A Balloon Payment is a large, lump-sum amount due at the end of a loan term after a series of smaller, periodic payments have been(...)
• Bargain and Sale DeedA Bargain and Sale Deed is a type of legal instrument used to transfer ownership of real property from one party to another. It(...)
• Bargain SaleA Bargain Sale is a real estate transaction in which a property is transferred for a purchase price that is less than its fair market(...)
• Base Flood ElevationBase Flood Elevation is a technical standard used in floodplain management, land use planning, and property regulation to describe the(...)
• Basis PointA Basis Point is a unit of measurement used in finance to describe very small changes in percentages, interest rates, yields, or other(...)
• Bathroom 1/2 A Bathroom 1/2 is a common residential feature that plays an important role in both daily convenience and property value. This(...)
• Bathroom 3/4A Bathroom 3/4 is a widely recognized residential bathroom type that falls between a full bathroom and a half bathroom in terms of(...)
• Bathroom FullA Bathroom Full is the most complete and traditional bathroom configuration found in residential housing. It provides all core hygiene(...)
• Batts Insulation Batts insulation refers to a type of pre-cut insulation material designed to fit between standard framing members such as wall studs,(...)
• Bill of SaleA Bill of Sale is a written legal document used to formally transfer ownership of personal property from one party to another. It(...)
• Biweekly MortgageA Biweekly Mortgage is a home loan payment structure designed to accelerate repayment by aligning payments with a borrower’s income(...)
• Blanket InsuranceBlanket Insurance is a type of insurance coverage that protects multiple properties, locations, or assets under a single policy rather(...)
• Blanket MortgageA blanket mortgage functions as an important financing instrument within the real estate sector, designed to cover multiple properties(...)
• BlockchainBlockchain represents one of the most disruptive technologies intersecting with modern real estate practices today. This distributed(...)
• Blown-In Insulation Blown-In Insulation is a loose fill insulating material commonly used in residential construction to reduce heat transfer(...)
• Board & Batten SidingBoard & Batten Siding represents a timeless architectural feature that has long been valued in the realm of property aesthetics and(...)
• Board of EqualizationA Board of Equalization is a governmental or quasi governmental body responsible for reviewing and resolving disputes related to(...)
• Bonnett RoofA Bonnet Roof is a distinctive residential roof style characterized by a double slope on all sides of a structure, with the lower(...)
• Boundary LinesBoundary Lines define the legal limits of a parcel of land and establish where one property ends and another begins. Boundary Lines(...)
• Breach of ContractA Breach of Contract occurs when one party to a legally binding agreement fails to perform a required obligation, performs it(...)
• Breach of Covenant A Breach of Covenant occurs when a party fails to comply with a promise, duty, or restriction contained in a legally binding(...)
• Breach of WarrantyA Breach of Warranty occurs when a promise or assurance made about a property, product, or legal condition turns out to be untrue or(...)
• Breakfast RoomA Breakfast Room is a designated dining space within a home, typically located near the kitchen, intended for informal meals and(...)
• Bridge LoanBridge Loan is a short term financing tool used in residential property ownership to provide temporary funds during a transition(...)
• BrokerA Broker is a licensed real estate professional authorized to facilitate, oversee, and manage residential property transactions on(...)
• Builder's WarrantyBuilder’s Warranty is a form of assurance provided by a residential builder that certain aspects of a newly constructed home will meet(...)
• Building CodeBuilding Code is a set of legally adopted standards that regulate how residential structures are designed, constructed, altered, and(...)
• Building InspectorBuilding Inspector is a public or authorized official responsible for evaluating residential structures to determine whether(...)
• Building PermitBuilding Permit is an official authorization issued by a local governing authority that allows specific construction, alteration, or(...)
• Bundle of RightsBundle of Rights is a legal concept used to describe the collection of entitlements that come with owning residential property. In(...)
• Bungalow StyleBungalow Style is a residential architectural form characterized by a low profile, horizontal emphasis, and efficient use of space. In(...)
• Butterfly RoofButterfly Roof is a residential roof design characterized by two roof planes that slope inward toward a central valley rather than(...)
• Buyer BrokerBuyer Broker is a real estate professional who represents the interests of a purchaser in a residential property transaction. In(...)
• Buyer’s AgentA Buyer’s Agent is a real estate professional who represents the interests of a property purchaser throughout the home-buying process.(...)
• Buyer’s MarketA Buyer’s Market describes a real estate environment in which the supply of available properties exceeds buyer demand, giving(...)
• BylawsBylaws are formal internal rules adopted by an organization to govern its structure, operations, and decision-making processes. They(...)
• California Consumer Privacy ActCalifornia Consumer Privacy Act is a state level privacy law that establishes rights and obligations related to personal information(...)
• CapCap is a limiting provision used in residential property ownership to establish a maximum allowable level for a specific financial,(...)
• Cape Cod StyleCape Cod Style is a traditional residential architectural form known for its simplicity, symmetry, and practical design. In(...)
• Capital AssetCapital Asset refers to property or property related interests held for long term use or value rather than for immediate consumption.(...)
• Capital ExpenditureCapital Expenditure refers to money spent on a residential property to acquire, improve, or extend the useful life of a long term(...)
• Capital GainsCapital Gains refers to the increase in value realized when a residential property or other capital asset is transferred for more than(...)
• Capital ImprovementCapital Improvement refers to a permanent enhancement made to a residential property that adds value, extends useful life, or adapts(...)
• Capital LossCapital Loss refers to a financial loss that occurs when a residential property or a related capital asset is sold or transferred for(...)
• CapitalizationCapitalization refers to the way costs, assets, or financial value are recorded, structured, or recognized for accounting, financial,(...)
• Capitalization RateThe Capitalization Rate is a financial metric used in real estate investing to estimate the expected rate of return on an(...)
• Capitalized Cap CostCapitalized Cap Cost refers to the total amount being financed in a vehicle lease after all adjustments, additions, and reductions are(...)
• Cash FlowCash Flow describes the movement of money into and out of a residential property over a defined period. In residential property(...)
• Cash out RefinanceA Cash out Refinance is a mortgage transaction that replaces an existing home loan with a new, larger loan and provides the homeowner(...)
• Casualty and Theft LossCasualty and Theft Loss refers to damage to or loss of residential property resulting from sudden, unexpected events or from the(...)
• Catastrophic Weather Event A Catastrophic Weather Event is a severe natural occurrence that causes widespread damage to residential property, land, and housing(...)
• Caveat EmptorCaveat Emptor Meaning In Residential Real Estate Caveat Emptor is a legal principle in real estate that places primary responsibility(...)
• Certificate of Occupancy Certificate of Occupancy is an official authorization issued by a local governing authority confirming that a residential(...)
• Certificate of SaleA Certificate of Sale is a legal document issued after a property is sold at a public sale, most commonly following a foreclosure, tax(...)
• Certificate of Title Certificate of Title is a legal document that affirms who holds ownership rights to a residential property at a specific point(...)
• Certified Passive HouseCertified Passive House is a residential building standard focused on achieving exceptionally low energy use while maintaining(...)
• Cesspool A Cesspool is an underground system used for the disposal of household wastewater in residential properties that are not(...)
• Chain of TitleThe Chain of Title is the historical sequence of recorded ownership transfers that shows how real property has passed from one owner(...)
• Change FrequencyChange Frequency refers to how often a particular element, condition, or requirement related to a residential property is modified(...)
• Change OrderA Change Order is a formal modification to an existing residential construction or improvement agreement that alters the original(...)
• Chapter 11Chapter 11 is a section of federal bankruptcy law that allows businesses and certain organizations to reorganize their financial(...)
• Chapter 12Chapter 12 is a specialized form of bankruptcy designed specifically for family farmers and family fishermen who have regular annual(...)
• Chapter 13Chapter 13 is a form of consumer bankruptcy that allows individuals with regular income to reorganize their debts through a(...)
• Chapter 7Chapter 7 is a form of consumer bankruptcy that allows individuals to eliminate certain debts through a court-supervised liquidation(...)
• Chapter 9Chapter 9 is a section of federal bankruptcy law that applies to municipalities rather than to individual homeowners or private(...)
• Claim Denial Claim Denial occurs when a request for coverage related to damage or loss affecting a residential property is not approved. In real(...)
• Claim Underpayment Claim Underpayment occurs when a residential property damage claim is approved, but the amount provided is less than what the(...)
• ClapboardClapboard is a traditional exterior siding material used on residential buildings, consisting of long, narrow boards installed(...)
• Clear TitleA Clear Title refers to legal ownership of real property that is free from unresolved claims, liens, disputes, or encumbrances that(...)
• ClosingClosing is the final step in a residential property transaction where legal ownership is formally transferred from one party to(...)
• Closing CostsClosing Costs are the fees and expenses that buyers and sellers pay to complete a real estate transaction at the time ownership is(...)
• Closing Disclosure Closing Disclosure Meaning In Residential Real Estate Transactions A Closing Disclosure is a formal document provided to a home(...)
• Closing StatementA Closing Statement is a detailed financial document that summarizes all monetary aspects of a residential property transaction at the(...)
• Cloud on TitleCloud on Title refers to any claim, defect, inconsistency, or unresolved issue that creates uncertainty about the legal ownership of a(...)
• Clouded TitleClouded TitleA Clouded Title describes a situation in which the ownership of real property is unclear or disputed due to defects,(...)
• Co-HousingCo-Housing is a residential living model that blends private dwellings with shared spaces and collective decision making. In(...)
• COAA COA is an organizational entity formed to manage and govern a residential community where individual owners share responsibility for(...)
• COFI MortgageA COFI Mortgage is a type of residential loan in which the interest rate is tied to a specific financial index that reflects the cost(...)
• CollateralCollateral is an asset pledged by a borrower to secure a loan or financial obligation, giving the lender a form of protection if(...)
• Colonial StyleColonial Style refers to a traditional residential architectural approach rooted in early American housing patterns that emphasized(...)
• Combination RoofA Combination Roof is a residential roofing configuration that incorporates more than one roof form within a single structure. Instead(...)
• Combined Loan-to-Value RatioThe Combined Loan-to-Value Ratio is a financial metric used to measure the total amount of debt secured by a property compared to the(...)
• Commercial Real EstateCommercial Real Estate refers to property that is used primarily for business, income producing, or investment purposes rather than(...)
• CommissionCommission is a form of compensation paid for professional services rendered in connection with a residential property transaction. In(...)
• Commitment FeeA Commitment Fee is a charge paid to a lender in exchange for reserving or holding specific financing terms for a residential property(...)
• Common Area AssessmentCommon Area Assessment is a required financial contribution paid by property owners to support the maintenance, operation, and long(...)
• Common AreasCommon Areas are portions of a property that are owned, maintained, or managed collectively and intended for shared use by multiple(...)
• Common-interest DevelopmentA Common-interest Development is a form of real estate ownership in which individual property owners hold title to their private units(...)
• Community ApartmentA Community Apartment is a form of residential property ownership in which multiple dwelling units share common interests while(...)
• Community Development TaxCommunity Development Tax is a tax mechanism used by local or regional governments to fund projects intended to improve residential(...)
• Comp ValueComp Value refers to an estimated property value derived from analyzing the sale prices of similar properties in the same or(...)
• Comparable ValueComparable Value refers to an estimated worth of a property or asset derived by analyzing the prices of similar properties that have(...)
• Comparables (Comps)Comparables (Comps) are recently sold, pending, or actively listed properties that share similar characteristics with a subject(...)
• Comparative Market AnalysisComparative Market Analysis is an evaluation method used to estimate the value of a residential property by comparing it to similar(...)
• CondemnationCondemnation is a legal process through which a government authority determines that a residential property is unfit for use or(...)
• Conditional Commitment A Conditional Commitment is a preliminary agreement issued by a lender or other approving authority that indicates approval is(...)
• CondominiumA Condominium is a form of residential property ownership in which an individual owns a specific dwelling unit while sharing ownership(...)
• Condominium ConversionCondominium Conversion is the process by which a residential property that was previously held or operated under a different ownership(...)
• Condominium StyleCondominium Style refers to a residential design and ownership format in which individual living units exist within a shared building(...)
• Conforming MortgageA Conforming Mortgage is a residential home loan that meets specific criteria established by regulatory and financial oversight(...)
• Consideration Consideration is a fundamental element of a legally binding agreement and refers to something of value that each party gives(...)
• Constitutions and BylawsConstitutions and Bylaws are foundational governing documents that define how an organization is structured, operated, and regulated.(...)
• Construction BudgetA Construction Budget is a detailed financial plan that outlines the expected costs associated with building, renovating, or(...)
• Construction LoanA Construction Loan is a form of financing used to fund the building of a residential property rather than the purchase of an existing(...)
• Construction to Permanent Loan A Construction To Permanent Loan is a residential financing arrangement that combines construction financing and long term(...)
• Consumer BankruptcyConsumer Bankruptcy is a legal process available to individuals who are unable to repay their debts and seek relief through(...)
• Contemporary StyleContemporary Style refers to a residential architectural approach that reflects current design trends, building technologies, and(...)
• Contiguous LotsContiguous Lots are parcels of land that directly touch one another along a shared boundary. In residential property ownership,(...)
• ContractA Contract is a legally binding agreement between two or more parties that establishes rights, duties, and obligations related to a(...)
• Contract for Deed A Contract for Deed is a residential property agreement in which the seller finances the purchase directly for the buyer and(...)
• Contractual LienA Contractual Lien is a legal claim against property that is created by agreement between parties rather than imposed by statute or(...)
• Conventional MortgageA Conventional Mortgage is a home loan that is not insured or guaranteed by a federal government agency. Instead, it is offered by(...)
• Conventional StyleConventional Style refers to a widely recognized approach to residential architecture that follows familiar design patterns,(...)
• Conversion Clause A Conversion Clause is a contractual provision that allows a change in the structure, status, or form of a residential(...)
• Convertible MortgageA Convertible Mortgage is a residential loan that allows the borrower to change specific loan terms under conditions defined in the(...)
• Conveyance TaxConveyance Tax is a tax imposed by a state or local government on the transfer of ownership of residential real estate. It is assessed(...)
• CooktopA Cooktop is a built-in kitchen appliance that provides a dedicated surface for cooking using burners or heating elements, separate(...)
• CooperativeA Cooperative is a form of residential property ownership in which individuals own shares in a legal entity that holds title to the(...)
• Cooperative MortgageA Cooperative Mortgage is a type of residential financing used to purchase an ownership interest in a housing cooperative rather than(...)
• Corrective WorkCorrective Work refers to actions taken to repair, fix, or remedy defects, deficiencies, or failures within a residential property. In(...)
• Cost BasisCost Basis is a foundational concept in residential property ownership because it represents the original financial value used to(...)
• Cost-Plus ContractA Cost-Plus Contract is a construction and renovation agreement in which a property owner agrees to pay the actual costs incurred for(...)
• CounterofferA Counteroffer is a response to an initial offer in which one party rejects the original terms and proposes new or modified conditions(...)
• County Property ReportA County Property Report is an official record compiled and maintained by a county government that documents key details about a(...)
• Court Order DeedA Court Order Deed is a legal instrument used to transfer ownership of real property pursuant to a directive issued by a court of law.(...)
• CovenantA Covenant is a formal promise, agreement, or restriction that imposes specific obligations or limitations on the use of property or(...)
• Covenant Lite Loan A Covenant Lite Loan is a type of loan agreement that includes fewer restrictive conditions placed on the borrower compared to(...)
• Covenants, Conditions and RestrictionsCovenants, Conditions and Restrictions refer to a set of legally binding rules attached to a residential property that govern how the(...)
• Covered ExpensesCovered Expenses are costs that an insurance policy or protection plan agrees to pay under defined conditions related to residential(...)
• Crawl Space A Crawl Space is a shallow area located beneath a residential structure that separates the ground from the living space above.(...)
• Creative Financing Creative Financing refers to nontraditional methods used to structure the purchase, sale, or transfer of residential property(...)
• CreditCredit is a financial concept that represents the ability to obtain goods, services, or money with the promise of repayment at a later(...)
• Credit AgreementA Credit Agreement is a formal written contract that defines the terms under which one party extends credit to another. In residential(...)
• Credit BureauA Credit Bureau is an organization that collects, maintains, and distributes information related to an individual’s credit behavior.(...)
• Credit HistoryCredit History is a record of an individual’s past borrowing and repayment behavior, documenting how financial obligations have been(...)
• Credit InsuranceCredit Insurance is a type of insurance coverage designed to protect lenders or borrowers against losses that may occur if a borrower(...)
• Credit LineA Credit Line is a flexible borrowing arrangement that allows an individual or business to access funds up to a predetermined limit,(...)
• Credit Monitoring Service A Credit Monitoring Service is a tool that tracks changes to an individual’s credit related records and alerts them to new(...)
• Credit RatingA Credit Rating is an assessment of creditworthiness that indicates the level of risk associated with lending to an individual,(...)
• Credit ScoreA Credit Score is a numerical measure used to represent an individual’s creditworthiness based on information contained in their(...)
• Credit Scoring SystemA Credit Scoring System is a methodology used to evaluate an individual’s credit risk by analyzing data from their credit history and(...)
• Credit UtilizationCredit Utilization is a financial measure that reflects how much available revolving credit is being used at a given time. In the(...)
• Curved Roof A Curved Roof is an architectural roof form characterized by a continuous arc rather than flat planes or sharp angles. In(...)
• Custom BuilderA Custom Builder is a professional who constructs homes based on individual client specifications rather than using standardized or(...)
• Custom HomeA Custom Home is a residential property that is designed and built specifically for an individual homeowner based on personalized(...)
• CyberspaceCyberspace is a conceptual environment formed by interconnected digital networks where electronic communication, data exchange, and(...)
• Days on the MarketDays on the Market is a real estate metric that measures the number of days a property is listed for sale before it goes under(...)
• Debit BureauA Debit Bureau is a centralized system used to collect, organize, and report information related to unpaid financial obligations that(...)
• Debt ConsolidationDebt Consolidation is a financial strategy that combines multiple existing obligations into a single repayment structure. Within(...)
• Debt to Available Credit RatioThe Debt to Available Credit Ratio is a credit utilization measure that compares the amount of revolving credit currently in use to(...)
• Debt to Equity RatioThe Debt to Equity Ratio is a financial metric that compares the amount of borrowed obligations to the amount of ownership value held(...)
• Debt to Income RatioThe Debt to Income Ratio is a financial measure used by lenders to evaluate how much of a borrower’s gross monthly income is allocated(...)
• Declarations PageA Declarations Page is an insurance summary document that connects residential property ownership with active coverage. In real estate(...)
• DeductibleA Deductible is a core concept in residential property ownership because it defines the portion of a covered loss that a homeowner(...)
• DeedA Deed is a formal written instrument used to convey ownership of real property from one party to another. In residential real estate,(...)
• Deed Fraud Deed fraud is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by forging, falsifying, or(...)
• Deed in Lieu of ForeclosureA Deed in Lieu of Foreclosure is a real estate transaction in which a property owner voluntarily transfers ownership of a residential(...)
• Deed of TrustA Deed of Trust is a legal instrument used in real estate financing to secure a loan with real property, similar in purpose to a(...)
• Deed Theft Deed theft is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by stealing, forging, or(...)
• DefermentDeferment refers to a temporary pause in required payments tied to a residential property obligation, most commonly a mortgage loan.(...)
• Delinquent MortgageA Delinquent Mortgage occurs when a borrower fails to make one or more required loan payments by the due date specified in the loan(...)
• DenA Den is a flexible room within a home that is typically used as a secondary living space rather than a formal bedroom or primary(...)
• DepreciationDepreciation is a real estate concept that describes the reduction in value of residential property over time due to age, wear, use,(...)
• Designated AgencyDesignated Agency is a real estate representation arrangement in which a brokerage assigns different agents to represent the buyer and(...)
• Digital Go-Bag Digital Go-Bag is a centralized collection of essential residential property records and personal documents stored in a secure(...)
• Digital Home Inventory Digital Home Inventory is an electronic record of the contents, features, and interior characteristics of a residential property that(...)
• Disaster Documentation Disaster Documentation is the practice of creating and maintaining organized records that describe a residential property, its(...)
• Disaster LossDisaster Loss refers to damage or destruction affecting residential property as a result of a sudden, damaging event that disrupts(...)
• Disaster Recovery Documentation Disaster Recovery Documentation refers to the organized records used after a damaging event to support restoration, repair, and(...)
• Disclosed Dual AgencyDisclosed Dual Agency is a real estate representation arrangement in which a single real estate broker or agent represents both the(...)
• Discount PointA Discount Point is a fee paid by a borrower at closing to reduce the interest rate on a residential mortgage. In real estate, a(...)
• Distressed PropertyA Distressed Property is a residential real estate asset that is experiencing financial, legal, or physical difficulty that affects(...)
• Documenting for Disaster® Documenting for Disaster® is a property documentation approach focused on recording and organizing information about residential(...)
• Dome RoofA Dome Roof is a curved roof structure that forms a rounded or semi spherical shape over a residential building or portion of a(...)
• Double OvenA Double Oven is a kitchen appliance configuration that includes two separate oven compartments within a single unit or installed as a(...)
• Double WideA Double Wide is a type of manufactured residential housing composed of two separate sections that are joined together on site to form(...)
• Down DraftDown Draft is a condition in which air, smoke, or exhaust gases flow in an unintended downward direction within a residential(...)
• Down PaymentA Down Payment is an initial amount of money a buyer pays upfront when purchasing a home, representing the portion of the purchase(...)
• Drain FieldA Drain Field is a designated area of land used to disperse and treat wastewater that exits a residential septic system. In real(...)
• DrawA Draw is a scheduled release of funds from a loan or financing arrangement, typically provided in stages rather than as a single lump(...)
• Dry DockDry Dock is a specialized waterfront structure or facility designed to allow boats or marine vessels to be removed from the water for(...)
• Dual AgencyDual Agency is a real estate representation arrangement in which a single real estate broker or agent represents both the buyer and(...)
• Duct MasticDuct Mastic is a sealant specifically formulated to seal joints, seams, and connections in residential air distribution systems. In(...)
• Due-on-Sale ClauseA Due-on-Sale Clause is a contractual provision in a residential mortgage that allows the lender to require full repayment of the loan(...)
• Duplex StyleA Duplex Style is a residential property design that contains two separate living units within a single structure. These units may be(...)
• Earnest MoneyEarnest Money is a deposit made by a buyer to demonstrate serious intent to purchase residential real estate. In property(...)
• EasementAn Easement is a legal right that allows limited use of a portion of real property by a party that does not hold title to that land.(...)
• Effective YearEffective Year is a real estate term used to describe when a residential property or major improvement became functionally current(...)
• Electronic Environmental ControlsElectronic Environmental Controls are integrated systems used within residential properties to monitor, regulate, and manage indoor(...)
• Emergency Document Storage Emergency Document Storage is the practice of securely preserving critical residential property records so they remain accessible(...)
• Eminent DomainEminent Domain is the legal authority that allows a government entity to take private property for a public use, provided that the(...)
• EncroachmentEncroachment is a condition in which a structure, improvement, or use associated with one property extends onto or interferes with(...)
• EncryptionEncryption is the process of converting information into a protected format so it can only be accessed by authorized parties. In real(...)
• EndorsementsEndorsements are written modifications that alter the terms, scope, or conditions of an existing residential insurance policy. In real(...)
• ENERGY STAR/ACCA RSI Qualified InstallationENERGY STAR/ACCA RSI Qualified Installation is a residential installation standard that verifies heating and cooling systems are(...)
• ENERGY STAR Certified HomesENERGY STAR Certified Homes are residential properties that meet verified energy efficiency and performance requirements established(...)
• ENERGY STAR Qualified DoorsENERGY STAR Qualified Doors are exterior residential doors that meet specific energy performance requirements established by the(...)
• ENERGY STAR Qualified EquipmentENERGY STAR Qualified Equipment refers to residential mechanical and electrical systems that meet energy efficiency performance(...)
• EnerPHit Passive House Institute EnerPHit is a building performance standard developed for energy efficient renovation of existing residential(...)
• Engineered SepticEngineered Septic is a wastewater treatment system designed for residential property where conventional onsite disposal methods are(...)
• Engineering PlanAn Engineering Plan is a set of technical drawings and specifications prepared to guide the design, construction, repair, or(...)
• EquifaxEquifax is a consumer credit reporting agency that collects, maintains, and distributes information related to individual credit(...)
• EquityEquity is the portion of a residential property’s value that is owned outright by the property owner after accounting for outstanding(...)
• Equity Theft Equity theft is a form of real estate fraud in which a criminal unlawfully extracts or captures the financial equity in a property(...)
• EscrowEscrow is a neutral arrangement in which funds, documents, or other assets related to a residential real estate transaction are held(...)
• Escrow CompanyAn Escrow Company is a neutral third party that facilitates residential real estate transactions by holding and disbursing funds and(...)
• EthereumEthereum is a decentralized, open-source blockchain platform designed to support programmable transactions and applications. Unlike(...)
• Excellent Credit ScoreAn Excellent Credit Score is a high credit rating that reflects a strong history of responsible borrowing and repayment. It signals to(...)
• Exclusive ListingAn Exclusive Listing is a real estate agreement in which a property owner authorizes a single real estate professional or brokerage to(...)
• What Is Executors Deed In Real Estate?What Is Executors Deed In Real Estate? Executors Deed is a deed signed by the executor of an estate to transfer real property under(...)
• Exhaust FanAn Exhaust Fan is a mechanical ventilation component installed in residential property to remove stale air, moisture, odors, or(...)
• ExperianExperian is a consumer data and credit reporting organization whose information plays a significant role in residential real estate,(...)
• Fair Credit Reporting ActThe Fair Credit Reporting Act is a federal law that regulates how consumer credit information is collected, used, shared, and(...)
• Fair Debt Collection Practices ActThe Fair Debt Collection Practices Act is a federal law that governs how certain debts may be collected from consumers, including(...)
• Fair Housing ActThe Fair Housing Act is a federal law that governs how residential property may be sold, rented, financed, and advertised. The purpose(...)
• Fair Market ValueFair Market Value is an estimate of the price a residential property would reasonably command in an open and competitive market. It(...)
• Fannie MaeFannie Mae is a housing finance organization that supports the flow of mortgage credit within residential real estate markets. Its(...)
• Farm Service AgencyFarm Service Agency is a government organization that supports land ownership, land use, and agricultural related property management(...)
• Farmhouse StyleFarmhouse Style is an architectural and interior design approach commonly used in residential real estate to describe homes that(...)
• Fee SimpleFee Simple is the most complete form of property ownership recognized in residential real estate. It represents ownership of land and(...)
• Fee Simple DefeasibleFee Simple Defeasible is a form of property ownership in which the owner holds title to land subject to specific conditions or(...)
• Fees in APRFees In APR refers to the costs associated with a residential mortgage that are included when calculating the annual percentage rate(...)
• FEMA Assistance Documentation FEMA Assistance Documentation refers to the records required to support requests for disaster related assistance affecting(...)
• FHA 203(b)FHA 203(b) is a standard residential mortgage program used to finance the purchase or refinancing of an existing home that is suitable(...)
• FHA 203(k)FHA 203(k) is a residential mortgage program that allows a homebuyer or property owner to finance both the purchase of a property and(...)
• FHA LoanAn FHA Loan is a residential mortgage insured by a federal housing agency and designed to support access to property ownership for(...)
• Fiber CementFiber Cement is a composite building material used in residential construction to form durable exterior surfaces on homes and other(...)
• Fiberglass SidingFiberglass Siding is an exterior cladding material used on residential structures to protect the building envelope and define exterior(...)
• FICO ScoreA FICO Score is a numerical representation of a consumer’s credit risk, used by lenders to evaluate the likelihood that an individual(...)
• Fiduciary DeedA Fiduciary Deed is a legal instrument used in real estate to transfer ownership of property when the person signing the deed is(...)
• Fiduciary DutyFiduciary Duty is a legal and ethical obligation that requires one party to act in the best interests of another when entrusted with(...)
• What Is Finders Fee In Real Estate?What Is Finders Fee In Real Estate? Finders Fee is compensation paid for introducing a buyer, seller, investor, or business(...)
• Finished AtticA Finished Attic is an upper-level space within a home that has been converted into usable living area rather than remaining(...)
• Firm PanelFirm Panel refers to a designated group of approved service providers that a lender, insurer, or other real estate related(...)
• First LienA First Lien is a legal claim that holds priority over other claims against a residential property. It establishes the primary right(...)
• First MortgageA First Mortgage is a loan secured by real property that holds the highest priority claim against that property. It is the primary(...)
• Fixed-Rate MortgageA Fixed-Rate Mortgage is a type of residential home loan in which the interest rate remains constant for the entire life of the loan.(...)
• Flat FeeFlat Fee is a pricing structure used in real estate services where a fixed amount is charged for a specific service, regardless of(...)
• Flat RoofA Flat Roof is a roof design characterized by a nearly level surface that covers a residential structure. In real estate, a flat roof(...)
• Flood Elevation CertificateA Flood Elevation Certificate is an official document used in residential real estate to record the elevation of a structure in(...)
• Flood InsuranceFlood Insurance is a form of property coverage designed to protect residential property owners from financial loss caused by flooding.(...)
• Flood MapA Flood Map is an official representation of land areas that identifies the likelihood and extent of flooding based on geographic,(...)
• Flood PlainA Flood Plain is a geographic area of land that is subject to periodic flooding due to its proximity to rivers, streams, coastal(...)
• Flood Zone CodeA Flood Zone Code is a classification used in real estate to identify the level of flood risk associated with a specific parcel of(...)
• Floor PlanA floor plan is a scaled visual representation of the layout of a residential property, showing how interior spaces are arranged and(...)
• Foam InsulationFoam insulation is a building material used within residential structures to reduce heat transfer, control air movement, and improve(...)
• ForbearanceForbearance is a mortgage servicing arrangement that temporarily alters how payment obligations are enforced on a residential property(...)
• ForeclosureForeclosure is a legal process through which a lender seeks to recover its interest in real property after a borrower fails to meet(...)
• Fractional OwnershipFractional Ownership is a property ownership arrangement in which multiple individuals share legal ownership of a single real estate(...)
• Freddie MacFreddie Mac And The Role It Plays In Residential Real Estate Freddie Mac is a central institution in the United States housing finance(...)
• French Style French Style refers to a residential architectural style inspired by traditional housing designs originating in France and adapted(...)
• Full RecourseFull Recourse is a loan arrangement in which the borrower is personally liable for repayment of the debt, even if the collateral(...)
• Gable RoofGable Roof Meaning In Residential Real Estate Gable Roof refers to a residential roof design defined by two sloping roof planes that(...)
• Gambrel RoofGambrel Roof Meaning In Residential Real Estate Gambrel Roof refers to a residential roof design characterized by a distinctive(...)
• GDPR ComplianceGDPR Compliance Meaning In Residential Real Estate GDPR Compliance refers to adherence to data protection and privacy requirements(...)
• Georgian StyleGeorgian Style Meaning In Residential Real Estate Georgian Style refers to a traditional residential architectural style characterized(...)
• GFEGFE Meaning In Residential Real Estate GFE refers to a standardized disclosure document that was used in residential real estate(...)
• Ghost Mortgage Ghost Mortgage A Ghost Mortgage refers to a mortgage obligation that continues to exist legally even though the borrower believes(...)
• Gift DeedGift Deed Meaning In Residential Real Estate Gift Deed refers to a legal instrument used to transfer ownership of residential real(...)
• Gift TaxGift Tax Meaning In Residential Real Estate Gift Tax refers to a tax imposed on the transfer of property or assets from one person to(...)
• Grace PeriodGrace Period Meaning In Residential Real Estate Grace Period refers to a defined span of time after a contractual or legal deadline(...)
• Grant DeedA Grant Deed is a legal document used in real estate to transfer ownership of property from one party to another. It conveys title(...)
• Grantee Grantee Definition In Residential Real Estate A Grantee is the party that receives ownership rights to real property through a(...)
• GrantorGrantor Meaning In Residential Real Estate Grantor refers to the party who transfers an ownership interest or property right in(...)
• Gravity Furnace Gravity Furnace Meaning In Residential Real Estate Gravity Furnace refers to an older residential heating system that distributes(...)
• Gray Water SystemGray Water System Meaning In Residential Real Estate Gray Water System refers to a residential plumbing arrangement that captures and(...)
• Guaranteed LoanGuaranteed Loan Meaning In Residential Real Estate Guaranteed Loan refers to a residential financing arrangement in which a third(...)
• Guaranteed MortgageGuaranteed Mortgage Meaning In Residential Real Estate Guaranteed Mortgage refers to a residential home loan in which a third party(...)
• Hard InquiryA Hard Inquiry is a formal review of an individual’s credit report conducted by a lender or creditor when evaluating an application(...)
• HardiPlankHardiPlank Meaning In Residential Real Estate HardiPlank refers to a brand specific type of fiber cement siding used on residential(...)
• Hazard InsuranceHazard Insurance Meaning In Residential Real Estate Hazard Insurance refers to insurance coverage that protects a residential property(...)
• HeirAn heir is a person who is legally entitled to receive property, assets, or rights from a deceased individual, typically under state(...)
• HELOCHELOC Meaning In Residential Real Estate HELOC refers to a revolving line of credit that is secured by a residential property. In(...)
• HERS Index ScoreHERS Index Score Meaning In Residential Real Estate HERS Index Score refers to a standardized measurement used to evaluate the(...)
• Hip RoofHip Roof Meaning In Residential Real Estate Hip Roof refers to a residential roof design in which all exterior sides slope downward(...)
• Historic PreservationHistoric preservation is the practice of identifying, protecting, and maintaining buildings, structures, sites, or neighborhoods that(...)
• HOAHOA Meaning In Residential Real Estate HOA stands for homeowners association, which is an organization created to manage and govern(...)
• HOA Master Insurance PolicyHOA Master Insurance Policy Meaning In Residential Real Estate HOA Master Insurance Policy refers to an insurance policy held by a(...)
• Holding TankHolding Tank Meaning In Residential Real Estate Holding Tank refers to a sealed container installed on residential property to(...)
• Home Energy Upgrade Certificate of Energy Efficiency ImprovementsHome Energy Upgrade Certificate Of Energy Efficiency Improvements Meaning In Residential Real Estate Home Energy Upgrade Certificate(...)
• Home Energy Upgrade Certificate of Energy Efficiency PerformanceHome Energy Upgrade Certificate Of Energy Efficiency Performance Meaning In Residential Real Estate Home Energy Upgrade Certificate Of(...)
• Home InspectionA home inspection is a professional, visual evaluation of a residential property’s condition, conducted by a licensed or certified(...)
• Home InventoryHome Inventory Meaning In Residential Real Estate Home Inventory refers to a detailed record of personal property located within a(...)
• Home Inventory Home Inventory is a detailed record of the contents, features, and improvements within a residential property. In real estate, it is(...)
• Home KeeperHome Keeper Meaning In Residential Real Estate Home Keeper refers to a role or service focused on the ongoing care, organization, and(...)
• Home Ownership and Equity Protection ActHome Ownership And Equity Protection Act Meaning In Residential Real Estate Home Ownership And Equity Protection Act is a federal law(...)
• Home Title Lock Home title lock is a term commonly used to describe services or tools designed to help homeowners monitor changes to their(...)
• Home Title Protection Definition Home Title Protection Definition: What the Term Means :root{ --ink:#0a0f1a; (...)
• Home Title Theft Home title theft, sometimes referred to as deed fraud or property title fraud, is a form of real estate fraud in which a criminal(...)
• Home WarrantyHome Warranty Meaning In Residential Real Estate Home Warranty refers to a service agreement that provides coverage for the repair or(...)
• Homeowner Enablement Platform® DomiDocs Homeowner Enablement Platform® is a property focused system designed to support residential homeowners throughout the entire(...)
• Homeowner Insurance Declarations PageHomeowner Insurance Declarations Page Meaning In Residential Real Estate Homeowner Insurance Declarations Page refers to a summary(...)
• Homeowners Insurance PolicyA homeowners insurance policy is a contract between a homeowner and an insurance company that provides financial protection against(...)
• Homestead ExemptionA Homestead Exemption is a legal provision that provides certain protections or benefits to a homeowner’s primary residence. In(...)
• House Title Lock House title lock is a term commonly used to describe services or tools designed to help homeowners monitor changes to their(...)
• House Title Protection House title protection refers to the set of practices, tools, and services designed to help homeowners safeguard their property(...)
• House Title Theft House title theft, sometimes referred to as deed fraud or property title fraud, is a form of real estate fraud in which a criminal(...)
• Housing Discrimination Housing Discrimination Meaning In Residential Real Estate Housing Discrimination refers to unlawful or improper treatment of(...)
• Housing Expense RatioA Housing Expense Ratio is a financial measure used to evaluate how much of a household’s gross monthly income is devoted to(...)
• HUD-1 StatementHUD-1 Statement Meaning In Residential Real Estate HUD-1 Statement is a standardized settlement document historically used in(...)
• HypothecationHypothecation Meaning In Residential Real Estate Hypothecation is a legal arrangement in which a property owner pledges residential(...)
• ICAT Recessed LightingICAT Recessed Lighting Meaning In Residential Real Estate ICAT Recessed Lighting refers to a type of recessed light fixture designed(...)
• Impact FeesImpact Fees Meaning In Residential Real Estate Impact Fees are charges imposed by a local government on new residential development to(...)
• Income PropertyIncome Property Meaning In Residential Real Estate Income Property refers to residential real estate that is owned primarily to(...)
• Indoor airPLUSIndoor airPLUS Meaning In Residential Real Estate Indoor airPLUS is a residential construction and certification program focused on(...)
• InheritanceInheritance Meaning In Residential Real Estate Inheritance refers to the transfer of ownership rights in residential property or land(...)
• Inheritance TaxInheritance Tax Meaning In Residential Real Estate Inheritance Tax refers to a tax obligation that may arise when residential property(...)
• Inspection Report An Inspection Report is a written document prepared by a professional inspector that records the observable condition of a(...)
• Installment ContractInstallment Contract Meaning In Residential Real Estate Installment Contract is a method of transferring residential property(...)
• Installment CreditInstallment Credit Meaning In Residential Real Estate Installment Credit refers to a financing arrangement in which a borrower agrees(...)
• Installment LoanInstallment Loan Meaning In Residential Real Estate Installment Loan refers to a financing arrangement in which borrowed funds are(...)
• Insulated Concrete FormsInsulated Concrete Forms Meaning In Residential Real Estate Insulated Concrete Forms refers to a residential construction system that(...)
• InsuranceInsurance Meaning In Residential Real Estate Insurance refers to a contractual arrangement that provides financial protection against(...)
• Insurance AgentInsurance Agent Meaning In Residential Real Estate An Insurance Agent is a licensed professional who assists residential property(...)
• Insurance BinderInsurance Binder Meaning In Residential Real Estate Insurance Binder is a temporary written confirmation that residential property(...)
• Insurance Claim Documentation Insurance Claim Documentation is the collection and organization of records used to support a claim related to damage affecting(...)
• Insurance Coverage Gap Insurance Coverage Gap refers to a situation in which a residential property owner experiences damage or loss that is not fully(...)
• Inter vivos Gift An Inter Vivos Gift is a voluntary transfer of property made by one person to another during the giver’s lifetime, without(...)
• InterestInterest Meaning In Residential Real Estate Interest refers to a legal or financial stake in residential real estate that represents a(...)
• Interest RateInterest Rate Meaning In Residential Real Estate Interest Rate refers to the cost charged by a lender for borrowing money to purchase(...)
• ISO PPC RatingISO PPC Rating Meaning In Residential Real Estate ISO PPC Rating refers to a classification used to evaluate the quality of fire(...)
• Itemized DeductionsItemized Deductions Meaning In Residential Real Estate Itemized Deductions refer to a method of reporting allowable personal expenses(...)
• Jerkinhead RoofJerkinhead Roof Meaning In Residential Real Estate Jerkinhead Roof refers to a residential roof form that combines elements of a gable(...)
• Joint LiabilityJoint Liability Meaning In Residential Real Estate Joint Liability refers to a legal condition in which multiple parties share(...)
• Joint TenancyJoint Tenancy Meaning In Residential Real Estate Joint Tenancy is a form of property ownership in which multiple parties hold equal(...)
• Joint Tenants with Rights of SurvivorshipJoint Tenants With Rights Of Survivorship Meaning In Residential Real Estate Joint Tenants With Rights Of Survivorship is a form of(...)
• JudgmentJudgment Meaning In Residential Real Estate A Judgment is a formal decision issued by a court that determines legal responsibility for(...)
• Judgment LienJudgment Lien Meaning In Residential Real Estate A Judgment Lien is a legal claim placed against a residential property after a court(...)
• Judicial ForeclosureJudicial Foreclosure Meaning In Residential Real Estate Judicial Foreclosure is a legal process used to enforce a mortgage or similar(...)
• Jumbo CDJumbo CD Meaning In Residential Real Estate Finance A Jumbo CD is a type of certificate of deposit that involves a larger deposit(...)
• KYC PoliciesKYC Policies Meaning In Residential Real Estate KYC Policies refer to formal procedures used to verify the identity of individuals(...)
• Lap SidingLap Siding is a type of exterior wall cladding made up of horizontal boards installed so that each course overlaps the one below it.(...)
• LatitudeLatitude is a geographic coordinate that measures how far a point on the Earth’s surface lies north or south of the Equator. It is(...)
• LeaseLease Meaning In Residential Real Estate A Lease is a legally binding agreement that grants the right to occupy and use residential(...)
• Lease OptionLease Option Meaning In Residential Real Estate A Lease Option is a real estate arrangement that combines a residential lease with the(...)
• Leased EquipmentLeased Equipment Meaning In Residential Real Estate Leased Equipment refers to personal property installed or used at a residential(...)
• Leasehold EstateLeasehold Estate Meaning In Residential Real Estate A Leasehold Estate is a form of property interest that grants the right to possess(...)
• LEED For HomesLEED For Homes In Residential Real Estate LEED For Homes is a residential building certification framework focused on evaluating how a(...)
• Legal DescriptionLegal Description Meaning In Residential Real Estate Legal Description is the precise written identification of a parcel of land as(...)
• LesseeLessee Meaning In Residential Real Estate A Lessee is the party who receives the legal right to occupy and use a residential property(...)
• LessorLessor Meaning In Residential Real Estate A Lessor is the party who owns a residential property or land and grants another party the(...)
• Letter of IntentLetter of Intent Meaning In Residential Real Estate A Letter of Intent is a written document that outlines the preliminary(...)
• LiabilityLiability Meaning In Residential Real Estate Liability in residential real estate refers to legal responsibility for harm, damage, or(...)
• LiborLibor Meaning In Residential Real Estate Financing Libor is a benchmark interest reference that has historically been used to(...)
• LienLien Meaning In Residential Real Estate Ownership A Lien is a legal claim placed against residential property that secures payment of(...)
• Lien Fraud Lien fraud is a form of real estate fraud in which a lien is fraudulently placed against a property without the owner’s knowledge,(...)
• Life CapA Life Cap is the maximum interest rate that an adjustable-rate loan may reach over the entire life of the loan, regardless of how(...)
• Line of CreditA line of credit is a flexible borrowing arrangement that allows a borrower to access funds up to a set limit, repay some or all of(...)
• List PriceList Price is the advertised asking price at which a property owner offers a residential property for sale to the public. It(...)
• ListingListing Meaning In Residential Real Estate A Listing is a formal representation of a residential property that is offered for sale or(...)
• Living AreaLiving Area Meaning In Residential Real Estate Living Area refers to the interior portion of a residential property that is intended(...)
• Living Building ChallengeLiving Building Challenge Meaning In Residential Real Estate The Living Building Challenge is a performance based building standard(...)
• Loan ApplicationLoan Application Meaning In Residential Real Estate A Loan Application is a formal request submitted by a buyer or property owner to(...)
• Loan CommitmentA Loan Commitment is a formal written statement from a lender confirming its intention to provide a loan to a borrower under specified(...)
• Loan ConsolidationLoan Consolidation Meaning In Residential Real Estate Loan Consolidation refers to the process of combining multiple existing debts(...)
• Loan DefaultLoan Default Meaning In Residential Real Estate Loan Default occurs when a property owner fails to meet the legal obligations set(...)
• Loan OriginationLoan Origination is the structured process through which a lender evaluates, approves, and creates a new loan for a borrower. In(...)
• Loan-to-Value RatioThe Loan-to-Value Ratio (LTV) is a key financial metric used in real estate and mortgage lending to measure the relationship between(...)
• Lock-InLock-In Meaning In Residential Real Estate Financing Lock-In refers to an agreement in a residential real estate transaction that(...)
• Locked-In RateLocked-In Rate Meaning In Residential Real Estate Financing Locked-In Rate refers to a mortgage interest rate that has been formally(...)
• LockoffA Lockoff is a residential unit designed so that a portion of the living space can be separated from the main unit and secured with a(...)
• LoftA Loft is a type of residential living space characterized by an open floor plan, high ceilings, and minimal interior walls, often(...)
• Log Cabin StyleLog Cabin Style Meaning In Residential Real Estate Log Cabin Style refers to a residential architectural approach defined by the use(...)
• LongitudeLongitude is a geographic coordinate that measures how far a point on the Earth’s surface lies east or west of a fixed reference line(...)
• Loss Mitigation Loss Mitigation refers to actions and strategies used to reduce the impact of damage, disruption, or financial strain on a(...)
• Lot SizeLot Size Meaning In Residential Real Estate Lot Size refers to the total amount of land that is legally associated with a residential(...)
• Low VOC InsulationLow VOC Insulation Meaning In Residential Real Estate Low VOC Insulation refers to insulation materials used in residential properties(...)
• Maintenance (Grounds)Maintenance (Grounds) Meaning In Residential Real Estate Maintenance (Grounds) refers to the ongoing care and upkeep of the outdoor(...)
• Major EncroachmentA Major Encroachment is a significant and material intrusion of a structure or improvement from one property onto another property, or(...)
• Mandatory DisclosureMandatory Disclosure Meaning In Residential Real Estate Mandatory Disclosure refers to the legal requirement that certain information(...)
• Mansard RoofMansard Roof Meaning In Residential Architecture A Mansard Roof is a residential roof design characterized by a dual pitched form on(...)
• Manufactured HousingManufactured Housing Definition In Residential Real Estate Manufactured Housing refers to residential dwellings that are constructed(...)
• Market Conditions Market Conditions In Residential Real Estate Market Conditions describe the overall state of a residential real estate market(...)
• Market ValueMarket Value represents the most probable price a property would bring in a competitive and open market under normal conditions. It(...)
• Master DeedMaster Deed Meaning In Residential Real Estate Ownership A Master Deed is a recorded legal document that establishes the overall(...)
• Master-Planned Community Master-Planned Community Meaning In Residential Real Estate A Master-Planned Community is a large scale residential development(...)
• MaturityMaturity Meaning In Real Estate And Property Financing Maturity refers to the point at which a real estate related financial(...)
• Maturity DateMaturity Date Meaning In Residential Real Estate Financing Maturity Date refers to the specific calendar date on which a real estate(...)
• McMansionMcMansion Definition In Residential Real Estate A McMansion is an informal real estate term used to describe a large residential house(...)
• Mechanics Lien A Mechanics Lien is a legal claim placed against real property by a party who has provided labor, materials, or services for(...)
• Median PriceMedian Price Meaning In Residential Real Estate Median Price is a statistical measure used in residential real estate to describe the(...)
• Mediterranean StyleMediterranean Style In Residential Architecture And Housing Design Mediterranean Style is a residential architectural approach(...)
• Metal Siding Metal Siding In Residential Construction And Property Design Metal Siding is an exterior building material used on residential(...)
• Minor EncroachmentA Minor Encroachment is a small, unintentional intrusion of a structure or improvement from one property onto an adjacent property, or(...)
• Misting SystemMisting System Use In Residential Property And Outdoor Spaces A Misting System is an outdoor cooling and moisture delivery(...)
• MLS  MLS Function In Residential Real Estate Listings MLS refers to a shared property listing system used by real estate professionals(...)
• Modern StyleModern Style In Residential Architecture And Property Design Modern Style refers to a residential architectural and interior design(...)
• ModificationA Modification is a formal change made to an existing agreement, structure, system, or condition that alters its original terms,(...)
• Moratorium Period Meaning Of A Moratorium Period In Real Estate Transactions A Moratorium Period is a defined span of time during which certain(...)
• MortgageA Mortgage is a legal agreement in which real property is pledged as security for the repayment of a loan used to purchase, refinance,(...)
• Mortgage AgentRole Of A Mortgage Agent In Residential Real Estate A Mortgage Agent is a licensed real estate finance professional who assists(...)
• Mortgage Banker Mortgage Banker Role In Residential Real Estate Finance A Mortgage Banker is a financial professional or institution that(...)
• Mortgage Bond Mortgage Bond Definition In Residential Real Estate A Mortgage Bond is a debt instrument secured by a pool of residential real(...)
• Mortgage Deed Mortgage Deed A Mortgage Deed is a legal instrument used in real estate transactions to secure repayment of a loan by placing real(...)
• Mortgage InsuranceMortgage Insurance Definition In Residential Real Estate Mortgage Insurance is a form of financial protection that reduces lender risk(...)
• Mortgage Interest Deduction Mortgage Interest Deduction Definition In Residential Real Estate The Mortgage Interest Deduction is a tax related provision that(...)
• Mortgage LenderA mortgage lender is a financial institution or qualified organization that provides funds to borrowers for the purpose of purchasing,(...)
• Mortgage Lien Mortgage Lien Definition In Residential Real Estate A Mortgage Lien is a legal claim placed against residential real estate to(...)
• Mortgage Life Insurance Mortgage Life Insurance Definition In Residential Real Estate Mortgage Life Insurance is a type of insurance coverage designed to(...)
• Mortgage Loan Originator Mortgage Loan Originator Definition In Residential Real Estate A Mortgage Loan Originator is a licensed individual or entity that(...)
• Mortgage Note Mortgage Note Definition In Residential Real Estate A Mortgage Note is a written legal promise in which a borrower agrees to repay(...)
• Mortgage StatementMortgage Statement Meaning In Residential Real Estate A Mortgage Statement is a written record provided to a property owner that(...)
• Mortgagee Mortgagee A Mortgagee is the party in a real estate transaction that lends money to a borrower and receives a security(...)
• Mortgagee Clause Mortgagee Clause A Mortgagee Clause is a provision commonly found in property insurance policies that protects the financial(...)
• Mortgagor Mortgagor Definition In Residential Real Estate A Mortgagor is the individual or legal entity that borrows money to purchase or(...)
• Mound Septic Mound Septic Definition In Residential Real Estate A Mound Septic system is a type of on site wastewater treatment method used for(...)
• MudroomA Mudroom is a designated entry space within a residential property that functions as a transitional area between the outdoors and the(...)
• National Housing Act National Housing Act Definition In Residential Real Estate The National Housing Act is a federal law that established a framework(...)
• Natural Building Natural Building Definition In Residential Real Estate Natural Building refers to a residential construction approach that uses(...)
• Natural Disaster A Natural Disaster is a large scale environmental event that causes significant damage to residential property, land, and housing(...)
• Necessity Easement Necessity Easement Definition In Residential Real Estate A Necessity Easement is a legal right that allows access across another(...)
• Net Meter Net Meter Definition In Residential Real Estate A Net Meter is a utility device used in residential real estate to measure the(...)
• Net Worth Net Worth Definition In Residential Real Estate Net Worth is a measure of overall financial position calculated by comparing what(...)
• NGBS New ConstructionNGBS New Construction Definition In Residential Real Estate NGBS New Construction refers to residential homes built and verified in(...)
• Non-liquid AssetNon-liquid Asset Definition In Residential Real Estate A Non-liquid Asset is property or value that cannot be quickly converted into(...)
• Nonrecourse LoanNonrecourse Loan Definition In Residential Real Estate A Nonrecourse Loan is a type of real estate loan in which the lender’s recovery(...)
• NoteNote Definition In Residential Real Estate A Note is a written legal promise to repay a debt under specific terms. In residential real(...)
• Notice of DefaultNotice of Default Definition In Residential Real Estate A Notice of Default is a formal public notice stating that a borrower has(...)
• Notice of RescissionNotice of Rescission Definition In Residential Real Estate A Notice of Rescission is a formal written statement that cancels or(...)
• Open HouseOpen House Definition In Residential Real Estate An Open House is a marketing event in which a residential property is made available(...)
• What Is Open Listing In Real Estate?What Is Open Listing In Real Estate? Open Listing is a non-exclusive real estate listing agreement where a seller can work with(...)
• Out-of-Pocket Expenses Out-of-Pocket Expenses are costs paid directly by a residential property owner when restoring or maintaining a home after damage,(...)
• PantryA Pantry is a dedicated storage space within a residential property used primarily for holding food items, kitchen supplies, and(...)
• Parcel NumberParcel Number Definition In Residential Real Estate A Parcel Number is an identifying label assigned by a local government authority(...)
• Partially FinishedPartially Finished Definition In Residential Real Estate Partially Finished describes a residential property area that includes some(...)
• Passive SolarPassive Solar Definition In Residential Real Estate Passive Solar describes a residential design approach that uses a home’s(...)
• PaydownPaydown Definition In Residential Real Estate Paydown refers to the reduction of an outstanding loan balance through payment applied(...)
• Pellet StovePellet Stove Definition In Residential Real Estate A Pellet Stove is a residential heating appliance that burns compressed biomass(...)
• Per Diem InterestPer Diem Interest Definition In Residential Real Estate Per Diem Interest refers to interest that accrues on a residential real estate(...)
• Perc TestPerc Test Definition In Residential Real Estate A Perc Test is an evaluation used to determine how effectively soil absorbs and drains(...)
• Periodic Rate Periodic Rate Definition In Residential Real Estate Periodic Rate refers to the interest rate applied to a loan balance for a(...)
• Permeable Paving Permeable Paving Definition In Residential Real Estate Permeable Paving refers to a type of ground surface material designed to(...)
• Personal LiabilityPersonal Liability Definition In Residential Real Estate Personal Liability refers to an individual’s legal responsibility for(...)
• Personal PropertyPersonal Property Definition In Residential Real Estate Personal Property refers to items of property that are movable and not(...)
• Personal Property Documentation Personal Property Documentation is the process of recording and preserving information about movable items located within a(...)
• Personal Property TaxesPersonal Property Taxes Definition In Residential Real Estate Personal Property Taxes are taxes imposed by a taxing authority on(...)
• Pest Inspection A Pest Inspection is a professional evaluation of a property conducted to identify the presence or evidence of insects, rodents, or(...)
• PHIUS+PHIUS+ Definition In Residential Real Estate PHIUS+ is a residential building performance certification standard that focuses on(...)
• Photovoltaics Seller Owned Photovoltaics Seller Owned Definition In Residential Real Estate Photovoltaics Seller Owned describes a residential property(...)
• Photovoltaics Third-Party OwnedPhotovoltaics Third-Party Owned Definition In Residential Real Estate Photovoltaics Third-Party Owned describes a residential property(...)
• Piggyback LoanPiggyback Loan Definition In Residential Real Estate A Piggyback Loan is a residential real estate financing structure that uses more(...)
• Planned DevelopmentPlanned Development Definition In Residential Real Estate A Planned Development is a type of residential land use arrangement in which(...)
• POAPOA Definition In Residential Real Estate A POA is a governing organization formed to manage, regulate, and maintain a residential(...)
• PointsPoints Points Definition In Residential Real Estate Financing Points are upfront charges paid in connection with residential real(...)
• Portfolio LenderPortfolio Lender Definition In Residential Real Estate A Portfolio Lender is a lending institution that originates residential real(...)
• PossessionPossession Possession Definition In Residential Real Estate Possession describes the lawful right to occupy and exercise physical(...)
• Post-Disaster Recovery Post-Disaster Recovery is the phase of residential property ownership that begins after a damaging event has occurred and focuses on(...)
• Power of AttorneyA Power of Attorney is a legal instrument that authorizes one person to act on behalf of another in specified matters. The person(...)
• Power Purchase AgreementPower Purchase Agreement Power Purchase Agreement Definition In Residential Real Estate A Power Purchase Agreement is a contractual(...)
• Pre-Disaster Preparedness Pre-Disaster Preparedness is the practice of taking proactive steps to protect residential property and ownership interests before a(...)
• Pre-Wired for RenewablesPre-Wired for Renewables Pre-Wired for Renewables Definition In Residential Real Estate Pre-Wired for Renewables describes a(...)
• PreapprovalPreapproval Preapproval Definition In Residential Real Estate Preapproval is a lender’s written indication that a prospective buyer(...)
• Prepayment PenaltyPrepayment Penalty Prepayment Penalty Definition In Residential Real Estate A Prepayment Penalty is a contractual provision that(...)
• PrequalificationPrequalification is an initial assessment used by a lender to estimate how much a borrower may be able to borrow based on self(...)
• Prescriptive EasementPrescriptive Easement Prescriptive Easement Definition In Residential Real Estate A Prescriptive Easement is a legal right to use a(...)
• Prime RatePrime Rate Prime Rate Definition In Residential Real Estate The Prime Rate is a benchmark interest rate used by lenders as a reference(...)
• PrincipalPrincipal Principal Definition In Residential Real Estate Principal refers to the original amount of money borrowed or invested in a(...)
• Principle of ProgressionPrinciple of Progression Principle of Progression Definition In Residential Real Estate The Principle of Progression is a real estate(...)
• Private EasementA private easement is a legal right granted to a specific individual, group, or property owner to use a portion of another person’s(...)
• Private Mortgage Insurance Private Mortgage Insurance Private Mortgage Insurance Definition In Residential Real Estate Private Mortgage Insurance is a(...)
• ProbateProbate is the legal process through which a deceased person’s estate is formally administered and distributed under court(...)
• Probate SaleA Probate Sale is a real estate transaction in which property owned by a deceased person is sold under the authority and supervision(...)
• Promissory NotePromissory Note Promissory Note Definition In Residential Real Estate A Promissory Note is a written legal instrument in which a(...)
• Proof of ClaimProof of Claim Proof of Claim Definition In Real Estate And Bankruptcy Context Proof of Claim is a formal written statement filed by a(...)
• Proof of Loss Proof Of Loss is a formal statement used in real estate and property ownership to document and describe damage to a residential(...)
• Property-Assessed Clean EnergyProperty-Assessed Clean Energy Property-Assessed Clean Energy Definition In Residential Real Estate Property-Assessed Clean Energy is(...)
• Property Damage Assessment Property Damage Assessment is the process of evaluating and documenting the extent of damage affecting a residential property after a(...)
• Property Fraud Property fraud is a broad term used to describe deceptive or illegal activities that target property ownership, property records, or(...)
• Property ReportProperty Report Property Report Definition In Residential Real Estate A Property Report is a compiled document that summarizes key(...)
• Property TaxProperty Tax Property Tax Definition In Residential Real Estate Property Tax is a mandatory charge imposed by a local government on(...)
• Property Tax Appeals Property Tax Appeals Property Tax Appeals refer to the formal process by which a property owner challenges the assessed value(...)
• Property Tax DeductionProperty Tax Deduction Property Tax Deduction Definition In Residential Real Estate Property Tax Deduction refers to the ability of a(...)
• Property Tax LienProperty Tax Lien Property Tax Lien Definition In Residential Real Estate A Property Tax Lien is a legal claim placed on real estate(...)
• Property ValueProperty Value Property Value Meaning In Residential Real Estate Property Value describes the monetary worth assigned to real estate(...)
• Proprietary LeaseProprietary Lease Proprietary Lease Definition In Residential Real Estate A Proprietary Lease is a legal agreement that grants a(...)
• Prudent Investor RuleThe Prudent Investor Rule is a legal standard that requires a person managing assets on behalf of others to invest and manage those(...)
• Punch ListPunch List Punch List Definition In Residential Real Estate Punch List refers to a detailed record of remaining tasks, corrections, or(...)
• Purchase-Money MortgagePurchase-Money Mortgage Purchase-Money Mortgage Definition In Residential Real Estate A Purchase-Money Mortgage is a financing(...)
• Purchase PricePurchase Price Purchase Price Definition In Real Estate Transactions Purchase Price is the agreed amount a buyer pays to acquire real(...)
• Purchase & Sale AgreementPurchase & Sale Agreement Purchase & Sale Agreement Definition In Real Estate Transactions A Purchase & Sale Agreement is a legally(...)
• Pyramid RoofPyramid Roof A Pyramid Roof is a roof style characterized by four equal sloping sides that rise from the walls of a structure and meet(...)
• Quad WideQuad Wide describes a manufactured housing configuration formed by joining multiple factory built sections into a single, integrated(...)
• Quit Claim DeedA Quit Claim Deed is a legal document used to transfer whatever ownership interest a grantor may have in real property to another(...)
• Quitclaim Deed Fraud Quitclaim deed fraud is a form of real estate fraud in which a quitclaim deed is used deceptively to transfer property ownership(...)
• Radiant BarrierRadiant Barrier refers to a building material designed to reduce heat transfer by reflecting radiant energy rather than absorbing it.(...)
• Rain Barrel/CisternRain Barrel/Cistern refers to a system used on residential property to collect and store rainwater from roofs or other surface(...)
• Rammed EarthRammed Earth is a construction method that uses compacted natural materials to create solid structural walls. In real estate, this(...)
• Ranch StyleRanch Style describes a residential housing design characterized by a horizontal layout, ground level living spaces, and an emphasis(...)
• RangeA Range is a built in or freestanding kitchen appliance designed for cooking food using surface heating elements and an enclosed oven(...)
• Rate LockA Rate Lock is an agreement between a borrower and a lender that holds a specific interest rate for a defined period during a(...)
• Reaffirmation AgreementA Reaffirmation Agreement is a legal agreement in which a property owner voluntarily agrees to continue being personally responsible(...)
• Real EstateReal Estate refers to land and any permanent structures or improvements attached to that land. In property law and real estate(...)
• Real Estate AgentA Real Estate Agent is a licensed professional authorized to represent buyers, sellers, landlords, or tenants in residential property(...)
• Real Estate BubbleA real estate bubble occurs when home prices rise rapidly to levels that are not supported by underlying economic fundamentals, such(...)
• Real Estate Investment TrustA Real Estate Investment Trust is a legal structure used to own, manage, or finance income producing real property. In real estate,(...)
• Real Estate Settlement Procedures ActThe Real Estate Settlement Procedures Act is a federal consumer protection law that governs how settlement services are disclosed and(...)
• RealtistRealtist refers to a real estate professional who is a member of the National Association of Real Estate Brokers, an organization(...)
• RealtorA Realtor is a licensed real estate professional who is a member of the National Association of Realtors and agrees to follow a(...)
• RecessionRecession refers to a sustained period of economic contraction that affects employment, income stability, and overall economic(...)
• ReconveyanceReconveyance is the legal process by which a lender releases its interest in real property after a secured obligation has been fully(...)
• RecordingRecording Meaning In Residential Real Estate Recording refers to the formal process of placing a real estate document into the public(...)
• Recourse LoanA Recourse Loan is a financing arrangement where the borrower is personally responsible for repayment beyond the value of the real(...)
• Recreation RoomA Recreation Room is a designated interior space within a residential property that is intended for leisure, entertainment, and(...)
• RedliningRedlining is a discriminatory practice in real estate and housing finance where services are denied, restricted, or made more costly(...)
• RefinanceRefinance refers to the process of replacing an existing real estate loan with a new loan secured by the same property. In residential(...)
• Regulation ZRegulation Z is a federal consumer protection rule that governs how credit terms are disclosed in real estate related lending. Its(...)
• RelictionReliction is a property law concept that describes the gradual and permanent exposure of land caused by the natural withdrawal of(...)
• Remaining Balance Remaining Balance refers to the amount still owed on a real estate related obligation after payments have been applied. In(...)
• Renovation YearRenovation Year refers to the point in time when a property last underwent significant improvements, updates, or alterations that(...)
• Rental Scam A rental scam is a form of real estate fraud in which a criminal falsely advertises a property for rent or misrepresents their(...)
• Replacement CostsReplacement Costs refer to the estimated expense required to rebuild or replace a property structure using materials and construction(...)
• Resale ValueResale Value Resale Value refers to the estimated amount a property is likely to sell for in the future based on market conditions,(...)
• RescissionRescission is the legal act of canceling a contract and restoring the parties involved to their original positions as if the agreement(...)
• Reserve FundA Reserve Fund is a pool of money set aside for future repair, replacement, or major maintenance expenses related to real property. In(...)
• Residential Lease AgreementA Residential Lease Agreement is a legally binding contract between a property owner (landlord) and a tenant that outlines the terms(...)
• Residential Real EstateResidential Real Estate refers to property that is used primarily for human habitation. This category includes land and structures(...)
• Residuary EstateA Residuary Estate refers to the portion of a deceased person’s estate that remains after all debts, expenses, taxes, and specific(...)
• Restrictive CovenantsRestrictive Covenants are private rules placed on real property that limit how land or structures may be used. These rules are(...)
• Reverse MortgageA Reverse Mortgage is a residential loan structure that allows a property owner to access a portion of the equity in an owned home(...)
• Revolving Line of CreditA Revolving Line Of Credit is a financing arrangement that allows a property owner to borrow funds up to an approved limit, repay(...)
• Right of First RefusalA Right Of First Refusal is a contractual provision that gives a specific party the opportunity to purchase real property before the(...)
• Right of RescissionA Right Of Rescission is a legal protection that allows a borrower or property owner to cancel a completed real estate related(...)
• Riparian Water RightsRiparian Water Rights describe a legal doctrine governing the use of surface water by landowners whose property borders a natural(...)
• Roll InIn real estate and home financing, roll in refers to the practice of including certain costs, fees, or balances into a loan rather(...)
• Roof TurbineA Roof Turbine is a passive ventilation device installed on the roof of a building to help remove warm air, moisture, and odors from(...)
• Safe Emergency Egress from HomeSafe Emergency Egress From Home refers to the ability for occupants to exit a residential property quickly and safely during an(...)
• Safe HarborSafe Harbor refers to a legal or regulatory provision that protects individuals or organizations from liability, penalties, or adverse(...)
• Sale of Loan PortfolioA Sale Of Loan Portfolio is a transaction in which a lender transfers a group of existing loans to another financial entity. In real(...)
• Sallie MaeSallie Mae is a financial services organization primarily known for its involvement in education related lending. While its core(...)
• Saltbox RoofA Saltbox Roof is a roof design defined by two asymmetrical roof slopes, where one side is noticeably longer than the other. The(...)
• Saltbox StyleSaltbox Style refers to a traditional residential architectural form characterized by an asymmetrical roofline and a simple, elongated(...)
• Sawtooth RoofA Sawtooth Roof is a roof form made up of a repeating series of angular roof planes that create a profile resembling the edge of a saw(...)
• Secondary Mortgage MarketThe Secondary Mortgage Market refers to the system in which existing mortgage loans are bought, sold, and transferred after(...)
• Secured LendingSecured Lending is a form of financing in which a loan is backed by specific real property used as collateral. In real estate, this(...)
• Seller’s AgentA Seller’s Agent is a real estate professional who represents the interests of the property owner in a real estate transaction. This(...)
• Seller’s DisclosureA Seller’s Disclosure is a written statement provided by a property seller that outlines known facts, defects, or conditions affecting(...)
• Seller’s MarketA Seller’s Market is a real estate market condition in which demand from buyers exceeds the available supply of properties for sale.(...)
• Septic TankA Septic Tank is an on site wastewater treatment system used by properties that are not connected to a municipal sewer network. In(...)
• ServicerA Servicer is an entity responsible for managing a mortgage or property related loan on behalf of the loan owner. In real estate, a(...)
• Settlement StatementA Settlement Statement is a document that summarizes the financial details of a real estate transaction at closing. It itemizes how(...)
• Shared Appreciation MortgageA Shared Appreciation Mortgage is a type of real estate loan where the lender agrees to more flexible repayment terms in exchange for(...)
• Sheriff's DeedA Sheriff's Deed is a legal instrument used to transfer ownership of real property following a court ordered sale. This type of deed(...)
• Short SaleA Short Sale is a real estate transaction where a property is sold for less than the total amount owed on the mortgage or secured(...)
• Shotgun StyleShotgun Style refers to a residential home layout characterized by a long, narrow floor plan where rooms are arranged in a straight(...)
• Simple InterestSimple Interest is a method of calculating the cost of borrowing or the return on funds where interest is applied only to the original(...)
• Simple Interest LoanA Simple Interest Loan is a financing arrangement where interest is calculated only on the original principal rather than on(...)
• Single WideA Single Wide is a type of factory built housing constructed as one long, narrow unit that is transported to a site in a single(...)
• Site SurveyA Site Survey is a detailed evaluation of a property conducted to document physical conditions, features, and constraints that may(...)
• Skillion RoofA Skillion Roof is a roof design defined by a single sloping surface rather than opposing planes that meet at a ridge. The slope runs(...)
• SKUA SKU is an internal identification code used to track and manage individual products or assets within an inventory system. It allows(...)
• Soft Inquiry A Soft Inquiry is a review of a consumer’s credit information that does not affect credit scores and is not tied to an active request(...)
• SolariumA Solarium is an enclosed space designed to capture and utilize natural sunlight while providing shelter from outdoor elements. It is(...)
• Southwestern StyleSouthwestern Style is a residential architectural and design approach inspired by the cultures, landscapes, and materials of the(...)
• Spanish StyleSpanish Style refers to an architectural and design style commonly used in residential construction that draws inspiration from(...)
• Special AssessmentA Special Assessment is a charge imposed on property owners to fund a specific public improvement or service that benefits a defined(...)
• Special Purpose DeedA Special Purpose Deed is a legal instrument used to transfer ownership of real property under specific, limited circumstances. Unlike(...)
• Special Tax DistrictA Special Tax District is a designated geographic area where property owners are subject to an additional tax or assessment to fund(...)
• Special Warranty DeedA Special Warranty Deed is a legal document used in real estate transactions in which the seller conveys ownership of property while(...)
• Split-Level StyleA Split-Level Style home is a residential design characterized by multiple staggered floor levels that are connected by short flights(...)
• Starter HomeA Starter Home is a residential property that is typically purchased as an initial step into homeownership. It is generally more(...)
• SteeringSteering is an unlawful real estate practice in which a real estate professional guides, influences, or discourages a buyer or renter(...)
• Stock CooperativeA Stock Cooperative is a form of property ownership in which residents do not own their individual units outright but instead own(...)
• Structural Damage Documentation Structural Damage Documentation is the process of recording and preserving information about damage affecting the load bearing and(...)
• Structural EncroachmentStructural Encroachment occurs when a building or permanent improvement extends beyond its legal property boundaries and intrudes onto(...)
• SubagentA Subagent is a real estate professional who is authorized to act on behalf of a principal through another agent rather than through a(...)
• Subprime MortgageA Subprime Mortgage is a type of home loan offered to borrowers whose credit profiles do not meet the standards typically required for(...)
• Subsurface Rights (Oil/Mineral/Gas)Subsurface Rights (Oil/Mineral/Gas) refer to the legal rights associated with the ownership, access, and extraction of resources(...)
• Sun NumberSun Number is a property specific metric that describes how much natural sunlight a home receives based on its physical(...)
• SurveyA Survey is a formal measurement and mapping process used to identify, define, and document the physical boundaries, features, and(...)
• Sweat EquitySweat Equity refers to the value added to a property or project through personal labor, effort, or time rather than through direct(...)
• Take-Out LoanA Take-Out Loan is a form of long term financing used to replace short term or interim funding once a project reaches a defined stage(...)
• Tangible Personal PropertyTangible Personal Property refers to physical items that can be seen, touched, and moved, and that are not permanently attached to(...)
• Tax Credit A Tax Credit is a provision within tax law that directly reduces the amount of tax owed rather than reducing taxable income.(...)
• Tax Deduction A Tax Deduction is an allowable expense or adjustment that reduces the amount of income subject to taxation. Rather than(...)
• Tax DeedA Tax Deed is a legal instrument issued by a government authority that conveys ownership of real property to a new party after unpaid(...)
• Tax DeferralTax Deferral is a tax treatment that allows income, gains, or obligations to be postponed to a later period rather than being taxed in(...)
• Tax Evasion Tax Evasion refers to the illegal act of deliberately concealing, misrepresenting, or falsifying information to reduce or(...)
• Tax Exemption A Tax Exemption is a legal provision that removes certain income, property, transactions, or entities from taxation under(...)
• Tax LiabilityTax Liability refers to the amount of tax that an individual or entity is legally obligated to pay to a taxing authority based on(...)
• Tax Lien A Tax Lien is a legal claim placed by a taxing authority against a property or other assets when taxes remain unpaid. This(...)
• Tax Sale A Tax Sale is a legal process through which a government authority sells a property, or an interest in that property, due to(...)
• Tax ShelterA Tax Shelter is a legal strategy or arrangement used to reduce, defer, or eliminate taxable income through deductions, exclusions,(...)
• Tax-Sheltered Annuity A Tax-Sheltered Annuity is a retirement savings arrangement that allows eligible participants to defer taxation on(...)
• Tax Tables Tax Tables are reference charts published by taxing authorities that are used to determine the amount of tax owed based on(...)
• Taxable IncomeTaxable Income is the portion of income that is subject to taxation after allowable exclusions, adjustments, and deductions are(...)
• Taxpayer Identification Number (TIN)A Taxpayer Identification Number (TIN) is an identifying designation used by government authorities to track tax related reporting,(...)
• Teaser Loan A Teaser Loan is a type of financing arrangement that begins with a temporarily reduced interest rate designed to make the(...)
• Teaser Rate A Teaser Rate is a temporarily reduced interest rate offered at the beginning of a loan or credit agreement to make the(...)
• Temporary Housing Expenses Temporary Housing Expenses refer to costs incurred by a residential property owner when a home cannot be occupied due to damage or(...)
• Tenancy By The EntiretyTenancy By The Entirety is a form of property ownership available to married couples and, in some jurisdictions, legally recognized(...)
• Tenants In Common Tenants In Common is a form of property ownership in which two or more parties hold undivided interests in the same real(...)
• TermA Term is a defined word or phrase used to convey a specific meaning within a legal, financial, or real estate context. Rather than(...)
• TimeshareA Timeshare is a form of shared property ownership or usage arrangement in which multiple parties hold rights to occupy or use a(...)
• TitleTitle refers to the legal concept that establishes ownership rights in real property. A Title represents the lawful interest an owner(...)
• Title AgentA Title Agent is a licensed professional who facilitates real estate transactions by coordinating title related services, ensuring(...)
• Title Fraud Title fraud is a form of real estate fraud in which a criminal illegally alters, manipulates, or exploits property ownership records(...)
• Title Insurance Title Insurance is a form of protection that safeguards property owners and lenders against losses arising from defects,(...)
• Title Search A Title Search is the process of examining public land records to determine the legal ownership of real property and to(...)
• Title Theft Title theft is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by manipulating, forging,(...)
• Townhome StyleTownhome Style refers to a residential architectural and housing format characterized by attached dwellings that share one or more(...)
• Trading UpTrading Up is a real estate term used to describe the process of selling a current home in order to purchase a larger, higher value,(...)
• Transfer TaxA Transfer Tax is a government imposed charge assessed when ownership of real property changes hands. It is tied to the act of(...)
• Triple WideA Triple Wide is a type of factory built home constructed in three separate sections that are transported to a homesite and assembled(...)
• Trust DeedA Trust Deed is a legal instrument used in real estate financing to secure a loan by placing an interest in real property with a(...)
• Truth in Lending ActThe Truth in Lending Act is a federal consumer protection law designed to promote transparency and fairness in lending by requiring(...)
• Tudor StyleTudor Style refers to a distinctive architectural approach inspired by medieval English building traditions, adapted and popularized(...)
• Unclassified LoanAn Unclassified Loan is a lending term used to describe a loan that has not been formally assigned to a specific risk category or(...)
• Underinsured Property Underinsured Property describes a residential property whose documented condition, features, or improvements are not fully reflected(...)
• UnderwritingUnderwriting is the structured process used by lenders, insurers, and financial institutions to evaluate risk and determine whether a(...)
• Uniform Gift to Minors ActThe Uniform Gift to Minors Act is a statutory framework that allows adults to transfer assets to a minor without creating a formal(...)
• Uniform Transfers to Minors ActThe Uniform Transfers to Minors Act is a statutory framework that allows assets to be transferred to a minor without the need to(...)
• Uninsured Loss Uninsured Loss refers to damage or loss affecting a residential property that is not supported through available coverage. In real(...)
• Universal DefaultUniversal Default refers to a credit practice in which a lender treats a borrower as being in default based on delinquency or default(...)
• Unsecured DebtUnsecured Debt refers to a financial obligation that is not backed by collateral such as real property, vehicles, or other tangible(...)
• Unsecured LoanAn Unsecured Loan is a form of borrowing that does not require the borrower to pledge specific property or assets as collateral.(...)
• Upgrades Upgrades in the context of building a custom home refer to optional features, materials, finishes, systems, or design(...)
• Upside Down Upside Down is a term commonly used in real estate and lending to describe a situation in which the amount owed on a property exceeds(...)
• US Department of Housing and Urban DevelopmentThe US Department of Housing and Urban Development is a federal agency responsible for shaping national housing policy, enforcing fair(...)
• USDAUSDA refers to a federal lending and development framework administered through programs designed to support housing access, community(...)
• UsuryUsury refers to the practice of charging interest on a loan at a rate that exceeds the maximum amount allowed by law. It is a legal(...)
• Utility Easement A Utility Easement is a legal right granted to allow utility providers access to a portion of private property for the(...)
• Utility ReportA Utility Report is a document that identifies and summarizes the location, availability, and status of utility services associated(...)
• VA LoanA VA Loan is a mortgage program designed to help eligible military service members, veterans, and certain surviving spouses purchase,(...)
• Vacant Land Fraud Vacant land fraud is a form of real estate fraud in which criminals exploit unoccupied or undeveloped property to illegally sell,(...)
• Variable Rate A Variable Rate is a pricing or interest structure that can change over time in response to an underlying benchmark, index, or(...)
• Variable-Rate LoanA Variable-Rate Loan is a financing arrangement in which the interest rate applied to the outstanding balance can change over time(...)
• Variable-Rate Mortgage A Variable-rate mortgage is a home loan in which the interest rate applied to the outstanding balance can change over time in(...)
• Victorian Style Victorian Style refers to a broad category of architectural and design characteristics that emerged during the nineteenth(...)
• Voluntary lienA Voluntary Lien is a legal claim placed on real property with the consent of the property owner to secure repayment of a debt or(...)
• Walk-ThroughIn real estate, a walk-through (often called a final walk-through) is a pre-closing inspection of a house or property conducted by the(...)
• Walking DistanceWalking distance describes how close a destination is when it can reasonably be reached on foot rather than by vehicle or public(...)
• Warranty DeedA Warranty Deed is a legal instrument used to transfer ownership of real property while providing formal assurances about the(...)
• Water Rights Water Rights refer to the legal entitlements that determine who may use water from a specific source, how much may be used,(...)
• WaterSenseWaterSense is a voluntary program developed to promote water efficiency through the use of products, practices, and standards that(...)
• WellA well is a structure created to access groundwater by opening a passage into an underground aquifer. In real estate, it serves as a(...)
• Wet BarIn residential real estate, a wet bar is a dedicated area within a house that includes a sink with a water supply, along with(...)
• Wind Mitigation Wind Mitigation refers to a set of construction features, building techniques, and structural upgrades designed to reduce(...)
• Wind Mitigation Inspection ReportA Wind Mitigation Inspection Report is a formal document prepared by a qualified inspector that identifies and verifies specific(...)
• Wire TransferA Wire Transfer is an electronic method of moving funds directly from one bank account to another through a secure financial network.(...)
• Wraparound MortgageA Wraparound Mortgage is a form of seller financing in which the seller extends a new loan to the buyer that “wraps around” an(...)
• Zero BalanceIn real estate and homeownership, zero balance means that a financial obligation tied to a house or property has been fully paid off,(...)
• Zero-Down-Payment MortgageA Zero-down-payment mortgage is a type of home loan that allows a borrower to purchase real property without making an upfront cash(...)
• Zero Energy Ready HomeA Zero Energy Ready Home is a residential building designed and constructed to be highly energy efficient, with features that(...)
• Zero-Lot LineA Zero-lot line is a residential property configuration in which a building is constructed directly on, or extremely close to, one(...)
• Zombie Mortgage Zombie Mortgage A Zombie Mortgage refers to a previously defaulted or abandoned mortgage loan that unexpectedly resurfaces(...)
• ZoningZoning is the legal framework used by local governments to regulate how land and buildings may be used within a defined geographic(...)
• Zoning VarianceA Zoning Variance is a form of regulatory relief that allows a property owner to use land in a way that deviates from existing zoning(...)