RRR

Terms
3001 That Earn

&
WORDS
Terms
WORDS
WORDS
Terms
WORDS
WORDS
Terms
An Information Resource
By Ted Thomas
Created and copyrighted © 2004 by Ted Thomas and Jones & Trevor Marketing
DISCLAIMER
This publication is intended to provide accu- However, this is a dynamic field of endeavor
rate and authoritative information with regard in which new laws are enacted, old laws re-
to the subject matter covered. It is offered vised and/or interpreted on a continuing ba-
with the understanding that neither the pub- sis. Readers are advised to proceed with cau-
lisher, nor the author is engaged in rendering tion before implementing the strategies con-
legal, accounting or professional services. If tained herein and consult with appropriate pro-
legal advise, or expert assistance is required, fessional advisors prior to committing time and
the services of a competent professional per- financial resources as a result of the material
son should be retained. contained in this book or in the seminar from
Every effort has been made to reflect accurate which it was obtained. It is for instructional
information. purpose only.
ALL RIGHTS RESERVED
Copyright ©2004 by Ted Thomas and Jones & Trevor Marketing.

Published 2004. All rights reserved. No part of this book may be
reproduced or copied in any form, stored in any information
retrieval system or transmitted in any form or by any means except
for brief review, without the written permission of Ted Thomas and
Jones & Trevor Marketing.
Ted Thomas
Jones & Trevor Marketing
3525 N. Courtenay Pkwy Suite B
Merritt Island, Florida 32953
Book Layout & Graphic Design by

John Cipollina
Published in the United States of America
II Celebrating 15 Years of Providing Informational Learning Tools

Why I Wrote The Book
Learning a new business is like learning a new language—with
language, there’s always a translation dictionary. Sometimes there’s
even audio and video tapes to guide a person. With business, there’s
usually no dictionary.
So many times during my study of Real Estate, Property Taxes and
General Business, I’ve run into words I didn’t know and more
importantly, I didn’t understand how to use their meaning.
Ted Thomas
The Attorney uses Blacks Dictionary. The Accountants have their Author / Publisher
resources, as do most professionals. To help you, I’ve compiled
“3001 Words That Work and Terms That Earn”.
After all, just how does one use a phrase like “Quiet Title”?
The average person struggles with terms like “Subject To.”
Even more fun is the famous “Due on Sale” clause.
As one learns an grows a vocabulary, there’s fun, frustrations and
hopefully an improvement in one’s future.
On page ( 212 ) you’ll find “Quiet Title”.
It’s useful to know “Subject To” that’s on page ( 249 ).
Some people stumble on “Lis Pendens”, that’s on page ( 167 ).
Title companies love “Title Order”, on page ( 259 ).
Attorneys love to use “Specific Performance”, on page ( 243 ).
Real Estate Agents use “Realist”, see page ( 217 ).
Did you ever puzzle over “Appurtenance”? See page ( 20 ).
“Default Judgement” or what about a “Deficiency Judgement”?

I’m sure you don’t want any “Functional Obsolescence”?
I’m sure you would want a “Life Estate” if it was granted to you.
The first time I heard “Riparian Rights,” I thought of fixer uppers.
“Security Agreement”
Bankers hate “Forbearance”.
No book would be complete without a “Writ of Execution”.
Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 III

Did You
Know...
Ted Thomas’ organization is the single largest
“Source” of Tax Lien & Deed Informational
Products In the World....To help you...We are
knowledge brokers and we provide financial
solutions in many forms. For example: Guide-
books and Manuals, Directories, Newsletters,
Audio Home Study Courses, Video Learning
Systems, plus Live Weekly Teleconference
Sessions, Workshops; Seminars and Coaching.
In summary: Jones & Trevor Marketing is the
single largest “SOURCE” of Tax Lien & Deed
Informational products In the World!
“We make our reputation by creating

wealth building tools for profession-
als and investors.”
Ted Thomas
IV We Help People Create Wealth

TABLE OF CONTENTS
A ................................................................... 7
B ................................................................. 27
C ................................................................. 43
D ................................................................. 75
E ................................................................. 91
F ............................................................... 101
G............................................................... 117
H ............................................................... 129
I ................................................................ 137
J ............................................................... 149
K ............................................................... 155
L ............................................................... 157
M .............................................................. 171
N ............................................................... 185
O............................................................... 191
P ............................................................... 197
Q............................................................... 212
R ............................................................... 215
S ............................................................... 231
T ............................................................... 253
U ............................................................... 265
V ............................................................... 271
W .............................................................. 275
X ............................................................... 280
Y ............................................................... 281
Z ............................................................... 281
Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 V

Three-Day Buying Tour
and
Auction Preparation
Workshop
VE OP
LI SH
K
OR
W
THIS IS NOT THEORY - THIS IS REAL!

By Attending My Three-Day Tax Defaulted Lien
and Auction Preparation Event, you can actually
buy high yield certificates, secured by real estate.
For 3 days, you’ll be exposed to

people who have profitably bought
and sold Tax Certificates. This is
hands-on training. You’ll learn to
research at the county records. You’ll
learn to purchase only the best and
most lucrative Tax Lien Certificates.
Attendees will learn from real
world case histories. This course
will be a powerful wealth builder
for you.
Call: (321) 449-9940

For Future Workshop Dates
and Specific Details
VI Celebrating 15 Years of Providing Informational Learning Tools

A
ABA NUMBER - Originated by the
American Bankers Association, it is
ABSCISSA - The horizontal axis of a
curve; the vertical axis being the
A
the number (usually in the upper ordinate. The terms are used in
right-hand portion of the check) connection with charts and graphs.
which identifies the bank upon which ABSENTEE LANDLORD - A lessor of
the check is drawn. real property (usually the owner) who
A.B.A. (AMERICAN BAR does not live on a portion of the
ASSOCIATION) - A national property.
organization composed of member ABSENTEE OWNER -
state and local bar associations, An owner of
which control the licensing of property who
attorneys. does not Absentee
Owner
ABANDONMENT - The voluntary occupy said
relinquishment of rights of ownership property.
or another interest (such as an ABSORPTION - The filling of space,
easement) by failure to use the such as the rental of units or sale of
property, coupled with an intent to a tract. The time or rate must be
abandon (give up the interest). estimated and considered as part of
ABANDONMENT OF HOMESTEAD - the owner’s (usually the builder)
A recorded document, executed by costs.
those claiming a homestead ABSTRACT - A summary; an
exemption, giving up said abridgment. Before the use of
homestead. Not applicable in all photostatic copying, public records
states and procedures must be were kept by abstracts of recorded
according to local statutes. documents.
ABATEMENT - A reduction or ABSTRACT CONTINUATION - (See:
decrease. Usually applies to a Supplemental Abstract.)
decrease of assessed valuation of
ad valorem taxes after the ABSTRACT EXTENSION - (See:
assessment and levy. Supplemental Abstract.)
ABC SOIL - Soil having distinct A ABSTRACTER’S CERTIFICATE - A
(upper), B (middle) and C (lower) certificate contained in an abstract
horizons (layers of soil). which shows the time period and
scope of the search of public records
done by the abstractor.
Created and copyrighted © 2004 by Ted Thomas and Jones & Trevor Marketing 7
3001 TERMS THAT EARN & WORDS THAT WORK
ACCELERATED COST RECOVERY

SYSTEM (ACRS) - A portion of the
A Economic Recovery Act of 1981
which allows shorter depreciation of
both real and personal property,
ABSTRACT OF JUDGMENT - A does not distinguish between new
summary of the essential provisions and used property, and disregards
of a court judgment, which when salvage value.
recorded in the county recorder’s
ACCELERATED DEPRECIATION -
office, creates a lien upon the
A general term including any
property of the defendant in that
method of depreciation greater than
county, both presently owned or
straight line depreciation (see
after acquired.
which).
ABSTRACT OF TITLE - A
ACCELERATION CLAUSE - Clause
compilation of the recorded
used in an installment note and
documents relating to a parcel of
mortgage (or deed of trust) which
land, from which an attorney may
gives the lender the right to demand
give an opinion as to the condition
payment in full upon the happening
of title. Still in use in some states,
of a certain event, such as failure to
but giving way to the use of title
pay an installment by a certain date,
insurance.
change of ownership without the
ABUT - To touch, to border on, or be lender’s consent, destruction of the
continuous to. property (see Waste), or other
ABUTMENTS - The vertical events which endanger the security
members (walls or heavy columns) of the loan. (See also: Alienation
which bear the load or pressure of Clause.)
the cross member, such as an arch, ACCEPTANCE - Voluntary agreeing
pier or similar structure. to the price and terms of an offer.
ABUTTING OWNER - One whose Offer and acceptance create a
land is contiguous to (abuts). contract.
ACCESSIBILITY - The location of a
site in terms of how easily it may be
reached by customers, employees,
carriers, and others necessary to
the intended use of the property.
8 Celebrating 15 Years of Providing Informational Learning Tools

ACCESSION - The right of an owner ACCOUNTS PAYABLE - Money
to an increase in his property by owning. The term is generally used
natural means (such as a riparian
owner’s right to an abandoned river
in business rather than personal
finances. Usually represents
A
bed, rights of alluvion and reliction, services or materials, such as
etc.) or artificially, by improvements. wood, bricks, payment of
ACCESSORY BUILDINGS - subcontractors, etc. to a builder.
Structures used for the benefit of a ACCOUNTS RECEIVABLE - Money
central or main building, such as a owed to a business for goods or
tool shed, garage, or similar services. Accounts receivable may
structure. be sold or borrowed
ACCESS RIGHT - A right to ingress against. Many times the
and egress to and from ones sale of accounts
property. May be express or implied. receivable is for
ACCOMMODATION PARTY - less than face
Person who lends her name to help value
secure credit for another, by signing (discounted).
a note or other obligation without ACCRETION - The
receiving consideration. gradual addition to the
ACCOMMODATION RECORDING - shore or bank of a waterway. The
The recording of documents with land generally becomes the
the county recorder by a title property of the owner of the shore
insurance company, without liability or bank, except where statutes
(no insurance) on the part of the specify otherwise.
company, but merely as a
ACCRUAL ACCOUNTING - An
convenience to a customer.
accounting method under which
ACCORD - An agreement by which income and expenses are charged
one accepts something different to the periods for which they are
(usually less) from what is owed as applicable, rather than when
full satisfaction. The amount owed payment is received or made. The
may be in dispute or simply method calling for income and
accepted as full satisfaction by the expenses to be based on payment
creditor or claimant. The agreement being received or made is cash
and acceptance is called “Accord accounting.
and Satisfaction.”
ACCRUE - To grow or mature.
Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 9

ACCRUED DEPRECIATION - (1) ACKNOWLEDGMENT - A written

The amount reserved each year in declaration by a person executing
A the accounting system for
replacement of a building or other
an instrument given before an
officer authorized to give an oath
assets. (2) The useful life of a (usually a notary public), stating that
property at any given time. the execution is of his own volition.
ACCRUED INTEREST - Interest on ACOUSTICAL MATERIALS -
a note, bond, etc. which has been Materials which absorb sound.
earned but not yet paid. Since Usually installed in walls and
interest is usually paid in arrears, ceilings and composed of
accrued interest does not fiberglass, cork, special plaster, or
necessarily indicate a delinquency similar materials.
in payment. (See ACOUSTICAL
also: Accumulated TILE - Tile which
Interest.) There is no such thing in absorbs sound.
ACCUMULATED anyone’s life as an ACQUISITION
DEPRECIATION - unimportant day. APPRAISAL - An
(See: Accrued Alexander Woollcott appraisal to
Long, Long Ago determine market
Depreciation.)
value of a property
ACCUMULATED to be taken by
INTEREST - Unpaid interest which eminent domain, in order to justly
is past due. (See also: Accrued compensate the owner.
Interest.)
ACQUISITION COSTS - Costs of
ACID SOIL - A soil with an acid acquiring property other than
rather than an alkaline base. This purchase price: escrow fees, title
can determine its suitability for insurance, lender’s fees, etc.
farming. ACRE - A measure, usually of land,
equal to 160 sq. rods (43,560 sq.
ACID TEST RATIO - A formula used feet) in any shape.
by lending institutions to determine
if a business can meet its current ACREAGE - Any parcel of land which
obligations. The formula adds cash may be measured in terms of acres.
Usually qualified by its zoning or
plus receivable plus marketable
usage, such as residential acreage,
securities and then divides by
industrial acreage, etc.
liabilities. A ratio of one-to-one is
considered acceptable.
10 We Help People Create Wealth

ACREAGE CONTROL - Federal AD - By, for, relating to, concerning.
control setting the number of acres ADDENDUM - Something added. A
which may be planted with crops
which have federal price supports.
list of other material added to a A
document, letter, contractual
ACRE FOOT - A volume of water, agreement, escrow instruction, etc.
sand, coal, etc. equal to an area of (See also: Amendment.)
one acre with a depth of one foot ADDITION - (1) A portion of a
(43,560 cubic feet). If a liquid, building added to the original
325,850 gallons. structure. (2) A synonym for
ACRE- INCH - A cubic measure of subdivision in certain legal
one acre with a depth of one inch. descriptions.
ACTION TO QUIET TITLE - A court ADDITIONAL DEPOSIT - A buyer of
action to establish ownership to real real property will generally give a
property. Although technically not an small deposit with
action to remove a cloud on title, an offer, and a
the two actions are usually referred more substantial
to as “Quiet Title” actions. deposit after the
ACTIVE CAPITAL - Capital used on offer has been
a regular basis for profit-making accepted.
activities. The second
deposit is the
ACT OF GOD - Damage caused by “additional deposit.”
nature (floods, winds, etc.) rather
than destruction by man. ADD-ON INTEREST - A method of
ACTUAL AGE - The chronological charging interest usually used in the
age of a structure as opposed to its financing of automobiles, but not
effective or economic age. generally used in real estate
financing. Interest is computed on
ACTUAL CASH VALUE - (See: the total amount borrowed and
Market Value.) added on to the principal. Each
ACTUAL NOTICE - Notice actually payment is then deducted from this
and expressly, or by implication, total amount. Interest on real estate
given and received. (See also: loans is usually figured based on
Constructive Notice; Statutory the balance owing after each
Notice.) payment is made (declining
balance).

AD HOC - Latin meaning “for this.” AD LITIM - (For the suit.) A guardian
For single purpose only. “Ad Litum” prosecutes or defends a
A ADJACENT - Close to. May or may suit for a minor or incompetent.
not be contiguous (touching). ADMINISTRATOR - A person given
ADJOINING - Touching or authority by a proper court to
contiguous to. manage and distribute the estate of
a deceased person when there is
ADJUDICATION - A judgment or no will. (See also: Administrator
decision by a court. C.T.A.)
ADJUSTABLE MORTGAGE ADMINISTRATOR C.T.A. -
LOANS (AML’S) - Mortgage loans Administrator when there is a will
under which the interest rate is but no executor is named or the
periodically adjusted to executor named is unable or
more closely coincide unwilling to serve. The C.T.A.
with current rates. The stands for Cum Testamento Annexe
amounts and times (with the will attached).
of adjustment are
agreed to at the ADMINISTRATOR’S DEED - A deed
inception of the issued by the administrator of an
loan. Also called Adjustable estate. (See: Administrator.)
Rate Loans, Adjustable Rate ADMINISTRATRIX - Female
Mortgages (ARMS), Flexible Rate administrator.
Loans, Variable Rate bans. (See ADOBE CONSTRUCTION - A
also: Indexing, Rate Index.) structure built of adobe blocks.
ADJUSTABLE RATE LOANS - Adobe blocks are made from adobe
(See: Adjustable Mortgage Loans.) mud mixed with straw or a straw-
ADJUSTED GROSS INCOME - like substance, and then baked.
Gross income of a building if fully Considered a very good but
rented, less an allowance for expensive material.
estimated vacancies. ADR (THE CLASS LIFE ASSET
ADJUSTED MORTGAGE - A DEPRECIATION RANGE
mortgage released after a company SYSTEM) - A flexible set of
has undergone reorganization. guidelines for depreciation which
sets up an “asset depreciation
ADJUSTMENTS - (See: Proration.) period,” rather than using the
“useful life” of an asset.

ADULT - One old enough to legally ADVERSE POSSESSION - A
act without the consent of a parent method of acquiring title by
or guardian. One over 18 years old,
except in some states for the
possession under certain
conditions. Generally, possession
A
purchase of alcohol, which is limited must be actual, under claim of right,
to those over 21 years old. open, continuous, notorious,
AD VALOREM - “According to exclusive, and hostile (knowingly
value.” A method of taxation using against the rights of the owner).
the value of the things taxed to Exact time (years) of possession
determine the amount of tax. Taxes and specific requirements (such as
can be either “Ad Valorem” or payment of property taxes) vary with
“Specific.” Example: A tax of $5.00 the statutes of each state.
per house (irrespective of value) is ADVERTISING - In real estate,
“Specific.” mainly confined to newspaper ads
ADVANCE FEE - A fee charged by a and signs on the property, although
broker to a seller to cover all or a advertising of the real estate
portion of the broker’s costs of brokerage may
promoting the property. The fee is extend to radio and
generally credited against television.
commissions but is not refunded if Recently,
no commissions are received. Most newspaper ads
frequently used in connection with have become more House
binding on the
large offerings which require a
advertiser, especially
For
substantial outlay of funds for
with regard to the Sale
promotion.
financing
ADVANCES - Money advanced by a advertised.
mortgagee (beneficiary under a
deed of trust) to pay the AEOLIAN SOIL - Soil composed of
mortgagor’s (trustor’s) obligations of materials deposited by the wind.
taxes, insurance or other items AERATIN ZONE - The surface soil to
necessary to protect the secured a depth from which plants draw
property. moisture.
ADVERSE LAND USE - A use which AESTHETIC VALUE - The value of a
causes surrounding property to lose property attributable to the beauty of
value, such as an industrial the improvements or surroundings.
development in a residential area.

AFFIANT - One who makes an A-FRAME - A type of construction

affidavit. Also called a deponent, usually found in resort
A although technically not the same. areas. The exterior
framing of the
AFFIDAVIT - A written statement or
declaration, sworn to before an building is shaped
officer who has authority to like the letter A.
administer an oath.
AFFIDAVIT OF ALIMONY AND AFTER ACQUIRED PROPERTY - As
CHILD SUPPORT - A sworn applied to a judgment lien, it means
statement of a separated or that the lien will attach to property of
divorced person showing the the debtor acquired after the
amount (if any) of alimony or child judgment. (See also: Acquired Title.)
support. AFTER ACQUIRED TITLE - Legal
AFFINITY - (1) Relationship not of doctrine by which property
automatically vests in a grantee
the blood. Related by marriage. (2)
when the grantor acquires title to
Any group for a specific purpose is
the property after the deed has
called an affinity group, such as been executed an delivered.
clubs, people in the same school,
etc. AGE-LIFE DEPRECIATION - (See:
Straight Line Depreciation.)
AFFIRMATION - A substitution for an
oath when a person objects to AGENCY - Any relationship in which
one party (agent) acts for or
taking an oath (Quakers, atheists,
represents another (principal) under
etc.). A lie after an affirmation is still
the authority of the latter. Agency
perjury.
involving real property should be in
AFFORESTATION - The growing of a writing, such as listings, trusts,
forest where not previously existed, powers of attorney, etc.
as opposed to reforestation (the AGENCY AGREEMENT (AGENCY
replanting of a harvested or LISTING) - In some states, the term
destroyed forest). describing a listing under which the
broker’s commission is protected
against a sale by other agents but
not by a sale by the principal. Called
a “nonexclusive” listing in some
states.
14 Another Wealth Building Publication from Ted Thomas

AGENCY BY ESTOPPEL - An AGREEMENT FOR DEED - (See:
agency created by operation of law Land Contract.)
when an agent oversteps his or her
authority but the action (or failure to
AGREEMENT OF SALE - Has two A
separate meanings, depending on
act) by the principal leads one to area of the country. In some states
believe the authority exists. (See it is synonymous with a purchase
also: Apparent Authority) agreement. (See: Purchase
AGENCY COUPLED WITH Agreement.) In other states, it is
INTEREST - A contractual synonymous with a land contract.
relationship with consideration (See: Land Contract.)
going from agent to principal; the AGRICULTURAL LIEN - A lien
agency is given as return against crops (only), to secure
consideration. Example: A broker money or payment for materials
agrees to work to obtain property for used to grow the crop.
a builder in return for a listing after AGRICULTURAL PROPERTY - (1)
the builder has completed the Land which is zoned agricultural. (2)
project. The broker would be Land used for
entitled to (have an interest in) the growing of
listing (agency), provided the broker agricultural
did obtain the property for the products or
builder. raising of
AGENT - One who is authorized to livestock.
act for or represent another
(principal), usually in business A HORIZON - Surface horizon (layer)
matters. Authority may be express of soil, the composition of which is
or implied. affected by water which percolates
AGRARIAN - Relating to land, or to a through it.
division or distribution of land. A.I.R. (AMERICAN INDUSTRIAL
AGREEMENT - A general term REAL ESTATE ASSOCIATION) - A
usually describing a common view specialized association of real
of two or more people regarding the estate brokers and salespeople who
rights and obligations of each with deal primarily in industrial
regard to a given subject. Not properties. The goal of the
necessarily a contract, although all association is to further the
contracts are agreements. knowledge and effectiveness of its
members.

AIR RIGHTS - The right to the use of ALLEY - A narrow right of way, either
the air space above property public or private,
A without the right to use the surface
of the property. However, air rights
used for access
(usually to
may restrict surface rights, garages, loading
especially height of improvements. platforms, etc.).
AKA, ALSO KNOWN AS - A fictitious
or assumed name. (See: Alias) ALLEY INFLUENCE - In appraising,
ALCOVE - A recessed part or the effect upon value of a property,
addition to a room. because of an adjoining side or
rear alley.
ALIAS - Latin for “otherwise.”
Commonly meaning that a person ALL-INCLUSIVE DEED OF TRUST
is known by more than one name. - (See: Wrap-Around Mortgage.)
In some states, indicated by the ALLODIAL TENURE - (See:
letters AKA (also known as). Allodium.)
ALIENATION - Transfer of property ALLODIUM - Land owned by
from one owner to another. individuals, as opposed to the
ALIENATION CLAUSE - A type of feudal system of ownership of all
acceleration clause, calling for a land by a king or ruler.
debt under a mortgage or deed of ALLOTMENT - A small parcel of
trust to be due in its entirety upon land, sold or given to a farm worker
transfer of ownership of the secured for cultivation as a supplementary
property. Also called a “due-on-sale source of income. Popular in the
clause.” 1900’s before World War II.
ALKALI - The chemical opposite of ALLUVION (ALLUVIUM,
acid. Heavy concentrations of ALLUVIAL) - Deposits formed by
alkaline salts in soil may damage accretion.
crops.
A.L.T.A. (AMERICAN LAND TITLE
ALKALINE SOIL - Soil which has an ASSOCIATION) - An organization,
alkali, rather than an acid, base. composed of title insurance
ALLEGATION - The assertion or companies, which has adopted
statement of a party to an action. certain insurance policy forms to
Setting forth that which one expects standardize coverage on a national
to prove. basis.

ALTERATIONS - Changes in the AMERICAN INSTITUTE OF REAL
interior or exterior of a building, but ESTATE APPRAISERS - A
without changing the exterior
dimensions.
professional institute to promote the
quality of the appraisal industry
A
through education of its members.
AMENDMENT - A change, either to
The institute is associated with the
correct an error or to alter a part of
National Association of Realtors.
an agreement without changing the
(See also: M.A.I., R.M.)
principal idea or essence.
AMORTIZATION - Payment of debt
AMENITIES - Those settings or in regular, periodic installments of
improvements to property which principal and interest, as opposed to
increase the desirability or interest-only payments. (See also:
enjoyment rather than the Balloon Note; Straight Note.)
necessities of the residents. For
AMORTIZATION SCHEDULE - A
example, a pool, a view, etc.
schedule showing each payment of
AMERICAN BANKERS a loan to be amortized (see:
ASSOCIATION - A national Amortization) and breaking down
organization formed in 1875 as a the payment into the amount
professional association for banks applied to principal and the amount
and other financial institutions. applied to interest.
AMERICAN BANKERS AMORTIZE - To reduce a debt by
ASSOCIATION NUMBER - (See: regular payments of both principal
ABA Number.) and interest, as opposed to interest
only payments.
AMERICAN BOND - A process in
bricklaying by which every 5th, 6th, AMPERE - A measure of electrical
or 7th layer of bricks is laid with the current equal to the current
wide length facing the wall; the produced by the force of one volt
other layers have the narrow length through a resistance of one ohm.
facing the wall. (See also: Coulomb.)
AMERICAN INSTITUTE OF ANCESTOR - Legally, the word may

BANKING - The have several meanings. It may
imply a lineal descent, such as the
educational
parent of a child or collateral’s, such
arm of the
as an older brother being the
American
ancestor of a younger brother. Also
Bankers
means one from whom a person
Association. inherits.

ANCHOR TENANT - The most ANNUITY - (1) A payment of money

reliable, and usually the largest, yearly for life or a given period of
A tenant in a shopping center. The
strength of the anchor tenant greatly
years. (2) A fixed amount given or
left by will, paid periodically, not
affects the availability of financing necessarily yearly
for the shopping center. The term ANNUITY METHOD - Appraisal
may also be used to describe a method determining present value
tenant in an office building, by future anticipated net income
industrial park, etc. before depreciation,
which is then
ANCILLARY - Subordinate, aiding.
discounted.
ANNEX - To add or attach. Usually to
ANNUM - Year.
join a smaller or subordinate thing
to a larger or more dominant thing. ANTE - Prefix
meaning before.
ANNEXATION - Permanently affixing
to real property, such as a city ANTENUPTIAL
adding additional land to increase AGREEMENT - An agreement
its size. made by a man and woman in
contemplation of marriage, setting
ANNUAL - By the year. forth the property rights of each
ANNUAL DEBT CONSTANT - (See: during the marriage, setting forth
Loan Constant.) the property rights of each during
the marriage, and in the event of
ANNUAL DEBT SERVICE - Yearly
divorce or death.
amount of principal and interest
payments of debt service. (See: ANTICIPATION - Appraisal method
Debt Service.) using the principle that value is
created by anticipated future
ANNUAL PERCENTAGE RATE benefits.
(A.P.R.) - The yearly interest
ANTICIPATORY BREACH - One
percentage of a loan, as expressed
party to a contract informing the
by the actual rate of interest paid.
other of his or her intent not to
For example: 6% add-on interest perform before performance is due.
would be much more than 6% A legal action may be brought even
simple interest, even though both though the original contract (not yet
would say 6%. The A.P.R. is due for performance) has not been
disclosed as a requirement of breached. Example: The buyer
federal truth-in-lending statutes. informs the seller before the closing
date of his or her intent not to buy.

APARTMENT - One or more rooms APPEL LOAN (ACCELERATING
of a building used as a place to live, PAYOFF PROGRESSIVE EQUITY
in a building containing at least one
other unit used for the same
LOAN) - A residential property loan
which calls for a payment increase
A
purpose. Usually has, at least, over the first 6 years. Level
cooking facilities, a bathroom, and a payments are made for the
place to sleep. Those who live in remaining years and the loan paid
these units pay rent for their use, off during the 15th year. There is no
usually on a monthly basis. prepayment penalty and P.M.I. is
APARTMENT HOTEL - A building required.
combining the features of an APPOINTMENTS - Furnishings
apartment building and a hotel. The (mostly thought of as decorative)
units are furnished and may offer and equipment in a building.
hotel facilities such as maid service,
APPORTIONMENT - A proper
a restaurant, etc., but whose
allocation of income and expenses
residents may stay for months or
of property, especially after a
years, paying on a weekly or
division of ownership.
monthly basis.
APPRAISAL - An opinion of value
APARTMENT HOUSE - A building,
based upon a factual analysis.
containing two or more separate
Legally, an estimation of value by
residential units, which is under one
two disinterested persons of
ownership. The residents of the
suitable qualifications.
units pay rent.
APPRAISAL METHODS - Generally,
APPARENT AUTHORITY - Action (or
three major methods of appraisal:
failure to act) by a principal which
Cost Approach, Income Approach,
leads one to believe that an agent
Market Value (comparables)
of said principal has authority which
Approach.
in fact the agent does not have.
APPRAISAL REPORT - A written
report by an appraiser containing
his opinion as to the value of a
property and the reasoning leading
to this opinion. The factual data
supporting the opinion, such as
comparables, appraisal formulas,
and qualifications of the appraiser,
Apartment House will also be set forth.

APPRAISED VALUE - An opinion of APPURTENANCE - Something

the value of a property at a given belonging to something else, either
A time, based on facts regarding the
location, improvements, etc. of the
attached or not, such as a barn to a
house or an easement to land. The
property and surroundings. appurtenance is part of the property
APPRAISER - One who is trained and passes with it upon sale or
and educated in the methods of other transfer.
determining the value of property APPURTENANT - Belonging to,
through analysis of various factors accessory to, or incidental to.
which determine said value. APPURTENANT EASEMENT -
APPRECIATION - An increased (See: Easement.)
value of property due to either a APR - (See: Annual Percentage
positive improvement of the area or Rate.)
the elimination of negative factors.
Commonly, and incorrectly, used to APRON - Any structure resembling
describe an increase in value the shape of the apron worn as
through inflation. clothing, such as the protruding
lower inside part of a window, the
APPROPRIATION - The private portion of a driveway which
taking and use of public property, connects it to the street, the
such as water from a river or lake. entrance to a loading dock and
Not to be confused with similar structures.
condemnation or expropriation.
AQUATIC RIGHTS - Individual rights
APPROVED ATTORNEY - to the use of the sea and rivers, for
In states where attorneys the purpose of fishing or navigation,
examine the chain of title and to the soil in the sea and rivers.
before title insurance is
issued, the title company AQUEDUCT - A large pipe, conduit,
will approve certain or trench to bring water or carry it
attorneys as those away.
whose opinion it will ARABLE - Land capable of
accept for the issuance being cultivated for farming.
of a title policy.

ARBITRAGE - The simultaneous ARCH - A concave curved span
buying and selling of money or which may be over a
securities in different markets at a
profit. For example: The value of 1
doorway or an
entire room or
A
pound sterling is selling in New York building, such
for $2.00 and in London for $1.98. If as an arched
one buys in London for dollars and ceiling or roof.
sells in New York, there is a profit of
ARCHITECTURAL CONCRETE
$.02 per pound sterling. The term
has come to be used with regard to CONSTRUCTION - Concrete
the interest rate spread between poured into a form to produce a
wraparound and underlying design, giving the effect of stone
financing. masonry.
ARBITRARY MAP - A map drawn by ARCHITECTURE - The design and
a title company to be used in construction plans for a structure.
locating property in areas where Recently the design for landscaping
legal descriptions are difficult and has become known as landscape
complex. Areas are arbitrarily architecture.
subdivided, usually by ownership at ARCHITRAVE - The surrounding
a given time, into lots which are molding of a doorway or similar wall
numbered. Recorded documents
opening.
are then posted to these arbitrary
lots by the same “arb” number. ARCH RIB ROOF - A roof used
primarily in industrial buildings, and
ARBITRATION CLAUSE - A clause
having the shape of an arch or
in a lease calling for the decision of
a third party (arbiter) regarding crescent. It is supported by a
disputes over future rents based on bowstring truss which spreads the
negotiation. Also used in roof load evenly.
construction contracts, disputes AREA - The surface (plane) space of
between brokers, etc. land or a building. Also describes a
ARCADE - A seldom-used term neighborhood, or large land section
describing a series of colonnaded (such as the Southern California
arches, covering a walkway with area). The term may also indicate a
retail stores on one or both sides. A use, such as a work area, living
forerunner of the present shopping area, play area, etc.
center.

AREAWAY - An old term referring to ARTICLES OF INCORPORATION -

cellar or room under the sidewalk. Documentation filed with the state
A AREA ZONING - Mainly residential which sets forth general information
about a corporation. More specific
zoning which regulates the ratio of
improvements to land, setbacks, rules of the corporation would be
etc. Also called bulk zoning. contained in the bylaws.
ARM’S LENGTH - Legal slang ARTIST’S CONCEPTION

meaning that there existed no (RENDERING) - A drawing of a
special relationship between the proposed real estate project. Not
parties involved in any matter which necessarily to scale and generally
would taint the result. used to promote the sale of vacant
land or the leasing of proposed
ARPENT - French land measure of buildings.
area used in parts of the South,
approximately .84625 acre. ASBESTOS - A fire and heat
resistant material used in insulation,
ARREARS - (1) Payment made after roofing, etc.
it is due is in arrears. (2) Interest is
said to be paid in arrears since it is ASHLAR (ASHLER) - A stone which
paid to the date of payment rather is cut in squares and used both as
than in advance, as is rent. a facing for masonry walls, and in
Example: A rental payment made foundations.
July 1 paying the rent to July 1. An “AS IS” CONDITION - Premises
interest payment made July 1 pays accepted by a buyer or tenant in the
the interest to July 1. condition existing at the time of the
ARTERIAL HIGHWAY - Any major sale or lease, including all physical
highway or thoroughfare. defects.
ARTESIAN WELL - A well bored into ASKING PRICE - The price at which
a subterranean body of water, the seller is offering property for
which, being under pressure, rises sale. The eventual selling price may
naturally to the surface without be less after negotiation with a
artificial pumping. buyer.
ASPECT - The position or direction
of the face of a slope or structure,
such as a southern aspect or
exposure.

ASSEMBLAGE - The acquisition of ASSESSMENT ROLL - The list of
contiguous properties into one taxable persons and property in a
ownership for a specific use. given area as compiled by the
assessor.
A
ASSEMBLAGE COST - The cost
above the value of individual ASSESSOR - One who
properties because of assemblage, estimates value of
rather than periodic individual sales. property for tax
ASSESS - To fix a value; to appraise. purposes.
Most commonly used in connection
with taxes. ASSETS - Everything
owned by a person or corporation
ASSESSED VALUE - Value placed which can be used for the payment
upon property for property tax of debts.
purposes by the tax assessor.
ASSIGN - To transfer property, or an
ASSESSMENT - (1) The estimating interest in property.
of value of property for tax
purposes. (2) A levy against ASSIGNEE - One who receives an
property in addition to general assignment.
taxes. Usually for improvements ASSIGNMENT - A transfer to another
such as streets, sewers, etc. of any property, real or personal, or
ASSESSMENT BASE - The total of any rights or estates in said
assessed value of all property in a property. Common assignments are
given assessment (tax) district. of leases, mortgages, deeds of
trust, but the general term
ASSESSMENT DISTRICT - An area,
the boundaries of which are set for encompasses all transfers of title.
tax assessment purposes only; ASSIGNMENT OF LEASE - The
these boundaries may cross city transfer by a lessee to a third party
boundaries. of the exact interest of said lessee.
ASSESSMENT PERIOD - Taxable Differs and should not be confused
period. The period during which the with sublease (see which). A lease
tax assessment must be completed. may legally contain certain
restrictions of assignments and/or
ASSESSMENT RATIO - The subleasing.
assessed value of a property
expressed as a fraction in ASSIGNOR - One who makes an
comparison to market value. assignment.

ASSUMPTION FEE - Lenders ATTIC - The space under the roof of

charge for paperwork involved in a structure but before the top story.
A processing records for a new buyer
assuming an existing loan.
May be simply an air space or
improved and used.
ASSUMPTION OF DEED OF ATTORN - To turn over, to transfer to
TRUST - (See: Assumption of another. To agree to recognize a
Mortgage.) new owner of a property and pay
rent to him or her. (See also: Letter
ASSUMPTION OF MORTGAGE - of Attornment.)
Agreement by a buyer to assume
the liability under an existing note ATTORNEY AT LAW - An advocate,
secured by a mortgage or deed of counsel, or official agent employed
in preparing, managing, and trying
trust. The lender usually must
cases in court. Must be licensed by
approve the new debtor in order to
the state.
release the
existing debtor ATTORNMENT AGREEMENT -
(usually (See: Letter of Attornment.)
the seller) ATTRACTIVE NUISANCE - Anything
from on a property which may attract
liability. small children and is dangerous to
them. Reasonable care must be
ATTACHMENT used to prevent injury to the
- An act of seizing persons or children.
property by judicial order to bring
AUCTION - A public sale of land or
them within the custody of the court.
goods to the highest bidder.
Most commonly the seizure of
property to furnish security for a AUTHORITY - The permission of an
debt in connection with a pending agent to bind a principal. An agent
action. may bind a principal not only when
the agent has actual authority, but
ATTEST - To witness, to affirm to be also implied or apparent authority.
true or genuine; to certify.
AUXILIARY LANE - A paved
ATTESTATION CLAUSE - The shoulder of a highway, usually
clause in a document (deed, designed for emergency stopping.
mortgage, etc.) in which the
witnesses certify that the document
has been properly executed.

AVENUE - Originally, a broad AVULSION - A sudden and
passageway bordered by trees. substantial tearing away of land by
Now synonymous with street or
road, and of no special significance.
water and the deposit of said land
as on addition to the land of another
A
owner. The original boundaries
AVERAGE DAILY BALANCE - The
apply and ownership of the land in
sum of the daily balances in a bank
question remains in the original
account over a monthly period
owner’s hands.
divided by the number of days in a
month. AWARD - In condemnation, the
amount paid for the
AVERAGE DAILY property taken.
COLLECTED It is easier to go
BALANCE - The AWNING - Canvas,
down a hill than up,
average daily balance metal, or other material
but the view is from
(see which) less the float which protrudes out
the top.
over a window or
(uncollected funds).
doorway to provide
AVERAGE DAILY protection from the sun,
TRAFFIC - The number of vehicles rain, etc.
passing a given point in one day
AWNING WINDOW - A window
Usually obtained by finding the
which, being hinged at the top,
number for several days and forms an awning when open.
averaging.
AZIMUTH - Distances in degrees
AVIGATION EASEMENT - An from north to an object, or, in the
easement over private property southern hemisphere, from south to
abutting on airport runway, which an object. A surveying term.
limits the height of crops, trees,
structures, etc. in the aircraft’s take AZONAL SOIL - Soil which does not
contain distinct horizons (layers).
off and landing path.
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B
BACKFILL - To replace ground BALLOON - (1) The final payment of
removed by excavation for a balloon note (see which). (2) A
construction. Used to brace a landlocked parcel of land.
structure (especially a foundation or
footings).
BALLOON FRAMING - A type of B
framing for a two story building by
BACK TITLE LETTER - In states which the studs extend
where attorneys examine titles for from ground to roof, the
title insurance purposes, this letter is second floor being
given by a title insurance company supported by nailing
to an attorney, giving to said attorney the horizontal supports
the condition of title as of a certain (joists) to the studs
date. The attorney then begins his and by the use of
examination as of that date. Also ribbon or ledger board.
called a starter or back title
certificate. (See also: Starter.)
BALLOON NOTE - A
BACKUP OFFER - A secondary offer note calling for periodic
to buy property, used in case the first payments which are insufficient to
(primary) offer fails. A backup offer is fully amortize the face amount of the
especially useful when the primary note prior to maturity, so that a
offer contains difficult contingencies. principal sum known as a “balloon”
BACKWATER - Water in a stream or is due at maturity
river which, because of a dam or BALTIMORE RULE - An appraisal
other obstruction, is stopped in its method for setting a value on a
course or flows back toward its corner lot. The lot is appraised as an
source. inside lot for its front footage on both
BACKWATER VALVE - A valve set in streets. The two values are then
a lateral sewer line which added to find the value of the corner
automatically prevents sewage from lot. For example: Lot 1 fronts 100' on
flowing back to its source (a street A and 100' on street B. The
building). value of 100' inside lot on street A is
BALANCE SHEET - A statement of added to the value of a 100' inside
the assets and liabilities of a lot on street B to find the value of lot
company to determine its net worth 1. Also called the Bernard Rule.
(equity).
BALUSTER - The supporting posts BARREL - A unit of solid or liquid

of a handrail in a staircase or open measure, varying with each trade.
area. For example: A barrel of
water is 31 1/2
BALUSTRADE - A handrail with a
gallons, oil 42 gallons.
B row of supporting balusters.
BANK - (1) The elevated land on
each side of a river or stream which
keeps the water in its natural
channel. (2) (See: Commercial BASE - The lowest part of
Bank.) a construction member. That which
BANKRUPTCY - Proceedings under bears the load. (See also: Base
federal bankruptcy statutes to Title.)
relieve a debtor (bankrupt) from BASE AND MERIDIAN - (See: Base
insurmountable debt. The Line; Meridian.)
bankrupt’s property is distributed by BASEBOARD - Generally, any board
the court to the creditors as full or molding covering an interior wall
satisfaction of the debts, in where it meets the floor.
accordance with certain priorities BASEBOARD HEATING - A system
and exemptions. Voluntary of perimeter heating in which the
bankruptcy is petitioned by the baseboard is replaced by the
debtor; involuntary by the creditors. heating units. May also be panels
BRIDGEBOARD - A board (often rather than baseboard units.
carved or ornamented) which hangs BASE LINE - (1) A survey line used
from the projecting edge of a in the government survey to
sloping roof. Also called a establish township lines. The base
vergeboard. line runs East and West through a
principal meridian (line running
BARGE COUPLE - Either of the two North and South). (2) A horizontal
rafters supporting the part of a gable elevation line used as the center
roof which extends beyond the line in a survey for a highway route.
supporting wall
BASE MAP - A map having
BARGE COURSE - Tiling on a gable background information, such as
roof projecting beyond the state, county, or city boundaries,
supporting wall. upon which more detailed data is
plotted.

BASEMENT - Generally, the story of BASIC CROPS - Crops usually
a building below ground level. subject to government price
BASE MOLDING - Molding installed supports and considered the basis
along the top of the baseboard. of our agricultural economy, such as
wheat, corn, oats, rice, and similar
BASE PROPERTY - Private property
owned by a cattle owner, required
crops. B
before a permit will be issued to BASIS FOR DEPRECIATION - The
allow the cattle to graze on public value of property for purposes of
land. depreciation. For example: A
purchased asset, the basis is cost,
BASE RENT - A specific amount whether fully paid for or not. The
used as a minimum rent in a lease method for determining the basis is
which uses a percentage or different for gift, inheritance, etc.
overage for additional rent.
BASIS POINT - A finance term
BASE SHOE MOLDING - Molding meaning a yield of 1/100 or 1%
installed along the bottom of a annually.
baseboard (junction with floor). Also
called carpet molding or carpet BATHROOM - A room containing a
strip. toilet, sink, and bathtub or bathtub-
shower combination. In appraisal for
BASE TITLE - The result of an federally insured mortgages, a toilet
examination of title for the internal and sink (no bathtub or shower)
use of a title insurance company equal a half bathroom; a toilet, sink,
Usually covers a large area and is and stall shower equal a three-
done in anticipation of future sales quarter bathroom.
or subdividing of the area.
BATT - A strip of insulation fitting
BASE YEAR - The year upon which closely between the studs of a wall.
a direct expense escalation of rent
is based. (See also: Escalation
Clause [3])
BASIC CAPACITY - In connection
with highway use, the greatest
number of cars per hour which can
pass a given point under ideal
driving conditions will give the basic
capacity of a lane or road.

BATTEN - A narrow strip (usually of BEARER INSTRUMENTS - Checks,

wood), used to cover seams notes, drafts, bonds, etc., payable
between siding boards. to whomever has possession of the
BATTER - The slope of a structure, instruments: i.e. the bearer.
such as a wall or bank; expressed
B in terms of the vertical rise per
BEARING - (1) Relative position or
direction of one object to another or
horizontal distance, such as 3 to a compass point. (2) Supporting
inches (vertical) per 10 feet a load, such as a bearing wall.
(horizontal). BEARING VALUE - In construction,
BATTURE LAND - The land between the ability of soil to bear the weight
a river bank and the water’s edge of the structure to be built.
when the water level is lower than BEARING WALL - A wall which
normal. supports the weight of a part of a
BAY - (1) The opening between two structure in addition to its own
columns, walls, etc., which forms a weight.
room-like space. May be industrial BED A TREE - Preparing a path
space, parking space, barn space, (bed) on which a tree is to fall so
or other use. (2) A bending or that it will not be damaged.
curving of the shoreline so as to
form a partially enclosed body of BEDROCK - Solid rock beneath the
water. soil, as distinguished from rocks or
boulders.
BAY WINDOW - A window which
projects in a curve BEDROOM COMMUNITY - An area
out from a wall, primarily residential. The people
giving a bay-like living there commute to work.
effect to the BEFORE AND AFTER METHOD -
interior. An appraisal method used in both
BEACH - That condemnation and modernization.
portion of the shore between (1) In condemnation the method is
ordinary low and high water marks. used in a partial taking. The value
Commonly used to describe any of the total land owned by A, for
sandy area adjacent to a body of example, is $1.00 per sq. ft. After a
water. partial taking, the remaining land of
A is worth $.75 per sq. ft.
BEARER - One holding a negotiable
(continued on next page)
instrument.

(continued from previous page)
A should receive $ 1.00 per sq. ft. for BENEFICIAL INTEREST - The
the property taken plus $.25 per sq. equitable, rather than legal
ft. for the remaining parcel. In the ownership of property, such as
event the remaining property is under a land contract.
worth $1.25 after the taking
(increased value), the payment to A
BENEFICIAL USE - (1) The doctrine,
applicable in some areas, pertains
B
could be less than the value of to water rights, giving priority to
property. (2) In remodeling, an those who would use the water
appraisal is made before and after most beneficially. (2) The giving of
to determine if the value increased the right of usage but not
more than modernization costs. ownership.
BELT HIGHWAY - A limited-access BENEFICIARY - (1) One for whose
highway carrying traffic around an benefit a trust is created. (2) In
urban area, with entrances and states in which deeds of
exits to principal streets. Also called trust are commonly used
a bypass. instead of mortgages,
the lender
BELVEDERE - (See: Gazebo.) (mortgagee) is
called the
BENCH MARK - Surveying mark beneficiary.
made in some object which is
permanently fixed in the ground, BENEFICIARY’S DEMAND - Written
showing the height of that point in instructions by a beneficiary under a
relation to sea level. Used in deed of trust stating and demanding
topographic surveys and tidal the amount necessary for issuance
observations. of a reconveyance, whether a full or
partial amount.
BENEFICIAL ESTATE - An estate,
the right to possession of which has BENEFICIARY’S STATEMENT - A
been postponed, such as a devise statement by a lender under a deed
under a will. More commonly, an of trust, setting forth the pertinent
estate, the legal ownership of which information necessary to assume
has not yet vested, as under a land said deed of trust, such as the
contract. An equitable estate. unpaid balance, monthly payment,
and interest rate.

BENEFIT OF THE BARGAIN - A rule B HORIZON - The horizon (layer of

of damages under which a soil) beneath the top layer. The
defrauded purchaser may recover composition of the B horizon is
the difference between the actual changed by the action of
and misrepresented value of the percolating water.
B property purchased, even though
greater than the actual loss
Bl - A prefix meaning both “every
two” or “twice in.” Biannual, for
suffered.
example, is twice in one year.
BENEFITS - A term used in eminent Biennial is once every two years.
domain, referring to the increase in
value to land not taken, which is BIANNUAL - Twice per year.
produced by the taking. (See also: Semiannual.
General Benefits; Special Benefits.) BID - (1) An offer, usually in
BENEVOLENT ASSOCIATIONS - competition with others, such as at
Non-profit groups having a auction. A builder may bid for the
philanthropic or charitable purpose. right to do
construction
BEQUEATH - To give personal
(especially for
property by will.
a government
BEQUEST - Personal property left by contract). (2)
will. Used in some
BERM - (1) A bench, ledge, or other states to
resting place part way up a hill or describe an offer to
slope. (2) A mound used to control purchase real estate.
drainage by diverting all or part of BIENNIAL - Every two years.
the flow.
BILATERAL (RECIPROCAL)
BERNARD RULE - (See: Baltimore CONTRACT - Contract under which
Rule.)
the parties expressly enter into
BETTERMENT - An improvement to mutual promises, such as sales
a structure which is not a repair, contracts.
restoration, or enlargement. For
BI-LEVEL - Two levels. Commonly
example: the addition of aluminum
refers to construction of a house.
siding over a frame wall; paving a
street adjoining the structure; Also called “split” level.
adding a fireplace or some similar BILLBOARD - A structure annexed
improvement which increases the to land for the purpose of posting
value of the property. advertising.

BILL DISCOUNTED - A promissory BLACKTOP - A black paving surface
note from which the interest is composed of a coal or asphalt
deducted in advance. material.
BILL OF SALE - An instrument by BLANKET DEED OF TRUST - (See:
which one transfers personal Blanket Mortgage.)
property.
BLANKET MORTGAGE - (1) A B
BINDER - (1) A report issued by a mortgage covering more than one
title insurance company setting forth property of the mortgagor, such as
the condition of title to certain a mortgage covering all the lots of a
property as of a certain date, and builder in a subdivision. (2) A
also setting forth conditions which, if mortgage covering all real property
satisfied, will cause a policy of title of the mortgagor, both present and
insurance to be issued. Also called future. When used in this meaning,
a commitment. (See also: it is also called a “general
Preliminary Title Report.) (2) A mortgage.”
policy of title insurance (used BLIGHTED AREA - A term once
primarily by investors) calling for a popular in urban renewal, referring
reduced rate for a future policy if the to a rundown area.
property is sold
within a specified BLIND AD - An ad
If you think you’re too small to (usually in a
period. make a difference, you haven’t newspaper or
BIRD DOGGING - been in bed with a mosquito.
magazine) which
Obtaining the Anita Roddick
does not identify the
initial lead party placing the ad.
regarding property, buyers, Often used in an ad for a job,
investors, potential home asking that a resume be sent to a
improvement customers, etc. The post office box.
lead is then followed up by one
empowered to make the deal. BLIND CORNER - A corner where
building or vegetation (trees,
BIRTH RATE - The number of births shrubs, etc.) extends to the
in a given area during a given property line and so obstructs the
period of time, based on per vision of motorists to right angle
thousand population. traffic.
BLACK ACRE - Fictitious name used BLIND NAILING - Nailing so that the
by legal writers to describe a nails are sunk into the wall and
specific property without a more covered with putty so the nail heads
complete description. do not show.

BLOCK - (1) In a city, a square or BLUE SKY LAWS - Laws to regulate

rectangular area enclosed by the sale of securities to avoid
streets. (2) In some states, a part of investment in fraudulent companies
a subdivision legal description, such or high-risk investments without
as lot 1, Block 1. Tract 1. (3) A disclosure of the risks to the
B pulley in a frame. (4) An
auctioneer’s platform.
investor.
BOARD - (1) A term which, in the
BLOCK BUSTING - An illegal lumber trade, refers to a piece of
method of obtaining houses at lumber less that 2 inches thick, and
below fair market value by telling 8 or more inches wide. (2) A group
the inhabitants that people of a of persons authorized by law to
different race, religion or ethnic exercise management and control,
group moving into the area, will either of public function, such as a
cause property values to fall. board of supervisors, board of
BLUE LAWS - Actually, laws adopted health, etc., or a private corporation,
in some New England colonies as a board of directors.
regarding religious and personal BOARD AND BATTEN - A siding
conduct. Later came to mean any constructed of wide boards (usually
laws regarding the conducting of one foot wide) placed 1/2 inch apart;
business on Sunday. Do not the seams are covered by 3 inch
confuse with Blue Sky Laws. wide battens.
BLUEPRINT - A plan of a building in BOARDFOOT - A unit of
such detail as to enable workmen to measurement for lumber. One
construct it from the print. The boardfoot equals 144 cubic inches
name comes from the photographic or 12" x 12" x 1".
process which produces the plan in BOARDING HOUSE - A house
white on a blue background. where one can rent a room and
receive board (meals), the cost of
which is included in the rent. Not in
common use today.
BOARD OF ALDERMEN - The
governing body of a municipal
corporation. Equivalent to a city
council.

BOARD OF EQUALIZATION - State BONUS CLAUSE - (See: “No
board charged with the duty to bring Bonus” Clause.)
equitable uniformity to the various
BOOK COST - The actual cost as
local property tax assessments.
carried in the account ledger.
BOILER PLATE - Using form
language for a contract, CC&R’s,
and other documents and contracts.
BOOK DEPRECIATION -
Depreciation reserved (on the B
The specifics for each instance are books) by an owner for future
then filled in. replacement or retirement of an
asset.
BOILER PLATING - Using form
language for a contract, CC&R’s BOOK VALUE - The value of a
(restrictions), etc. property as a capital asset (cost
plus additions to value, less
BOLE - A tree trunk.
depreciation).
BONA FIDE - A legal term which
BOOM - (1) A barrier forming an
refers to any actions, situations, or
enclosure
persons that are honest, in good
faith, and without fraud. for logs or
timber. (2) A
BONA FIDE PURCHASER - A beam of a
purchaser in good faith, for valuable crane or derrick,
consideration, without notice or used for guiding
knowledge of adverse claims of whatever it lifts.
others. Sometimes abbreviated to
B.F.P. BOOT - Something
given in addition to. Generally used
BOND - (1) An insurance agreement
in exchange to refer to something
by which one is insured against loss
given other than the major
by acts or defaults of a third party.
In construction, a performance properties to be exchanged, in
bond insures that the builder will order to equalize value.
finish his project. The insured could BORING TEST - Study of soil by
be a lender, purchaser, or other boring holes and removing
interested party. (2) A method of samples.
financing long-term debt, issued by
BOROUGH - A part of a city, having
a government or private
authority over certain local matters.
corporation, which bears interest
and priority over stock in terms of The best known boroughs are the
security. five boroughs of New York City.

BORROW - Material such as sand or BRACED FRAMING - Framing

gravel used for grading, which is reinforced with posts and braces,
brought from another location. forming a frame more rigid than
balloon framing.
BORROW BANK - The place from
which borrow material is taken. BRADLEY FOUNTAIN - (See:
B BORROW PIT - The pit left after the
Bradley Sink.)
BRADLEY SINK - A circular lavatory,
removal of borrow material. The pit
is sometimes filled as a lake and usually found in industrial buildings,
even stocked by some states for capable of use by several persons
fishing. at the same time by utilization of a
center column containing multiple
BOTEL - A name given to a hotel or water jets operated by foot pedals.
motel adjacent to a marina and Also called a Bradley Fountain.
catering to boat travelers.
BREACH OF CONTRACT - Failure
to perform a contract, in whole or
part, without legal excuse.
BREACH OF COVENANT - The
failure to do or to refrain from doing
that which was covenanted. (See
also: Covenant; Condition;
Restriction.)
BREACH OF WARRANTY - In real
property, the failure of the seller to
BOTTOM LAND - Low land along a pass title as either expressed or
river formed by alluvial deposits. implied (by law) in the conveyancing
Also low-lying ground such as a document. (See also: Warranty
valley or dale. Deed; Grant Deed; Quitclaim
Deed.)
BOULEVARD - A wide street, usually
having a median or promenade, and BREAK EVEN POINT - In income
lined with trees. property, when
there is neither a
BOUNDARY - A separation, natural positive nor a
or artificial, which marks the division negative cash
of two contiguous properties. flow.
BOUNDS - Boundaries.

BREAST- HEIGHT - The height at
which the diameter of a tree is
measured. A height at which the
diameter of a tree is measured. A
height of 4 1/2 feet above the ground
level. The abbreviation D.B.H.
(diameter-breast-height) is usually BRIDGE - A structure over a B
used. waterway, highway, or other
obstruction, to facilitate passage
BREATHER ROOF - A storage tank
and for the benefit of travelers.
roof which rises and lowers
depending on the roof level of the BRIDGE FINANCING - A form of
stored gas or liquid. interim loan, generally made
between a short-term loan and a
BREEZEWAY - (1) In construction of
permanent (long-term) loan, when
a house with no garage, a canopy
the borrower needs to
which extends from the
have more time before
house over the
taking the long-term
driveway as a You Have Brains
financing.
protection from the In Your Head, You
weather for an Have Feet In Your BRIDGING - Floor joist
automobile and or Shoes...You Can bracing, usually of
those people going wood or metal.
Steer Yourself In
between the house and Any Direction You BRIDLE PATH
the automobile. (2) A Choose! (ROAD) - Technically a
covering over a porch private road designated
or patio, connecting Dr. Seuss as a bridle road without
two sections of a house Random House
specific use. More
or a house and garage. modernly, a road
Open on two sides, designated for
allowing air circulation equestrian use.
(breeze).
BRITISH THERMAL UNIT (B.T.U.) -
BRICK - A building material make Unit of heat required to raise one
from clay, which is molded and pound of water one degree
heated. The effect of the heat on Fahrenheit. Used to express the
the iron in the clay gives a red color. capacity of heating and cooling
Addition of lime or magnesia systems.
produces a yellow color.

BROKERAGE - The act of bringing BUFFER STRIP (BUFFER ZONE) -

together principals (buyer-seller; A parcel of land separating two
landlord-tenant; etc.) for a fee or other parcels or areas, such as a
commission, rather then acting as a strip of land between an industrial
principal. and residential area.
B BROKERAGE COMMISSION -
(See: Commission.)
BUILDER - One whose occupation is
the construction of structures
BROKER, REAL ESTATE - One who (buildings).
is licensed by the state to carry on BUILDER BOND - (See:
the business of dealing in real Performance Bond.)
estate. A broker may receive a BUILDING - A structure built to
commission for his or her part in shelter people, animals, or goods.
bringing together a buyer and seller, May be a residence, business, or
landlord and tenant, or parties to an meeting place, such as a church.
exchange.
BUILDING AND LOAN
ASSOCIATION - An organization
for the purpose of accumulation of a
BROOM CLEAN fund by subscription and savings of
- A term used to its members, to assist them with
describe the loans for building or purchasing real
condition of a estate.
building, delivered to a buyer or BUILDING CODE - A comprehensive
tenant. As the term indicates, the set of laws which control the
floors are swept and free of debris. construction of buildings, including
BUCKED - A tree, cut into logs. design, materials used,
construction, use, repair,
BUDGET - As the word is applied to remodeling, and other similar
condominiums and planned factors.
developments, the common
expenses shared by the unit BUILDING CONTRACT - A contract
owners. This will determine the setting forth the terms under which
amount each unit will be charged construction is to be undertaken.
(usually monthly) for expenses of Price may be set, or based on the
the common area (taxes, insurance, builder’s cost plus a profit.
maintenance, etc.).

BUILDING LINE - A line beyond
which there can be no construction.
Set by law, the purpose of such a
line is to keep buildings from being
built too close to the street, both for
safety and aesthetic reasons.
BUILDING PAPER - An insulation. A
B
waterproof, heavy paper used in the BUILT-IN’S - Commonly stoves,
construction of a roof or wall. ovens, dishwashers, and other
BUILDING PERMIT - A permit given appliances, framed into the building
by a local government to construct construction and not movable.
a building, or make improvements. BUILT-UP ROOF (BUG) - A level roof
BUILDING RESIDUAL TECHNIQUE composed of layers of roofing
- An appraisal method by which materials (tars and waterproof
building and land are appraised paper), covered with fine gravel.
separately, based on potential BULKHEAD - (1) A
income. Used to determine if the partition in a ship.
building is adequate for the land (2) A retaining
value. wall to hold back
BUILDING RESTRICTIONS - water and thereby
Prohibition by a governmental body extend the
(zoning restriction) or a private party shoreline.
(a former owner) against BULKHEAD LINE - A line
construction of certain structures on established in navigable waters
a property. beyond which no solid fill can be
BUILD TO SUIT - A method of used. The Army Corps of Engineers
leasing property whereby the lessor establishes the bulkhead line and
builds to suit the tenant (according also the pier line, beyond which no
to the tenant’s specifications). The pier can be constructed.
cost of construction is figured into BULK SALE - A transfer in bulk, not
the rental amount of the lease, in the ordinary course of business,
which is of all or substantially all of the
usually for inventory and fixtures of a business.
a long
term.

BULK SALES ACT - Laws to protect BUSINESS CYCLE - The economic

creditors against secret sale of all or cycle of prosperity, followed by a
substantially all of a merchant’s decline, and then a return to
goods. Requires certain notice prosperity.
before sale, and sets forth methods BUSINESS OPPORTUNITY - The
B of voiding improper sales. (See
also: Uniform Commercial Code.)
sale of a business (may or may not
include the sale of real estate).
BULK ZONING - (See: Area Zoning.) Some states require a real estate
BUNDLE OF RIGHTS - The rights license for these sales even when
(interests) of real estate is not
ownership of real involved. The Uniform
“Desire is the key to Commercial Code, state
estate. Considering all motivation, but it’s the
the rights of ownership statutes, and special
determination and
(possession, quiet laws for alcoholic
commitment to an
enjoyment, etc.) as beverage licenses
unrelenting pursuit of
being separate but your goal—a (when applicable)
bundled together. The commitment to should be studied by the
alienation of any of excellence—that will business opportunities
these rights (giving up enable you to attain the broker.
possession by leasing, success you seek.” BUTTE - A steep hill,
for example) is simply Mario Andretti usually standing alone.
taking one from the except from Bits & Pieces
BUTTERFLY ROOF - A
bundle and retaining roof formed by two
the rest. gable roofs concave to
BUS - A copper bar through which a center ridge. The roof resembles
electrical current flows. the shape of a butterfly’s wings.
BUS DUCT - A metal clad enclosure BUTT JOINT - The meeting end to
containing a bus. end (butting) of two members to
BUSINESS - Unqualified, the word form a connection (joint).
has no definite meaning, but has BUTT LOG - The log immediately
come to be understood to be any above the stump of a tree.
activity by which people earn BUTT LOT - (See: Key Lot [2].)
money.

BUTTRESS - A support for a wall. A estate (a partner or other
prop. If the buttress projects from shareholder), or to sell the offerer’s
the wall and supports by lateral interest at the same price or
pressure, it is called a “flying proportionate price if unequal
buttress.” ownership. Example: “A” and “B”
BUTTS AND BOUNDS - (See:
Metes and Bounds.)
each own a 1/2 interest in lot 1. “A”
offers to buy “B’s” interest for
B
$10.000, or to sell “A’s” interest to
BUYDOWN - A payment to the “B” for $10,000. Theoretically very
lender from the seller, buyer, third fair, since “B” has the option to buy
party, or some combination of or sell. However, “B’s” interest may
these, causing the lender to reduce be worth $12,000, but “B” is
the interest rate during the early financially unable to buy “A’s”
years of a loan. The buydown is interest (also worth $12,000).
usually for the first 1 to 5 years of
the loan. (See also: Certificate BX CABLE - Electrical wiring run
Backed Mortgage.) through flexible metal conduits.
BUYER’S MARKET - A market BY-LAWS - Rules and regulations,

condition favoring the buyer. In real adopted by an association or
estate, when more homes are for corporation, which govern its
sale than there are interested activities.
buyers. BY-PASS - A road designed to avoid
BUY-SELL OFFER - An offer by one or pass by a high density area, such
owner of a business or real estate as a business section of a city, in
to buy out the interest of another order to ease traffic congestion.
owner of the same business or real Also called a belt highway.
Ted Thomas’ TM
Question & Answer

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Never Stop
Learning
Read books, take courses, go back to school.
Stafford University recently reported the average person uses just 2% of their brain.
It’s your most valuable asset; don’t let it go unused and unappreciated. By exercising
your brain, you can function at higher levels.
Boost your vocabulary and you actually increase your intelligence and effectiveness of
your thinking according to Brian Tracy, the writer of “Create Your Own Future.”
The more words you know, the more you are able to use and the more complex and
accurate thoughts you can think. Each word you learn introduces you to as many 15
other words.
The average person only uses 1200 to 1500 words, although the English language has
over 600,000. According to Brian Tracy, if you learn one new word per day, 365 days
per year, within 5 years you will be one of the most articulate and intelligent people in our
society.
The trick is to put your mind to work. For example, many of you program your mind to
wake you up at say 6:00 am and you don’t use an alarm clock. That’s programming.
Think about a process of mind storming. It works like this... Clearly anticipate the
question / challenge and focus. By focusing, you’ll begin to concentrate, then read -
discuss - focus on the challenge. Develop lists of possible answers and solutions. Write
your conclusions and answers on paper. Keep proposing answers, the more the better.
Focus on solutions and answers. Read - Discuss - Focus -Force your mind to give you
answers. Stretch yourself - get out of your comfort zone.
Quiet Time
Daily, you must think and mind storm ideas - thoughts. Sit quietly by yourself. Think -
No radio - No T.V. - No disturbances or interruptions. Seek solitude and a peaceful time
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your mind to find answers... Boost your vocabulary so you’ll have more tools to work
on the problem. Read, “Create Your Own Future” by Brian Tracy.
A “Creating Wealth Special Report” from Ted Thomas & Jones & Trevor Marketing Ph.: (321) 449-9940 - Fax: (321) 449-9938 © 2004
42
C
CABINET WORK - Any interior CALL - (1) In metes and bounds
carpentry which will be seen and description, the angle and distance
must be finished with skill and care. of a given line or arc. Each call is
One who does this work is called a usually preceded by the word “then”
cabinet maker or, more commonly, a or “thence; Example: N 22% E 100'
finish carpenter. (1st call), thence N 80% E 100' (2nd
CADASTRE - Inventory of real
property in a community for tax and
call). (2) To demand payment due to
default. Also used when a loan
C
assessment purposes. payment is not large enough to
amortize the loan. Example: A
C.A.E. (CERTIFIED ASSESSMENT mortgage payment requiring 20
EVALUATOR) - An assessor who, years to pay in full but for a term of 5
through the completion of required years would be referred to as a 20-
courses, experience, and year amortization with a 5-year call.
examinations, has earned this
designation by the International CALL DATE - Originally a term used
Association of Assessing Officers. when a bond is redeemed prior to
maturity, it is now also used in
CAISSON - A watertight chamber in describing mortgages. (See: Call
which men work underwater, or in an [2].)
open excavation where loose soil or
sand could cave in on the workers. It CALL LOAN - A loan payable upon
may also be filled with concrete after demand.
it is used, and become a support. CAL-VET LOANS - Real estate loans
CALIFORNIA RANCH available to armed forces veterans
ARCHITECTURE - A sprawling, one from California, at low interest rates.
story, ranch-style building, lending CAMBER - A slight bending or arching
itself to interior flexibility in floor plan to a convex angle. Used to prevent
design. beams, girders, flooring, ship decks,
timbers, and similar load-bearing
members, from taking a concave
shape.
CAMINO - A Spanish word meaning
highway.
CAMPANILE - A freestanding CANTILEVER BRIDGE - A bridge

bell tower. formed by two cantilevered
members extending toward each
CAMPANILE
CANAL - (1) A man-made
waterway used to connect other and connecting each other or
bodies of water for a suspended span.
navigation. (2) An irrigation CAP - (1) The maximum increase of
waterway. an Adjustable Rate Mortgage.
CANCELLATION CLAUSE Example: The original loan is made
C - A clause in a lease or other at 10% with a 5% cap. The interest
rate on the loan may not exceed
contract, setting forth the conditions
under which each party may cancel 15% regardless of index changes.
or terminate the agreement. The (See: Adjustable Mortgage Loans.)
conditions may be as simple as (2) A fitting used by a plumber to
giving notice or complex and seal (cap) a pipe end. (3) A cornice,
require payment by the party lintel, or top of a structural member
desiring to cancel. such as a column.
CANDLE - A measure of light, being CAPACITY - One’s ability to carry on
the luminous intensity of a 7/8 inch normal business transactions. Lack
sperm candle burning at 120-grains of capacity may be natural
per hour. An international candle is (unsound mind) or simply by law (a
based on the burning of platinum. minor). Restrictions may be full or
partial.
CANDLE HOUR - A measure of light,
equal to one candle burning for one CAPE COD HOUSE - An adaptation
hour. of the New England cottage. May
be one or two stories with sloping
CANDLE POWER - The intensity of
roof, usually with dormer windows,
a light, expressed in candles.
cornices, and frame painted white.
CANTILEVER - A structural support
CAPITA - Literally, heads.
which itself is supported at one end
Commonly, persons, individuals.
only and bears its load through its
(See also: Per Capita.)
material strength and rigidity.
CAPITAL - Money used to create
income, either as investment in a
business or income property.
CANTILEVER BRIDGE

CAPITAL ASSETS - Assets of a year. Capitalizing at a rate of 10%,
permanent nature used to produce the property would be worth
incomes, such as machinery, $100,000.
building, equipment, land, etc. Must CAPITALIZATION APPROACH -
be distinguished from inventory. A (See: Income Approach.)
machine which makes pencils, for
example, would be a capital asset CAPITALIZATION RATE - The
to a pencil manufacturer, but percentage (acceptable to an
average buyer) used to determine
inventory to the company whose
business is to sell such machines. the value of income property C
through capitalization.
CAPITAL EXPENDITURES - Money
spent on CAPITALIZE - To
improvements such as determine the present
You have the capacity to money value of future
land, buildings, choose what you think
machinery, and similar about. If you choose to
income, whether
major expenditures think about past hurts, estimated or fixed.
which are not you will continue to feel CAPITALIZED VALUE -
inventory. bad. While it’s true you
The value of the property
can’t change the effect
CAPITAL GAINS - past influences had on after use of the
Gains realized from you once, you can capitalization approach
the sale of capital change the effect they of appraisal.
assets. Generally, the have on you now.
CAPITAL STOCK - A
difference between Gary McKay, Ph.D. general term referring to
cost and selling price, the stock a corporation
less certain deductible may issue, the amount
expenses. Used mainly for income actually subscribed by
tax purposes. shareholders, the value of the
CAPITALIZATION - Determining a company, liability to the
present value of income property by shareholders, etc.
taking the annual net income (either CAP RATE (APPRAISAL) - (See:
known or estimated) and Capitalization Rate.)
discounting by using a rate or return
CAPRICIOUS VALUE - In appraisal,
commonly acceptable to buyers of
a value based on whim or emotion
similar properties. For example: Net
and not reflective of the fair market
income of a property is $ 10,000 per
value.

CAR - California Association of CASE LAW - (See: Common Law.)

Realtors. CASEMENT WINDOW - A window
CARAVAN - An inspection of newly hinged at its sides, allowing it to
listed properties, either by the entire swing open vertically.
sales staff of an office or by sales CASH - Money or its equivalent
personnel from more than one office (checks, bank notes, etc.). Ready
in conjunction with a multiple listing money
group. Generally conducted on a
C regular basis. CASH ACCOUNTING - (See:
Accrual Accounting.)
CAR FLOAT BRIDGE - The
connection (bridge) used to transfer CASH ASSETS - Money which is
railroad cars to or from land and a available to meet the requirements
barge. The bridge must be vertically of operating a business.
mobile to adjust to changing water CASH DISCOUNT - A discount from
levels. a billed amount if paid within a
CARPORT - A roof supported by certain period.
pillars or cantilevered which shelters CASH FLOW - In investment
a car. Either may extend from a property, the actual cash the
structure (usually a house) or be investor will receive after deduction
constructed separately (often to of operating expenses and debt
accommodate several cars). service (loan payment) from his
gross income.
CASHIER’S CHECK - A check
drawn by a bank on itself rather
than on an account of a depositor. A
cashier’s check is generally
CARPORT acceptable to close a sale without
CARRYING CHARGES - The costs waiting for the check to clear.
involved in keeping property which CASH ON HAND STATEMENT - A
is intended to produce income statement of cash on hand which
(either by sale or rent) but has not the buyer intends to apply to closing
yet done so. costs, impounds, and down
CASE - (1) An external framework of payment. Also shows the source of
a structure. (2) A court action. the money (savings, gift, etc.).

CASH OUT - To take the CAUSEWAY - A raised roadbed over
entire amount of a lowlands. (See also: Levee.)
seller’s equity in cash CAVEAT EMPTOR - “Let the buyer
rather than to retain beware.” Legal maxim stating that
some interest in the the buyer takes the risk regarding
property, such as a quality or condition of the item
purchase money purchased, unless protected by
mortgage or deed of warranty or there is
trust. Also loosely used when
paying off anyone having an interest
misrepresentation. Modernly,
consumer protection laws have
C
in the property, thereby ending the placed more responsibility for
interest. disclosure on the seller and broker.
CASH RENT - A term used in farm CAVITY WALL - Refers to a brick or
rental to distinguish between money stone wall which is actually built as
rent and rent paid by giving a two separate walls, joined only at
portion of the crop to the owner the top and ends, and so “hollow.”
(share crop). Also called a hollow wall.
CASH SALE - A sale for full payment CC&R’S (COVENANTS,
in cash, as opposed to a credit sale. CONDITIONS. AND
A payment by check is considered RESTRICTIONS) - A term used in
cash. May be qualified, as “cash to some areas to describe the
new loan,” “cash to existing loan,” restrictive limitations which may be
CASING - The exterior surface or placed on property. In other areas,
covering of a building such as simply called restrictions.
aluminum siding, a roof, etc. CELLAR - A storage room or group
CATTLE GUARD - A grill or grating of rooms, usually under a building,
placed in the ground over which which are used for storage.
cattle will not cross.
CATWALK - A narrow, elevated
walkway along a wall, girders, or
over a stage or other area where it
may be necessary for a person to
go for operation or repair.etc.
CELLAR

CEMENT - A mineral powder which,

when mixed with water and allowed
to set will dry hard and can be used
CERTIFICATE - A writing, either from
in construction of floors, walls, etc.
a court or other public body, giving
CEMENT BLOCK - A building block, assurances of existing conditions or
composed of cement, and usually facts, and giving rights or creating
hollow, (see also: Cinder Block.) obligations.
CEMETERY - Large parcels of land CERTIFICATE BACKED
C used for burying deceased persons. MORTGAGE - A variation of the
May be public or private, the private buy down. The seller purchases a
usually being of a savings certificate
specific religious (usually with the
denomination. proceeds of the sale)
Hope is definitely not
CENTRAL from the lender. The
the same thing as
ASSESSMENT - An lender sets the buyer’s
optimism. It is not the
assessment of property interest rate below
conviction that
under one ownership market (generally 2
something will turn
but located in more percent above the
out well, but the
than one assessment certificate rate). Should
certainty that
district. Used for the seller withdraw the
something makes
railroads and public certificate funds, the
sense, regardless of
utilities to stabilize the buyer’s rate goes to
how it turns out.
assessment value. market rate.
Vaclav Havel
CENTRAL BUSINESS President of Czech Republic
CERTIFICATE OF
and playwright
DISTRICT - An area of ELIGIBILITY - A
a city where most of certificate obtained by a
the major businesses veteran from a
are located. The “downtown” area. Veteran’s Administration office
CENTRAL CITY - (1) The downtown which states that the veteran is
area of a major city. (2) A city which eligible for a V.A. insured loan.
is central to a metropolitan area There is a list of requirements
containing many cities. The name of (when and how long the veteran
the central city is used for the whole served, type of discharge, etc.)
area. For example: Los Angeles which also may be obtained from
metropolitan area. the V.A. office.

CERTIFICATE OF OCCUPANCY - A CESSPOOL - A
certificate issued by a local building pit or pool
department to a builder or which holds
renovator, stating that the building is raw sewage.
in proper condition to be occupied.
CERTIFICATE OF TITLE - In areas
where attorneys examine abstracts
CESTUI QUE TRUST - One having
or chains of title, a written opinion,
executed by the examining attorney,
stating that title is vested as stated
an equitable interest in property,
legal title being vested in a trustee. C
in the abstract. CESTUI QUE VIE - The person
whose life is used to determine the
length of an estate based on a life in
being.
CHAIN OF TITLE - The chronological
order of conveyancing of parcels of
land, from the original owner
(usually the government) to the
CERTIFIED CHECK - A personal
present owner.
check drawn by an individual which
is certified (guaranteed) to be good. CHAINS AND LINKS -
The bank holds the funds to pay the Measurements. In real estate
certified check and will not pay any measurements (surveying) a chain
other checks drawn on the account is 66’ long or 100 links, each link
if such payment would impede being 7.92”. The measurement may
payment of the certified check. The change when used in fields other
bank also will not honor a stop than surveying.
payment of a certified check. CHAIN STORE - A store belonging to
CERTIFIED COPY - A true copy, a series of similar stores under
attested to be true by the officer central ownership and
holding the original. management, and striving for
uniformity in design, inventory, and
CERTIORARI - An appellate review
service.
of the complete record of a lower
court action, rather then simply a
review of an appeal for judicial
error.

CHANGE OF NAME - When there is CHATTEL - Personal property.

a name change of a party appearing CHATTEL MORTGAGE - A lien on
on a document (deed, etc.), it may personal property. Also called a
be reflected in several ways, such security interest or financing
as: (1) Mary Smith, a married statement.
woman, W.A.T.A. (who acquired title
CHATTEL REAL - All estates in real
as) Mary Jones, an unmarried property less than fee estates, such
woman. (2) Mary Smith, AKA (also as a lease.
C known as) Mary Jones. (3) Mary
Smith, formerly Mary Jones. (4) CHECK ROW - A method of planting
Mary Smith, alias Mary Jones. Each rows of plants on intersecting lines,
forming a “checkerboard” effect.
may be applicable in different
Used for corn, tomatoes, and other
circumstances (how and why the
vegetables.
name was changed).
CHECK VALVE - A valve to prevent
CHANNEL - (1) An open or closed backup of material being carried
duct or conduit. (2) A gutter, furrow, through a pipe or other conduit.
or groove. (3) The deepest part of a
natural waterway through which the CHILD CARE STATEMENT - A
statement by a working husband
main current flows, and which
and wife showing the amount paid
affords the best passageway for
for child care and to whom paid.
ships.
CHIMNEY - Any passage through
CHANNELIZATION - The term used which smoke from a fire passes.
to describe traffic direction. Traffic is Most commonly the passage,
“channeled” by use of one-way constructed of brick, from a
streets, signs directing turns, island fireplace to above the roof of a
barriers, etc. building.
CHAPEL - (1) A place CHIMNEY BACK - The back wall or
of worship apart from lining of a fireplace or furnace
a church, such as a chimney.
hospital chapel, C HORIZON - The horizon (layer) of
college chapel, etc. the Earth below the A and B
Generally for a small horizons. Called the substratum, it
group. (2) A portion is usually not affected by rain,
of a church change of temperature, or other
secondary and subordinate to the surface conditions.
main altar.

CHOSE IN ACTION - A right to an CIRCULATION PATTERN - The
action for recovery of a debt or to regular traffic pattern, as from a
possession of anything held by residential area to a business
another. The right to possession district and back.
rather than possession.
CIRCUMFERENTIAL HIGHWAY - A
CHOSE IN POSSESSION - highway which arcs around the
Something in possession, rather central business district of a city.
than the right to possession. Also called a belt highway or by-
CHURCH - A public place of worship,
usually Christian worship. (See
pass. C
CISTERN - A tank
also: Synagogue; Temple.)
used for storing
CIENAGA - A Spanish word meaning rainwater for use in
a swamp or marsh, formed by areas where there
hillside springs. is no water brought
CINDER BLOCK - A building block to the property by
CISTERN
composed of cinders (ashes) and plumbing.
cement, which does not have the
CITY - Technically, a municipal
weight or strength of a cement
corporation having voting by
block.
representatives to operate its
CIRCLEHEAD WINDOW - A functions, rather than direct voting,
semicircular window, usually above as in a town. Commonly, any large
a door, which has no moving parts incorporated town is called a city.
and is used as a decoration as well
as to admit light. CITY PLAN - (See: Master Plan.)
CIVIL ACTION - (1) Roman Law. The
CIRCUIT BREAKER - legal system derived from the
An electrical device Romans which is prevalent in most
which has taken the of the non-English speaking
place of the fuse in countries, and, to some degree, in
most homes. The Louisiana. Differs from Common
circuit is broken Law of England, from which United
(electricity shut off) States law is derived. (2) Any laws
when there is an which are not criminal laws.
overload. The circuit breaker can be
CLAIM - An assertion of some right
reset rather than replaced as a fuse
must be. or demand.

CLAPBOARD - Narrow boards used CLEAN ROOM - A room

as siding for frame houses, and specially designed to
having one edge thicker than the have a controlled
other. The boards run horizontally atmosphere, for health
with the thicker edge overlapping reasons or
the thinner edge. experimentation
CLARIFIER - Underground system of accuracy, such as a
tanks with filters or chemical agents germ-free room or a
C designed to remove or neutralize

harmful wastes from water before
dust-free room.
CLEARANCE - (1) The removal of
emptying said water into a sewer or structures from an area for urban
septic tank. (Also Drinking Water). renewal. (2) The maximum height
CLASS ACTION - An action brought of a vehicle which may safely pass
on behalf of a group of under a bridge or through a tunnel.
people having a CLEAR HEADWAY -
similar claim. Has The height of the lowest
God gave us two ears
become increasingly but only one mouth. overhead framing
popular in the Some people say member (usually the top
consumer movement, that’s because He of a door frame) as
and is a strong wanted us to spend measured from the floor.
weapon against unfair twice as much time
CLEAR LUMBER -
pricing when the price listening as talking.
Others claim it’s High-quality lumber
of overcharging in one “clear” of most defects,
instance would be too because He knew
that listening was particularly knots.
minor to bring suit.
twice as hard. CLEAR SPAN - An
CLASSIFIED LOAN - A interior area which does
substandard loan not use columns or
which a bank should posts to hold up the
not have made. roof, thereby creating a large, open
CLASSIFIED PROPERTY TAX - area with maximum visibility and
Property tax which varies in rate use of the floor space.
depending on the use (zoning CLEAR TITLE - (See: Free and
classification) of the property. Clear.)

CLERESTORY - A wall or portion of which if valid, would affect the rights
a wall to which the roof attaches at of the owner. For example: A sells
a higher level than the other walls lot 1, tract 1, to B. The deed is
or portions of a wall of a building. mistakenly drawn to read lot 2, tract
Generally found in church 1. A cloud is created on lot 2 by the
construction and contains windows. recording of the erroneous deed.
CLERESTORY WINDOW - Window The cloud may be removed by
in a clerestory. quitclaim deed, or, if necessary, by
CLIENT - Traditionally, one who

court action.
C
employs an attorney. Has loosely
been used to refer to the principal of
a real estate agent, insurance
agent, stock broker, etc.
CLOSED MORTGAGE - (See: Lock-
in.)
CLOVERLEAF - An intersection
CLOSING - (1) In real estate sales, using loop-shaped ramps and grade
the final procedure in which separation to accomplish the
documents are executed and/or intersecting of traffic without signal
recorded, and the sale (or loan) is lights or stop signs. When viewed
completed. (2) A selling term from above, the shape of the
meaning the point at which the intersection resembles a cloverleaf.
client or customer is asked to agree
to the sale or purchase and sign the CLOVERLEAFING - A method of
contract. (3) The final call in a real estate canvassing by looping
metes and bounds legal description around a specific property (one
which “closes” the boundaries of the listed or sold) in the shape of a
property. cloverleaf, in order to obtain listings
or buyers.
CLOSING COSTS - Expenses
incidental to a sale of real estate, CLUSTER HOUSING - Building
such as loan fees, title fees, houses close together with little
appraisal fees, etc. yard space and a large common
area, rather than each house
CLOUD - (See: Cloud on Title.) having a large yard. The density is
CLOUD ON TITLE - An invalid usually greater in the cluster project.
encumbrance on real property,

CO-ADMINISTRATOR - One who COLD CANVASS - Soliciting door-to-

shares the duties of administrator door without any previous contact,
with one or more other such as a phone canvass. A good
administrators. method for a salesperson to begin
to establish a farm area. (See: Farm
COAST - The seashore or land near [3].)
it.
COLLAPSIBLE CORPORATION - A
COASTAL COMMISSION - A corporation which is sold instead of
commission set up to control its product, in order to create a
C construction in coastal areas. capital gain rather than ordinary
CODE - A comprehensive set of laws income for tax purposes. For
drawn up to cover example: A and B (persons) are real
completely a given estate developers who want to build
CODE
subject. Covers an office building to sell. They form
CODE a corporation which builds the
diverse subjects,
building. Then, rather than selling
such as the
the building, A and B sells the
criminal code, and the building
corporation, claiming capital gain on
code. the stock profit. Federal tax laws
CODE OF ETHICS - (See: Ethics.) regulate such transactions.
CODICIL - An addition to a will, which COLLAR TIE - (See: Tie Beam.)
modifies the will by adding to it, COLLATERAL - By or at the side,
subtracting from it, or clarifying it. additional or auxiliary. Mistakenly
CO-EXECUTOR - One who shares used to mean collateral security
the duties of executor with one or COLLATERAL ASSIGNMENT - An
more other executors. assignment of property as collateral
COFFERDAM - (See: Caisson.) security, and not with the intent to
COGNOVIT NOTE - A note in which transfer ownership from assignor to
a debtor confesses judgment in the assignee.
event of nonpayment and waives all COLLATERAL HEIR - One not in a
defenses. direct line of descent of inheritance.
COINSURANCE - A sharing of the Example: a nephew, not a son.
risk of an insurance policy by more COLLATERAL SECURITY - Most
than one insurer. Usually one commonly used to mean some
insurer is liable up to a certain security in addition to the personal
amount; the other liable over that obligation of the borrower.
amount.

COLLUSION - An agreement of two COLUMN FOOTINGS - The support
or more people to do something bases for load-bearing columns.
unlawful. Generally, an agreement Generally composed of reinforced
between people who represent concrete.
different interests and “sell out”
COLUMN LOTS - Small lots for the
these interests for personal gain.
placement of columns to support a
COLONIAL ARCHITECTURE - Two- structure, such as a billboard or
story houses with windows divided other structure which has its largest
into small panes, usually with
shutters. The main facade is
parts not touching the ground. C
detailed and symmetrical, generally COLUMN STEEL - Steel used inside
with a center entrance. Architecture of a column for reinforcement.
following the style of New England CO-MAKER - A surety under a loan.
colonial houses. The co-maker is equally responsible
for repayment as the borrower
(maker). (See: Surety)
COMBED PLYWOOD - An interior
paneling, grooved as if by a comb.
COMBINATION DOOR - An outer
door using interchangeable panels
of glass and screen, depending on
COLONNADE
the weather.
COLONNADE - Columns, regularly
spaced, which support an COMBINATION SEWER - A sewer
architrave. (See also: Peristyle; that is both a sanitary and storm
Portico.) sewer.
COLOR OF TITLE - That which gives COMBINATION WINDOW - A
the appearance of good title, but window using interchangeable
actually contains some defect. For panels of glass and screen,
example: A conveyance given depending on the weather.
without the grantor having good
COMMENSURATE PROPERTY -
title.
(See: Base Property.)
COLUMN - A large vertical support
member of a structure. A pillar, COMMERCIAL ACRE - (See: Net
usually cylindrical. Acre.)

COMMERCIAL BANK - An institution COMMITMENT - (1) Title insurance

for savings, loans checking term for the preliminary report
accounts and other services not all issued before the actual policy. Said
of which are found in savings and report shows the condition of title
loan institutions. Banks are and the steps necessary to
generally more active in complete the transfer of title as
construction loans rather than long- contemplated by buyer and seller.
term real estate financing. (2) A written promise to make or
C COMMERCIAL PAPER - Negotiable
instruments used in the course of
insure a loan for a specified amount
and on specified terms.
business, such as promissory COMMON AREA - The area owned
notes, which are bought and sold in common by the owners of
(usually at a discount). condominiums or planned unit
COMMINGLING - To mix funds held development homes in a
in trust with other funds. For subdivision.
example: A broker or builder mixes COMMON BRICK - A brick having no
deposits (should be in a trust special surface treatment, making
account) with his funds by putting each brick different in color. Used to
the deposits in his general account. describe a surface of bricks which
Although commingling is in itself a are artificially treated so that each is
violation for which a broker may different in color.
lose his license, it does not mean
that, by commingling, the broker or
builder intended to misappropriate
the funds. (See also: Conversion To leave the world a little
[2].) bit better, whether by a
healthy child, a garden
COMMISSION - An amount, usually
patch, or a redeemed
as a percentage, paid to an agent
social condition; To know
(real estate broker) as that even one life has
compensation for their services. breathed easier because
The amount to a real estate broker you have lived:
is generally a This is to have succeeded.
percentage of the
sale price or Thomas Stanley
Poet
total rental.

COMMON LAW - The body of laws, COMPACTION - The pressing
originated and developed in together and joining of sedimentary
England, which was adopted by layers of ground by the pressure of
most states and still prevails if not the weight of overlying layers. A
superseded by statute. Also referred report showing the density of the
to as case law. soil and its make-up is required in
COMMON LAW MORTGAGE - Any some areas before permits for
mortgage which contains the construction will
elements of a mortgage according
to the Common Law.
be issued.
C
COMMON OF ESTOVERS - (See:
Estovers.)
COMPARABLES -
COMMON STOCK - A share of Properties used as
ownership in a corporation. comparisons to determine the value
COMMON WALL - (See: Party Wall.) of a specific property.
COMMUNITY PROPERTY - Property COMPARATIVE ANALYSIS - (See:
owned in common by a husband Market Value Approach.)
and wife, which was not acquired as
COMPARATIVE METHOD - A
separate property. A classification of
method of estimating replacement
property peculiar to certain states.
construction cost by comparing the
COMMUNITY SHOPPING CENTER property to be built with the cost per
- An intermediate size shopping square foot or cost per cubic foot of
center. May contain a small a similar building.
department store and coordinated
COMPARISON METHOD - (See:
small shops. Larger than a
Market Value Approach.)
neighborhood center and smaller
than a regional center. COMPENSATING BALANCE -
Funds deposited into a bank, saving
CO-MORTGAGOR - One who signs
and loan association, or other
a mortgage with another as
lending institutions, to induce the
borrower. The term is often applied
lender to make a specific loan or
to one who intends to guarantee the
loan even though co-mortgagors establish a line of credit. The
have equal liability deposit may be made by the party
desiring the loan, or a third party.

COMPENSATION - A payment to COMPOUND AMOUNT OF AN

make amends for the abridgment of ANNUITY - The total amount at the
rights or an injury. In condemnation, end of a given period, including
the payment for the taking of a investment and reinvestment of the
person’s property without the annuity payments.
owner’s consent.
COMPOUND OF AN INVESTED
COMPENSATORY DAMAGES - SUM - The total amount at the end
Damages to cover a loss or injury of a given period, including the
and nothing more. (See also:
C Exemplary Damages.)
reinvestment of all interest plus the
original amount invested.
COMPETENT - Legally fit. Having
COMPOUND INTEREST - Interest
the necessary age, ability, and
paid on accumulated interest as
authority to accomplish any given
acts or duties. well as on the principal.
COMPONENT CONSTRUCTION - COMPOUND SLOPE - A slope

Also called modular construction or composed of two or more separate
prefabrication. (See also: slopes with different grade angles.
Prefabrication.) COMPREHENSIVE COMMUNITY
COMPONENT PANEL - A modular PLAN - (See: Master Plan.)
(prefabricated) wall, fully finished, COMPUTER LISTING - A system of
which is installed as a part of a processing listings through a
building. computer so that anyone belonging
COMPOSITE RATE - A rate to the service may learn of the
reflecting both the income flow of a listing through a telephone call
building (or other directly into the computer. The
depreciating asset) listings are coded by area, number
and the of bedrooms, and other features of
recapture of the property. The largest of these
invested services is Realtron of Detroit,
capital. Michigan, which operates
throughout the country.
COMPOSITION - (1) A mixture of
gravel or stones embedded in a CONCAVE - Having an angle or
heavy tar roof shingle, and called a curvature less than 180 degrees.
“Composition” roof. (2) A creditors CONCEALED HEATING - (See:
composition. (See: Creditiors Radiant Heating.)
Composition.)

CONCESSION - A granting of a right, CONDEMNATION VALUE - Market
by government or privately, usually value paid upon condemnation.
to use of land or area in a building
CONDEMNEE - The owner of
to carry on a business.
property taken by condemnation
CONCRETE - A cement mixture (eminent domain).
containing sand and gravel which is
combined by mixing CONDEMNER - The party taking
with property by condemnation (eminent
domain).
water,
poured CONDENSATION - The forming of
C
to a water on a barrier from warm air
desired meeting cooler air, as in air
shape, conditioning units.
and hardens as it dries. (See also:
Poststressed Concrete; Prestressed CONDENSATION DUCT - A duct
Concrete; Reinforced Concrete.) which carries away the water given
off by condensation from an air
CONCRETE CONSTRUCTION -
(See: Architectural Concrete conditioning unit.
Construction; Reinforced Concrete CONDITION - In real property law,
Construction.) some limiting restriction to a grant
CONCRETE TILT-UP - An or conveyance of property, stating
inexpensive method of constructing that upon the happening or not
walls by pouring concrete into forms happening of a stated event, the
flat on the ground, allowing to estate shall be changed in some
harden, then raising the forms by a manner.
crane or block and tackle to a CONDITIONAL COMMITMENT - A
vertical position, thereby forming loan commitment given before a
the wall.
borrower (buyer) is obtained, and
CONCRETION - A mineral mixture subject to approval of the buyer to
which forms, generally in rock of a the lender.
different composition, various size,
grains or modules. CONDITIONAL SALE
OF REAL
CONDEMNATION - The taking of PROPERTY -
private property for public use (See: Land
without the consent of the owner, Contract.)
but only upon payment of just
compensation.

CONDITIONAL SALES CONTRACT horizontal and vertical

- A sale in which the title to property measurements of the units. It is
or goods remains with the seller important that the map agree with
until the purchase has fulfilled the the declaration of restrictions
terms of the contract, usually (recorded at the same time).
payment in full. (See also: Land
Contract.) CONDOMINIUM OWNER’S
ASSOCIATION - (See: Home
CONDITION PRECEDENT - A Owner’s Association [2].)
C condition to be performed before an
agreement becomes effective or CONDUCTION - Transmission of
some right vests or accrues. electricity or heat through a
conductor.
CONDITION SUBSEQUENT - A
condition following an agreement, CONDUCTOR - A material (usually
the happening of metal) which can transmit electrical
which current or heat.
changes the
CONDUIT - A natural channel for the
estate.
flow of water, or artificial channel,
CONDOMINIUM such as a pipe, used for conveying
- A structure and protecting water, wires, or other
of two or materials.
more units,
the interior space of which are CONDUIT, ELECTRICAL - A metal or
individually owned; the balance of plastic pipe, rigid or flexible, through
the property (both land and building) which electrical wiring is installed.
is owned in common by the owners CONDUIT SYSTEM - A system of
of the individual units. The size of metal or plastic casings (conduits)
each unit is measured from the containing wiring and conductors.
interior surfaces (exclusive of paint
or other finishes) of the exterior CONFESSION OF JUDGMENT -
walls, floors, and ceiling. The The written, voluntary, submission
balance of the property is called the of a debtor to a judgment by a
common area. creditor for a specified amount.
CONFIGURATION - Outline of a
CONDOMINIUM MAP (PLAN) - A shape.
recorded map showing the
condominium units and common CONFIRMATION DEED - (See: Re-
area. The map includes both recording.)

CONFIRMATION OF SALE - (See: CONSERVATION - (1) Care and
Order Confirming Sale.) preservation of natural
CONFORMITY, PRINCIPLE OF - An resources. (2)
appraisal term stating that general Preservation, through
uniformity of structures in an area zoning, of improved
produces highest value. areas to
maintain
CONGRUOUS - Suitable or the quality
appropriate. In appraisal, a property
which conforms to the area.
of the
area.
C
CONSANGUINITY - Blood
relationship, rather than legal CONSERVATOR - A guardian, court
relationship (through marriage). appointed.
(See also: Affinity.) CONSIDERATION - Anything which
CONSENT JUDGMENT - A written is, legally, of value, and induces one
agreement between to enter into a contract.
plaintiff and defendant CONSOLIDATION - (1)
to have a judgment Fall down. Make a The coming together,
entered and recorded. mess. Break something either through merger or
Although the court occasionally. Know that partial ownership, of two
does no actual your mistakes are your or more companies. (2)
own unique way of
findings for one party The solidification of
getting to where you
or the other, the need to be. And loose material or liquid,
judgment, once remember that the story usually under pressure.
approved by the court, is never over.
CONSTANT - (See:
is binding on both
Conan O’Brien Loan Constant.)
parties.
“Harvard Commencement Address” CONSTRUCTION
CONSEQUENTIAL
COST - The total cost of
DAMAGES -
building, including
Damages created by
overhead and profits as
a change in other property. An
well as land, labor, and
owner’s right to compensation
materials.
varies with state statues. (See also:
Lateral Support: Inverse
Condemnation.)

CONSTRUCTION LOAN - Short- CONSUMER LENDING - Loans

term financing of real estate made for personal property, such as
construction. Generally followed by automobiles, appliances, etc.
long-term financing called a CONSUMER PRICE INDEX - (See:
“takeout” loan, issued upon Cost of Living.)
completion of improvements.
CONTEMPORARY
CONSTRUCTIVE EVICTION - (1)
ARCHITECTURE -
Regarding a landlord and tenant
C relationship, constructive eviction is
any act by the landlord which
A general term
encompassing any
number of modern
substantially interferes with the designs which do not conform to
tenant’s use and enjoyment of the any traditional architectural styles.
leased property, but is not actual
eviction. (2) The inability of the CONTIGUOUS - Near or close to,
buyer to obtain possession because whether actually touching or not.
of a superior title of a third party. Generally refers to actual touching
This constitutes a breach of the or bordering on.
covenant of quiet enjoyment CONTINGENCY - Commonly, the
warranted by the seller. dependence upon a stated event
which must occur before a contract
CONSTRUCTIVE MORTGAGE -
is binding. For example: The sale of
(See: Equitable Mortgage.)
a house, contingent upon the buyer
CONSTRUCTIVE NOTICE - Notice obtaining financing.
given by publishing in a newspaper,
CONTINGENT BENEFICIARY - One
recording, or other method which
who, under the terms of a will or
legally notifies the parties involved trust, may or may not share in the
but may not actually notify them. estate upon the happening of an
CONSTRUCTIVE TRUST - A trust uncertain event. Example: A leaves
created by operation of law to property to B when B reaches 30,
change an inequitable situation. If stipulating that if B dies before 30,
one acquires title to property property
through fraud, the court will hold goes to C.
that the legal owner holds in trust for C is the Contin
gent
contingent Beneficia
those who really should have ry
ownership. Also called an beneficiary.
involuntary trust.

CONTINGENT FEES - Fees to be CONTRACT - An agreement
paid only in the event of a future between two or more persons or
occurrence. A broker’s commission entities which creates or modifies a
is paid only if the property is sold or legal relationship. Generally based
leased (unless otherwise agreed upon offer and acceptance.
upon). Attorneys (especially in CONTRACT FOR DEED - (See:
negligence cases) may be paid Land Contract.)
based on winning the suit and
CONTRACT OF SALE - In some
collecting damages.
CONTINGENT INTEREST - An
areas of the country, synonymous C
with land contract. In other areas,
interest subject to the occurrence of synonymous with
a specified but uncertain event. purchase
CONTINGENT REMAINDER - A agreement.
remainder interest uncertain as to
the persons in interest or the CONTRACTOR
occurrence of an event. Example: A - (See:
grants to B for life then to the General
children of C. At the time of the Contractor;
grant, C has no children but may Subcontractor.)
have when B dies. CONTRACTOR’S OVERHEAD -
CONTOUR FURROWS - Furrows Expenses over and above labor and
materials, such as return on money
plowed laterally across a slope to
invested, carrying costs of land,
control water running down the
office expense interest on loans,
slope. etc.
CONTOUR LINE - (1) A line showing CONTRACTOR’S PROFIT - Price at
the shape (outline) of a parcel of which property is sold, less costs of
land or body of water. (2) A line on a land, labor and materials, and
topographical map connecting all overhead.
portions of the property which have
CONTRACT RENT - Rent paid under
the same elevation. a lease. The actual rent as opposed
CONTOUR MAP - A map which uses to the market rental value of the
lines (most always curved) to property.
outline the configuration and CONTRACTUAL LIEN - A voluntary
elevation of surface areas. lien such as a mortgage or deed of
trust.

CONTRIBUTION - The right of one CONVENTIONAL MORTGAGE -

who pays a common liability to (See: Conventional Loans.)
recover all but his or her share from CONVERSION - (1) A legal term
the others who are liable. For referring to the “legal” changing
example: A, B, and C own a from real to personal property (or
property A pays the taxes. A may vice versa), although there is no
recover that portion from B and C actual change in the property. (2) A
which B and C should have paid. taking of something for one’s own
C CONTROL - (1) Referring to traffic, use which was originally in his
the term is used to possession only to hold for the
indicated a traffic light or owner. (3) The changing of an
stop sign at an apartment to a condominium.
intersection, which slows CONVEX - Having an angle or
(controls) traffic. (2) A curvature greater than 180 degrees.
retail site, such as a gas
station or fast-food CONVEY - To transfer title to
restaurant, prefers a property. (See also: Conveyance.)
corner location with control. CONVEYANCE - Transfer of title to
CONTROLLED ACCESS HIGHWAY land. Includes most instruments by
- (See: Limited Access Highway) which an interest in real estate is
CONTROLS - In government created, mortgaged, or assigned.
projects such as urban renewal, the CONVEYANCE TAX - (See: Transfer
limits on use, density, and other Tax.)
limits which would be contained in
zoning laws in a private venture.
COOP - A
CONVECTION - In heating, the
motion created by the gravitational structure to
pull on air or water at different shelter
temperatures, and therefore, chickens.
different densities.
CONVENTIONAL LOAN - A
mortgage or deed or trust not COOPERATING BROKER - The
obtained under a government broker who finds the buyer and so
insured program, (such as F.H.A. or shares in the commission with the
V.A.). listing broker.

COOPERATIVE APARTMENT - Also CORNER BRACES - Braces nailed
called a stock cooperative or a co- diagonally to the studs as a
op. A structure of two or more units reinforcement at corners.
in which the right to occupy a unit is CORNER INFLUENCE - In
obtained by the purchase of stock in
appraisal, the effect on the value of
the corporation which owns the
a property because it is on a corner
building. Difficult to obtain financing
or near a corner.
because there is no individual
ownership of each unit. A forerunner
of the condominium.
CORNER LOT - A lot contiguous to
two intersecting streets, and, for
C
purposes of value, having access to
CO-ORDINATES - A general term
encompassing a number of both streets.
methods to determine the position CORNICE - The
of intersecting lines, planes, points, “crowning” member of
etc.
a wall. The top molding
COPING - The top or “cap” of a wall, or facade, generally of a decorative
usually convex to permit the runoff nature.
of water.
CORPORATE RESOLUTION - An
CORBEL - A timber or stone, set in action taken by vote of the directors
and projecting from a wall, and of a corporation. A title insurance
used to support a load. company may require a corporate
CORD - A measure, usually resolution before insuring a sale or
associated with cut wood. 128 cubic loan made by a corporation.
feet of cut wood, or a pile 4' high. 4' CORPORATION - A general term
wide, and 8' long. encompassing any group of people
CORNER - Most commonly, the “incorporating” by following certain
acute angle formed by intersecting statutory procedures. Most common
streets or walls. type of corporation is a private one
CORNER BEAD - A reinforcement formed to carry on a business.
placed in corners before plastering. CORPOREAL - Concerning material
Commonly a strip of iron with metal objects or property, rather than non-
lath. material things, such as ideas. A
CORNER BOARDS - The boards machine would be corporeal; the
(trim) covering the outside corners patent for it would be incorporeal.
of a frame building.

CORPOREAL PROPERTY - That materials to be used. (2) In

property which can be touched. For appraisal the term is general,
example: A window (glass) is referring to replacement cost, but
corporeal. The view through the not limited to a specific method of
window is incorporeal. arriving at said cost.
CORPUS - A body; of people, laws, COST OF LIVING ESCALATION -
etc. (See: Escalation Clause [2].)
CORRECTION DEED - (See: Re- COST OF LIVING INDEX - A
C recording.) government indicator of the
increase or decrease of living costs
CORRECTION LINES - (See: for the average person on a
Standard Parallels.) monthly basis. (See also:
CORRELATION - The use of Escalation Clause [2].)
different appraisal methods to reach COST OF OCCUPANCY - Cost
an estimate of value of a property. (usually monthly) of a business to
The methods must be weighed as occupy its property exclusive of any
to relative value in each specific costs of doing business.
appraisal. COST OF REMODELING - Expense
CO-SIGNATORY - (See: Comaker.) of alterations to raise the value of a
property, rather than to make
COST - Technically, the repairs.
original amount paid
for anything. The COST OF REPAIRS - Expenses to
term is generally maintain the value of a property by
restoring the worn-out or broken
used as a
parts of the structure.
synonym for value
or the total amount COST-PLUS CONTRACT - A
invested, including expenses after building contract setting the
the original purchase. builder’s profit at a set percentage
of actual cost of labor and
COST APPROACH - An appraisal materials.
method, estimating the replacement
cost of a structure, less CO-TENANCY - A general term
depreciation, plus land value. covering both joint tenancy and
tenancy in common.
COST ESTIMATING - (1) In
CO-TRUSTEE - One who shares the
construction, the expenditure of
duties of trustee with one or more
building based on a detailed cost of
other trustees.

COTTAGE - Originally, a house with COUNTER- LETTER - In civil law
no surrounding land belonging to it. (Louisiana), when a deed is given to
Modernly, a small house, perhaps a lender as security, an agreement
used as a summer home. to reconvey (counter-letter) upon
COULOMB - A measure of electricity payment of a certain
equal to a one-second electrical amount is given by the
charge in a current having a lender.
constant flow of one ampere. COUNTER OFFER -
COUNSELOR (COUNSELLOR) - (1)
An offer (instead
of acceptance) in
C
A lawyer. (2) One designated as a response to an
real estate counselor by the offer. For
American Society of Real Estate example: “A”
Counselors. The designation offers to buy “B’s” house for X
indicates an extremely high dollars. “B”, in response, offers to
standard of knowledge and sell to “A” at a higher price. “B’s”
experience on the part of the offer to “A” is a counter offer.
conferee. COUNTY - A political division within a
COUNTER FLASHING - Flashing state, usually encompassing one or
(tar substance) used on chimneys more cities or towns. There are
at the roof line to prevent entry of exceptions such as New York City
moisture, and cover the metal sheet which contains more than one
flashing. county. Louisiana uses the word
parish instead of county; New York
uses both borough and county, as in
Kings County (the borough of
Don’t follow the path.
Brooklyn).
Go where there is no
path and begin the trail. COUNTY MORTGAGE - A mortgage
placed on property by the county to
When you start a new
secure aid given to indigent
trail equipped with persons. Generally paid upon sale
courage, strength and of the property. Also called an
conviction, the only indigent mortgage.
thing that can stop you COUNTY RECORDS - Public
is you! recorded documents by which
Ruby Bridges
notice is given of changes of title,
liens, and other matters affecting
real estate.

COUNTY ROAD - (1) A road lying COVENANT - Generally, almost any

entirely in one county. (2) Any road written agreement. Most commonly
or portion of a road under the in real estate, assurances set forth
jurisdiction and maintenance of the (expressed) in a deed by the
county. (3) Loosely, any public road grantor or implied by law. Example:
not a federal or state road. Covenant against encumbrances,
covenant of right to convey, etc.
COURSE - (1) The path or direction
of a river. (2) Something designed COVENANT NOT TO COMPETE - A
C so that it must be used by following
a certain direction, such as a golf
promise (covenant) usually by a
seller of a business, not to operate
course or race course. (3) A a competitive business after the
continuous row or layer of wood, sale. The more specific the
restriction (time limit, distance, etc.)
bricks, masonry, etc.
the more easily it is enforceable.
COURSES AND DISTANCES -
COVENANT OF QUIET
Terminology used in surveying,
ENJOYMENT - Usually inserted in
meaning metes and bounds. (See
leases or conveyances whereby
also: Metes and Bounds.) lessor or grantor promises that the
COURT - (1) A totally uncovered tenant or grantee shall enjoy
space, wholly or partly surrounded possession of the premises in
by walls or buildings. (2) A blind peace and without disturbance
alley, short street, or short cul-de- caused by defective title.
sac. (3) A courtroom. COVENANTS RUNNING WITH THE
COURTESY TO BROKERS - LAND - (See: Running With The
Willingness of a seller to pay a Land.)
commission to any broker supplying C.P.M. (CERTIFIED PROPERTY
a suitable buyer; or the willingness MANAGER) - A designation
of a listing broker to share the conferred by the Institute of Real
commission with any broker Property Management upon one
supplying a suitable buyer. who has completed certain required
courses and had been active in
COVE - (1) An arched, rather than
property management.
square angle meeting of a ceiling
and wall. (2) An inlet or small bay. CRADLE - (1) A framework or
support, built to shield or protect its
COVE MOLDING - A small, concave
contents. (2) The path prepared to
faced molding, used to cover a catch a falling tree to prevent
small gap or angle. damage to the tree.

CRAWL SPACE - A space between CREEK - (1) An inlet, going deeper
the ground and the first floor of a into land than a cove. (2) A stream
structure (usually a house). Repair which empties into a river or bay.
of utilities under the house may be
made by a person crawling through CRICKET - A small, convex roof,
the shallow space. placed on a larger roof or surface,
to promote drainage in areas of the
CREATIVE FINANCING - A general
surface which have barriers to said
term which encompasses any
drainage.
method of financing property going
beyond traditional real lending. CROFT - An obsolete term referring C
CREDIT - (1) The financial to a small farm or area to be
worthiness of the borrower. The farmed.
history of whether this borrower has CROP - A specific harvest in a single
met financial obligations on time in growing season, such as the corn
the past. (2) An accounting term crop, apple crop, etc.
designating money received or
receivable, as opposed to debit CROPLAND - (1) Any land suited for
which is money paid or payable. farming (the growing of crops). (2)
Land upon which crops are actually
CREDIT LIFE INSURANCE - (See:
Mortgage Life Insurance.) grown or growing.
CREDITOR’S COMPOSITION - An CROP ROTATION - The planting of

agreement by creditors to take a crops such as peas and beans
portion of a debt as satisfaction for (leguminous plants), which add
the total due. Generally done to nitrogen to the soil, on an
avoid a debtor having to declare alternating basis with crops such as
bankruptcy. corn, wheat, etc. which take
CREDITOR’S POSITION - (1) The nitrogen from the soil.
portion of the value of property CROSS-BRIDGING - Strengthening
which is mortgaged, rather than the a structure by bracing cross
equity. (2) The portion of the value members between the joists,
of property upon which a first thereby spreading the weight over a
mortgage could be obtained. larger area.
CREDIT REPORT - A report on the
CROSS CONNECTING ROAD - A
past ability of a loan applicant to pay
road connecting two parallel roads,
installment payments. Several
national and local companies make usually at a right angle.
such reports.

CROSS SECTION - The surface CULTURA - A parcel of land which

exposed by cutting at a right angle can be cultivated.
to an axis (usually the longer axis) CULTURAL FEATURES - A term
of an object. denoting man-made changes to
CROWN MOLDING - A large land.
molding used on a cornice or to CULVERT - A waterway or drainage
cover a wide gap or angle. ditch which crosses under a road.
CRUISE - A surveying report showing CURABLE DEPRECIATION -
C the amount and type of lumber in a
given area or stand.
Repairs which an owner of real
estate should make to retain a high
CRV (CERTIFICATE OF value, but which
REASONABLE VALUE) - An have not been
appraisal of property for the made.
purpose of insurance by the
Veteran’s Administration.
CUBIC CONTENT - The number of
cubic feet in a building, measured
from the exterior surfaces of the CURB CUTS - The part of a curb
exterior walls and roof, and the which lowers to street level to form
interior surface of an unfinished the apron of a driveway
floor or six inches below the CURB LINE - The line between the
finished surface of the floor. right of way for automobiles (road)
CUBIC FOOT - The area contained and the right of way for pedestrians
by boundaries of 1 foot long, 1 foot (sidewalk).
wide, and 1 foot high. There are 27 CURRENT ASSETS - An accounting
cubic feet in 1 cubic yard. term meaning cash or those things
which can be readily converted to
cash, such as short-term accounts
receivable.
CURRENT LIABILITIES - Short-term
debts.
CUL-DE-SAC - A street or alley open CURTAIL SCHEDULE - The
at one end only. Modernly, a street schedule of partial principal
in a subdivision, open at one end, payments (both amounts and due
and having a large, rounded, closed dotes) to reduce and retire an
end to facilitate U turns. indebtedness.

CURTAIN WALL - An outside wall example: An escrow agent has
which lends no structural support to custody of documents and funds
a building, but acts merely to until closing.
enclose. CUSTOM BUILDER - One who
COURTESY - A common law interest builds for a specific owner,
of a husband in the property of his designing the building to suit said
deceased wife. Abolished in most owner’s needs, rather than building
states. and then looking for a buyer.
CURTILAGE - The grounds and CUSTOMER - A buyer of goods or C
secondary buildings surrounding a services.
house which are commonly used in CUT-OVER LAND - Land from which
connection with the everyday use of the original growth has been cut
the house. Usually fenced. away by logging.
CURVILINEAR - Having boundaries CUTS - In construction, the
of curved lines; may refer to excavation of land into a terrace or
architecture, streets, etc. terraces, to control flooding, locate
CUSTODIAN - (1) One who is a highway, building, or affect the
entrusted with the care and keeping grade for some other purpose.
of real or personal property. (See CYCLICAL MOVEMENT - A term in
also: Custody) (2) A janitor. economics describing the business
CUSTODY - The care and keeping of cycle of the national economy, from
property (real or personal). For good to bad to good again.
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Using the simple techniques you are going to learn at this
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purchased a single-family house for only $1.00 and he I’m Going To Show You How
sold it a short time later for a profit of $14,000. You could To Buy Real Estate
be doing the same thing, successfully.
Without Ever Qualifying
Enormous Profit Potential For A Mortgage
With No Money Down... Joe Bowman of Ft. Lauderdale, Florida, makes himself a
bundle each year buying and quickly selling foreclosure
Chris Scholle, in rural Sand Point, Idaho, using my tech- properties. He was bitten by the Real Estate bug. He pur-
niques, on a part time basis, managed to pull together 7 chased and quickly sold his first foreclosure home and re-
deals and made $10,000 - $15,000 on each one. It’s not alized that he made more profit on just one foreclosure
magic; it’s just a matter of someone revealing to you a property than in 6 months as a professional photographer.
step-by-step system. One deal he bought for $24,000 and sold it for $63,000.
Bob and Kitty Kokott own a family restaurant. They each Bill and Jan Leon of South Florida started 13 years ago
work sixty hours a week in the business. As a part-time and struggled to make 4 deals in their first year. Bill was
business they began buying and selling foreclosure real- ready to give up on Foreclosure Real Estate after the first
estate. They negotiated with bankers and asked for and year, however, his wife Jan wouldn’t give in and demanded
received discounts of $40,000 on loans of $60,000 face they try for another year. What a success story! They as a
value. This year this couple is on the road to making team now have completed and sold more than 1,000 Fore-
$100,000 in their Part-Time Job. closure homes.
It’s In Your Own Self Interest To Learn More About

This Hidden Real Estate Market!
Here’s More of the Magic Secrets You’ll Learn At This Foreclosure Seminar
• How to work with bankers and how they can make you wealthy. • How to sell properties fast and get tons
• How to get your property repairs done with no cash out of your pocket. of positive cash flow.
Call: (321) 449-9940

For Future Workshop Dates
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ted thomas’
TM
$3.50
Report
Lessons From The Unique Skills Of
Persuasion, Influence and Negotiation
That Will Put You Years Ahead Of Your Competition
Ted
Thomas
Keep in mind, there are many mar-

GOOD DEALS ARE kets with different degrees of perfection,
MADE, NOT BORN there are also different degrees of motivation.
For example, owners of businesses and sellers
Just as good negotiators are not born, they of real estate are typically easier to deal with
are developed and than real estate agents or employees of the busi-
Is This their skills are ness. Why? Agents and employees don’t al-
A Good Deal? honed over years
ways know all the factors influencing the sale
of practice and ex- or the seller. For example, the business owner
perience. Good deals are may be faced with a probate sale or an IRS lien
much the same, they are made or a court judgment that requires an immediate
from skill and perseverance. payment of $50,000. That seller may be de-
Buying right means getting a lighted to sell for a lesser dollar amount if the
better price or better terms than buyer could take action today!
are available to other buyers.
Many people pay the asking
price for everything they pur-
Who’s Motivated
chase. Buying right and better Agents/employees may be working dili-
prices are available to those with gently and performing their jobs however, they
skills and energy to use that are not as positively or adversely effected by
skill. the sale as a seller or owner. Of course the agent/
You’ll become a better employee is hoping to receive a commission or
buyer with practice, it will take payment upon the sale, but the bulk of the pro-
practice if you intend to save money on your pur- ceeds will go to the seller/owner. Try to deal
chases. You must do the work yourself. Check- with the party that has the most motivation. Ne-
lists, guidelines, techniques and a formula are all gotiators who fail to realize these facts are very
helpful, but the key ingredient in the equation is often frustrated and unable to make the purchase
you. First you need to identify what you want and they want.
then you must evaluate and determine is it a good Owners and sellers receive the majority of
deal or can you make it a good deal by skillfully the funds/proceeds from selling and therefore
negotiating. the excitement and motivation to take action is
IT’S UP TO YOU TO IDENTIFY held by the owner/seller. The savvy negotiator
realizes this and many times gets an overall
WHO YOU ARE MOST LIKELY TO
better deal when working with the owner/seller.
PURCHASE FROM AND AT THE
BEST PRICE continued on next page...
A Creating Wealth Special Report from Ted Thomas and Jones & Trevor Marketing ©2004 • 321-449-9940 • FAX 321-449-9938 73
Competitive Advantage Report
...continued from previous page
The Perfect Market this opens the door for negotiation. Motivation of
the seller is a major factor. Move slowly and get to
The New York Stock Exchange is an know the seller, finding the reasons why is the key to
example of a perfect market. To explain the negotiation process. The seller who is making a
that further, the buying and selling pro- large profit could be expected to be more flexible
cess involves an asking price, com- than a seller who is losing money or breaking even.
monly called the offering price
and a bidding price. These
prices are the same across the
country, we all understand that Circumstances
process. The imperfect market, that is real estate, Ideally we would all like to buy from motivated
could have hundreds of thousands of selling prices sellers who must transfer or move in 10 days and
for a three bedroom, two bathroom house. Loca- they are asking 25% below what we think the price
tion, square footage, improvements, amenities, con- should be. It happens, but probably not to you un-
dition and many other factors from motivation to fi- less you are actively buying every month, although
nancing available, all help to create the imperfect mar- there are ways to improve your chances of making a
ket of real estate. The almost perfect market of The great deal.
New York Stock Exchange is not the place for the
Number One, deal with the owner/seller.
great negotiator. Why?? Because IBM sells for the
same price in Seattle as San Antonio as Miami. The Number Two, find out why they are moti-
stock market is the perfect market and works elec- vated. This might require a number of vis-
tronically, no matter what country you are in. its to the property and some hours of dis-
cussion, if the seller isn’t motivated, your
Imperfect chances of getting a real estate property be-
low market value are quite slim.
The seller of real estate has a major problem try-
Number Three, find out how much profit is
ing to find a buyer who matches up with the sellers
in the transaction. If the seller purchased
property for a variety of reasons, location, financing,
for $100,000 in 1975 and the value is now
timing, motivation, size, lay out, price and so forth.
$350,000, you’ve got something to bargain
Knowing this information can greatly effect the ne-
for. When you buy it right, you like it a lot
gotiation, after all, the savvy negotiator can use each
more.
of the above points as items of discussion and levers
to reduce the price. For example; the house is just a
Success without honor is an unseasoned
little to small or the location can’t be improved or
dish; it will satisfy your hunger, but it
seller financing is available on another house. The won’t taste good.
imperfect market opens many doors for the negotia-
tor. IBM stock is IBM in London, Singapore and Joe Paterno
College football coach
San Francisco. Almost every house is different and
Want More...
The “Competitive Advantage” Manual by Ted Thomas is available from Ted
Thomas’ office (321) 449-9940. 47 Reports valued at $164.50. Success Club
Members only pay $139.90 ...A $24.60 Savings!
Ted Thomas
74 A Creating Wealth Special Report from Ted Thomas and Jones & Trevor Marketing ©2004 • 321-449-9940 • FAX 321-449-9938
D
DADO - (1) To secure by setting in a DATUM LINE - A horizontal line from
groove. (2) To make a rectangular which heights and depths are
groove in a board or plank. measured. Varies with the area but
DALE - A valley between hills or other is usually set forth in the local
high ground. building code.
DAM - An earthen, metal, masonry, or DBA (DOING BUSINESS AS) - An
wooden wall or barrier across a flow identification of the owner or owners
of water, which is used to restrict or of a business and the business
prevent the water from flowing. name. Not a partnership or
DAMAGES - (1) Money recoverable
corporation. D
by one suffering a loss or injury. (2) DE - Latin for of; by; from; concerning.
The loss of value to property DEAD-END STREET - A street
adjoining a property taken in having ingress and egress at one
condemnation end only. Differs from a cul-de-sac in
proceedings, rather that the dead-end street does not
than the value of have an enlarged area at the end for
the property
U turns.
taken.
DEAD LOAD - (1) Most commonly,
DAMPER - An the weight of a truck, exclusive of
adjustable plate cargo. (2) The weight of a building or
in the flue of a other structure, including furnaces,
fireplace or furnace, which is used to air conditioning units, elevators, and
control the draft from the flames. other permanent machinery, but not
DATA PLANT - Information on real furniture, people or inventory of a
property, filed and held by an business in the structure.
appraiser, lender, etc. DEAD RENT - A term used in mining
DATED DATE - Indicates the date a to indicate the fixed annual rent,
document was executed (signed), exclusive of royalties. In commercial
rather than the date of recording percentage leases, usually called
(recorded date). minimum rent or base rent.
DATUM - A position from which
distances are measured.
DEALER - One who buys and sells DEBT - Money owing from one
real estate as a business, as person to another.
opposed to an investor. The
DEBTOR - One who owes a debt.
importance of the term is for tax
purposes. If IRS determines that a DEBTOR’S POSITION - Value of
taxpayer is a dealer, said taxpayer property over the amount of
will not be allowed the capital gains mortgages. Commonly called the
benefits of an investor, but will be equity
taxed at ordinary income rates. The DEBT SERVICE - The amount of
term applies to the transactions financing (mortgages or trust
more than the person. One may be deeds) on a property.
a dealer in certain transactions and
D an investor in others. DECEDENT - Originally, one who
was dying. Modernly, one who is
DEATH RATE - Number of deaths in dead.
a given area in a given time. Based
on a per 100 or per 1000 DECENTRALIZATION - The
population. movement of people and
businesses from a central area (a
DEBENTURE - Unsecured
city or downtown area) to more
indebtedness, usually long-term.
scattered positions (surrounding
Most common debentures are in the
suburbs).
form of bonds.
DECIBEL - A unit of measurement
DEBENTURE BOND - (See:
for sound or noise levels. Some
Debenture.)
states require a builder to make a
DEBENTURE STOCK - (See: purchaser aware of the noise level
Debenture.) in given areas (usually near
DEBIT - An airports).
accounting term DECIDUOUS TREES - Those which
used to designate a shed their leaves or fruit at
payment or owing, seasonal intervals.
as opposed to a
credit which is a DECK - Any flat surface which
receiving or being resembles the deck of a ship, and is
owed. not enclosed. A flat area on a roof,
roof of a porch, etc.

DECK PAINT - An DECORATE - To adorn or add to
exterior paint having beauty of something. Connotes only
a high resistance to superficial changes, but, in some
wear, and used in areas, is used to indicate major
areas of heavy use, repair.
such as a porch. DECREE - The judgment of a court.
DECK ROOF - A flat roof without DECREE OF DISTRIBUTION - The
parapets. final determination of the rights
DECLARATION - (See: Declaration heirs to receive the property of an
of Restrictions; Restriction; estate.
DEDICATED - Property given by an
Condominium Map.)
DECLARATION OF HOMESTEAD -
owner for public use. D
(See: Homestead.) DEDICATION - The giving by an
owner of private property for public
DECLARATION OF RESTRICTIONS
use, and the acceptance by the
- A set of restrictions filed by a
proper public authority most
subdivider to cover an entire tract or
commonly the dedication by a
subdivision. builder of the streets in a
DECLARATION OF TRUST - A subdivision.
written acknowledgment by one DEED - Actually, any one of
holding legal title to property that the many conveyancing or
property is held in trust for the financing instruments, but
benefit of another. generally a conveyancing Deed
DECLARATORY JUDGMENT - A instrument, given to pass
determination by a court as to the fee title to property upon
legal rights of the plaintiff, with no sale.
order for relief. The judgment is DEED IN LIEU OF FORECLOSURE
binding on future litigation. - A deed given by an owner/
DECLINING BALANCE METHOD borrower to a lender to prevent the
OF DEPRECIATION - Depreciation lender from bringing foreclosure
proceedings. The validity of the
by a fixed annual percentage of the
deed depends to some degree on
balance after deducting each yearly
“fairness” under the circumstances,
depreciation amount.
and adequacy of consideration will
be considered.

DEED OF RECONVEYANCE - (See: DEFEASIBLE TITLE - Title which is

Reconveyance.) not absolute but possible may be
DEED OF TRUST - An instrument annulled or voided at a later date.
used in many states in place of a For example: Title conveyed to A
mortgage. Property is transferred to with condition that if A marries
a trustee by the borrower (trustor), before age 30, title will go to B. As
in favor of the lender (beneficiary), title may be good (doesn’t marry) or
and reconveyed upon payment in may be defeated (marries before
full. 30).
DEED POLL - The common form of DEFECTIVE TITLE - (1) Title to a
deed executed by the negotiable instrument
D grantor(s) only when
the grantee(s) also Hold fast the time! Guard
obtained by fraud. (2)
Title to real property
execute the deed it, watch over it, every which lacks some of the
(perhaps to accept hour, every minute! elements necessary to
Unregarded its slips away
certain restrictions or transfer good title.
like a lizard, smooth,
liens), it is an slippery, faithless. Hold
indenture deed (see DEFENDANT - The
every moment sacred.
which). Give each clarity and person against whom a
meaning, each the weight civil or criminal action is
DEED RESTRICTIONS of thine awareness, each brought.
- Limitations on the its true and due fulfillment.
use of property placed Thomas Mann
DEFERRED
in the conveyancing Writer MAINTENANCE -
deed by the grantor, Repairs necessary to put
which bind all future a property in good
owners. condition. A concern of a
DEFAULT - An omission or failure to purchaser. An owner may have an
perform a legal duty. account for such maintenance.
DEFAULT JUDGMENT - Judgment DEFERRED PAYMENTS -

entered against a party who fails to (1) Payments to begin
appear in court at the scheduled at a future time.
time. (2)
Installment
DEFEASANCE - A deed, made
payments.
collaterally with a conveyancing
deed, which imposes conditions
which, if met, will defeat the
conveyance.

DEFICIENCY JUDGMENT - DELAYED RECONVEYANCE - A
Commonly, the amount for which reconveyance of a deed of trust
the borrower is personally liable on which is issued and recorded after
a note and mortgage if the transfer of title and issuance of title
foreclosure sale does not bring insurance (not showing the deed of
enough to cover the debt. Actually trust). Usually occurs when the
the judgment is for the total amount lender is in another state and will
and not for the deficiency, the not issue the reconveyance until
recovery from the foreclosure sale paid in full.
being deducted from the amount.
DELIVERY - In conveyancing, the
DEFLATION - A decrease in the placing of the property in the actual
supply of money and credit. The
value of money is increased in
or constructive possession of the D
grantee. Usually accomplished by
relation to what it will buy ( price
delivery of a deed to the buyer or
drop). Opposite of inflation.
agent of the buyer, or by recording
DEGREE - (1) A geometric measure. said deed.
360 degrees make a
DEMAND - (1) The quantity of goods
circle; 180
which can be sold at specified price,
degrees, a
in a given market, at a particular
straight
line; 90 time. (2) A letter from a lender
degrees, showing the amount due in order to
a right pay off a mortgage or trust deed.
angle, etc. DEMAND DEPOSITS - Deposits to a
Used in metes and bounds financial institution which may be
descriptions to show the direction withdrawn with prior notice.
the boundaries follow. A degree is
DEMAND NOTE - A note having no
itself divided by minutes and
date for repayment, but due on
seconds, 60 minutes making 1
demand of the lender.
degree, and 60 seconds making 1
minute. (2) A term used in DEMISE - A lease or conveyance for
inheritance to show the closeness life or years. Loosely used to
of blood relationships. (3) Extent, describe any conveyance, whether
such as 1st degree murder. (4) That in fee, for life, or for years.
which is received upon graduation
from school, such as a law degree.

DEMOGRAPHICS - Statistics. DEPONENT - One who makes a

Commonly refers to statistical sworn written statement
information required by certain (deposition). If the statement is an
businesses (especially chain stores) affidavit, the maker is called an
regarding a possible new location. affiant.
DEMURRER - A legal term whereby DEPOSIT - (1) Money given by the

one party states that even if the buyer with an offer to purchase.
other party’s facts or allegations are Shows good faith. Also called
true, there is still no cause of action. earnest money. (2) A natural
accumulation of resources (oil, gold,
DENSITY - (1) The degree of etc.) which may be commercially
D crowding together of people or
buildings. (2) Weight or thickness.
recovered and marketed.
DEPOSITION - Written testimony

DEPARTMENT OF REAL ESTATE - taken under oath.
The department of the state
government responsible for the DEPOSIT RECEIPT - (See:
licensing and regulation of persons Purchase Agreement.)
engaged in the real estate business.
The person heading the department
is usually called The Real Estate
BUS DEPOT
Commissioner. Other names for the
department are: The Division of
Real Estate and The Real Estate
Commission.
DEPLETION - The reduction or DEPOT - (1) A railroad or bus station.

exhaustion of an asset, such as a (2) Any place used for the storage
wasting asset, and its and protection of goods.
corresponding loss of value.
DEPRECIABLE LIFE - A tax term
DEPLETION RATE - Percentage of meaning the number of years used
the total amount of a wasting asset to determine depreciation of an
(oil, minerals, etc.) to be mined, asset (generally a building). The
drilled, or otherwise used yearly. time used is determined by the local
IRS office under general guide
lines.

DEPRECIABLE PROPERTY - DEPTH FACTOR - The increase or
Property on which a useful life can decrease of the value of a lot as the
be determined for depreciation. For depth increases or decreases; the
example: A building is depreciable frontage remains the same.
(has a lifetime) but the land under it DERAIGN - To displace, as by
is not (lasts forever). proving something to be false.
DEPRECIATION - (1) Decrease in DEROG - A slang shortening of the
value to real property improvements word derogatory. Used in reference
caused by deterioration or to information on a credit report.
obsolescence. (2) A loss in value as DESCENT - Technically, to pass by
an accounting procedure to use as succession (operation of law).
a deduction for income tax
purposes. (See specific types of
Modernly, the term includes passing D
by will.
depreciation.)
DESCRIPTION - (See: Legal
DEPRECIATION METHODS - Description.)
Accounting methods to compute the
decrease in value of an DESIGN - A
improvement. plan of a
DEPRECATION RESERVE - An structure,
account for the amount needed for encompassing
depreciation caused by time and all phases of its
use of equipment, buildings, etc. appearance and function.
Common in accounting of public DESIST AND REFRAIN - To stop
utilities. doing what one is doing, and not to
start doing it again in the future. The
DEPRESSION - The bottom of a real estate commissioner in some
business cycle, when production, states has the power to issue a
prices, and purchasing, are usually desist and refrain order when real
low, and unemployment is high. estate laws are violated.
DETERIORATION - A gradual
DEPTH CURVE - An appraisal graph
wearing away of a structure through
showing the increase or decrease in
use or exposure to the elements,
value of lots of equal front footage,
rather than a sudden destruction.
as the depth increases or
Also called physical depreciation.
decreases (depth factor).

DEVELOPER - (1) A builder. (2) One DILUVIUM - A deposit of land

who prepares the raw land for produced by a flood.
construction and then sells lots to a DIMENSION LUMBER - Lumber cut
builder. to commonly used sizes or cut to a
DEVELOPMENT - A planned custom order.
construction project, rather than DIMINISHING ASSETS - (See:
simply the building of unrelated Wasting Assets.)
buildings.
DIMINISHING RETURNS - (See:
DEVELOPMENT COST - (See; Off- Increasing and Diminishing
Site Improvements.) Returns.)
DEVELOPMENT LOAN - A loan for
D the purchase of land or off-site
DIRECT COMPENSATION - (See:
Compensation.)
improvements, rather than building
costs. The land involved is used to DIRECT COSTS - Construction costs
secure the loan. not including overhead.
DEVEST - (See: Divest.) DIRECT EXPENSE ESCALATION -

(See: Escalation Clause [3].)
DEVISE - Real estate left by will.
DEVISEE - One to whom real estate DIRECTIONAL
is given by will. GROWTH - The path
of growth of an urban
DEVISOR - A testator who leaves area. Used to
real estate. determine where
D HORIZON - Limestone deposits future development
under the C horizon. will be most profitable.
DIAGRAM RULES - A method of DIRECT REDUCTION MORTGAGE
determining the boards to be - An amortized mortgage. One on
produced from a log by drawing a which principal and interest
cross section of the log, and cross payments are paid at the same time
sections on it of the boards to be (usually monthly) with interest being
produced, leaving between each computed on the remaining
board the width of a saw kerf. balance.
DIKE - (1) A ditch or channel for DIRECT STEAM SYSTEM - A
water. (2) A barrier erected to radiator system fed from a steam
restrain the flow of water. A levee. boiler.

DISCHARGE - (See: Release.) DISPOSABLE INCOME - (See:
DISCLAIMER - (1) Statement on a Spendable Income.)
publication attempting to limit DISPOSAL FIELD - A system of clay
liability in the event the information tiles and gravel used to dispose of
is inaccurate. (2) Renunciation of a the waste draining from a septic
claim or right of another. (3) Refusal tank. The percolating qualities of
to accept an estate, either as the soil determine the extent of the
trustee or as owner. field needed. (Also called a tile
DISCOUNT - The difference between field.)
face value of an installment note DISPOSITION - The giving up or
and mortgage or deed of trust and alienating of property.
the present cash value.
DISPOSITION OF REAL ESTATE D
DISCOUNTED CASH FLOW - The STATEMENT - A statement that the
present value of future cash flow, buyer will occupy the
determined by a given discount property being
rate. purchased even
DISINTERESTED APPRAISAL - An though the buyer
estimate of value of real estate by owns other
one having no personal interest in property. The
the property. buyer states that
the other property
will be sold or
rented. Particulars must be given
Assertive behavior is active, as to any loan on the property and
direct, and honest. It the equity or rent to payment
communicates an impression
of self-respect and respect
amounts.
for others. By being DISPOSSESS PROCEEDINGS -
assertive, we view our wants, Eviction proceedings by a landlord
needs, and rights as equal
with those of others. An to remove a tenant from possession
assertive person wins by because of nonpayment of rent or
influencing, listening, and other breach of the rental
negotiating so that other agreement. The term is not widely
people choose to cooperate used.
willingly.
Patricia Haddock
Leadership Skills for Women DISBURSEMENTS - Payments
made during the course of an
escrow or at closing.

DISSEISIN - A wrongful DISTRIBUTION PANEL - A board

dispossession of someone seised containing electrical circuits which
(in rightful possession) of real distribute the main load to branch
property. circuits.
DISSOLUTION - A cancellation or DISTRIBUTION TILE - Tile, usually
annulment of a contract or business clay or cement, used in a disposal
association, such as a partnership field.
or corporation. DISTRICT - An area geographically
DISTEMPER - A mixing of paint with set apart for a specific purpose,
egg whites or size, to use as such as a congressional district or
background decoration for a drainage district. The boundaries of
painting on a wall or ceiling.
D DISTRAINT - To take (legally or
one may overlap the other.
DITCH - A trench, natural or man-
illegally) personal property and keep made, especially when used for
it until its owner performs an drainage or irrigation.
obligation. Commonly, a landlord
DIVEST - To take away. The opposite
taking personal property (furniture,
of invest.
etc.) of a tenant until rent is paid.
DIVIDED INTEREST - Different
DISTRESS SALE - A sale of property
estates in the same property, such
when the seller is
as the interest of owner, lessee,
under extreme
mortgagee, etc.
pressure to sell. DIS
Generally the T
SA RESS DIVIDED RATE - (See: Split Rate.)
property is sold LE
DIVIDEND - A dividing into shares of
for less than market a fund of money or property for
value. distribution, as among shareholders
DISTRIBUTED LOAD - Weight of a corporation. The money or
distributed over a surface, such as property distributed is the dividend.
a floor, or along a beam or other DIVIDEND YIELD - Ratio of cash
support member, and measured in flow to cash invested, expressed as
pounds or tons per square foot of a percentage.
area.
DIVISA - A boundary, commonly of a
DISTRIBUTION BOX - (1) (See: farm. Seldom used.
Fuse Box.) (2) An underground box
DIVISION FENCE - A term used in
which receives the waste from a
ranching to describe the fence
septic tank and distributes it
separating pastures.
laterally to a disposal field.

DIVISION OF REAL ESTATE - each $500 of the taxable amount in
(See:Department of Real Estate.) most states. Some states use $1.10
DIVISION WALL - (1) A wall between per $1,000.
two buildings, but not a part of DOG - A mechanical devise
either. (2) A wall which divides a for holding logs together in
building into rooms. Differs from a a logging operation;
partition in that it is load-bearing. usually has some type of claw
DIVORCE - The legal dissolution of a which penetrates the wood.
marriage, leaving the parties with DOLPHIN - (1) A bumper around a
the results of the marriage (includes boat to prevent damage. (2) A buoy
alimony, child support, property with a ring for mooring.
settlements, etc.) rather than an
annulment which puts the parties in
DOMESTIC CORPORATION - (1) D
Refers to a state rather than a
the position they were before the county. For example: In Delaware, a
marriage. corporation organized under
DOCK - (1) A Delaware law would be a domestic
platform used operation. In New York, a
for loading corporation organized under
and unloading Delaware law would be a foreign
ships, trucks, corporation (foreign to New York).
or railroad cars. (See also: Corporation.) (2) In
(2) A landing pier for boats. (3) The international terms, refers to the
part of a courtroom where a country in which the corporation is
prisoner is kept. based. In the United States, for
example, U.S.-based corporations
DOCUMENT - (See: Instrument.) are domestic.
DOCUMENTARY TAX STAMPS -
Stamps, similar to postage stamps,
affixed to a deed, showing the There are two types of
amount of transfer tax paid. Most people - those who come
states now “stamp” the deed rather into a room and say, “Well,
then actually affixing a stamp. here I am,” and those who
come in and say, “Ah, there
DOCUMENTARY TRANSFER TAX - you are.”
A state tax on the sale of real
Frederick Collins
property, based on the sale price or
equity transferred, being $.55 for

DOMICILE - (1) A legal term DOUBLE DECLINING BALANCE

signifying a place where a person METHOD OF DEPRECIATION - A
has his or her permanent home. use of the declining balance
The most accurate meaning is the method, but with double the
layman’s understanding of the place depreciation allowable by straight
where a person “lives,” since this line. An accelerated method.
takes into consideration the intent of
the person to make a particular DOUBLE ESCROW - Two
property his “home.” (2) The state or concurrent escrows on the same
country in which a corporation is property, having the same party as
chartered (organized), such as a buyer and seller of the property.
corporation “domiciled” in the Example: Escrow 1 - “A” buys from
D United States. “B.” Escrow 2- “A” sells the same
property to “C.” “A” is using “C’s”
DOMINANT TENEMENT - A parcel
money to buy “B’s” property. The
of land which benefits from an
process is illegal in many states
easement. For example: An
easement exists over parcel A for unless full disclosure is made. (See
access to parcel B. Parcel B is the also Simultaneous Closing.)
dominant tenement; parcel A is the DOUBLE FLOOR - A floor and
servient tenement. subfloor, both of wood.
DONEE - One who receives a gift. DOUBLE FRAMING - A method of
DONOR - One who gives a gift. adding strength to framing by
doubling the amount of structural
DOOR - A sliding or hinged structure,
supports.
covering an opening to a cupboard,
closes, room, building, etc. May be DOUBLE GABLED ROOF - (See:
used as an entrance or exit. Usually Thermal Window.)
constructed of wood, glass, or DOUBLE GLAZING - (See: Thermal
metal, depending on its service. Window.)
DOOR BUCK - (See: Door Jamb.) DOUBLE HOUSE - (See: Duplex.)
DORMER WINDOW - (1) A window
DOUBLE-HUNG WINDOW - A
which rises
window which opens vertically from
vertically above
the top and bottom, containing two
the roof line of a
separate sashes with a locking
sloping roof.
(2) Originally device, usually at the center where
any bedroom the top of the lower sash meets the
window. bottom of the upper sash.

DOUBLE PITCH - The most DRAFT CURTAINS - Fire retardant
common roof for partitions (usually of sheet metal or
houses, coming dry wall) which attach to the interior
to a crest at the of a roof, to divide a building in
center and order to prevent the spread of fire
sloping away in within the building.
two directions. DRAGNET CLAUSE - A clause in a
mortgage or deed of trust which
DOVETAIL JOINT - A joint which places the real estate as security for
interlocks in a zigzag pattern, existing debts between the parties.
similar to the tail of a dove.
DRAINAGE - (1) The gradual flowing
DOWEL - A cylindrical piece of wood
used to join members together by
of liquid off a surface. (2) Any
system to remove liquid waste or
D
fitting the ends into corresponding rainwater by having it flow to a
holes of the members. designated area.
DOWER - The common law interest DRAINAGE DISTRICT - (1) A
of a wife in the property of her geographical area under the
deceased husband. Being changed authority of a single unit of local
in many states by statute to give government which controls the
more equality between men and construction and operation of the
women in property rights. drainage systems of the area. (2)
DOWN PAYMENT - Cash portion The governmental body having
paid by a buyer from his own funds, control over the area drainage
as opposed to that portion of the systems.
purchase price which is financed. DRAINAGE DITCH - Any open water
DOWNSPOUT - A pipe leading from channel, natural or man-made,
the gutters of a roof to the ground used for drainage.
and into a sewer or away from the
DRAW - (1) Portions of a
building.
construction loan, given after
DOWNSTROKE - Slang for down certain stages of
payment. completion. (2) An
DOWNTOWN - (1) In a small city or advance against
town, the business area. (2) In a future income.
larger city, a business section
reference to distinguish the area
from midtown or uptown.

DREDGE - (1) A machine which DROP SIDING - A siding applied to

drags over the bottom of a the exterior of a frame structure by
waterway, to tongue-and-groove method.
excavate or gather. DROUGHT - Lack of water due to
(2) To excavate or insufficient rainfall over an extended
gather by using a period of time.
dredge.
DRUMLIN - A long narrow hill of
DRESS - To finish or ornament, such glacial deposit, sometimes trapping
as lumber, masonry, a facing of a water and so forming a swamp at its
building, etc. foot.
DRESSER DRAWER TITLE - The
D failure to record evidence of title,
instead, placing it in a “dresser
DRY MORTGAGE - A lien which
places no personal liability on the
mortgagor, looking only to the
drawer.” Also called: Trunk Title. property for security.
DRIFT - The stress or thrust of an DRY-WALL CONSTRUCTION - Type
arch in a horizontal direction.
of construction by which the
DRIFT FENCE - A barrier to prevent interior wall is attached in a
cattle from “drifting” into an area as dry condition,
they graze. The fence does not form generally as
an enclosure. sheet materials,
DRINKING WATER - Water which as contrasted to
has been treated with purification wet plaster
chemicals and filtered (clarified) to application.
remove particles. DUAL AGENCY -
DRIP - (1) A small pipe, used to drain The representation opposing
larger pipes of condensation. (2) A principals (buyer and seller) at the
projection from a roof edge or sill to same time. In brokerage many
throw off rainwater. (See also: Drip states get around this by saying that
Cap.) the agent aids the buyer and seller
DRIVEWAY - (1) Commonly, a pays the broker. Then full disclosure
private roadway, paved or unpaved, must be made. An escrow agent is
leading from a public street to a the agent of buyer and seller and
garage or other shelter for an usually paid by both. This is why an
automobile. (2) An entrance to escrow agent must be neutral.
private land for any purpose, to be
used by a motor vehicle.

DUCTS - Any conduit holding gas, DURESS - Forcing one to do that
water, electrical wiring, etc., as a which he would not voluntarily do.
means of carrying said gas, water DUTCH DOOR - A
or electricity from one place to door divided
another. horizontally into
DUE-ON-SALE CLAUSE - (See: halves, each
Alienation Clause.) opening and closing
DUFF - Organic matter, mostly independent of the
leaves, in various stages of other, or latched
decomposition on the floor of a together to act as
forest. one door.
DWELLING UNIT (DWELLING

D
HOUSE) - The apartment, building
or group of
buildings,
occupied by a
DUPLEX - Any building containing person as a
exactly two dwelling units. Most residence.
commonly refers to the units which
are side-by-side, with a common
wall and roof.
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90 Created and copyrighted © 2004 by Ted Thomas and Jones & Trevor Marketing
E
EARNEST MONEY - (See: Deposit) EASEMENT OF NECESSITY - An
EARNINGS - Money received for easement granted by a court when it
labor or personal services rather is determined that said easement is
than a return on capital, although absolutely necessary for the use and
corporate income from all sources is enjoyment of the land. Commonly
described as “earnings.” given to landlocked parcels.
EASEMENT - right created by grant, EAVES - The margin or lower part of a
reservation, agreement, prescription roof projecting beyond an exterior
or necessary wall.
implication, which EBB TIDE - The tide is at its lowest,
one has in the or the period from high to low.
land of another. ECONOMIC LIFE - The “profitable”
It is either for
the benefit of
life of an improvement. Generally E
Utilities Easement shorter than the physical life (before
land it’s worn out).
(appurtenant), such as right to cross
A to get to B, or “in gross,” such as a ECONOMIC OBSOLESCENCE -
public utility easement. Loss of desirability and useful life of
a property through economic forces,
EASEMENT APPURTENANT - An such as zoning changes, traffic
easement for the benefit of another pattern changes, etc. rather than
parcel of land, such as the right to deterioration (functional
cross parcel A to reach B. The obsolescence).
easement will pass with the transfer
of property to a new owner. (See ECONOMIC RECOVERY ACT OF
also: Dominant Tenement; Servient 1981 (ERTA) - Laws designed to
Tenement.) stimulate the economy, including
stimulation of the real estate market.
EASEMENT BY PRESCRIPTION - (See: Accelerated Cost Recovery
(See: Prescriptive Easement.) System.)
EASEMENT IN GROSS - An ECONOMIC RENT - The market
easement for the benefit of a person rental value of a property at any
or company, rather than for the given time, even though the actual
benefit of another parcel of land. rent may be different.
Commonly, such easements as for
public utilities.
ECONOMICS - The study of the laws ELECTRICAL CURRENT - A flow of

and theories pertaining to the electricity.
creation and distribution of wealth, ELECTRIC HEATING - Any heating
either of the private sector or of system using electricity as its power
governments. source. May be a water or air
EFFECTIVE AGE - Age of a structure system.
as estimated by its condition rather ELEEMOSYNARY CORPORATION
than it actual age. Takes into - A corporation created for
account rehabilitation and charitable purposes. There are tax
maintenance. advantages accorded to such
corporations. The corporation may
EFFECTIVE DEMAND - A qualifying
operate the same as a profit-
term meaning the ability to pay as
making corporation. Commonly
well as desire to buy.
called a nonprofit corporation.
EFFECTIVE GROSS INCOME -
E (See: Adjusted Gross Income.)
EFFICIENCY - An apartment
consisting of one room, sectioned
into areas for a kitchen, bedroom,
etc.
EFFLUENT - (1) The flowing of a ELEVATION - (1) Height above sea
branch of a stream out from the level. (2) The exterior design of a
main stream. (2) The flow of structure, usually but not
sewage, either from a storm sewer necessarily, viewed from the front.
or sanitary sewer, after some stage Called a horizontal elevation. (3)
of treatment. Height measured from any point,
such as elevation from a floor.
EGRESS - A term concerning a right
Called vertical elevation.
to come and go across the land
(public or private) of another. ELUVIATI0N - The movement of soil
Usually part of the term ingress and materials, either in a downward or
egress. horizontal direction, caused by
excessive water in the soil.
EJECTMENT - Most commonly, a
court action to recover real property, EMBLEMENTS - Growing crops.
usually by eviction of a tenant. In Considered chattels which may be
some states, an action to enforce removed by a tenant at the
specific performance. expiration of the lease.

EMINENT DOMAIN - A END LOAN - (See: Take Out loan.)
governmental right to acquire ENDORSEMENT, INDORSEMENT -
private property for public use for The act of the holder of a note, bill,
condemnation, and the payment of check, or other negotiable
just compensation. instrument of assigning said
EMOLUMENT - Compensation for instrument by signing the back of
personal services, such as salary, the instrument, with or without
commission, or other qualification.
compensation. ENGLISH ARCHITECTURE - A
EMPHYTHEUTIC LEASE - A lease general term, encompassing the
in perpetuity or for a long period, styles of various English design, but
freely transferable by which have common
the lessee, upon the elements. The exterior
condition that the • You are the only being either of large
lessee improve the
property and pay
person on this earth
who can use your
stones, or exposed
timbers with large
E
rent. ability. stones of brick placed
EMPLOYMENT between the timbers, in
LETTER - A letter • The best way to a decorative manner.
from an employer forget your own The roof is most often of
stating the time a problems is to help slate and windows are
person has been someone else solve hinged vertically.
employed and theirs.
income from said
employment.
ENCROACHMENT - Generally,
construction onto the property of
another, as of a wall, fence, ENTIRE
building, etc. TENANCY -
English Architecture
ENCUMBRANCE, INCUMBRANCE (See: Tenancy by the Entirety.)

- A claim, lien, charge, or liability ENTITY - A separate existence or
attached to and binding real being, most commonly referring to a
property. Any right to, or interest in, corporation or other form of
land which may exist in one other business, rather than an individual.
than the owner, but which will not
prevent the transfer of fee title.

ENTRANCE - (1) The opening used ENVIRONMENTAL PROTECTION

to go into an enclosed area, such AGENCY (EPA) - The federal
as a door, gate, etc. (2) To go upon agency concerned with the
land, such as to gain entrance to, protection of our resources of land,
the point of entrance not water, and air.
necessarily being through a door, EQUAL CREDIT OPPORTUNITY
gate or other opening. ACT - Federal law granting women
ENTREPRENEUR - A certain independent status, and
businessperson, preventing lenders from considering
taking the risk such negative credit aspects as the
of loss and possibility of a woman having
gaining profit, children and dropping out of the
rather than a labor market.
salaried EQUALIZATION - (See: Board of
E employee.
ENVIRONMENT - Surroundings. As
Equalization.)
EQUATOR - The imaginary circle
an appraisal term, the separating the Northern and
characteristics of the area around a Southern
property which bear on the value of Hemispheres of
the property. the Earth, and
used as the
ENVIRONMENTAL DEFICIENCY -
starting point for
Deficiency of the area surrounding
measurements
a property (environment), which of latitude, its
decreases its value, such as poorly own latitude being
designed streets and traffic zero degrees.
patterns, a high crime rate, no
major sewer lines, etc. EQUIPMENT - As an industrial term,
everything necessary to produce a
ENVIRONMENTAL IMPACT product, such as land,
REPORT - A report of the probable improvements,
effect of a development of the machinery,
surrounding area (environmental). etc.
The report is prepared by an
independent company to federal,
state, or local guide lines.
FACTORY BUILDING

EQUITABLE CONVERSION - A legal EQUITABLE TITLE - (See: Equitable
fiction applied to a land contract Ownership.)
which treats the vendee’s (buyer’s)
interest as a real property interest EQUITY - (1) A legal doctrine based
even though the seller holds legal on fairness, rather than strict
title, and the seller’s interest as a interpretation of the letter of the law.
security interest (personal property). (2) The market value of real
This enables the buyer to act as the property, less the amount of existing
“owner” of the property without liens.
having “legal” title.
EQUITY BUILD-UP - The reduction
EQUITABLE LIEN - A lien of principal on a mortgage or deed
enforceable in a court of equity,
or trust by periodic payments, which
based on evidence of an intent
increases (builds up) the difference
between debtor and creditor to
(equity) between the property value
create a lien on specific property of
the debtor, but a failure to legally
and amount of the lien. E
create said lien. EQUITY LINE OF CREDIT - A
EQUITABLE MORTGAGE - (1) A combination of a line of credit and
lien against real property equity loan. A maximum loan
(mortgage) which is enforceable in amount is established based on
a court of equity, but does not credit and equity. A mortgage (deed
legally constitute a mortgage. (2) A of trust) is recorded against the
deed given as security for a debt potential borrower’s
will be held to be a mortgage rather property for said
than a transfer of title. Also called a maximum loan
constructive mortgage. amount. The potential
EQUITABLE OWNERSHIP - borrower has the right
Ownership by one who does not to borrow, as
have legal title, such as a vendee needed, up to the
under land contract or, technically, a amount of the
trustor under a deed or trust (legal mortgage.
title being in the trustee). Also called
equitable title. EQUITY LOAN - A loan based upon
the equity in a property. The credit
EQUITABLE RIGHT OF of the borrower is not a major factor.
REDEMPTION - (See: Equity of (See also: Personal Property Loan.)
Redemption.)

EQUITY OF REDEMPTION - periodic rental increase; (2) Cost of

Properly, the right to pay off the lien living - a clause which ties the rent
of a mortgage which is in default by to a government cost of living index,
payment of the principal interest, with periodic adjustments as the
and costs which are due. Often index changes; (3) Direct expense -
confused with the redemption the rent is adjusted according to
period after the foreclosure sale, changes in the expenses of the
which is a right established by property paid by the lessor, such as
status. tax increase, increased
maintenance costs, etc.
EQUITY PARTICIPATION - (See:
Participation.) ESCALATOR CLAUSE - (See:
Escalation Clause.)
EQUITY PURCHASER - One who
purchases the equity of another in ESCARPMENT - A cliff.
real property, either assuming or ESCHEAT - A reversion of property
E taking subject to existing mortgages
or deeds of trust.
to the state in the absence of an
individual owner. Usually occurs
EQUITY STAKE MORTGAGE - when a property owner dies
(See: Shared Appreciation intestate, and without heirs.
Mortgage.) ESCROW - Delivery of a deed by a
grantor to a third party for delivery to
EROSION - The wearing away, over
the grantee upon the happening of
a prolonged period, of rock, earth,
a contingent event. Modernly, in
or other portions of land.
some states, all instruments
ERRORS AND OMISSIONS necessary to the sale (including
INSURANCE - Insurance covering funds) are delivered to a third
losses caused by errors and (neutral) party, with instructions as
omissions of professions other than to their use.
medicine. Used by banks, real ESCROW ACCOUNT - (See:
estate companies, escrow Impound Account.)
companies, etc.
ESCROW INSTRUCTIONS -
ESCALATION CLAUSE - A clause in Instructions which are signed by
a lease providing for an increased both buyer and seller, and which
rental at a future time. May be enable an escrow agent to carry out
accomplished by several types of the procedures necessary to
clauses, such as: (1) Fixed increase transfer real property, a business, or
- a clause which calls for a definite, other assignable interest.

ESCROW OFFICER - An escrow ESTATE IN REVERSION - (See:
agent. In some states, one who Reversion.)
has, through experience and ESTATE TAX - A tax against the
education, gained a certain degree property of a deceased, based on
of expertise in escrow matters. the value of the estate.
ESTOPPEL - The prevention of one
from asserting a legal right because
of prior actions inconsistent with the
assertion.
ESTOVERS - Old doctrine allowing
ESTATE - (1) The interest or nature use, primarily of timber, by a tenant
of the interest which one has in for fuel and repair of his or her
shelter. Not much application in the
property, such as a life estate, the
U.S. today
estate of a deceased, real estate.
(2) A large home with substantial ET AL - And others. E
ground surrounding it, giving the ET CON - And husband.
connotation of belonging to a
ETHICS - With regard to professions,
wealthy person.
a code of professional standards,
ESTATE AT SUFFERANCE - (See: containing aspects of fairness and
Tenant at Sufferance.) duty to the profession and the
ESTATE AT WILL - (See: Tenant at general public.
Will.) ET UX - And wife.
ESTATE FOR LIFE - (See: Life ET VIR - Latin: meaning “and
Estate.) husband.”
ESTATE FOR YEARS - Any estate EVICTION - A court action to remove
for a definite period of time. one from possession of real
Commonly, a lease. property. Most commonly, the
removal of a tenant.
ESTATE OF INHERITANCE - An
estate which may descend to heirs. EVIDENCE OF TITLE - A document
For example: a fee estate is an establishing ownership to property.
estate of inheritance, whereas a life Most commonly, a deed.
estate is not. EXACT INTEREST - Interest based
ESTATE IN REMAINDER - (See: on a 365 day year rather than 30
Remainder.) day/month (360 day year).

EXCAVATE - To dig and then EXCESSIVE CONDEMNATION -

remove, leaving a pit or hollow. The taking under eminent domain
Used to describe the removal of of more property than is necessary
earth in construction, or coal, for the proposed use.
copper, etc. in mining. EXCHANGE - A reciprocal transfer of
real property which has certain tax
advantages over a sale. Definite
procedures must be followed in
order to qualify the transfer as an
exchange.
EXCHANGE AGREEMENT -
Instrument (contract) used in an
EXCAVATION - (1) A pit or other exchange. (See also: Exchange.)
opening which remains after the EXCLUSIVE AGENCY
E removal of dirt, minerals, etc. from
the surface of the Earth. (2) The
AGREEMENT - (See: Agency
Agreement.)
process of digging and removal of EXCLUSIVE LISTING - A written
dirt, minerals, etc., from land. contract between a property owner
EXCEPTION - (1) Specific items set and a real estate broker, whereby
forth in an insurance policy which the owner promises to pay a fee or
are not covered by said policy. (2) commission to the broker if certain
Any item specifically excluded. real property of the owner is sold
during a stated period, regardless
EXCESS CONDEMNATION - The
of whether the broker is or is not the
taking under eminent domain of
cause of the sale. The broker
more property than actually
promises to put forth its best efforts
necessary for the intended purpose.
to sell the property, and may make
This happens frequently, the excess
specific promises as to advertising
property being sold at auction after
or other promotion in certain
completion of the project.
instances.
EXCESS INCOME - (See: Excess
EXCLUSIVE RIGHT TO SELL -
Rent.)
(See: Exclusive Listing.)
EXCESS RENT - Rental income
EXECUTE - To complete; to fulfill a
(usually under a lease) which
purpose, such as to execute an
exceeds the fair rental value of the
instrument, meaning to sign, seal
property.
(modernly, to notarize), and deliver.

EXECUTED SALE - One which is EXPANSION JOINT - Any
final and completed. connection of two members which
EXECUTION SALE - Sale of real allows for movement of the
property, under a writ of execution members when effected by
by a court. A judicial mortgage pressure toward or away from the
foreclosure sale is in this category. connecting area (joint). A joint in a
bridge, building, or similar structure,
EXECUTOR - One who is appointed
allowing for expansion or
under a will to carry out (execute)
contraction of the parts of the
the terms of the will.
structure from temperature change.
EXECUTORY’S DEED - A deed
issued by the executor of an estate. EXPENSES - (See: Operating
(See: Executor.) Expenses.)
EXECUTORY CONTRACT - A EXPENSES OF SALE - The costs
contract under which there is still to
be performance. (See also:
which are attributed to the sale of
real estate. They would include
E
Executory Sale.) commission, loan points, title and
EXECUTORY SALE - A sale not fully escrow fees, documentary transfer
completed, such as (at least in tax, etc.
theory) a land contract sale. (See
also: Executed Sale.) EXPERT TESTIMONY - Testimony
by one acknowledged to have
EXECUTRIX - A female executor.
special training and knowledge in a
EXEMPLARY DAMAGES - particular subject. Only testimony
Damages to punish (make an on the subject in which the witness
example of) the offender. This is is “expert” is considered expert
done when the wrong is deliberate testimony.
or grossly negligent and
compensatory damages do not EXPERT WITNESS -
appear to be sufficient. One acknowledged
EXIT - (1) The leaving or departing, to have special
usually of a person. (2) The place training and
through which one leaves, as a knowledge of a
door, gate, etc. particular
subject and
EXPANSIBLE HOUSE - A house
testifying on that
specifically designed for later
subject.
additions or expansion.

EXPOSURE - (1) The degree to EXTENDED COVERAGE - With

which a property for sale, lease, etc. reference to insurance, coverage
is made noticeable (exposed) to beyond the normal (standard) policy
potential buyers, tenants, etc.
through advertising, multiple listing EXTENSION - A continuing under the
groups, etc. (2) The direction in same conditions, as opposed to a
which a property faces. For renewal, which implies new terms
example: does a store depending or conditions.
on walk-in trade face the sun in the
EXTENSION OF MORTGAGE -
morning when people walk in the
(See: Extension.)
sun to get warm (eastern exposure),
or face the sun in the afternoon EXTERIOR - The outside surface of
when people walk in the shade to any structure.
keep cool (western exposure.)
EXTERIOR FINISH - The outside
E EXPRESS - Clear and definite; set
forth, as opposed to implied.
covering of a structure, such as
wood, brick, stucco, etc.
EXPRESSWAY (FREEWAY) - A EXTERIOR WALL - The outer
highway (usually divided) with vertical surface of a structure, which
control of access, and with major encloses the entire structure, and
streets crossing it at a different the dimensions of which are used to
grade level. Distinguished from “toll find the gross area of the enclosure
road” in that no fee is charged to for appraisal purposes.
those using the expressway.
EXTRAORDINARY PROPERTY
EXPROPRIATION - Taking, as under LOSS - An accounting procedure
eminent domain. The word has which includes the depreciated
come to be used in connection with value of property from unanticipated
a foreign location, such as a foreign damage not
government taking an American insured.
industry located in the foreign
country. The word is used instead of
eminent domain in Louisiana.

F
FACADE - The main face or front FAIR CREDIT REPORTING ACT - A
elevation of a building federal law giving one the right to
see his or her credit report so that
FACE - (1) The front or facade of a errors may be corrected. A lender
structure (See also: Facade.) (2) The refusing credit based on a credit
positioning of a structure, (as to front report must inform the buyer which
[face] the ocean.) (3) To surface or company issued the report. The
cover the front or outer surface of an buyer may see the report without
object. (4) The outside or main charge if refused credit, or for a
appearance of the surface of an charge if just curious.
object.
FAIR MARKET VALUE - Price that
FACE BRICK - A probably would be negotiated
treated brick, between a willing seller and willing
usually glossy buyer in a reasonable time. Usually
and of even arrived at by comparable sales in the
quality, made for
use as an
area.
FAIR RENTAL - (See: Economic
F
exterior finish.
Rental.)
FACED WALL - A masonry wall, using FAIR VALUE - The setting of a
different materials as a facing and reasonable value by a court or board
backing, but with facing and backing for the establishment of public utility
bonded as one unit for load-bearing. rates.
FACE VALUE - The value of notes, FAIRWAY - (1) The deepest part of a
mortgages, etc., as stated on the river or bay, through which boats
face of the instrument, and not travel. (2) A passageway kept open
considering any discounts in a harbor or bay for boats to enter
or exit. (3) A portion of a golf course,
FACTOR - Purchasing accounts bounded on its width by the rough
receivable from a business at and on its length by the tee and the
discount. green.
FAIR CASH VALUE - (See: Market
Value.)
FALLOW - (1) Land tilled and FASCIA - A flat, long finishing band
prepared for planting, but not or board, used at the outer edge of
planted. A method of soil a cornice, or to conceal rafter ends.
conservation. (2) Land left idle FAST FOOD RESTAURANT - A
which would ordinarily be planted. limited menu restaurant, offering
FALSE ADVERTISING - In most quick service, low prices, and
instances when in connection with usually over-the-counter or drive-
real estate, newspaper thru service rather than table
classified advertising service.
which misrepresents FATHOM - A measure of depths,
the property, price or used at sea, being six feet.
terms. A broker may FEASIBILITY SURVEY - A study of
have its license an area before construction of a
suspended or revoked if project, to determine the probable
the offense is prolonged or financial success of the project.
deliberately fraudulent.
FEDERAL DEPOSIT INSURANCE
FAMILY ROOM - A room used CORPORATION (F.D.I.C.) - The
F informally for recreation, usually
built off the kitchen.
federal corporation which insures
against loss of deposits in banks,
FANNIE MAE - (See: FNMA) up to a maximum amount (currently
$40,000).
FAN WINDOW - (See: Circlehead
Window.) FEDERAL FAIR HOUSING LAW -
Title VII of the Civil Rights Act
FARM - (1) A large parcel of land which forbids discrimination in the
devoted to raising crops. (2) Land sale or rental of residential property
used for producing dairy products because of race, color, sex, religion
(dairy farm) or raising certain fish or or national origin.
animals, such as a lobster farm,
oyster farm, etc. (3) A geographical
One of the most lasting
area in which a real estate
pleasures you can
salesperson concentrates its experience is the feeling that
business efforts (farms). comes over you when you
FARMER HOME ADMINISTRATION genuinely forgive an enemy
- whether he knows about it
(FmHA) - The federal agency which or not.
makes, participates, and insures A. Battista
loans for rural housing and farms.

FEDERAL HOME LOAN BAND FEDERAL REVENUE STAMPS -
BOARD - The board which charters Also called IRS stamps. A transfer
and regulates federal savings and of tax of $.55 per $500, based on
loan associations, as well as the sale price of real estate (less
controlling the system of Federal remaining loans). The tax ended as
Home Loan Banks. federal tax and was taken up by
most states with slight
FEDERAL HOME LOAN BANKS - modifications in some
Banks created under the Federal areas. (See also:
Home Loan Bank Act of 1932, In Documentary Transfer
order to keep a permanent supply Tax.)
of money available for home
financing. The banks are controlled FEDERAL ROAD -
by the Federal Home Loan Bank (See: Interstate Highway System)
Board. Savings and loans,
FEDERAL SAVINGS AND LOAN
insurance companies, and other
ASSOCIATION - A federally
similar companies making long- chartered institution for savings and
term mortgage loans may become home mortgages, under the
members of the Federal Home
Loan Bank System, and thus may
regulation of the Federal Home
Loan Bank Board.
F
borrow from one of the regional
banks throughout the country FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION - A
FEDERAL HOME LOAN BANK federal corporation insuring against
SYSTEM - (See: Federal Home loss by depositors in a savings and
Loan Banks.) loan association, in much the same
way the Federal Deposit Insurance
FEDERAL HOME LOAN Corporation insures against loss by
MORTGAGE CORPORATION depositors in banks.
(THE MORTGAGE FEDERAL TAX LIEN - A lien
CORPORATION) - A semi- attaching to property for
governmental purchaser of nonpayment of a federal tax (estate,
mortgages in the secondary market. income, etc.). A federal tax lien
The trading of mortgage securities differs from other liens in that it is
(Participation Certificates) for not automatically wiped out by
mortgages in its guarantor program foreclosing on a mortgage or trust
has been highly successful. deed recorded before the tax lien
(except by judicial foreclosure).

FEE - (1) Modernly, and not in strict FENCE - A barrier,

legal terms, synonymous with fee usually to enclose
simple or “ownership.” (2) A charge one’s property;
made by a landlord to a tenant, may be made of
which is not refundable. For wood, brick, wire,
example: A cleaning deposit would etc.
be refunded if the tenant left the FENESTRATION -
rented property reasonably clean. A The decorative manner or plan of
cleaning fee would be a charge by placing doors or windows in a
the landlord for cleaning the rented structure.
property and would not be refunded
regardless of the condition of the F.H.A. (FEDERAL HOUSING
ADMINISTRATION) - A federal
property.
agency which insures first
FEE SIMPLE - An estate under mortgages, enabling lenders to loan
which the owner is entitled to a very high percentage of the sale
unrestricted powers to dispose of price.
the property, and which can be left
FHA ESCAPE CLAUSE - A clause
by will or inherited. Commonly, a
F synonym for ownership.
stating that the buyer (borrower)
shall not be obliged to buy nor shall
FEE SIMPLE DEFEASIBLE - (See: any deposit be lost if the appraisal
Defeasible Title.) is less than the agreed upon
FEE TAIL - An estate of inheritance amount.
which specifies the descendants or FHLMC (FREDDIE MAC) - Federal
classes or heirs of the devisee who Home Loan Mortgage Corporation.
may succeed to the said estate. A federal agency purchasing first
mortgages, both conventional and
FELT - A fabric composed mainly of
federally insured, from members of
wool mixed with fur, hair or
the Federal Reserve System, and
synthetics, under heat and
the Federal Home Loan Bank
pressure.
System.
FELT PAPER - A highly FIBERBOARD - (See: Insulation
absorbent, porous paper, Board.)
used with tar or asphalt as
a roofing paper, or over FIBER GLASS - Filaments of glass
studs as an insulation. spun into a form of insulation or
materials such as used in drapes.

FICTITIOUS DEED OF TRUST - general language applicable to any
(See: Fictitious Instrument.) specific property.
FICTITIOUS DOCUMENT - A FICTITIOUS MORTGAGE - (See:
document containing general Fictitious Instrument.)
provisions but not regarding specific FICTITIOUS NAME - Commonly
property. The fictitious document is refers to a company name in a
recorded in all counties of a state. business not incorporated. The
Whenever the same type of owner files a certificate of fictitious
document is recorded regarding name. For example: Joe Smith (real
specific property, name); Joe’s
the provisions of Garage (fictitious
the fictitious Authority is inner name.) Also called a
document are confidence—a trust in
D.B.A. (Doing
incorporated by your skills and abilities.
Business As.)
reference, saving It comes from the
both the costs of inside, from an attitude FIDELITY BOND -
printing, and of “I can do that. I Insurance covering
deserve success.” an employer for loss
recording extra
pages.
Thiss attitude radiates
outward as you assert
caused by dishonest
acts of specific
F
FICTITIOUS your rights, honestly employees.
INSTRUMENT - ask for what you want
An instrument and need, and develop FIDUCIARY - One
(usually a a willingness to give to acting in a
others and yourself. relationship of trust,
mortgage or deed
regarding financial
of trust) which is Patricia
Haddock transactions.
recorded not on
specific property FIELD TILE - A
but to be incorporated by reference series of tiles placed
into future mortgages or deeds of at the base of the superstructure to
trust. This is done by reference to retard seepage of ground waters
the recording information of the through the foundation. (See also:
fictitious instrument in the Disposal Field.
instrument recorded against specific FILL - (1) To supply an area with
property. This shortens the latter additional material (fill) to raise or
instrument and thereby cuts costs of obtain a uniform grade level. (2)
printing, paper, recording, etc. The The materials used for fill such as
fictitious instrument contains dirt, gravel, etc.

FINAL DECREE - A decree FINISH HARDWARE - (See:

completely deciding all pending Hardware.)
matters before a court and obviating
the need for further action. FIREBACK - (See: Chimney Back.)
FINANCIAL CORPORATION - A FIREBRICK - A brick specially made

general term encompassing of clay which can be exposed to
companies dealing in finance, such extremely high temperatures
as banks, savings and loan without damage. Used in furnaces,
associations, insurance companies, fireplaces, and similar high-
and similar companies. temperature areas.
FINANCIAL STATEMENT - An FIRE INSURANCE - Insurance
accounting statement showing against loss or damage by fire to
assets and liabilities of a person or specific property. May also include
company. Used generally for large
other coverage.
loans or other instances when the
credit report (history of payment of FIREPLACE - A square, rectangular,
debts) in itself is not sufficient. or arched opening, usually in a wall
F FINDER’S FEE - A fee paid to at the base of
a chimney,
someone who finds a buyer or
property for a broker, buyer, etc. lined with
The term is sometimes used to stone or
attempt to pay a commission to an masonry, and
unlicensed person. Generally, a used for an
finder’s fee is considered a open fire
commission and may only be paid within a structure. Modernly, a
to one who holds a real estate decorative, more than necessary,
license. part of a home.
FINISH FLOOR - The flooring over FIREPROOF CONSTRUCTION -
the subfloor, usually of hardwood, Having all exposed and load-
tile, or other finish on which one bearing members or a non-
may walk. In some modern
combustible material, and structural
construction where carpeting is
members which can be injured by
installed by the builder, plywood is
used as a finish floor. fire (such as iron or steel) protected
by non-combustible materials.

FIRE-RESISTIVE - Able to withstand first chance to buy the property if
specified temperatures for a certain the owner decides to sell. The
time, such as a one-hour wall. Not owner must have a legitimate offer
fireproof. which the lessee can match or
refuse. If the lessee refuses, the
FIRE ROCK - (See: Igneous Rock) property can then be sold to the
FIRE SPRINKLER SYSTEM - (See: offerer.
Sprinkler System.) FIRST USER - A tax term signifying
the one who builds or buys property
FIRE STOP - A means of preventing and is the first one to put the
fire or smoke from traveling through buildings to use. Certain tax
a structure by filling concealed air (depreciation) advantages are given
spaces with fire-resistive materials. to a first user. The term concerns
FIRE WALL - A wall to divide parts of only depreciable property
(improvements) and prior use of the
a building, and prevent the spread
land only (farming) would not be
of fire. Should rise from basement
considered.
level to a minimum of three feet
above roof level, and all openings
through the wall should be
FISCAL YEAR - An accounting year,
which may be the calendar year or
F
protected by fireproof doors. any other one-year period. The
United States’ budget is based on a
FIRM COMMITMENT - (See: fiscal year from July 1 to June 30.
Commitment [2]; Conditional
FIXED ASSETS - Permanent assets,
Commitment.)
necessary for the operation of a
FIRST BOTTOM - The flood plain of business, such as buildings, heavy
a river or stream. machinery, etc.
FIXED LIABILITY - A liability that will
FIRST MORTGAGE - A mortgage
not mature during a company’s
having priority over all other
fiscal period, such as a 20 year
voluntary liens against certain
mortgage.
property.
FIXED RATE MORTGAGE - A
FIRST REFUSAL RIGHT - A right, mortgage having a rate of interest
usually given by an owner to a which remains the same for the life
lessee, which gives the lessee a of the mortgage.

FIXED WINDOW - A window which four flat. Flats are no longer built
has no moveable parts, such as a having given way to duplexes, four-
picture window. plexes, etc.
FIXTURES - Personal property which FLAT COST - The direct cost of labor
is attached to real property, and is and materials used in construction
legally treated as real property while of a project.
it is so attached. Fixtures, not FLAT LEASE - (See: Straight Lease.)
specifically excepted from an
accepted offer to purchase, pass
with the real estate. FLAT ROOF - A roof
FLAGSTONE - A decorative, flat, having an almost
slate-like stone, used in walkways level surface, except for
and patios and processed in a either being slightly
variety of colors. convex, to allow drainage toward its
edges, or slightly concave, allowing
FLANGE - A projecting border, edge, water to drain at the center of the
rim, etc. used as a means of roof.
attachment to another object, as a
F method of adding strength, stability,
etc.
FLEXIBLE CONDUIT - A conduit that
can flex (bend) to reach from
another line (gas, electric, etc.) to
FLANK - The side of any structure, the point of intended use.
hill, etc.
FLEXIBLE INTEREST RATE - (See:
FLASHING - Variable Interest Rate.)
Sheet metal or FLEXIBLE LOAN INSURANCE
similar PLAN - (See: Pledged Account
material, used Loan.)
at different
points in a FLEXIBLE RATE MORTGAGE -
structure to (See: Adjustable Mortgage Loans.)
prevent water seepage, such as
FLIGHT PATTERN - The path
around vent pipes, chimneys, etc.
(pattern of flights) used
FLAT - A building containing a single by airplanes for
living unit on each floor, and approaching
sometimes referred to by the and departing
number of units, such as two flat from an airport.

FLIP - Flexible Loan Insurance Plan. FLOOR - (1) The inside bottom or
(See: Pledged Account Loan.) lowest horizontal surface of a room,
FLITCH BEAM - A beam formed by on which one walks or stands. (2)
two or more timbers, cut The different levels (stories) in a
lengthwise, called flitches, between building, such as main floor, second
any two of which is placed a metal floor, etc.
plate for additional strength, and all FLOOR DRAINS - Sewer drains In
pieces are bolted together. the floor of a building, used where
FLOAT - Funds in collection. The there may be a heavy accumulation
amount of a check in the of water, such as in a basement of
possession of one bank but drawn a house or where floors may be
on another is the float. cleaned with a hose, such as in on
industrial building.
FLOATING RATE - (See: Variable
Interest Rate.) FLOOR FURNACE - A furnace
placed directly below a floor, which
FLOOD - An overflowing of a body of has no ducts and heats only
water from its normal boundaries, through a grill in the floor.
so that land usually dry is covered
FLOOR HANGER - An iron, stirrup-
with water. May be a regular
occurrence (sometimes even
like brace, used to support a floor F
joist.
desirable for
farming) or a FLOOR JOIST - A joist used to
disaster, if support flooring placed over it.
severe. FLOOR LOAD - The live load in
pounds per square foot, which a
FLOOD
floor is capable of holding safely.
INSURANCE - Insurance
indemnifying against loss by flood FLOOR LOAN - The lower of two
damage. Required by lenders amounts of a single take-out loan.
(usually banks) in areas designated For example: A lender agrees to
(federally) as potential flood areas. loan on an office building being
The insurance is private but constructed, in the amount of eighty
federally subsidized. percent of appraised value if the
building is seventy-five percent
FLOOD PLAIN - The extent of the
occupied, but only seventy percent
land adjoining a river, which,
of appraised value if the building is
because of its level topography,
less than seventy-five percent
would flood if the river overflowed
occupied. The lower amount is the
its banks.
floor.

FLOOR OF FOREST - The covering FLOW TIDE - High tide. The highest
of the ground of a forest, composed tide under normal weather
of partially decomposed vegetation, conditions, as determined by the
twigs, etc. Also called duff. phases of the moon.
FLUE - (1) The opening or
passageway in a chimney through
which smoke, gases, etc., pass
from a building. (2) Any opening or
passageway for the elimination of
FLOOR PLAN gases, fumes, etc.
- The layout of a building or FLUME - (1) A natural gorge or
portion of a building (apartment, ravine, through which a stream
office, etc.), showing the size of the
flows. (2) An artificial channel,
rooms and the purpose of each
inclined as a chute and used to hold
(bath, bedroom, etc.) A good floor
running water on which logs are
plan should be very important to a
floated from one place to another.
builder, since it will be important to
buyer or tenant. FLUORESCENT LIGHTING -
F FLOOR TIME - A period during the
Tubular glass lights, the interior of
which has a fluorescent coating.
working day when a specific
salesperson is responsible for Light is produced by the action of a
general inquiries (walk-in or stream of electrons upon the
telephone) regarding property in a coating.
brokerage office. This is generally FNMA (FANNIE
established as a set, rotating MAE) - A
number of hours per week for each private corporation dealing in the
salesperson. When a salesperson purchase of first mortgages, at
is “on the floor” he or she must be in discounts.
the office or make arrangements
FNMA BUYDOWN - FNMA (Federal
with another salesperson to cover
National Mortgage Association)
the floor during those hours.
accepts loans containing a buy-
FLOWAGE EASEMENT - Not an down provision on single-family
easement by agreement, but the residential, owner-occupied
common-law servitude of land of a properties. A prepayment (points)
lower grade level to allow water will buy a lower rate of interest
from land of a higher level to flow during the first one to five years of
across it.

the loan. Restrictions apply as to FORECLOSURE - A proceeding in or
the amount of the buy-down and out of court, to extinguish all rights,
rise in payment amount as the loan title, and interest, of the owner(s) of
progresses. property in order to sell the property
FOOTING - A foot-like projection at to satisfy a lien against it.
the base of a foundation FORECLOSURE SALE - A sale of
wall, column, pier, etc. property used as security for a debt;
used to secure, support, to satisfy said debt.
and help eliminate settling
or shifting. FOREIGN CORPORATION - A
corporation incorporated in another
FORCED-AIR FURNACE - A furnace state. In New York, for example, a
having a fan or blower which forces Delaware corporation would be a
the warm air through the ducts, foreign corporation. (See also:
rather than having the air circulated Corporation; Domestic
by gravity. Corporation.)
FORCED PRICE - The price paid at FORESHORE - The shore between
a forced sale. the average line of the flow tide and
FORCED SALE - A sale which is not
the voluntary act of the owner, such
the average line of the ebb tide. F
FOREST - A large area of land,
as to satisfy a debt, whether of a
covered with a healthy growth of
mortgage, judgment, etc. The
trees and underbrush.
selling price under such a sale
would not be considered market
value.
FORCED VALUE - (See: Forced The powerful person is a
Sale.) master networker. Good
networking increases your
FORCE MAJEURE (FRENCH) - A visibility and gives you a
force which cannot be resisted. In valuable circle of people
other words, something beyond the from whom you can give
control of the parties involved. and receive support and
Includes Acts of God and acts of information. Imagine
yourself as the hub of a
man (riots, strikes, arson, etc.) wheel surrounded by
Used primarily in insurance but may spokes of contacts.
be extended to any type of
Patricia
performance contract, such as Haddock
construction.

FORFEITURE - The taking of an FOUNDATION - The part of a

individual’s property by a building which supports the
government, because the individual superstructure, usually below
has committed a crime. In the ground level.
United States, private property
FOYER - The open area or hallway
cannot be taken, except by eminent
upon entering a building, such as in
domain upon payment of just
compensation, or for nonpayment of a theater or hotel; also found in
taxes. many homes, (see also: Lobby.)
FORGERY - A false signature or FRACTIONAL APPRAISAL - An

material alteration with intent to appraisal of a portion of property,
defraud. The forged signature of the such as the value of a leasehold
grantor will not pass title regardless interest, value of an improvement
of recording or lack of knowledge by without land, etc.
the grantee or future grantees. Title FRACTIONAL INTEREST - (See:
insurance will insure against Divided Interest.)
forgery. The word may extend
beyond signatures (forged FRACTIONAL PROPERTY - A part
of a property considered separately
F paintings, documents, etc.).
from the whole property (usually for
appraisal or insurance purposes.)
FRACTIONAL RATE - (See: Split
Rate.)
FORMICA™ - A
synthetic material FRAME CONSTRUCTION - Type of
under a trade name. Mainly used for construction in which the structural
counter-tops in kitchens, parts are of wood or are dependent
bathrooms, etc. Other uses include on a wooden frame for support.
paneling, facing of wallboards, etc.,
FRAME HOUSE - Commonly used
as a durable interior finish.
to describe a wood-sided house.
FORMS - (1) Restraints, such as (See also: Wood Frame
plywood sheets, to control the Construction)
shape of poured concrete until it
FRAMING - The outer structural
hardens. (2) A general term
meaning instruments which are not member of a building or part of a
unique, but printed in quantity, building, such as window framing,
usually with blank spaces to be or the skeletal support of members
filled in to identify specific facts. of a building.

FRANCHISE - (1) A statutory right FREE-STANDING BUILDING - A
which could not be exercised in the building containing
absence of these statutes such as one business, rather
the statues enabling persons to than a row of stores
form a corporation. Since a or businesses with a
corporation is created by the common roof and
statute, it could not be formed side walls.
except by the grant of the
legislature. (2) A combination of FREEWAY - A highway with ramp,
individual ownership and central entrances and exits only, all
control. One may own a fast food crossroads at a different grade
restaurant, hotel, hardware store, level, and charging no tolls or fees.
etc., yet use the name of a national FRENCH CURVE - A draftman’s tool
company. Each individual owner used in drawing noncircular curves.
pays for the name use, advertising, Also called an irregular curve.
and may be required to make
certain purchases (napkins, buns,
etc.) from the national company.
The individual benefits from the
name and advertising. The real
F
estate brokerage business was
FREON - The gas added to a
slow to use the franchise method,
refrigerator or air conditioner which
but now has many companies
produces cold.
operating in this manner.
FRESCO - A method of painting on a
FRAUD - A deception, intended to
wall of wet plaster. The paint
wrongfully obtain money or property
becomes part of the wall and
from the reliance of another on the
remains much longer than if simply
deceptive statements or acts,
painted on a dry plaster wall.
believing them to be true.
FRIABLE - Easily reduced to powder
FREE AND CLEAR - Real property
or crumbled. Nonpliable.
against which there are no liens,
especially voluntary liens FRONT - (1) The external portion
(mortgages). (face) of a building, which usually
contains the main entrance. (See
FREEHOLD - An estate, at least of
also: Facade.) (2) That portion of
duration of a lifetime or of fee.
land bordering on a river, ocean,
street, etc.

FRONTAGE ROAD - (See: Service FULL DISCLOSURE - In real estate,

Road.) revealing all the known facts which
FRONT ELEVATION - (See: may affect the decision of a buyer
Elevation [2].) or tenant. A broker must disclose
known defects in the property for
FRONT FOOTAGE - Linear sale or lease. A builder must give to
measurement along the front of a a potential buyer the facts of the
parcel, that is the portion fronting on new development (Are there
the major street or walkway. , adequate school facilities?; Sewer
FRONT FOOT COST - A facilities?; An airport nearby?; etc.)
determination of the value of real A broker cannot charge a
property based on a value per foot commission to buyer and seller
as measured along the frontage of unless both know (disclosure) and
a parcel. Usually used with agree.
commercial property. FUNCTIONAL - The ability of
FROSTLINE - The depth to which anything to perform its intended use
the soil freezes. or purpose.
F FRUCTUS INDUSTRIALES - Those

things created by the labor
FUNCTIONAL OBSOLESCENCE -
The need for replacement because
(industry) of man rather than by a structure or equipment has
nature alone. For example: A become inefficient because of
planted crop rather than an iron ore improvements discovered or
deposit. Important because Fructus invented since its construction.
Industrials is treated as personal
property. (See also: Emblements FUNDS - Money available for a
Fructus Naturales.) qualified purpose, such as loan
funds for F.H.A-insured loans,
FRUCTUS NATURALES - Produced conventional loan funds, etc.
by nature alone, such as trees (not
planted by man), or FURLONG - A
mineral in the linear measure,
1
ground. Considered /8 of a mile,
real property. (See used in horse
also: Emblements; racing.
Fructus Industriales.)

FURNACE - An enclosed heating sale. For example: A loan
device. Modernly, a box-shaped unit agreement may state that the loan
containing a burner, which is fed oil is a lien on all property presently
or gas through a pipe. The heat owned or which the borrower may
from the burning gas or oil is acquire in the future. (See also:
circulated, usually with the aid of a After Acquired Property; After
fan, through ducts to areas to be Acquired Title.)
heated. FUTURE ADVANCE CLAUSE - Also
FURNITURE AND FIXTURES - An called an additional advance
entry in an accounting statement clause. A clause in a mortgage or
referring to those items considered deed of trust which allows the
depreciable, as business fixtures borrower to time, secured under the
and furniture, rather than real same instrument and by the same
property. real property security. Contained in
FURRING - Narrow strips of an open-end mortgage or deed of
wood or metal which are trust.
applied to walls, floors, FUTURE INTEREST - A present
ceilings, etc. as a
means of leveling the
interest, but only a future right to
possession and enjoyment of the F
area before applying land, such as a remainder interest,
the surface boards or reversionary interest, etc.
laths.
FUSE - A device to prevent the
You communicate power
overloading of an electrical circuit, through your image. Do you
by containing a strip of metal which project an image consistent
melts at relatively low heat and with strong leadership?
breaks the circuit. In modern Stand tall and walk proudly,
construction, the fuse has been remembering that you have
replaced by circuit breakers. value as a person. When
you meet others, make direct
FUSE BOX - A metal box containing
eye contact and keep your
the main wiring and all electrical
handshake firm and friendly.
circuit connections, protected by Clearly state who you are
fuses. and what you do.
FUTURE ACQUIRED PROPERTY - Patricia
Property acquired after a loan or Haddock

You Have Brains In Your Head
You Have Feet In Your Shoes
You Can Steer Yourself Any
Direction You Choose! Dr. Seuss
Random House
Understand this! It’s Vital! All of the results you are currently
experiencing in your life are absolutely perfect for you. This includes
your career, personal relationships and financial status.
How Could It Be Otherwise?
The reason you are where you are in life, is simply the result of all
the choices you have made to this point. In other words, the
consistency of your positive choices, or lack of them, has given you
the lifestyle you now own.
When you accept total responsibility for this fact, you are well on
your way to enjoying piece of mind. Many people endure a life filled
with frustration because they are stuck!
You must…
Choose Wisely!
When you consistently make better choices, you create better habits.
The better habits produce better character. When you have better
character, you add more value to the world. When you become more
valuable, you attract bigger and better opportunities. This allows you
to make more of a contribution in your life. This leads to bigger and
better results and more success.
When You Get To The End Of Your Rope…

Tie A Knot And Hang On!
Franklin D. Roosevelt
32nd President
G
GABEL - Rent. A seldom used term. lender to loan the full amount of a
GABLE - The exterior wall surface, take out commitment, rather than
triangular in shape, formed by the only the floor amount. (See also:
inclined edges of a ridged roof Floor Loan; Take Out Loan.)
(gable roof). GAP FINANCING - Loans secured as
GABLE ROOF - A ridged roof, having interim financing until more
two sloping edges which, at the ends permanent financing can be
of the ridge, form a gable. obtained.
GAIN - Profit. Important for tax GARAGE - A place to keep or repair
purposes when realized from the motor vehicles; either a building
sale of a capital asset. (See also: adjacent or attached to a residence,
Capital Gain.) or as a commercial enterprise.
GALLERY - (1) A covered walkway, GARBAGE DISPOSAL - A small tank
open on one side, running along an with metal grinders, which is usually
upper story of a building, either installed under the drain in a kitchen
inside or outside. (2) The highest sink. The grinders pulverize
theater balcony, having the cheapest discarded food into particles which
seats. (3) A building or portion of a may be washed into the sanitary
building used of exhibits, such as an
art gallery.
sewer. G
GARDEN - A small parcel of land
GALLON - A liquid measure of 231 used for growing fruits,
cubic inches or 4 quarts. (See also: vegetables, or flowers,
Imperial Gallon.) which are usually not
sold, but used by the
GAMBREL ROOF - A
grower.
ridged roof, each side
having two slopes, the lower of GARDEN
which is more inclined. APARTMENT - An
GAP COMMITMENT - A commitment apartment development consisting
to loan the difference between the of two or more structures,
floor amount of a take out loan and surrounded by an abundance of
the full amount. The commitment is lawns, plants, flowers, etc., giving a
issued to enable a construction garden-like atmosphere.
GARNISH - To bring garnishment GENERAL CONTRACTOR - One

proceedings. who contracts for the construction
of an entire building or project,
GARNISHEE - The person against rather than for a portion of the work.
whom a garnishment is issued. The The general contractor hires
party holding funds of the debtor subcontractors, such
and is not the debtor. as plumbing
GARNISHMENT - A legal proceeding contractors, electrical
under which a person’s money in contractors, etc.,
the control of another (such as coordinates all work,
salary) is taken for payment of a and is responsible
debt. The amount which may be for payment to the said
taken is set by statute (usually as a subcontractors.
percentage), and in most states, a GENERAL INDEX (G.I.) - A title
judgment is necessary before insurance company term for the
garnishment. books used to find liens against
individuals which may effect real
GARRET - (See: Attic.) property, but which are not recorded
GAS STATION - (See: Service against the property being insured,
Station.) such as liens against a buyer.
G GAZEBO - An open
structure, usually
GENERAL LIEN - (1) A lien such as
a tax lien or judgment lien, which
attaches to all property of the debtor
in the garden of a
rather than the lien of, for example,
“summer house”
a trust deed, which attaches only to
where one may
specific property. (2) The right of a
sit and enjoy the
creditor to hold personal property of
view. Also called
a debtor for payment of a debt not
a Belvedere.
associated with the property being
GEM - (See: Growing Equity held. Must be done under an
Mortgage.) agreement since against general
precepts law.
GENERAL BENEFITS - In
condemnation, benefits accruing to GENERAL MORTGAGE - (See:
property not taken, but which Blanket Mortgage.)
benefits are caused by the taking.

GENERAL OVERHEAD COSTS - GEORGIAN ARCHITECTURE - A
(See: Indirect Construction Costs.) colonial style of architecture dating
GENERAL PARTNER - A member of back to the eighteenth century.
a partnership who has authority to Characterized by first-floor windows
bind the partnership and shares in extending to the ground, its exterior
the profits and losses. A partnership placements (windows, doors, etc.)
must have at least one general are simple and well-balanced, yet
partner and may have more, as well formal in appearance.
as limited partners. GEORGIAN COLONIAL
GENERAL PARTNERSHIP - A ARCHITECTURE - A more formal
partnership made up of general and elaborate form of Georgian
partners, without special (limited) Architecture.
partners. (See also: Limited GERRYMANDER - To
Partnership; divide an area into
Partnership.)
districts, against the
GENERAL PLAN - Always expect the obvious natural divisions,
(See: Master Plan.) best and you’ll see in order to accomplish an
that the outcome is unlawful purpose. For
GENERAL PLAN
spontaneously example: To divide a
RESTRICTIONS -
Restrictions imposed contained in the school district to keep out
expectation.
on an entire
subdivision, usually by Deepak Chopra
certain people for
reasons of race or G
the developer. Also religion; to divide a
called a declaration of political voting district so
restrictions. as to give power to a political party.
GENERAL POWER - (See: Power of GIFT - A voluntary transfer of property
Attorney [1].) without valuable consideration.
GEODETIC SYSTEM (THE UNITED GIFT CAUSA MORTIS - A gift made
STATES COAST AND GEODETIC in contemplation of death. The gift
SURVEY SYSTEM) - A network of is conditioned upon the death of the
bench marks (surveyor’s marks), donor and may be revoked before
located by longitude and latitude, the donor’s death.
covering the entire country.
Originally, this system was used to GIFT DEED - A deed for nominal
locate federally owned land, and consideration.
has since been extended
nationwide.
GIFT LETTER - A letter to HUD from GLASS BLOCK - A building block of

the donor (giver) stating that a gift of hollow glass, used as a decorative
money has been made to the buyer wall, but not usually a bearing wall.
in order to purchase specific
GLASS-WOOL INSULATION -
property. The relationship of the
donor and donee is stated, as well Insulation made in sheets from
as the amount of the gift. glass fibers, covered with water
resistant or asphalt-treated paper.
GIFT TAX - A federal and sometimes
a state tax on inter vivos transfers GLAZE - To finish with a glossy
without consideration. surface.
G.I. LOAN - (See: Veteran’s GLAZED BRICK - A brick having a
Administration [V.A] Loan.) glazed (glossy) surface.
GINGERBREAD WORK - Use of GLUE LAMINATED BEAMS -
ornamentation in architecture, Beams composed of layers of wood
especially pressed and glued together, and
residential, used to support roof rafters.
which adds
to emotional GNMA (GINNIE MAY) - Government
appeal, National Mortgage Association. A
rather than federal association, working with
functional value. FHA, which offers special
G GIRDER - (1) One of the heavy assistance in obtaining mortgages,
and purchases mortgages in a
beams supporting flooring joists. (2)
secondary capacity.
A metal framing member of a series
of heavy supports for a building, GNMA (GOVERNMENT NATIONAL
bridge, etc. MORTGAGE ASSOCIATION)
GIRT - A horizontal bracing member, OPTIONS - A method of purchasing
running between columns or other GNMA securities through “puts” and
vertical members to stiffen the “calls.” A GNMA Call Option is the
framing. right to buy GNMA securities at a
specific yield for a specified time. A
GLASS - A usually transparent or
Put Option is the right to sell GNMA
translucent substance, formed by
securities at a specific yield for a
the fusion of some silica, such as
sand. Glass is colored by the specified time. The buyer pays for
addition of metallic oxides, and the option and may exercise it, not
comes in a great variety of shapes exercise it, or sell it.
and sizes.

GNMA PASS-THROUGH GRACE PERIOD - A period of time
CERTIFICATES - Mortgage-backed past the due date for a payment
securities insured by the (mortgage, insurance, etc.) during
Government National Mortgage which time a payment may be
Association (GNMA). (See: made and not considered
Mortgage-backed Securities.) delinquent.
GOOD FAITH - Something done with GRADE - The degree of the slope of
good intentions, without knowledge the land.
of fraudulent circumstances, or
reason to inquire further. GRADED LEASE - (See: Step-Up
GOOD WILL - A salable asset of a Lease.)
business, based on its reputation
GRADED TAX - A property tax
rather than its physical assets.
designed to promote local
GORE - A small parcel of land, development by increasing the tax
usually triangular in shape, resulting rate on land and decreasing it on
from the failure of a legal improvements.
description to join two tracts. (Also
called: Hiatus.) GRADE SEPARATION - A structure,
such as a cloverleaf of a highway,
GOVERNMENT LOTS - Irregularly enabling
shaped parcels of land, usually roads to G
fronting on water, which could not intersect
practically to be divided into one over
sections under government survey. the other,
GOVERNMENT NATIONAL obviating
MORTGAGE ASSOCIATION - the need for a traffic light or stop
(See: GNMA.) sign.
GOVERNMENT SURVEY - The GRADIENT - The degree of the slope

survey from which our present of the land.
system of townships, sections, etc.
GRADUATED LEASE - A lease
was developed.
calling for a varying rental, usually
GPM - (See: Graduated Payment based on periodic appraisal or
Mortgage.) simply the passage of time.

GRADUATED PAYMENT GRANT - To transfer an interest in

MORTGAGE - The mortgage or real property; either the fee or a
deed or trust calling for increasingly lesser interest, such as an
higher payments over the term of easement.
the loan. This allows the buyer low GRANT DEED - One of the many
beginning payments. The payments types of deeds used to transfer real
then increase as (theoretically) the property. Contains warranties
buyer’s earnings increase. (See against prior conveyances or
also: G.E.M.) encumbrances. When title
GRAIN - (1) The direction, size, and insurance is purchased, warranties
arrangement of the fibers of wood, in a deed are of little practical
leather, etc. (2) Seeds from cereal significance.
plants, such as wheat, oats, corn, GRANTEE - One to whom a grant is
etc. (3) A small particle, such as a made. Generally, the buyer.
grain of sand. (4) A unit of weight GRANTOR - One who grants
equal to 1/7000 of a pound. property or property rights.
GRAIN ELEVATOR - (1) A structure GRANTOR-GRANTEE INDEX - The
for the processing record of the passing of title to all
and storage of grain. the properties in a county as kept by
(2) Modern farm the county recorder’s office.
machinery used
G for loading and
Property is checked by tracing the
names of the sellers and buyers
unloading grain. (chain of title). Title companies
GRANDFATHER usually have more efficient methods
CLAUSE - The by keeping records according to
clause in a law property description, rather than
people’s names.
permitting the continuation of a use,
business, etc., which, when GRAPH - A diagram representing
established, was permissible but, statistical data by the use of dots
because of a change in the law, is and lines to show a relationship
now not permissible. (See also: among things.
Nonconforming Use.) GRAVEL - Loose rock about two
GRAND LIST - The term used for the millimeters in diameter, found in
tax roll or assessment list in the great quantity, and used for
New England states. roadbeds as a surface or under-
paving.

GRAVEL PIT - An excavation from GROIN - (1) In architecture, the
which gravel is removed. (See also: curved point at which arched
Borrow Pit.) ceilings or roofs meet or intersect
each other. (2) A structure, usually
GRAVEYARD - (See: Cemetery.) of pilings, used to resist shifting of
coastal sands.
GRAVITY FURNACE - A hot-air
GROSS - Total, with no allowances
furnace which circulates by the
or deductions, such as gross acre,
different weights of hot and cold air,
gross lease, gross income, gross
rather than by a fan.
sales, inc.
GREEN LUMBER - GROSS ACRE - An
Unseasoned If you choose to see your acre (43,560 sq. ft.).
lumber, having a job as a mission...from day Distinguished from a
higher content of one until the day you net (usable) acre.
retire...you’ll never quit
moisture than that GROSS AREA - In the
loving it. Of course, the
of seasoned or air- very word “mission” implies building measurement,
dried lumber. the job you do will have an the outside dimensions
impact on others. It’s hard determine the gross
GRID - (1) A network to maintain passion for
area, irrespective of
of pipes (as for the your job when you are only
focused on yourself and the area inside actually
distribution of water
or gas). (2) A
your own personal goals.
GROSS EFFECTIVE
usable or rentable.
G
network of
uniformly spaced Thomas H. Weidemeyer INCOME - (See:
horizontal lines, as
Business Executive Adjusted Gross
on a map or chart, Income.)
used for locating GROSS INCOME -
points by coordinates. (3) A chart The scheduled (total) income,
used by insurance companies and either actual or estimated, derived
lenders for rating property, risk of from a business or property.
the borrower, neighborhood, etc. GROSS NATIONAL PRODUCT
(GNP) - The money value of all
GRIDIRON PATTERN (GRIDIRON
goods and services produced by a
PLAN) - A layout of streets in a
nation’s economy for a given period
subdivision or city which resembles
of time.
a gridiron.

GROSS PROFIT - The total profit GROUND RENT - Rent paid for
before deductions. A general term vacant land. If the property is
which varies, depending upon improved, ground rent is that
accounting procedures. portion attributable to the land only.
GROSS RENT MULTIPLIER - A GROUNDS - The area surrounding a
method of obtaining an approximate building which goes with and is of
value of income property by using the same ownership as the building.
gross yearly rents. Commonly used The
in advertising. Example: An word
apartment building is advertised at would be
7 x gross. If gross yearly rent is used if
$10,000, the asking price is the area
$70.000. The 7 represents the were
“going rate” for this type of building. substantial as
opposed to a yard.
GROSS SALES - The total sales for
(2) Strips of wood placed on the lath
a given time, before deductions for
to which molding is nailed.
refunds, allowances, etc.
GROUND WATER - Water in the
GROUND BEAM - A horizontal
subsoil or of a spring or shallow
beam, very heavy and strong,
well.
installed at ground level to support
G and distribute the weight of that part
of the building above the
GROUT - (1) Thin mortar used in
masonry work to fill
foundation. joints between
bricks, blocks, tiles,
GROUND LEASE - A lease of vacant
etc. (2) A variety of
land, or land exclusive of any
plaster used to finish
buildings on it. Usually a net lease.
ceilings of superior
GROUND LEVEL - Being at the level quality.
of the surrounding land, such as the
GROWING CROP - A crop is
ground floor of a building.
considered “growing” from the time
the seed is planted. It then stops
being personal property and
becomes part of the land passing
with the fee unless specifically
excepted.

GROWING EQUITY MORTGAGE animals, machinery, etc.
(G.E.M.) - A fixed-rate, graduated- GUTTER - (1) A channel along the
payment loan allowing low eaves to direct rainwater to a
beginning payments and a shorter downspout. (2) The channel formed
term because of higher payments by the meeting of the street and
as the loan progresses. Based on curb, where rainwater runs to a
the theory of increasing income by sewer.
the buyer and, therefore, ability to
make higher future payments. GYPSUM - An ingredient of plaster or
When state law applies, usury laws cement; it is hydrated calcium
in some states may not presently sulfate.
allow such loans when less-than- GYPSUM BLOCKS - Building
interest only payments create material used in non load-bearing
interest on interest. walls and partitions, composed of a
GROYNE - (See: Groin.) plaster-type material.
GUARANTEED MORTGAGE - (See: GYPSUM PLASTER - A coarse
Insured Mortgage.) plaster used as a base coat, or for
some exterior uses.
GUARANTOR - One who makes a
guaranty. GYPSUM SHEATHING BOARDS -
(See: Gypsum Wallboard.)
GUARDIAN - One who is court
appointed to manage the affairs of a
minor or incompetent.
GYPSUM WALLBOARD -
Commonly known as dry
G
wall. A wallboard or
GUIDE MERIDIAN - (See: Meridian.) gypsum (plaster)
GULLY EROSION - The formation of covered with a
a gully by continued erosion through paper which can
the soft topsoil (rill erosion) into the be painted or
subsoil, where a more permanent wallpapered.
channel is cut, separating areas
and preventing the movement of
We need to learn to set our course by the stars,

not by the lights of every passing ship.
Omar Bradley

NOTES:

TM
ted thomas’ $3.50
Report
Ted
Thomas
grasp on how to handle most situations in

COMMUNICATION the best way. Their thoughts are friendly to
WITH OTHERS them, whether right or wrong or good or
bad.
Have you ever noticed how some people
They have a bubble surrounding them
are always the center of attention? They al-
and protecting them from harm. The bubble
ways get attention while others, maybe you,
protects them from any information that con-
are being ignored. Then there are those people
flicts or they don’t agree with. They have
who have the ability to cause arguments,
their own reality and comfort level. They
squabbles, disagreement and controversies by
don’t want you to burst their bubble.
bringing opponents together.
If you come along, in your own protec-
You can build the bridges of communica-
tive bubble and you have your own views
tion by improving your “people skills”. Com-
of reality and you want to tell me how things
munication and Persuasion is the key. A good
are, I might not agree with you. After all,
starting point is to examine your own world.
why should I listen to you? Maybe you have
Every other person in the world, is just like
lots of reasons, but I’m not so sure, I’m go-
you, all wrapped up in their own world, which
ing to let you into my bubble. Keep in mind,
they created themselves. The thoughts in their
it’s comfortable in here and I’m my own
minds belong to them. They, like you, like
expert.
their own thoughts. They think they have a
Everything you hear is automatically
compared with what you already know. If I
B try to force new information into your
bubble, I’ll be perceived as an invader. If
U I’m going to communicate with, I better start
B learning about what you already believe and
B your belief structure.
L continued on next page...
E “When you expect good, it’s available

S constantly, and it makes itself a reality in
your life.”
Alfre Woodard
Actor
Getting Through The Bubble they appear physically open or

The secret to communication lies in getting closed to you? By observing
through the bubble so that we can communicate. successful negotiations and
For example, to talk to a Japanese person, I should communications you’ll notice
speak Japanese. To speak with Spanish people I special body postures. One
should discuss matters in Spanish. To force my of the secrets is to model your
language on them is not going to work. opponent’s body language.
The same communication problem exists in our Effective communicators

society, each group speaks its own language. With will use a technique called “mod-
complete works, meaning and nuances. Addition- eling or physical matching” They try to use the
ally, we put different semantic and emotional mean- same position as the person they are communi-
ings on words which can lead to serious problems. cating with. They stand or sit in the same posi-
tion as the person with whom they are talking. If
Get the listener to relax. The person who feels that person is sitting with their arms folded, then
threatened by something you say will develop a “ they sit with their arms folded. As the listeners
Show Me” attitude. Which translates, they may change positions, they in turn change their posi-
shut you out before you start. Once the defenses tion to model the person who is talking. This is
are up, it’s difficult to get them to relax. valuable tool to get other people to open up and
You might find ways to get them to relax by let you enter their bubble. Obviously, this is go-
building a bridge from your world to theirs. Re- ing to take practice and you’ll need to be subtle.
member, you’re inside your bubble and they are In most cases the person will not notice you
inside theirs. To communicate you’ll need to pen- are modeling their movements. On a subconscious
etrate the barrier. You need to think as the Native level they will see you as a mirror image of them-
Americas have for centuries. They have and ex- selves. People like people who are like themselves.
pression, “WALK A MILE IN MY MOCCA- They are comfortable with themselves and since
SINS.” That means to go outside your bubble and you look and act like they do, you become non-
look at life from the other person’s viewpoint. threatening. They become comfortable and you
can get inside their bubble and communicate with
them. The whole point is, you’ve got to become
Step Back and Observe like your opponent at least to get on a communi-
cation level. If you can’t communicate you’re
To communicate, you need to mentally step going to have a difficult time in the negotiation
back and observe the person with whom you are process.
talking. Ask yourself, are they receiving my ideas?
What body language are they showing you. Do
Want More...
Ted Thomas
H
HABENDUM - The clause in a deed, HALF-TIMBERED - Residential
following the granting clause, which construction exposing the timber
defines the extent of the estate of frame of the interior walls, the space
the grantee. between being lath and plaster. In
simulated half-timbering, the
HABITABLE ROOM - A room used attaching of boards (or a plastic
for living area, such as a kitchen, which is treated to resemble a
bedroom, dining room, etc., as timber surface) to the surface of an
opposed to bathrooms, closets, interior wall. In simulated half-
hallways, and similar spaces. timbering, the boards are strictly
Generally, habitable rooms are the decorative, and not load-bearing.
only ones counted in the number of
rooms in a house; bathrooms are HALL - Originally, a large building
counted separately. used as a meeting place, such as a
town hall. The term has also
HABITANCY - A legal term meaning become synonymous with “hallway”
the place which a person inhabits the latter being a relatively narrow
(lives). The lay person’s meaning of passageway between rooms.
a place where someone “lives” is HAMLET - A small village or town.
probably the closest definition.
HAND - A lineal measure
HACIENDA - An estate, farm, or equal to four inches, the
commonly, even a house. Originally, approximate width of a
the royal estate. man’s hand. Most H
Hack
Stand
commonly used to
HACK STAND - TAXI measure the height of a
An area where horse.
taxicabs may HARBOR - A natural or man-made
park to solicit sheltered area for ships to anchor.
fares. May or may not have docks and
HALF SECTION - other port facilities.
One half of a section of land, divided HARD FINISH - A smooth outer coat
either North and South, or East and of varnish, plaster or similar finish
West. (See also: Section.) material.
HARD MONEY MORTGAGE - A H-BEAM - A beam, the cross-section

mortgage given in return for cash, of which is the shape of a capital H.
rather than to secure a portion of HEAD - (1) The upper framing
the purchase price, as with a member of a door or window. Also
purchase money mortgage. called a header. (2) The beginning
HARDPAN - A compacted layer of of a river or stream.
soil, usually containing clay, through HEADER (Lintel) - A horizontal beam
which it is difficult to drain or dig. over a wall opening, such as a
HARDWARE - In construction, the doorway, fireplace, etc. The header
metal accessories, such as is attached to vertical framing
doorknobs, hinges, locks, etc. members, and spreads the weight
from above to these members.
HARDWOOD - Wood used for
interior finish, such as oak, maple, HEAD OF A FAMILY (HEAD OF
and walnut. Although the term HOUSEHOLD) - A term used in
homestead exemptions to
originally referred to the
designate the person in charge of
type of tree and not the
managing and supporting a family.
hardness of the wood,
It need not be a parent.
modern usage
usually refers to the HEARTH - (1) The fireside. (2) The
hardness of the fireplace floor, of
wood. stone, brick, tile,
HARMONIOUS -
Blending compatibly, as parts of
H buildings, buildings in a
neighborhood or subdivision, etc.
HEARTWOOD - A
dead portion of a
tree, no longer producing sap. The
HATCHWAY - Usually describes a
wood from the center of the tree
door in the deck of a boat. A door in (pith) to the wood which produces
the ceiling or floor of a building, sap (sapwood).
giving access to the attic or cellar.
HEATER - Connotes a device
HAZARD INSURANCE - Real estate working by itself to heat a small
insurance protecting against loss area (space heater), rather than a
caused by fire, some natural heating system, composed of a
causes, vandalism, etc., depending central source of heat (furnace) and
upon the terms of the policy. pipes and ducts which heat several
spaces.

HEATING SYSTEM - A general term HEIR - One who by law, rather than
encompassing any system by will, receives the estate of a
designed to heat a structure in its deceased person.
entirety, as opposed to a space HEIRS AND ASSIGNS - Words
heater. usually found in a deed, showing
HEAT PUMP - A pump used in either the interest the grantee is receiving.
heating or cooling. A deed to “A, his heirs and
assigns,” would grant the property
HEAVY INDUSTRY - Any industry to A with the right to
designated “heavy assign said property or
industry” under a have it descend to A’s
Nothing in the world will take
zoning ordinance. the place of persistence. Talent heirs upon A’s death.
Usually connected will not; nothing is more This would be
with some type of common than the unsuccessful considered a fee
pollution such as person with talent.
interest (estate). This
Genius will not; unrewarded
air, water or noise would differ from, for
genius is almost a proverb.
pollution. Education will not; the world is example, a life estate
HEAVY STEEL full of educated derelicts. granted to, which
Persistence and determination would terminate upon
FRAME - A building alone are omnipotent. The
having heavy steel A’s death and could
slogan “press on” has solved
beams, girders, or and always will solve the
not be inherited by A’s
other framing problems of the human race. heirs.
members, which Calvin Coolidge
HEREDITAMENTS -
carry heavy floor (1) Anything which
loads.
HECTARE - A French unit of
could be considered
real property. (2) H
Anything which may be inherited.
measurement, equaling 10,000
square meters (2.471 acres). HETEROGENEOUS - Any appraisal
term describing an area composed
HEEL - That part of a vertical framing of buildings of varied styles or
member which rests closest to the users. Not as desirable as
floor. homogeneous property.
HEIGHT DENSITY - A zoning term HIATUS - (See: Gore.)
referring to the regulation of
maximum building heights for HIGHEST AND BEST USE - The
use of land which will bring the
structures in given areas.
greatest economic return over a
given time.

HIGH-RISE APARTMENT HIP ROOF - A roof with four sloping

BUILDING - An apartment building sides which rise to a ridge. Usually
considered “high” in the area where found on garages or church
it is built. There is not a national steeples. Also called a pyramid roof.
height standard.
HISTORICAL COST - The cost of a
HIGH-WATER LINE - The line on the building when first constructed, as
shore to which high tide rises under opposed to the original cost (cost to
normal weather conditions. the present owner), although they
HIGHWAY - Technically, any public may be the same.
road, regardless of size. Most
commonly, a paved HOGWALLOWS - Small depressions
road which carries formed by heavy rains, resembling
traffic at high the depressions left after the
speeds. wallowing of hogs.
HOLDBACK - Portion of a loan held
HIGHWAY CAPACITY back by the lender until a
- The number of vehicles which may contingency is met. In the sale of a
move along a highway at the same home insured by V.A. or F.H.A.,
time. The number may vary as the funds may be held back to make
type (size) of the vehicles vary, necessary improvements to bring
speed limit changes, access the property to V.A. or F.H.A.
changes, etc. standards. The money to make
HIGHWAY FRONTAGE - “these” repairs may not be available
H Technically, land which fronts on a
highway. For purposes of
until closing. One-and-one-half to
double the estimated amount
determining value, land which fronts necessary is held back. If repairs
on and has access to a highway. are not made in the time allowed,
these funds are used to make the
HIP - The convex angle at the repairs. In construction financing,
exterior meeting of the sides of a funds are held back until, for
hip roof. example, a certain percentage of a
HIP RAFTER - The rafter which subdivision has been sold, or a
forms the intersection of a convex certain portion of a building has
roof angle. been completed.

HOLDER IN DUE COURSE - A HOLLOW-NEWELL STAIR - A
holder of a check or note who circular stairway having a hollow
takes, for value and in good faith, center. Usually the curve of the
the note before it is overdue or the circle is severe.
check without knowledge that it has
HOLLOW WALL - (See: Cavity
bounced, if, in fact, it has.
Wall.)
HOLD HARMLESS AGREEMENT -
HOLOGRAPH OR HOLOGRAPHIC
(See: Indemnity Agreement.)
WILL - A will written and executed
HOLDING ESCROW - An open entirely in the handwriting of the
escrow for the life of a land testator.
contract, under which the escrow
HOME FINANCING - A banking term
holder may be empowered to
for loans to construct or property of
collect the payments due under the
no more than 4 units.
contract and pay underlying
encumbrances, and record a deed HOME OWNERS’ ASSOCIATION -
and purchase money mortgage, (1) An association of people who
which are executed at the time of own homes in a given area, formed
the inception of the land contract for the purpose of improving or
and held in the escrow, in the event maintaining the quality of the area.
of default by the vendee. A (2) An association formed by the
cumbersome and costly method not builder of condominiums or planned
used in all states, and in states developments, and required by
where used, rapidly being replaced statue in some states. The builder’s
by the security (installment) land
contract.
participation as well as the duties of
the association are controlled by
H
HOLDING PERIOD - The time period statute.
used by the IRS to determine a HOME OWNERSHIP - Ownership as
long- or short-term capital gain. The opposed to a
period during which the taxpayer rental status.
owns the capital asset. (See also:
HOLD OVER TENANT - A tenant Ownership.)
who retains possession after the
expiration of a lease.

HOMEOWNER’S INSURANCE - HOOD - A projecting canopy, as over

Includes the coverage of Hazard a door or window. Any covering
Insurance plus added coverage serving the protective purpose of a
such as personal liability, theft away clothing hood.
from the home (items stolen from
inside the car), and other such HOPPER - A device used on the
coverage. sides of hospital windows to prevent
drafts.
HOMESTEAD - The dwelling (house
and contiguous land) of the head of HOPPER WINDOW - (See: Hospital
a family. Some states grant Window.)
statutory exemptions, protecting
homestead property (usually to a HORIZON - (1) The line where the
set maximum amount) against the sky and ground
rights of creditors. Property tax appear to meet
exemptions (for all or part of the tax) when viewed
are also available in some states. from a
Statutory requirements to establish distance. (2) A
a homestead may include a formal layer of soil. (See
declaration to be recorded. specific Horizons A, B, C, & D.)
HOMESTEAD EXEMPTION - (See:
HORIZONTAL - Parallel to the
Homestead.)
horizon. From side to side, rather
HOME WARRANTY INSURANCE - than up or down.
Private insurance insuring a buyer
HOSPITAL - An institution where
H against defects (usually in
plumbing, heating, and electrical) in care, nursing, and surgery are
the home that he or she has performed for the sick and injured.
purchased. The period of insurance May be government, or privately
varies and both new and used owned.
homes may be insured.
HOSPITAL WINDOW - A window that
HOMOGENEOUS - Similar or the opens inwardly from bottom hinges
same. In appraisal, an area having and has hoppers (draft prevention)
similar style properties or properties on its sides.
of similar use is considered more
valuable than a heterogeneous HOT AIR HEATING SYSTEM - (See:
area. Warm Air Heating System.)

HOTEL - Originally, any place for HOUSE SEWER - The sewage
travelers to spend the night. Any system from the public sewer in the
hotel build today would be a multi- street to and in the house it serves.
storied structure having sleeping
rooms with private bathrooms, HOUSING AND HOME FINANCE
suites, telephones in each rentable AGENCY - A federal agency
room, at least one restaurant, and created in 1947. A forerunner of
many other amenities. HUD, having many of the same
powers and duties.
HOT WATER
HEATER - A tank, HOUSING AND URBAN
usually glass DEVELOPMENT (HUD).
lined, in which DEPARTMENT OF - The federal
water is heated department responsible for the
for household, major housing programs in the
commercial or United States, such as FHA.
industrial use.
HOUSING STARTS - Number of
HOT WATER houses on which construction has
HEATING SYSTEM - A heating begun. The figures are used to
system using circulating hot water determine the availability of
from a boiler through a series of housing, need for real estate loans,
pipes to the areas to be heated, and need for labor and materials, etc.
back to the boiler.
HUMIDIFIER - A unit, usually part of
HOUR-INCH - A flow of one miner’s
inch for one hour. The value of a
a heating system, which raises the H
relative humidity in a room or
miner’s inch is not standard, being building by the emission of water
1/40 of a cubic foot per second in vapor into the air.
some areas, and 1/50 of a cubic
foot per second in others. HUMMOCKS - Low mounds or
conical knolls rising above the
HOUSE - Any building used as a
ground.
residence. When in the phrase “the
house of,” it is usually used to
HUMUS - The organic portion of soil,
describe a commercial business
formed by partially decomposed
(from the French “chez”).
animal and vegetable matter.

HUNDRED PERCENT LOCATION - HYDROELECTRIC PLANT - A plant

An appraisal term referring either to which generates electricity from
land of the highest value in an area, flowing water, usually at a waterfall.
or land best suited to a specific use. HYDROGRAPH - A device which
HUSBAND - A man legally married to records or charts the depth of water,
a living woman. as in a well, or flow, as in a stream.
HUTCH - (1) A hut or hovel used as a HYPOTHECATE - To mortgage or
shelter by a person. (2) A house for pledge without delivery of the
rabbits. security to the lender.
HYDRAULIC CEMENT - A cement
which resists moisture.
SHORT
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H
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I
I-BEAM - An iron or steel structural IMPLIED AGENCY - An agency which
framing member, in cross-section is not expressly set out but must be
forming the letter I. deduced from the circumstances and
other facts. It is an actual agency as
IDEM SONANS - Sounding the same. opposed to an ostensible agency or
Legally, names improperly spelled agency by estoppel. (See also:
need not void an instrument, Agency by Estoppel.)
provided the written name sounds IMPLIED CONTRACT - A binding
the same as the correctly spelled contract created by the actions of the
name, and there is no evidence principals, rather than by written or
of any intent to deceive by oral agreement of the parties.
incorrect spelling.
IMPLIED LISTING - An implied
I-GIRDER contract which would be governed by
- (See: I-Beam.) contract law, including the statute of
frauds. (See also: Implied Contract.)
IGNEOUS ROCK - Rock produced by IMPLIED NOTICE - A form of actual
the cooling of magma within the notice not expressly given. For
earth (plutonic rock) or on the example: “A” purchases property
surface (volcanic rock). from “B.” “C” is in possession. “A”
will have implied notice that “C” may
ILLUVIATION - The deposit of soil have an interest in the property if
material by eluviation. reasonable observation and inquiry
on the part or “A” would have
IMMOVABLE - Used frequently in
disclosed the interest of “C”
definitions of real estate, things
which cannot be moved, such as IMPOUND ACCOUNT - Account held
land, buildings, etc. by a lender for payment of taxes,
insurance, or other periodic debts
I
IMPERIAL GALLON - A measure of against real property. The mortgagor
277 cubic inches, as opposed to the or trustor pays a portion of, for
231 cubic inch standard gallon. example, the yearly taxes, with each
monthly payment. The lender pays
IMPLIED - Something apparent from the tax bill from the accumulated
the circumstances, rather than from funds.
direct action or communication.
IMPROVED LAND - Land having INCHOATE INSTRUMENT - An

either on-site improvements, off-site unrecorded instrument (such as a
improvements, or both. deed) which is valid only between
IMPROVED VALUE - An appraisal the parties and those having actual
term encompassing the total value notice; but not against “the world”
of land and improvements as it would be after recording.
(buildings) rather than the separate INCINERATOR - A heavily insulated,
values of each. furnace-like device for burning
IMPROVEMENT BOND - A bond rubbish, giving off a minimum of
issued by a municipality to finance heat and smoke, and burning the
any public improvement. rubbish more completely than an
open fire.
IMPROVEMENT MORTGAGE
BOND - A bond to finance INCOME - Generally, any increase in
improvements by a business which the assets of a person or
is secured by a general mortgage. corporation caused by labor, sales
or return on invested funds. May be
IMPROVEMENTS - Generally, different for tax purposes.
building, but may include any
permanent structure or other INCOME APPROACH - An appraisal
development, such as a street, method to determine the value of
utilities, etc. (See also: On-Site rental property by use of the
Improvements; Off-Site estimated net income over the life
Improvements.) of the structure, discounted to
determine its present value.
IMPROVEMENTS-ON-LAND - (See:
On-Site Improvements.)
IMPROVEMENTS-TO-LAND - (See: If you really want to do
Off-Site Improvements.) something, you’ll find a
I INADEQUATE IMPROVEMENT -
way; if you don’t, you’ll
find an excuse.
(See: Under improvement.)
INCHOATE - Incomplete; begun but
not completed; contingent.
INCHOATE DOWER - The dower
interest of a wife during the life of
her husband. May vest at his death.

INCOME AVERAGING - A method of INCREASE CLAUSE - (See:
figuring income tax by paying tax on Escalation Clause.)
the average income per year for the INCREASING AND DIMINISHING
past five years. For example. “A,” a RETURNS - An economic theory
real estate salesperson, earns that an increase in capital or
$10,000 taxable income for 4 years. manpower will not increase
In the fifth year, “A” sells a shopping production proportionately (five
center and earns $100,000 taxable workers may do less than five times
income. “A” could take the total the work of one worker; and two
income for 5 years ($140,000), workers may do more than twice
divide by 5 ($38,000), and pay tax the work of one worker). When the
on $28,000 for the past 5 years, increase in production is
less what “A” has already paid. proportionately greater than the
INCOME PROPERTY - Property addition, there is an increasing
which produces return; when production is
income, usually proportionately less than the
from rental. May addition, the return diminishes.
also include any INCREMENT - An increase or
property not entirely growth, gained or added, such as a
owner occupied. population increase.
INCOME TAX LIEN INCUMBRANCE
- (See: Tax Lien [2].) (ENCUMBRANCE) - A claim, lien,
INCOMPETENT - One who is charge, or liability attached to and
mentally or physically unable to binding real property. Any right to,
handle his property without help. A or interest in, land which may exist
court will appoint someone to in one other than the owner, but
handle the financial affairs of such a which will not prevent the transfer of
person. fee title. I
INCORPORATE - To create INCURABLE DEPRECIATION -
corporation. (See: Economic Obsolescence.)
INCORPOREAL RIGHTS - Rights to INDEMNITY AGREEMENT - An
intangibles, such as legal actions, agreement by which one party
rather than rights to property (rights agrees to repay another for any loss
to possession or use of land). or damage the latter may suffer.

INDENTURE DEED - A deed INDEXING - To alter mortgage term,

executed by both grantor and payment, or rate according to
grantee, containing reciprocal inflation and/or suitable mortgage
agreements (grants or obligations). rate index. (See also: Rate Index.)
(See also: Deed Poll.) INDEX LEASE - (See: Escalation
INDEPENDENT Clause [2])
APPRAISAL - An INDIGENT MORTGAGE - (See:
appraisal by one County Mortgage.)
who has no interest
in the property or INDIRECT CONSTRUCTION
nothing to gain from COSTS - Those costs other than
a high or low labor and materials, such as
appraisal. administrative costs, financing
costs, taxes and insurance, loss of
INDEPENDENT CONTRACTOR - interest on money invested, etc.
The term is most important as used
to describe the relationship of INDIRECT LIGHTING - Lighting by
broker and salesperson. The means of reflecting the light off the
salesperson is either an employee ceiling, wall, or other reflector, in
or independent contractor. If an order to soften glare.
employee, the broker must withhold INDIVIDUAL RETIREMENT
income tax and pay social security, ACCOUNT - (See: IRA.)
provide workman’s compensation
INDORSEMENT (ENDORSEMENT)
when applicable, and may be liable
- The act of the holder of a note, bill,
for some accidents. The broker
check or other negotiable
avoids all of these responsibilities if
instrument, of assigning said
the sales person is an independent
instrument by signing the back of
contractor. The greater the control
I over the salesperson, the more
likely the salesperson will be
the instrument, with or without
qualifications.
considered an employee. Some INDUSTRIAL
examples of this control would be DEVELOPMENT
required office hours or attendance BONDS - Bonds
at regularly scheduled meetings, as issued to finance
well as payment or reimbursement industrial or
by the broker for license fees, auto commercial real
expenses, etc. estate
developments.

INDUSTRIAL MULTIPLE - A method INFLATION - The expanse or
of promoting property exclusively increase in an economy over its
listed by a member of the American natural growth. Usually caused by
Industrial Real Estate Association over-printing money and over-
(A.I.R.), by making each listing extending credit. Marked by a rapid
known to all members. increase in the price of goods.
INDUSTRIAL PARK - A subdivision INGRESS AND EGRESS - A right to
in the pattern of residential enter upon and pass through land.
subdivisions, except catering to the
IN GROSS - Personal rather than
needs of industry.
attached to land. An
Off-site
easement in gross has
improvements may Communication Habits
have stronger roads, no dominant
Take deep breaths to tenement.
heavy plumbing and
project a firm voice.
wiring, wider streets INHARMONIOUS -
Avoid slang, jargon, and
for trucks, rail spurs, vocal hesitations that Conflicting
and other can hinder effective surroundings. In
necessities for communication. Use appraising, a property
industry. only the body not suited to its
INDUSTRIAL movements and surroundings is
PROPERTY - (1) gestures necessary to inharmonious, and
Land which is zoned make your point, no consequently less
industrial. (2) Real more. valuable than property
property improved Patricia Haddock which is better located.
specifically for INHERITANCE - In a
industrial use. legal meaning, real
INDUSTRIAL SIDING - A railroad property obtained by law rather than
siding (spur track) which serves an
industrial park or building.
by will; generally misused to mean
anything which comes from a
I
INDUSTRIAL TAX EXEMPTION - An deceased person.
exemption from local property taxes INHERITANCE TAX - A tax on the
granted to encourage industries to transfer of property from a
come into an area. Has been used deceased person; based on the
successfully in the South. Usually right to acquire the property rather
granted for a definite period. than the property itself.

INITIALS - The first letter of one’s INNOCENT PURCHASER FOR

first (maybe the middle) and last VALUE - Another term for one who
name. May be used as a signature purchases in good faith, or a bona
when intended, and usually used to fide purchaser. The innocent part
indicate agreement to a change, refers to no prior knowledge (actual
correction, addition, deletion, or or constructive) of unrecorded
other alteration of a document. interest in the property, such as a
Modernly, stricter laws regarding prior sale to a third party or a loan
validity of initials and marks to secured by the property. The “for
replace a signature have been value” part refers to a valuable
enacted. consideration paid by said
purchaser for the property.
INJUNCTION - An
order by a court IN PERPETUITY - Of endless
preventing one duration; forever.
from acting or
restraining one IN PERSONAM - Directed at specific
from continuing persons rather than against
some action. property or generally for all people.
INLAID PARQUET - (See: Parquet IN RE - In the matter of.
Floor.)
IN REM - Pertaining to property or
INLAND WATERS - All bodies of people in general.
water exclusive of the open sea.
INSIDE LOT - Not a corner lot.
INLET - A narrow waterway
extending inland. INSIDE TRIM - (See: Interior Trim.)
I INLIQUIDITY - Describing assets not
readily convertible to cash.
INSOLVENCY - Generally applied to
a person, corporation, bank, etc.,
INNER CITY - A term of no exact when there is an inability to pay
meaning by having the connotation debts as they become due or within
of a low-economic, high-crime area a reasonable time thereafter.
of a large city, rather than merely
INSOLVENT - Incapable of meeting
the geographic central area of a
one’s current debts.
city.

INSPECTION - An examination of INSTITUTE OF REAL ESTATE
property for various reasons, such MANAGEMENT - The organization
as a termite inspection, inspection conferring the designation of C.R.M.
to see if required (Certified Property Manager), which
repairs were is considered the most prestigious
made before designation in the field of property
funds are management.
released, etc.
INSTITUTIONAL LENDERS -
INSTALLMENT CONTRACT - A Banks, savings and loan
method of purchasing by installment associations, and other businesses
(usually monthly) payments. When which make loans to the public in
referring to real property, it is usually the ordinary course of business,
called a land contract. rather than individuals, or
companies which may make loans
INSTALLMENT LAND SALES to employees.
CONTRACT - (See: Land Contract.)
INSTITUTIONAL PROPERTY -
INSTALLMENT NOTE - A note Property, the use of which is
calling for payment of both principal created by law, such as schools or
and interest in specified amounts, or hospitals. May also refer to
specified minimum amounts, at corresponding private property,
specific intervals. such as private schools and
hospitals.
INSTALLMENT SALE - A tax term
used to describe a sale which is INSTRUMENT - Any writing having
usually accomplished by use of a legal form and significance, such as
land contract. If the seller receives a deed, mortgage, will, lease, etc.
less than 30 percent of the sale
price in the year of the sale (not
INSULATION - Materials used for
their qualities of hindering the
I
including interest), the tax on the passage or transmission of sound,
profit (gain) from the sale may be cold, heat, or electricity.
paid over the installment period,
provided the 30 percent rule is
followed each year.

INSULATION BOARD - Sheets of INTANGIBLE ASSETS - (See:

compressed vegetable pulp, such Intangible Property.)
as sugarcane or cornstalks, which, INTANGIBLE PROPERTY - Property
because of tiny pockets of trapped which has value but cannot be
air throughout its density, provides physically touched, such as a
good insulation. patent, the goodwill of a business,
INSURABLE INTEREST - etc.
Concerning real property, an INTANGIBLE VALUE - The value of
interest which, if terminated, intangible property or the intangible
destroyed, or in any other way portions of tangible property.
interfered with, would cause a
financial loss to the holder of the INTER ALIA - Among other things.
interest. May be a mortgagee, INTER ALIOS - Between other
owner, lessee, etc. persons.
INSURABLE VALUE - Value of INTERCHANGE - A method of
property for insurance purposes. connecting highways by ramps and
Based on the value of the property, grade level
less indestructible parts (land) for changes, so
fire insurance. For title insurance as to obviate
purposes, the sales price (market the need for
value) is used. controls
INSURANCE - A contract under (lights, stop
which, for a consideration, one party signs, etc.).
(the insurer) agrees to indemnity INTERCHANGE
another (the insured) for a possible RAMP - A ramp at an interchange.
loss under specific conditions. May (See also: Interchange.)
be loss of life, health, property, or
INTEREST - (1) A share or right in
property rights.
I INSURED MORTGAGE - A
some property. (2) Money charged
for the use of money (principal).
mortgage insured against loss to
INTEREST EXTRA NOTE - A note
the mortgagee in the event of
stating an equal (usually monthly)
default and a failure of the
payment on principal, plus interest.
mortgaged property to satisfy the
As the interest decreases (based
balance owing plus costs of
on declining principal balance) the
foreclosure. May be insured by
total payment decreases. The
F.H.A., V.A., or by independent
amount applied to principal remains
mortgage insurance companies.
the same.

INTEREST ONLY MORTGAGE - A contingency may be only the
mortgage under which the principal passage of time.
amount borrowed is repaid in one
payment. Periodic interest INTERPLEADER - A court action
payments are made. which may be filed in an existing
case to be the initial action. One
INTEREST RATE - The percentage holding funds which are in dispute,
of an amount of money but not having an
which is paid for its use interest in the funds,
for a specified time. The thing that I hate would file an
about an argument is
Usually expressed as interpleader. For
that it always interrupts
an annual percentage. a discussion.
example: An escrow
agent is holding a
INTEREST RATE CAP - G. K. Chesterton
deposit of a buyer which
The maximum interest Writer
funds both buyer and
rate increase of an seller claim to be
Adjustable Mortgage entitled. Escrow is willing to give the
Loan. For example: a 12% loan funds to either buyer or seller but
with a 5% interest rate cap would does not want to be liable for giving
have maximum interest for the life the funds to the wrong party. The
of the loan which would not exceed interpleader filed by the escrow
17%. agent asks the court to determine to
INTERIM FINANCING - Temporary whom the funds should be
financing, usually for construction. awarded.
INTERIM LOAN - (See: Interim INTERSECTION - A crossing, usually

Financing.) of roads, but may be lines, such as
on a map or survey.
INTERIOR LOT - (See: Inside Lot.)
INTERIOR TRIM - All of the
INTERSTATE - Between two or more I
states.
moldings on the inside walls of a
building. INTERSTATE HIGHWAY
SYSTEM - A federal
INTERLOCUTORY DECREE - A system of roads which
provisional or temporary decree, cross the United States,
pending some contingency before linking its major cities.
a final decree. Sometimes the

INTERSTATE LAND SALES - Sales INTRINSIC VALUE - The value of

of land to a buyer in another state. the thing itself, rather than any
Because the buyer is usually totally special features which
dependent on the seller for make its market value
information regarding the property, different. For example:
federal disclosure laws have been The intrinsic value of a
passed to aid the buyer. The buyer painting is the worth of
also has a period (now 3 days) after the canvas and paint,
signing a purchase agreement, in rather then the value to
which to rescind. The laws were art collectors.
passed because of the large
promotional land sales of the 50’s INURE - To take effect,
and early 60’s, some of which sold to result.
worthless desert and swamp land. INVENTORY - (1) The goods of a
INTER VIVOS - Between living business which are sold in the
persons. Property transferred every day course of business, such
between living persons would fall as houses by a builder. (2) A
under different laws than property detailed list of property, such as of
transferred after death or in an estate.
contemplation of death. INVERSE CONDEMNATION -
Condemnation of property near a
INTER VIVOS TRUST - A trust during
parcel as to cause the parcel to lose
the life of the settlor rather than
much of its value. In such a case
upon death. (See also:
the parcel is, in effect, condemned
Testamentary Trust.)
and just compensation must be
INTESTACY - (See: Intestate.) paid to the owner.
I INTESTATE - Without leaving a will,

or leaving an invalid will so that the
INVESTMENT - The putting up of
money with the intent to make a
property of the estate passes by the profit or receive interest.
laws of INVESTMENT PROPERTY -
succession Laws Generally, any property purchased
rather than by Of for the primary purpose of profit.
direction of Succession
The profit may be from income or
the deceased. from resale.

INVESTMENT TRUST - A company INVOLUNTARY LIEN - A lien, such
which sells its own stock and as a tax lien, judgment lien, etc.
invests the money in stocks, real which attaches to property without
estate, or other investments. (See the consent of the owner, rather
also: R.E.l.T., Real Estate than a mortgage lien, to which the
Investment Trust.) owner agrees.
INVESTMENT YIELD - The gain INVOLUNTARY TRUST - (See:
from an investment in real property, Constructive Trust.)
including both income and resale. IRA (INDIVIDUAL RETIREMENT
Expressed as a percentage of the ACCOUNT) - Savings programs
amount invested. available to individuals. These plans
INVOLUNTARY ALIENATION - (See: allow for a certain amount to be
Involuntary Conveyance.) deposited each year. This money is
not subject to income tax for that
INVOLUNTARY CONVERSION - year or following years as long as it
Conversion of real property to is not withdrawn. The money is
personal property (money) without taxed as withdrawn upon
the voluntary act of the owner. This retirement, usually when the
occurs when property is taken by depositor is in a lower tax bracket.
eminent domain (condemnation). During the life of the account, the
The owner is allowed to convert money may be put into various
back to real property (buy another interest bearing investments.
property) without paying tax on the Securities dealers as well as
gain from the condemnation. This banking institutions now offer IRA’s.
must be done within a set time (3 IRONCLAD CONTRACT - A term of
years) and the prices of the old and no legal meaning, being a contract
new property are considered to form which is considered strong (as iron)
a new tax base.
INVOLUNTARY CONVEYANCE - A
and hard to break.
IRON-SAFE CLAUSE - A clause in a
I
transfer of real property without the policy of fire insurance requiring the
consent of the owner, such as by a insured to keep certain records
divorce decree, by condemnation, (usually inventory) in a fire-proof
etc. safe.
Remember all the answers you need are inside of you;

you only have to become quiet enough to hear them.
Debbie Ford

IRREGULAR CURVE - (See: French IRRIGATION DITCH - A ditch,

curve.) channel, canal, etc., used to carry
water to or through a planted area
IRREVOCABLE - That which cannot
to bring water to the planted crops.
be revoked or recalled, such as
certain trusts, contracts, and other ISLAND - (1) Land surrounded by a
legal relationships. body of water. (2) A
space between
IRRIGATION - Watering, usually by oncoming lanes
means of pipes, to increase the of a highway,
fertility of ground in areas where used by
additional moisture is needed for pedestrians or
crop growth. as a safety
IRRIGATION DISTRICT - A local buffer between
agency which builds and operates oncoming traffic.
an irrigation system (supplies water ISOHYETAL LINE - A line on a map
to a designated area), and has connecting areas which have
authority to levy taxes for that approximately the same rainfall or
purpose. thunderstorm activities.
NOTES:

J
JACK RAFTER - A short rafter, used
Spending a little time calculating
in a hip roof or valley roof, or to
the number of things that go
simulate a rafter which extends right is a simple but powerful
beyond the exterior walls. way to reactivate our sense of
JACOB’S LADDER - A hanging wonder and gratitude.
ladder, made with wooden steps and Richard Carlson
Writer
sides of rope.
JALOUSIES - Fixed or adjustable
horizontal slats, used in doors, JOINT - (1) Meaning two or more,
windows, shutters, etc., to keep out such as joint tenants, joint venturers,
sun and rain, while letting in light etc. (2) The point of union or
and air. connection of two members,
whether pipes, boards, or other
JAMB - The vertical lining of an
members.
opening, such as a doorway,
fireplace, window, etc. JOINT ADVENTURE - A combining
by two or more persons of their
JANITOR - One who is hired to take
care of a building, generally property, skills, efforts, etc. for a
associated with cleaning, locking up specific business purpose. Single
after closing, and minor repair. purpose partnerships are not most
commonly used and are based on
JERRY-BUILD - A structure built of the same idea of the single purpose
inferior and inexpensive materials. business venture.
Poorly built.
JOINT AND SEVERAL - A liability
JETTY - (1) A pier or other structure which allows the creditor to sue any
(usually of stones), built out info a
one of the debtors (sever one from
body of water to hinder the currents
the others) or sue all together
and so protect a harbor. (2) A part of
(jointly).
a building which
projects out JOINT APPRAISAL - An appraisal by
beyond the more than one appraiser, but one J
exterior walls, which states common conclusions of
such as an all.
overhanging JOINT ESTATE - (See: Joint
second story, a
Tenancy.)
balcony, etc.
JOINT NOTE - A promise to pay, JUDGMENT (JUDGEMENT) - The

executed by two or more persons, decision of a court of
each having equal liability. (See law. Money judgments,
also: Surety.) when recorded, become a
JOINT PROTECTION POLICY - A lien on real property of the
policy of title insurance which defendant.
insures both the owner and the JUDGMENT LIEN - A lien
lender under the same policy. against the property of a judgment
JOINT TENANCY - An undivided debtor. An involuntary lien.
interest in property, taken by two or JUDGMENT PROOF - One against
more joint tenants. The interests whom a judgment creditor cannot
must be equal, accruing under the collect (no assets). If one can show
same conveyance, and beginning at he was defrauded by a “judgment
the same time. Upon the death of a proof” real estate licensee, he may
joint tenant, the interest passes to
recover from the state fund in states
the surviving joint tenants rather
having such a fund.
than to the heirs of the deceased.
JUDICIAL FORECLOSURE -
JOINTURE - A life estate for a wife
Foreclosure through court action
which takes effect upon the death of
her husband. Takes the place of rather than by a power of sale.
dower, but must be agreed to by the Judicial foreclosure is sometimes
wife and is not an automatic right necessary to remove certain tax
such as dower. liens.
JOINT VENTURE - (See: Joint JUDICIAL SALE - A sale made
Adventure.) under court order, by one court
appointed, rather than a voluntary
JOISTS - Small beams, usually not sale by the owner, or one appointed
more than five inches thick, which
by the owner.
are in parallel and support floors
and ceilings. The joists are
supported by larger beams, bearing
J walls, girders, etc. A joist is
rectangular in cross-section, the
Challenge is a dragon
with a gift in its
mouth...Tame the
narrow face dragon and the gift
being the joist, is yours.
the wide face the
Noela Evans
plank.

JUMBO VA LOAN - A loan for an JUNIOR MORTGAGE - Any
amount greater than the allowable mortgage of lesser priority than a
100% financed amount from the first mortgage.
purchase price and financing 75% JUNK VALUE - (See: Salvage
of the difference. Example: Value.)
Maximum allowable VA Loan - JURAT - (1) The certificate of an
$110,000. Sale price $130,000. officer before whom a writing was
Difference is $20,000; 75% of the sworn to, such as a notary public.
difference is $15,000. Total jumbo (2) That part of an affidavit stating
loan - $ 110,000 plus $15,000 - where, when, and before who, the
$125,000. Required down payment affidavit was sworn.
- $5,000. JURISDICTION - The extent of the
authority of a court, or other
JUNCTION BOX - A metal box used
governmental branch or agency.
to enclose the meeting (junction) of
electrical circuits, wires, and cables. JUST COMPENSATION - In
condemnation the amount paid to
JUNIOR LIEN - A lien which is the property owner. The theory is
subordinate to a prior lien. that in order to be “just” the property
owner should be no richer or poorer
than before the taking.
NOTES:

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phrases such as, “I Think,” or “I Feel,” or

LIFE IS JUST LIKE A PLAY “It Seems To Me.” With the right data you
can make specific statements. For maximum
Characters in a play need costumes to
effectiveness, your notes should consist of
identify their positions and props to make
documents, policies, contracts, copies and
the action life like and real. Baseball and volumes of actual hand written notes,
football players need uniforms to en- in your own handwriting, of course.
hance their status and they can’t play
without bats and ball and helmets and
other such sports PROPS.
Use Your Notes
Negotiators Need Like
PROPS The Attorneys Do
You should use notes in a very In a courtroom situa-
tion, you’ll notice attorneys
obvious manner as props. Notes can
slow the opposition down
focus attention. If during the discussion
and keep them off balance by
you wish to emphasize one of your ideas
referring to notes and asking
you can refer to your notes. Your adversary
for repeats of what was said.
will become aware of its significance as you
Notes give you time to think about the new
point out the important item. Make sure your questions and gather your thoughts. Prepa-
opponent is aware that you are being careful, ration is very important, know exactly what
thorough and meticulous. If you keep notes, you want. Write it down and have it promi-
your opponents perception of your strength, nently visible in your notes. If you don’t
as an adversary will heighten. You will be know what you want, you won’t know if
demonstrating that you are both well informed you ever get it. If you review your progress
and well prepared. Data collection is a pow- and regularly state what you want to your
erful tool. It not only demonstrates knowl- opponent, it will make the opponent uncom-
edge but it also effec- fortable because you are so well prepared.
tively counters an It will significantly improve your chance of
opponent’s use of winning your points.
continued on next page...
Don’t Try To Commit in the opponent’s position. If you opponent becomes

To Much To Memory confused and inaccurate concerning the issues or
problem you can assume your opponent is on soft
Use your notes for preparation, use your list ground. If a person has confidence in the facts, his
and your plans and use them openly. This will create position will be strong and solid.
a certain amount of intimidation for your opponent.
Use large size pieces of paper, not scratch pads. Refer
to your list and make notes during the conversation.
Faltering And Changing Facts
Create the impression that you know exactly what is When the opponent falters and changes facts,
necessary. Be careful and deliberate, refer to your she is vulnerable. This is when you carefully review
notes regularly, and take your time. When the oppo- your notes and then use them to your advantage. The
sition sees you’re using notes, they will become in- facts that you have written down will help you de-
timidated and concerned that you are better prepared velop a strong argument for your position. Espe-
than they are. When you run into times when you cially if you can read back your opponents words or
don’t know what to say, refer to your notes. contract from your notes. Pay attention to the lan-
guage of your adversary, find out what is impor-
Don’t Talk If tant to that person. Learn something about their
You Are Unprepared business before you make the appointment
for the negotiation. a little preparatory re-
Take your time and know what you want to search will be of help, again never lose
say. Chances are excellent that your opponent will sight of your goal. You want to win the
not have taken time or care in the planning process, confrontation so focus on what the
so you will have an advantage. The size of that ad- other party is saying.
vantage will vary during the negotiation. Keep your
sights on what you are trying to accomplish, never
lose sight of exactly what you want. Before the ne- Preparation Is Important
gotiation begins, write out a simple statement of what The same skills are available to your opponent
you want the outcome to be. This will enable you to but chances are she hasn’t taken the time to adequately
direct the conversation toward your goal and you will prepare. If you prepare your position knowing what
not be distracted by inappropriate material and con- the other person might do, you can win by role play-
versations. In order to win, you must know what ing in your mind and planing ahead and then select-
you want and be able to tell when you have acquired ing your actions carefully. If you simply let things
it. happen and let nature take its course, you reduce your
chances of winning. Let’s face it, you came to the
negotiation table with the idea of improving your situ-
Listen For Inconsistencies ation. Your opponent is not going to give you any-
Pay attention to details when your opponent is thing, it’s up to you to negotiate a better deal.
talking. Inconsistencies will often alert you to changes
Want More...
Ted Thomas
K
KAME - A small mound or hill business lost, and replacement of
composed of stratified glacial the individual). Some lenders require
deposits. this insurance before lending to
KEENE’S CEMENT - An unusually small companies which rely on one
tough and durable gypsum plaster to or a few “key” people.
which alum has been added. Used KICK PLATE - A metal or plastic strip,
primarily for walls of commercial placed at the lower edge of a door or
buildings. on a riser of a step to protect it from
KEEPER - A term seldom used in the damage by accidental kicking.
United States. A custodian of a KILN - (1) An oven which reaches
building or grounds. high temperatures for baking
KELP-SHORE - A retirement plan ceramics, or bricks. (2) A room or
whereby a self-employed person shed through which
may set aside a certain portion of warm, dry air is
income (tax deferred) into a circulated to dry
retirement account. The money is lumber.
taxable upon withdrawal at KILO - One thousand;
retirement when the person’s tax a prefix (kilometer - 1,000 meters,
bracket is often lower. kilogram -1,000 grams.)
KERF - (1) A notch or slit made by a KILOGRAM - 1,000 grams (2,204
saw. (2) The width of the cut of a pounds).
saw blade. KILOMETER -1,000 meters. (See
KEY LOT - (1) A strategically located also: Meter [1].)
lot, adding to its value. (2) A lot KILOVOLT -1,000 volts.
adjoining a corner lot at its rear
property line with frontage on the KILOWATT - 1,000 watts.
secondary street. Also called a Butt KILOWATT HOUR - 1,000 watt-hours.
Lot.
KIN - Those related by blood.
KEYMAN INSURANCE - Insurance
KITE WINDER - The steps at the
through loss (through death or
curvature of a circular stairway,
disability) of a “key” (important)
person in a company. The liability is
which are triangular or kite-shaped. K
the estimated cost of the loss (in
KNOCK DOWN - Any parts of a KNOT - (1) The hard, irregular

building which can be easily shaped defects in boards, caused
assembled, installed or removed, by cutting at the point where the
such as certain types of window branch of the tree meets the trunk.
frames, partitions, etc. (2) A measure of speed, equal to
KNOLL - A small rounded hill. one nautical mile (approximately
6,076 ft.) per hour.
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L
LABOR - (1) Work as opposed to
materials. (2) A land measure of 177
LAND - A general term which includes
the ground and those things of a
L
1
/7 acres. Used in Mexico. permanent nature such as trees,
crops, oil and minerals in the ground,
LACHES - An unreasonable delay by
unless specifically expected.
a party making a claim or bringing
an action, so that the rights of said LAND CERTIFICATE - A certificate
party are waived. Laches are not given by the federal government
controlled by a statute of limitations. enabling one to obtain land by
following certain registration
LAGNIAPPE – A bonus offered after
processes. Used in the late 1800’s.
purchasing. (Creole
expression in LAND CONTRACT - An installment
Louisiana.) contract for the sale of land. The
(Pronounced: seller (vendor) has legal title until
lan-yap.) paid in full. The buyer (vendee) has
equitable title during the contract
LAISSEZ-FAIRE - term.
Leave alone, let proceed. French
expression made popular by Adam LAND DEVELOPMENT LOAN - A
Smith, and used to describe a theory loan secured by a mortgage or deed
that free trade promotes a better of trust to prepare raw land for
business climate than government construction of structures. (See:
controls. Manufactured Lot.)
LALLY COLUMNS - Load-bearing LAND GRANT - A gift of public land by

steel columns, which are filled with the federal government to a state or
concrete (lally). local government, corporation, or
individual.
LAMINATE - To cover or construct
with thin layers or plies (laminae).
Cherish your visions and your
LAMINATED WOOD - Wood such as dreams as they are the
plywood, which is constructed in children of your soul; the
sheets, or veneered wood, such as blueprints of your ultimate
cheaper softwood, covered with a achievements.
layer of more expensive hardwood, Napoleon Hill
Writer
and glued together.
LANDLOCKED PARCEL - A parcel LAND RESIDUAL TECHNIQUE - An

of land surrounded entirely by appraisal technique by which land
L privately owned land, with no
access to a public right of way
value is determined by first
determining the net return
(road). Condemnation for a limited attributable to the building only, and
access highway is a major cause of deducting it from the total return to
such parcels. the property (may be estimated),
LANDLORD - An depreciated construction costs (if
owner of leased only a few years old), or estimated
real estate. present construction costs (if an old
LANDLORD’S building).
WARRANT - A LANDSCAPE – (1) A picture or
warrant enabling single view of inland scenery. (2) In
a landlord to levy real estate terms, the surroundings
upon a tenant’s personal property of a structure which provide the
(furniture, etc.) and to sell this setting for that structure. (3) To
property at a public sale to collect landscape is to modify the natural
delinquent rent. setting.
LANDMARK - Originally, a LANDSCAPE ARCHITECT - One
monument on a boundary line. who, as a profession, plans and
Modernly, boundary lines are usually designs landscaping. Colleges now
established by walls or fences, and offer a degree as a
these are the landmarks.
landscape architect.
LANDOWNER’S ROYALTY - In oil
LANDSCAPE
and gas leases, the portion of the
ARCHITECTURE
value of each barrel of oil which
goes to the property owner. - The designing
and planning of
LAND PATENT - (See: Patent.) landscaping by
LAND-POOR - Being short of money a landscape
because of owning an excess of architect.
property which does not produce
income.
LAND RECLAMATION - Giving land LANDSCAPING - The act of
a higher (more commercial) use by modifying a landscape, or features
physically changing it (drainage, used in such modification, such as
irrigation, fill, etc.) trees, lawns, grade changes, etc.

LAND-SERVICE ROAD - An access
road between parcels of land and
another pubic road or highway. We cannot direct the
wind, but we can L
LAND, TENEMENTS, AND adjust the sails.
HEREDITAMENTS - Originally Bertha Calloway
used to describe freehold estates
only, it has come to mean the most
technical and all-inclusive
description or real estate. LARGER PARCEL - A term used in
eminent domain proceedings,
LAND USE MAP - A map of a given signifying that the parcel taken is
area, showing the different land not a complete parcel but part of a
uses in the area. “larger parcel;” the owner, therefore,
LAND USE PLANNING - The is entitled to damages from the
development of long-range plans for severance as well as the value of
the use of land in a given area, the parcel taken. Unity of
such as through zoning plans. ownership, use, and contiguity must
be present, although federal courts
LAND USE REGULATION - A and some states do not require
general term encompassing any contiguity where there is a strong
regulation of land, whether public order of use.
(zoning) or private (restrictive
LATE CHARGE - A penalty for failure
covenants).
to pay an installment payment on
LAND VALUE MAP - An appraisal time. Usually not allowed as interest
map showing the value of property for tax deductions. May or may not
in given areas, either in acres, be included as usury. If not, the
square footage, or front footage. amount of late charge is either set
by statute or must be “reasonable.”
LAND WARRANT - (See: Warrant.)
LATENT DEFECT - A hidden or
LAP JOINT - The connection (joint) concealed defect. One which could
formed by overlapping two ends or not be discovered by inspection,
edges and attaching them together. using reasonable care. In legal
LAP SIDING - A siding applied in a descriptions, a latent defect may be
similar manner to clapboard siding, corrected, and a totally new
but utilizing longer boards, usually description not necessary.
of better quality.

LATERAL - Proceeding from, LAW DAY - (1) The day (date) in a

situated at, directed to, or pertaining note, mortgage, etc. when the debt
L to a side. A line branching from a
main line (such as a sewer line) is
is to be paid. (2) A holiday honoring
the law and legal profession.
called a lateral line. (See also:
Lateral Support.) LAYOUT - (1) The arrangement or
plan of any given area, such as the
LATERAL SUPPORT - The right of a rooms within a
landowner to the natural support of structure. (2)
his land by adjoining land. The
The plans
adjoining owner has the duty not to
(drawings)
change his land (such as lowering
showing the
it) so as to cause this support to be
weakened or removed. (See also: arrangement
Subjacent Support.) of a given area.
LATH - The support upon which wet LEACHING - Removal of liquid

plaster is spread. May be thin wood waste material from sewage by
strips, metal (usually a course wire filtration through sand, gravel, tiles,
screen) or a solid, cement-like stones, etc.
substance (called a rock lath.)
LEACHING TRENCHES - Ducts,
LATITUDE - North-South distance either dug in ground having filtration
above a meridian as measured qualities (gravel, sand, etc.), or in
from the equator. which filtration materials are placed
to remove the liquid waste from
sewage.
LEADER - The metal conduit
carrying rainwater from a roof to a
sewer or the ground.
LEAN-TO - (1) A shed, abutting the
LAUNDROMAT - A business which wall of another structure, with three
provides, at its location, laundry walls and a sloping roof. (2) A
equipment (coin-operated) for self- freestanding structure of three walls
service use by the public. and a sloping roof, the open side of
LAVATORY - (1) A basin or sink for which is sheltered from the
washing one’s hands and face. (2) A prevailing winds. Used as a
room containing a sink and toilet. camping shelter.

LEASE - An agreement by which an LEASEHOLD VALUE - The value of
owner of real property (lessor) gives a leasehold interest. Usually applies
the right of possession to another
(lessee), for a specified period of
to a long-term lease when market
rental for similar space is higher
L
time (term) and for a specified than rent paid under the lease.
consideration (rent). Some states allow the lessee to
LEASEBACK - (See: Sale- claim the leasehold value against
Leaseback.) the landlord in eminent domain
proceedings, unless specifically
LEASEHOLD - An estate in realty
held under a lease; an estate for a prohibited by the lease itself. Other
fixed term. states, by statute, do
Considered in not allow for such a
many states to be claim. (See also: “No
personal property. There is a wonderful, Bonus” Clause.)
mystical law of nature LEASE-PURCHASE
LEASEHOLD
IMPROVEMENTS - that the three things we AGREEMENT - (See:
Improvements crave most in life—are Lease with Option to
made by the happiness, freedom, Purchase.)
lessee. The term is and peace of mind—are LEASE WITH
used in always attained by OPTION TO
condemnation giving them to someone PURCHASE - A lease
proceedings to else. under which the
determine the lessee has the right to
Author Unknown
portion of the award purchase the property.
to which the lessee The price and terms of
is entitled. (See
the purchase must be
also: Tenant
set forth for the option to be valid.
Improvements.)
The option may run for the length of
LEASEHOLD INTEREST - The the lease or only for a portion of the
interest which the lessee has in the lease period.
value of the lease itself in
condemnation award determination. LEAVES - The panel-like parts of a
The difference between the total door, window, table top, etc., which
remaining rent under the lease, and may be removed or moved to a
the rent lessee would currently pay different position by sliding or by
for similar space for the same time hinge attachments.
period.

LEGAL AGE - (See: Majority.) LEGATEE - (1) One who receives

personal property by will. (2) One
LEGAL DESCRIPTION - A method
L of geographically identifying a
receiving any property by will, real
or personal.
parcel of land, which is acceptable
in a court of law. LENDER - Any person or entity
advancing funds which are to be
LEGAL NAME - First and last name.
repaid. A general term
Middle name included, omitted or
encompassing all
incorrect will not matter. Today full
mortgagees, and
names are required in instances for
beneficiaries
identification purposes (to
under
distinguish between two men
deeds of
named John Smith, for example).
trust.
LEGAL NOTICE - The notice
required by law in a particular case.
May be actual notice, constructive LENDER’S LOSS PAYABLE
notice, etc. CLAUSE - (See: Loss Payable
Clause.)
LEGAL OWNER - The term has
come to be used as a technical LENDER’S POLICY - (See: Loan
difference from the equitable owner, Policy)
and not as opposed to an illegal LESSEE - The party to whom a
owner. The legal owner has title to lease (the right to possession) is
the property, although the title may given in return for a consideration
actually carry no rights to the (rent).
property other than a lien.
LESSEE’S INTEREST - In
LEGAL RATE OF INTEREST - A rate appraising the value of a lessee’s
of interest established by law, rather interest to determine the value of a
than by agreement (contract). potential sublease of assignment
LEGAL TITLE - Usually title without (sale) of the lease, the value is the
ownership rights, such as the title market value of the property, less
placed in a trustee under a deed of the interest of the lessor. The
trust, or the title in a vendor under a lessor’s interest would be largely
land contract. determined by the ratio of the return
on the lease to the market value
without the lease.

LESSOR - The party (usually the LEVEE - An embankment
owner) who gives the lease (right to constructed along a river or stream
possession) in return for a
consideration (rent).
to prevent flooding. (See also:
Causeway.)
L
LESSOR’S INTEREST - The present LEVEL PAYMENT MORTGAGE -
value of the future income under the (See: Interest Extra Note.)
lease, plus the present value of the LEVERAGE - The use of financing
property after the lease expires to allow a small amount of cash to
(reversion). purchase a large property
LETTER OF ATTORNMENT - A investment.
letter from a grantor to a tenant, LEVY - A collection, seizure,
stating that the property has been assessment, etc., such as to levy
sold, and directing rent to be paid to (assess and collect) taxes.
the grantee (new owner).
LIABILITY - A general term
LETTER OF INTENT - A formal encompassing all types of debts
method of stating that a prospective and obligations.
developer, buyer, or lessee, is
interested in property. Not an offer LIABLE - Obligated, responsible.
and creates no obligation. However, LIBER - The Latin word for book.
a builder who wants to build an Used instead of the word book in
office building, for example, may some states when referring to the
influence a lender by showing book and page of a recorded
letters of intent from major document.
prospective tenants.
LICENSE - A permission, either
LETTERS OF ADMINISTRATION - A express or implied.
probate court order appointing an
administrator.
LETTERS PATENT - An instrument Excellence is not an act
from the government (federal or but a habit. The things
state) granting land to an individual. you do the most are the
LETTERS TESTAMENTARY - Order things you will do the
of a probate court granting authority best.
to an executor. Marva Collins
Educator
LETTING - A synonym for leasing.

LICENSEE - (1) Regarding LIFE - The length of time an

classifications of people entering improvement will last, either in
L upon another’s land, a licensee is
distinguished from a trespasser,
relation to its physical utility or as an
accounting procedure.
and so has greater legal rights. (2)
One who holds a real estate license LIFE BENEFICIARY - One who
(a salesperson). receives payments or other rights
from a trust for his or her lifetime.
LICENSING ACTS - Laws regulating
the granting of real estate licenses. LIFE ESTATE - An estate in real
Because these are state laws, the property for the life of a living
requirements (education, testing, person. The estate then reverts
etc.), are not of equal severity. back to the grantor or on to a third
However, generally they are similar, party (remainderman).
requiring testing and granting
LIFE IN BEING - The remaining life
exceptions, such as trustees,
of someone already alive. An
executors, owners selling property
expression used in rules against
themselves, etc. perpetuities.
LIEN - An encumbrance against
property for money, either voluntary LIFE INTEREST - An interest in real
estate for a period of the life of the
or involuntary. All liens are
one having the interest, or the life of
encumbrances but all
another.
encumbrances are not liens.
LIEN THEORY - A theory followed in LIFE TENANT - One who holds land
several states that assumes a for the length of his/her, or
mortgage has only a lien on the another’s life.
mortgage property, and the
LIGHT - A single
mortgagor has legal title. (See: Title
window pane, or
Theory.) opening for a
LIEN WAIVER (WAIVER OF LIENS) single window
- For our purposes, a waiver of pane.
mechanic’s lien rights, signed by
subcontractors so that the owner or
general contractor can receive a
draw on a construction loan.

LIGHT AND AIR EASEMENT - An
easement restricting the servient
There are always a lot of
tenement from obstructing the light
and air (usually the view) of the
people so afraid of rocking L
the boat that they stop
dominant tenement. For example: A rowing. We can never get
developer builds a resort hotel. He ahead that way.
may wish to obtain a light and air Harr S Truman
easement from adjoining owners so 33rd U.S. President
that they may not build tall
structures and block the sun from
the hotel’s swimming pool. LIME - A white powder, formed by
burning limestone, used in making
LIGHTER - A flat-bottomed boat or bricks, mortar, plaster and similar
barge, used to unload ships not at a materials, and for treatment of
quay, and for transporting goods sewage, soil, etc.
within the harbor.
LIMESTONE - A sedimentary rock,
LIGHT INDUSTRY - Encompassing formed mainly from sea shells and
most light manufacturing, as coral, and which, when burned,
opposed to factories which tend to forms lime.
produce heavy pollution (air, water,
LIMING - To apply lime and water to
noise, etc.). A zoning designation.
wood (whitewash), limestone to
LIGHT WELL - (1) An open space ground, or in other ways apply lime.
around a basement window, the top LIMITATION OF ACTION - The time
of which is at ground level. (2) A in which a lawsuit may be begun
shaft designed to provide light and before it is barred by statute. (See
ventilation to inside rooms of a also: Statute of Limitation.)
building.
LIMITED ACCESS HIGHWAY - A
LIKE IN KIND PROPERTY - A tax highway with access only at spaced
term used in exchanges. Property intervals, usually by the use of
may be exchanged for like in kind ramps. Abutting property occupants
property and the tax postponed. have no access other than at the
The term does not refer to the regular stated intervals. Also called
physical similarity of the properties a controlled access highway
but the purpose and intent LIMITED PARTNER - (See: Limited
(investment) of the taxpayer. Partnership.)

LIMITED PARTNERSHIP - Used in LINOLEUM - A floor covering used in

many real estate syndications; a heavy traffic areas (kitchens,
L partnership consisting of one or
more general partners who conduct
bathrooms, entrances, etc.), made
of cork, linseed oil, resins and
the business and are responsible pigments on a canvas or burlap
(liable) for losses, and one or more backing, and
special (limited) partners, applied from a roll.
contributing capital and liable only A quality
up to the amount contributed. material
superior to
LINEAL - Concerning a line. A lineal
many
measure is a distance measure
“tiles.”
rather than an area measure.
LINTEL - A horizontal
LINE FENCE - A member spanning
fence erected along Success isn’t based on above an opening,
the property lines of “look what I can do” but such as a doorway, and
a ranch or farm. more on an inner sense usually bearing the
of self and believing you
LINE OF CREDIT - have something to say in
load above it.
An amount of money your own consistent way. LIQUID ASSETS -
a borrower may And I think we all have to Cash, or assets
obtain from a bank fight to maintain our
immediately convertible
unique style and taste in
without a special a world that would have to cash.
credit check. The us conform. LIQUIDATED
money is generally
Ralph Lauren DAMAGES - A definite
for business
amount of damages,
purposes and the
set forth in a contract,
amount would not
to be paid by the party
include the borrower’s own home
breaching the contract. A
loan and other personal secured
predetermined estimate of actual
loans.
damages from a breach.
LINING - The covering on the interior LIQUIDATION - The settling of
of a building, as distinguished from financial affairs of a business of
the exterior, or casing. individual, by liquidating (turning to
LINK - In surveying, a length of 7.92 cash) all assets for distribution to
inches. creditors, heirs, etc.

LIQUIDATION PRICE - A price paid LITER (LITRE) - A metric measure of
for property sold to liquidate a debt. volume, equal to 61.02 cubic inches
Usually less than market value
since there is pressure to sell or a
(slightly more than one quart) liquid
measure.
L
forced sale, either of which does not LITERAGE LIMITS - Area in a
often bring the highest price. harbor which is serviced by lighters
LIQUIDATION VALUE - (See: on a regular basis and standard
Liquidation Price.) charge.
LIQUIDITY - Having liquid assets. LITTORAL - Concerning the shore of
(See: Liquid Assets.) lakes and oceans, as opposed to
rivers and streams, for which the
LIS PENDENS - A legal notice word riparian is used.
recorded to show pending litigation
relating to real property, and giving LITTORAL RIGHTS - Rights
notice that anyone acquiring an concerning properties abutting an
ocean or lake rather than a river or
interest in said property subsequent
stream (riparian). Littoral rights are
to the date of the notice may be
usually concerned with the use or
bound by the outcome of the
enjoyment of the shore.
litigation.
LIVABILITY - Minimum standards set
LISTING - An agreement between an by local government for the quality
owner of real property and a real residential structures (especially
estate agent, whereby the agent rental units).
agrees to secure a buyer or tenant
for specific property at a certain LIVE - Having force or containing
price and terms in return for a fee or energy, such as a live
commission. volcano (one capable
of eruption), live wire
LISTING AGENT - A real estate (carrying electric
agent obtaining current), etc.
a listing, as
LIVE LOAD - (1)
opposed to the
Variable weight in a building, such
selling agent.
as furniture and peoples, as
(See also: opposed to the fixed weight of the
Listing.) building itself (dead load). (2) The
weight of cargo in a truck which is
taxed by weight. (3) The weight of
traffic over a bridge.

LIVING TRUST - A trust which is in example: A $1,000 loan at 9%

effect during the life of the settler, interest for 20 years can be
L rather than upon his or her death
(testamentary trust).
amortized at $9.00 per month. The
constant interest rate is figured by
finding one year’s payments ($9.00
LOAD - (1) A weight carried or
x 12 months $1,008.00), and
supported by something, such as
expressing this amount as a
supported by “load-bearing”
percentage of the principal originally
members of a building, or the
borrowed (10.8% of $1,000).
weight carried in a ship, truck,
etc.(2) The device consuming the LOAN ORIGINATION FEE - A one-
power in an electrical circuit. time set-up fee charged by the
lender.
LOAD-BEARING - Supporting
weight in addition to its own LOAN PACKAGE - The file of all
vertically, or supporting pressure items necessary for the lender to
laterally decide to give or not give a loan.
These items would include the
LOAD-BEARING WALL - (See:
information on
Bearing Wall.)
the prospective
LOAN - A lending of a borrower (loan
principal sum of application,
money to one who credit report,
promises to repay financial
said sum, plus statement,
interest. employment letters, etc.), and
information on the property
LOAN BROKER - (See: Mortgage
(appraisal, survey, etc.). There may
Broker.)
be a charge for “packaging” the
LOAN COMMITMENT - (See: loan.
Commitment [2].)
LOAN POLICY - A title insurance
LOAN CONSTANT - The yearly policy insuring a mortgagee or
percentage of interest which beneficiary under a deed of trust,
remains the same over the life of an against loss caused by invalid title
amortized loan, based on the of the borrower, or loss of priority of
monthly payment in relation to the the mortgage or deed of trust.
principal originally loaned. For

LOAN RATIO - The ratio, expressed LODGING - A seldom-used term
as a percentage, of the amount of a meaning a temporary place to stay
loan to the value or selling price of
real property. Usually, the higher the
(lodge). L
LOFT BUILDING - A building
percentage, the greater the interest containing an attic-like upper floor,
charged. Maximum percentages for usually open (without partitions).
banks, savings and loans, or
government insured loans, is set by LONGITUDE - The East-West circle
statute. around the Earth, measured in
relation to the meridian or latitude
LOBBY - An (North-South circle). It is measured
open area from the Greenwich Meridian.
immediately
inside a LONGITUDINAL - Pertaining to the
building length of anything which is
entrance. measured.
Most LONG-LIFE PARTS - The most
commonly permanent parts of a structure,
associated with hotels and theaters. such as the foundation or bearing
wall, as opposed to hot water
LOCAL GOVERNMENT - City,
heaters, roofs, etc.
county, or other governing body at a
level smaller than a state. Local LONG TERM CAPITAL GAIN - Gain
government has the greatest control on the sale of a capital asset which
over real property. has been held for a specified time
or longer. Long term capital again is
LOCATION - The geographical
taxed at a special rate an not as
position of real property in relation
ordinary income.
to its intended use. It is impossible
to have a good or bad location LONG TERM FINANCING - A
without knowing the intended use. mortgage or deed of trust for a term
of 10 years or more, as
LOCK-IN - The prohibition of distinguished from construction
prepayment of a loan secured by a loans or interim loans.
mortgage or deed of trust, so that
the borrower is “locked in” to the LONG TERM LEASE - A general
loan for a specified period. term which may refer to a lease 10
years or longer in term, or in some
LOCUS SIGILLI - (See: L.S.) areas. 5 years or longer.

LOSS OF ACCESS -Taking away the LOVE AND AFFECTION - Loosely

right of an owner of property called consideration. However, only
L abutting a public road, to come an
go to and from said road and the
valid where a valuable
consideration is not required, such
property Usually happens in as a gift. Most contracts to be
condemnation when the abutting binding require “valuable
road becomes a limited access consideration.”
highway. LOW WATER LINE - Line of the
LOSS PAYABLE CLAUSE - A clause shore marking the lowest ebb of the
in a fire insurance policy listing the tide.
‘priority of claims in the event of L.S. - An abbreviation for “Locus
destruction of the property insured. Sigilli”, the place of the seal. At one
Generally, a mortgagee, or time, individuals had seals, and
beneficiary under a deed of trust, is documents were invalid unless the
the party appearing in the clause, seal was affixed. Modernly,
being paid to the amount owing signatures are notarized and only
under the mortgage or deed of trust corporations, in certain
before the owner is paid. circumstances, must affix a seal.
LOT - Generally, LUMBER - A general classification of
any portion or wood after it passes from the
parcel of real sawmill.
property. Usually
refers to a LUMINOUS CEILING - A ceiling
portion of a emitting light from its entire surface,
subdivision. through the use of fluorescent light
above translucent glass or plastic.
LOT AND BLOCK DESCRIPTION -
(See: Recorded Map.)
Don’t Take This Day
LOT BOOK - (See: Plat Book.) For Granted
LOT LINE - The boundary line of a lot The most beautiful thing
in a subdivision. under the sun is
LOUVER - Affixed or adjustable being under the
sun.
formation of slats in a wall, ceiling,
door, etc. to let in light and air, allow Christa Wolf
ventilation of fumes from within, yet Writer
keep out rain.

M
MADE-LAND - Artificially formed land, MAINTENANCE - Keeping a property
either by filling or dredging. in condition to efficiently serve its
MAGISTRATE - Any civil public intended purpose.
officer. Most commonly used to MAINTENANCE FEE - As applied to M
designate an inferior judicial officer, condominiums and planned
such as a justice of the peace, police developments, the amount charged
justice, etc. each unit owner to maintain the
MAGISTRATE’S COURT - Court common area. Usually a monthly fee
having jurisdiction over minor paid as part of the budget.
matters (small claims), and usually
not a court of record. MAINTENANCE RESERVE - Money
reserved to cover anticipated
MAGNESITE FLOORING - A
maintenance costs.
synthetic floor, floated approximately
1 1/2 inches thick, over a concrete MAJORITY - The age at which a
floor. Composed of powdered person is no longer a minor, and is
magnesite, magnesium-chloride legally entitled to contract and enjoy
solution and fillers. Also used for civic rights, such as voting.
outside steps in areas where cold is
not severe. MAKER - One who executes (signs)
as the maker (borrower) of a note.
M.A.I. (MEMBER APPRAISAL
INSTITUTE) - The designation given MALL - (1) A shaded walkway or
to a member of the American promenade. Modernly, the pedestrian
Institute of Real Estate Appraisers. A area of a shopping center. May be
designation earned through open or enclosed. (2) A strip between
experience, education, and two travelways; may be landscaped
examination. or paved. Also called a median strip.
MAIN - A large conduit or pipe,
carrying electricity, sewage, gas,
etc., to or from branch lines.
MAIN CIRCUIT - The principal circuit
which feeds electric current into
smaller circuits (branches) for
distribution where needed.
MANAGEMENT - (See: Property MANUFACTURED LOT - A lot upon

Management.) which construction of a building
may begin. Having all off-site
MANAGEMENT AGREEMENT - improvements and approvals of
(See: Property Management government agencies.
M Agreement.)
MAPS AND PLATS - (See: Plat.)
MANDAMUS - Latin for “We MARBLE - A hard, single or
command.” A writ issued by a multicolored limestone. In
superior court ordering an inferior construction, used in place of tile in
court, corporation, or individual, to more expensive structures.
do or refrain from doing specific
MARGINAL - An investment not
acts. The main importance to real
considered strong. One which
estate is that it is a writ
barely supports itself.
commanding a governmental body
to do something, such as issue a MARGINAL LAND - (1) Any income
building permit. producing land which barely covers
expenses. (2) Land which is clearly
MANSARD ROOF - A not the best for an intended
four-sided roof, each purpose, but may be adequate.
side having two
MARGIN OF SECURITY - (See:
separate slopes of Equity [2].)
different degrees; the
lower slope is at a much steeper MARINA - A small harbor or basin,
angle than the upper slope. having docks, supplies, and
maintenance services for boats.
MANTEL - (1) The lintel of a fireplace
opening, constructed by a post and
lintel method. May be of stone, a
heavy beam, or other material of
strength. (2) A decorative shelf
above a
fireplace MARK - An “X” or other symbol used
opening, not by one who cannot write his or her
load-bearing. name. Modernly not used often and
laws as to the validity of using a
mark should be checked.

MARKETABILITY - Salability. The MARQUEE - A canopy-like projection
probability of selling property at a over the entrance to a building, but
specific time, price, and terms. not supported by
MARKETABLE TITLE - Title which posts or
can be readily marketed (sold) to a columns. Most
reasonably prudent purchaser
aware of the facts and their legal
commonly found
on theaters and
M
meaning concerning liens and hotels.
encumbrances. MARSH - A grassy area of ground
MARKET DATA APPROACH - (See: which is always soft and wet.
Market Value Approach.) Usually distinguished from a swamp
MARKET PRICE - The price a by the absence of trees in the
property brings in a given market. marsh.
Commonly used interchangeably MASONRY - Anything constructed of
with market value, although not truly the materials used by a mason,
the same. (See also: Market Value.) such as brick, stone, cement,
MARKET RENT - (See: Economic adobe, etc., anything constructed by
Rent.) a mason of these materials.
MARKET VALUE - The highest price MASONRY WALL - A wall,
a willing buyer would pay and a constructed by a mason, of stone,
willing seller accept, both being fully brick, cement, or similar materials.
informed, and the property exposed MASSACHUSETTS TRUST - An
for a reasonable period of time. The unincorporated association, not a
market value may be different from partnership, doing business through
the price a property can actually be a trustee. The name comes from
sold for at a given time (market authorization of such a trust under
price).
the laws of the state of
MARKET VALUE APPROACH - Massachusetts.
Appraising the value of a property
MASS APPRAISING - Appraising a
by comparing the price of similar
whole district or area at the same
properties (comparables) recently
sold. The degree of similarity of the time, in order to adjust property
properties and circumstances of the taxes.
sale are the important MASTER FORM INSTRUMENT -
characteristics to consider. (See: Fictitious Instrument.)

MASTER LEASE - A lease MEAN - A middle point between two

controlling subsequent leases. May extremes; or an average, having an
cover more property than intermediate value between two
subsequent leases. For example: extremes or between several
“A” leases an office building, successive values of variable
M containing town offices, to “B.” “B”
subsequently leases the 10 offices
quantity, such as mean low tide and
mean high tide.
individually. The 10 leases from “B”
as lessor are controlled by the lease MEANDER - To follow a winding or
from “A” to “B” (master lease). flexuous course, usually referring to
a river or stream.
MASTER PLAN - A zoning plan for
an entire governmental subdivision, MEANDER LINES - Lines run in
such as a city. A comprehensive surveying lands which border
plan to allow a city to grow in an navigable rivers to determine the
orderly and sound manner, both sinuosities of the river.
economically and ecologically. MEAN HIGH WATER MARK - The
MASTER POLICY - An insurance point on the shore which the
policy to a lender covering property average high tide will reach.
in more than one location. If more MECHANIC’S LIEN - A lien created
than one state is involved, by statute for the purpose of
underlying policies may be issued securing priority of payment for the
to meet state requirements. price or value of work performed
MATCHED BOARDS - (See: Tongue and materials furnished in
and Groove.) construction or repair of
MATERIAL FACT - A fact upon which improvements to land, and which
an agreement is based, and without attaches to the land as well as the
which, said agreement would not be improvements.
made. MECHANIC’S LIEN SURETY BOND
MATERIALMAN - One who supplies - A bond, from a bonding company,
construction materials. (See also: indemnifying a title insurer against
Mechanic’s Lien.) loss from writing a policy before
expiration of the mechanic’s lien
MATURITY - (1) Termination period
of a note. For example; A 30 year period.
mortgage has a maturity of 30 MECHANIC’S & MATERIALMAN’S
years. (2) In sales law, the date a LIEN - (See: Mechanic’s Lien.)
note becomes due.

MEDIAN STRIP - A divider, being a MERGER OF TITLE - A lesser
strip of land rather than a fence, or interest in real property being
a barrier between oncoming lanes merged (absorbed) into a greater
of a roadway. interest. For example: A lessee
purchases the property being
MEETING OF THE MINDS - A legal
term meaning the mutual
agreement necessary to form a
leased. The interest as a lessee is
merged into the interest as an M
owner, thus ending the leasehold
contract. It is not interest.
based on what may
actually be in the MERIDIAN - A circle or
Everybody ought to be semicircle around the
minds of the parties,
given a chance to do Earth in a north and
but rather based on
whatever south direction, always
whether the acts of they want, touching or passing
the parties and but be through the poles. Used
circumstances of the responsible as a guide in surveying,
contract indicate that for their being placed 24 miles
the parties agree. own actions. apart and running from a
MEGALOPOLIS - Monty Roberts base line.
Modern word Horse Trainer
MESNE - Intermediate,
describing a heavily intervening.
populated continuous
urban area including many cities. MESNE ASSIGNMENT -
Assignment from A to B to C to D
MERGE - To combine two or more would be described as passing from
entities, so that if one survives, the A by “mesne assignments” to
other or others become part of the D.
surviving entity, and lose their
METAL LATH - A heavy
identity
coarse screen or slit
MERGE LINE - An appraisal term. sheet of metal which is
The line which arbitrarily splits a lot used as a base upon
which fronts on two parallel streets, which plaster is spread.
so that each portion will have the METAL VALLEY - (See:
highest value. Flashing.)
MERGER - The combining of two or METAMORPHIC ROCK - One of the
more entities (businesses) into one three major types of rock. A rock
surviving entity. formed by metamorphosis (change)
caused by heat and/or pressure.

METER - (1) A metric unit of MICRO RELIEF - Minor surface

measurement, equal to 39.37 changes, such as channels, dunes
inches. (2) A device for measuring or low hummocks, rather than hills
the use of public utilities, such as or mountains. The term is used by
electricity, gas, etc. farm appraisers.
M METES AND BOUNDS - Description MILE - A linear measurement equal
to 5,280 feet on land and 6,076 feet
of land by boundary lines, with their
across water (nautical mile). (See
terminal points and angles. also: Knot [2].)
Originally metes referred to
distance, bounds to direction; MILL - Equal to one-tenth of a cent.
modernly, the words have no Used in expressing a tax rate. Ten
individual meaning of practical mills would be the same as ten
significance. dollars per thousand.
MILL CONSTRUCTION - A type of
METROPOLITAN AREA - A major construction specifically to retard
city and surrounding area. The fire. Relies on heavy timbers
extent of the instead of normal size lumber,
surrounding extensive use of brick, masonry,
area is usually and other fire-resistant materials.
determined by
MILLWORK - Parts of a building
the extent of
produced in a mill, such as doors,
the influence
window sashes, etc. Differs from
of the city
cabinet work, which is
(commuters for work, shopping,
the work of a finish
etc.) on the surrounding area.
carpenter, done at the
construction site, or
METROPOLITAN SHOPPING
precision work done by
CENTER - (See: Regional
a cabinet maker, on or
Shopping Center.)
away from the construction site.
MEZZANINE - (1) A partial floor MINERAL RIGHTS - The ownership
between two floors (usually of the mineral (coal, gold, iron, etc.)
between the first and second). (2) under the ground, with or without
The partial balcony of a theater ownership of the surface of the
between the orchestra floor and first land. (See also: Subsurface Rights.)
balcony.

MINERALS - In real estate terms,
those minerals of value which may
Gratitude creates the most
be taken by mining, such as coal, wonderful feeling. It can
iron, copper, gold, silver, etc. resolve disputes. It can
Mineral rights, as well as oil rights, strengthen friendships. And it
may be sold or leased separately
from the land itself.
makes us better men and
women.
M
MINERAL WOOL - A fibrous material Gordon B. Hinckley
produced by the action of steam on
molten rock, under pressure, and
used as an insulating material.
(Also called rock wool.) MISNOMER - A wrong name or
MINER’S INCH - An indefinite mistake in name.
measure of a flow of liquid.
MISPLACED IMPROVEMENTS - An
Generally agreed to be 1/40 or 1/50 of
appraisal term indicating an
a cubic foot per second, but which
improvement on land which is not
fraction is used depends on area of
the highest and best use.
the country.
MINIMUM LOT - The smallest MISREPRESENTATION - A
allowable lot size for development, statement or conduct by a person
as stipulated by local zoning laws. which represents to another a fact
which is not true. A seller, broker, or
MINIMUM RENTAL - A fixed rental in
builder may have a duty to disclose
a lease which contains some
certain defects in property to a
formula for a possibly higher rental,
buyer or tenant. Failure to disclose
such as a percentage lease,
is also misrepresentation. The
overrides, etc.
misrepresentation may be
MINING LEASE - A right to extract deliberate (known to be wrong),
(mine) minerals (coal, silver, etc.). negligent (should have known), or
(See also: Oil and Gas Lease; Profit innocent (reasonably believed to be
a Prendre.) true). Depending on the facts and
MINOR - Any person under the age extent of misrepresentation, there
of 18. In some states, under age 21 may be a suit for damages, recision
with regard to alcoholic beverages. of a contract, punitive action against
the broker (loss of license), etc.
MINUTE - Very small particles. (Also
see: Degree [1].)

MISSION ARCHITECTURE - A MODERNIZATION - To make

Spanish style of architecture changes to the interior or exterior of
resembling those features of a structure for the purposes of
California missions. reflecting developments of function
MISTAKE - An unintentional, non- or design which were not available
M negligent error or
misunderstanding. A mistake may
at the time of the original
construction.
be of the facts (mistake of fact) or MODULAR
their legal effect (mistake of law). HOUSE -
MITER - To cut two pieces (usually (See:
wood) at an angle, to form a joint. Prefabricated
House.)
M & M LIEN - (See: Mechanic’s
Lien.) MOISTURE BARRIER - Insulating
MOBILE HOME PARK - Originally, a materials used to prevent the
trailer park, having electrical buildup of moisture (condensation)
hookups, and water. Modernly, a in walls and other parts of a
park-like area having facilities such building.
as complete plumbing and utilities, MOLDING - Long, narrow strips of
a recreation center, security guards wood or synthetic material, used as
at the entrance, and mobile homes a finish piece to cover the crack
which are usually attached to between the meeting of a wall with
foundations a floor or ceiling. Also used for
and are decoration only.
permanent
structures. MONEY MARKET - A general term
referring to the availability of money
for short or long term loans.
MODEL HOME - A home, often MONEY MARKET MUTUAL FUNDS
decorated, which is shown by a - Funds which invest in the “Money
builder to prospective buyers of Market,” a variety of interest-bearing
homes yet to be built. An identical securities such as treasury bills and
home to the model is then bank certificates of deposit. None is
constructed on a lot in the invested directly into real property
subdivision. The model home is or real property securities.
generally sold last.

MONTH-TO-MONTH TENANCY - A instrument by which real estate is
tenancy where no written lease is hypothecated as security for
involved, rent being paid monthly. repayment of a loan.
Some obligations as to notice of MORTGAGE-BACKED
moving or eviction may exist by CERTIFICATES - (See; Mortgage-
statute. backed Securities.) M
MONUMENT - A visible, permanent MORTGAGE-BACKED
object, marked by a surveyor, to SECURITIES - Securities
indicate the boundaries of land. May (certificates) which represent on
be artificial, such as a post, or interest in a pool of mortgages. The
natural, such as a tree or large principal and interest is collected by
stone. the securities seller and distributed
MORATORIUM - A period of to the holders of the securities,
suspension of legal rights or minus a fee for administering the
pool. Since the distributed funds
remedies. In real estate terms, most
simply pass through the hands of
commonly used by governmental
the administrator to the investors,
agencies (usually local) to suspend
the term “pass-through certificates”
construction in certain areas until
is also used.
studies are completed to determine
the best use for the land involved. MORTGAGE BANKER - A company
providing mortgage financing with
MORTAR - A material used in its own funds rather than simply
masonry work as the “glue” holding bringing together lender and
stones or bricks borrower, as does a mortgage
together. It is broker. Although the mortgage
composed of banker uses its own funds, these
lime, cement, funds are generally borrowed and
sand, and water, the financing is either short-term, or
and hardens if long-term, the mortgages are sold
when it dries. to investors (many times insurance
MORTGAGE - (1) To hypothecate as companies) within a short time.
security, real property for the MORTGAGE BOND - A bond issued
payment of a debt. The borrower by a company which is secured by a
(mortgagor) retains possession and general mortgage.
use of the property. (2) The

MORTGAGE BONDS - Bonds MORTGAGE INSURANCE -

issued by corporations, which offer Insurance written by an independent
first mortgages on real property of mortgage insurance company
the corporation as security for the (referred to as an “MIC”) protecting
payments of the bonds. the mortgage lender against loss
M MORTGAGE BROKER - One who,
for a fee, brings together a borrower
incurred by a mortgage default, this
enabling the lender to lend a higher
and lender, and handles the percentage of the sale price. The
necessary Federal Government writes this
applications for the form of insurance through the FHA
borrower to obtain a and the VA.
loan against real MORTGAGE LIFE INSURANCE - A
property by giving term life insurance policy for the
a mortgage or amount of the declining balance of a
deed of trust as loan secured by a mortgage or deed
security. Also called a loan broker. of trust. The beneficiary under the
MORTGAGE CLAUSE - (See: Loss policy is the mortgagee. In the event
Payable Clause.) of death (some policies also cover
disability) of the insured
MORTGAGE COMPANY - A (mortgagor), the mortgage is paid in
company authorized to service real full.
estate loans, charging a fee for this
service. MORTGAGE POLICY
(MORTGAGEE’S POLICY) - (See:
MORTGAGEE - The party lending Loan Policy)
the money and receiving the
mortgage. Some states treat the MORTGAGE POOL - A group which
mortgagee as the “legal” owner, can be purchased through a
entitled to rents from the property. securities dealer. Because of
Other states treat the mortgagee as market changes in interest rates
a secured creditor, the mortgagor and points (discounts), early
being the owner. The payoffs, and foreclosures, pools
latter is the more have different returns and,
modern and therefore, different investment
accepted view. values. The rate of payoffs and
foreclosures is called the “speed” of
the pool.

MORTGAGE SERVICING - M ROOF - A roof constructed of two
Controlling the necessary duties of double-pitched roofs, forming a
a mortgagee, such as collecting shape similar to the letter M. Utilizes
payments, releasing shorter rafters, making
the lien upon payment construction easier, and
in full, foreclosing if in
default, and making We think in
allows a lower overall
height.
M
sure the taxes are generalities, but we
MULLION - A vertical
paid, insurance is in live in detail.
force, etc. Servicing bar separating panes of
may be done by the a window or panels of a
Alfred North Whitehead
lender or a company Mathematician and Philosopher door. Also an upright
acting for the lender, framing member of
for a servicing fee. panels or wainscoting.
MORTGAGE MULTI-FAMILY
WAREHOUSING - A system DWELLING - (1) A building
whereby a mortgage company will occupied by more than one family.
hold loans which would ordinarily be (2) A building designed as a
sold, in order to sell later at a lower dwelling for more than four families
discount. These mortgages are at the same time.
used as collateral security with a MULTIPLE DWELLING - (See: Multi-
bank to borrow new money to loan. family Dwelling.)
MORTGAGOR - The party who
borrows the money and gives the
mortgage.
MORTISE - A rectangular opening,
cut in wood or other material, to
MULTIPLE LISTING - An exclusive
receive a bar of wood or other
material for the purpose of securing listing submitted to all members of
the two parts in a mortise joint. an association, so that each may
have an opportunity to sell the
MOTEL - Originally, a building near a property.
major highway to accommodate
travelers, offering a place to sleep MUNICIPAL CORPORATION - A
and parking. Over the years, motels town, city or village, incorporated as
have come to offer most of the a political corporation under state
features of hotels, such as statutes. Would not include a
restaurants, recreation, etc. county, or such political divisions as
a district.
MUNICIPAL ORDINANCE - (See: deposit rather than stock. These

Ordinance.) institutions are active in long-term
MUNIMENTS OF TITLE - Written real estate financing, as opposed to
evidence (documents) which an commercial banks, which
owner possesses to prove his title concentrate more on short-term
to property. loans
MUNTIN - A horizontal bar, dividing MUTUAL WATER COMPANY - A

window panes in a window. company in which the owners are
MUTUAL SAVINGS BANK - An the customers. Stock is issued to
institution owned by its depositors, the users, who are the organizers
as evidenced by certificates of of the company.
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Ted Thomas

Ted Thomas’
TM
IINNER
NNER C
CIRCLE
IRCLE
MASTERMIND
& ROUND
OUNDTABLE
ABLE
INNER CIRCLE MASTERMIND & ROUNDTABLE

Create Your Own Luck
People who achieve success faster happens by chance. If you examine
than others are often accused of being success and review the actions that
“lucky.” Likewise, when people make preceded that success, you will ob-
a mess of their lives, they often blame serve that successful people do many
misfortune on their “behalf.” things that when added together make
the final result (success) possible.
Call it what you want, but most of
that type of thinking is backwards It’s possible to tip “luck” in your
thinking and that’s what keeps many favor. The “law of probabilities”
from setting goals and achieving what comes into effect when you prepare.
they want in life.
Play the averages. You can’t
These are the same predict which, in a series of events
misguided people or actions, will be successful, but
who hope and the law of average says that by
dream for some- doing certain things a number of
thing to happen in times, you should improve your
their lives and then odds and increase your chance of
passively spend success.
time buying lottery
tickets, watching Educate yourself by reading and
T.V. endlessly and attending education courses and
complaining about Couch Potato 101 you’re more likely to read some-
their place in life. thing that’ll help you at work or in
your personal life. Making more
Noted author, Brian Tracy writes in offers or calls and you’re more likely
Create Your Own Future… to meet a prospective client who will
do business
“They resent successful people, but are because
not willing to make the efforts others they need
have made to achieve what others have your prob-
achieved.” lem solving
Thomas
TM
products.
Ted
If this description remotely fits you,

this is your wake-up call. Nothing continued on next page...
Inner Circle MasterMind & RoundTable
Actions Have Consequences much about what they don’t want and how
other people annoy them. These people
Successful people take action and they are attract unhappy experiences in themselves.
thoughtful about what action they take.
Action promotes other actions, action Risk taking can be done “Intelli-
causes results. gently.” Taking action
requires risk. A willingness
The law of cause and effect. If to take intelligent risk as
there is a challenge in your life, you pursue defined goals
such as lack of money or will do wonders for your
maybe a relationship problem, “nest egg” and tip the
it’s up to you to trace that back odds of success in your
to things you did to cause it. favor. It’s possible to
When you remove those causes, you achieve the same level of success
can begin seeing effects of the positive in one year that others achieve in many
actions. years by managing risk and taking action.
The point of all this is: You Create Your
Control your complaining. People talk too Own.
Invest In Yourself
Invest in yourself! You’re all you’ve got. You are the Real Asset in your
business and you are always either appreciating or depreciating in
value. Investing in your health and well being, your wardrobe, your
library, your personal resources, your continuing education, self-im-
provement and associations makes sense.
Associations with others who can assist you is crucial. Where are you
going? How do you plan to get there? It takes growth and education.
Depending on where you are in life, 10%, 20% even 30% of your income
should be allocated to self-improvement. I prefer to say “Re-Inventing
Yourself” physically and economically.
Ted Thomas
N
NAME CHANGE - In conveyancing, estate brokers who have adopted
setting forth both the present name the term “Realists.” Originally
of the grantor and the name under founded in Miami in 1947, the
which said grantor acquired title, if association is now based in
different. For example: Joan Doe, a Washington, D.C.
married woman, who acquired title
NATURAL DISASTER - (See: Act of
as (or also known as) Joan Smith.
God.) N
NAR (NATIONAL ASSOCIATION OF
REALTORS) - An association of NATURAL FINISH - A finish which
people engaged in the real estate retains the color and appearance of
business. Organized in 1908, it the surface covered, such as varnish
currently lists over half a million over wood, rather than paint.
members. With headquarters in NATURALIZATION - Granting
Chicago, it is dedicated to the citizenship to an alien. In the United
betterment of the real estate industry States, a naturalized citizen has the
through education, legislation, and rights of a native citizen, with the
high ethical standards for its exception that the naturalized citizen
members. may not hold the office of president.
NAREB (NATIONAL ASSOCIATION NATURAL PERSON - A human being
OF REAL ESTATE BOARDS) - A rather than some type of business
national trade association whose entity, such as a corporation,
members include not only real estate partnership, etc.
brokers, but appraisers, property
managers, and other affiliated NATURAL RESOURCES -
groups. Resources of
an area, such
NATIONAL ASSOCIATION OF REAL as minerals,
ESTATE BROKERS - An oil, timber,
organization dedicated to the water, etc.
betterment of the real estate industry May also
and specifically to the roll of blacks include
in the real estate industry. It is people.
composed primarily of black real
NAVIGABLE - (1) Capable of NEGOTIABLE - Capable of being

carrying commercial shipping, or negotiated. Commonly used to
boats for travel. (2) Any waters put mean assignable or transferable in
to a public use are “navigable” in the ordinary course of business,
some states, giving the word a legal such as negotiable bonds,
meaning different from its normal securities, notes, etc.
meaning. NEGOTIABLE INSTRUMENT -
NAVIGABLE WATERS - A general According to the Uniform
N term which legally differs in different
jurisdictions. May mean a body of
Negotiable Instruments Act, an
instrument is negotiable when it is
water capable of in writing and signed,
carrying a commercial containing an
vessel, or a body of Many individuals have, unconditional promise
water large enough to like uncut diamonds, or order to pay a certain
ebb and flow. In some shining qualities amount of money, on
areas, minor streams beneath a rough demand, or at a definite
have been held to be exterior. future date, to the
navigable. bearer, to order, or to a
NEAP TIDE - The tide named or certain
during the first and drawee.
third quarters of the Decimus Junius Juvenalis NEGOTIABLE ORDER
moon, not as high as (c. 60 - 127 A.D.) Poet & satirist OF WITHDRAWAL
in the second and CHECKING ACCOUNT
fourth quarters. (NOW ACCOUNT) - An
NEGATIVE interest-bearing
AMORTIZATION - A condition checking account which limits the
created when a loan payment is amount which may be withdrawn
less than interest alone. Even over a given period.
though payments are made on time, NEIGHBORHOOD - A general term
the amount owning increases. describing a contiguous area of
NEGATIVE CASH FLOW - When the similar
income from an investment property properties.
does not equal the usual expenses. Since the
The owner must come up with cash development
each month to meet these of tract
expenses. (See also: Cash Flow.) housing, the
term is not as significant.

NEIGHBORHOOD SHOPPING NET INCOME MULTIPLIER - The
CENTER - A group of retail stores, number which, when multiplied by
usually limited to food and the net income, gives the selling
convenience price. Found by dividing the sales
service stores price by the net income. Usually, a
(dry cleaner, gross income multiplier is used.
barber, etc.)
serving a limited NET LEASE - A clause requiring the
area tenant to pay, in addition to a fixed
(neighborhood),
and having
rental, the expenses of the property
leased, such as taxes, insurance,
N
common parking and ownership or maintenance, etc. In some states,
management. the terms net net, net net net, triple
net, and other such repetitions are
NET ACRE - An acre which may be
used. (See also: Gross Lease.)
used for building of structures. For
example: A builder buys ten acres NET LISTING - A listing under which
of raw land on which to build a real estate agent receives any
houses. Three acres are used for amount over a given net amount to
streets, sidewalks, and other off-site the seller, illegal in some states.
improvements. The remaining
NET LOSS - The excess of expense
seven acres are the net acres of the
over income for a given period. May
ten-acre site.
be more complicated in accounting
NET AFTER TAXES - The net procedures.
income from property after income
tax is paid. (See also: Net Before NET NET, NET NET NET - (See: Net
Taxes, Net Income.) Lease.)
NET BEFORE TAXES - Net income NET PROFIT - Remainder after

before payment of income tax, but deduction of all expenses from
after payment of property taxes. income for a given
(See also: Net After Taxes; Net period. Generally
Income.) classified as either
net before
NET EARNINGS - (See: Net
taxes, or net
Income.)
after taxes.
NET INCOME - The difference
between adjusted gross income and NET RENTABLE
operating expenses. May or may AREA - (See: Rentable Area.)
not include depreciation.

NET RENTAL - Rental over and NOMINEE - Most commonly used in

above the expenses of the property. a deed, such as to John Doe, or
NET SALES AREA - The area nominee, when the actual grantee
(usually expressed in square feet) in is not revealed. Has no legal
a retail store where products are meaning, other than representative
displayed and sold. of another.
NET USABLE ACRE - (See: Net NONBEARING WALL - A wall used
Acre.) only to separate areas, and which
N NET WORTH - The
carries only its own weight.
difference between total NONCONFORMING USE - A
assets and liabilities of property which does not conform to
an individual, the zoning of the area. Usually, the
corporation, etc. property was built in conformity and
NEWEL - The post then the zoning was changed.
around which winds a NONEXCLUSIVE LISTING - A listing
circular stairway. In a under which the real estate broker
noncircular stairway, has an exclusive listing as opposed
the major post at the bottom of the to other agents, but the owner may
stairway or at a landing. sell the property without using an
“NO BONUS” CLAUSE - A clause agent, and not be liable to pay a
under the eminent domain section commission. Also called an agency
of a lease, giving the lessee the agreement.
right to recover only the value of his NON-FREEHOLD ESTATE - An
or her physical improvements in the estate other than a fee estate or life
event of a taking, and not the value estate. Example: A lease.
of the leasehold interest (the
difference between the fixed rent of NONJUDICIAL FORECLOSURE
the lease and current market rental SALE - Sale by a trustee under a
value). Not applicable in all states. deed of trust, or
mortgagee under a
NOMINAL CONSIDERATION -
power of sale of a
Consideration in name only, and not
mortgage. There is
related to the market value of the
property. Still considered valuable no court (judicial)
consideration and the purchaser is proceeding.
considered a purchaser for value.

NONPROFIT CORPORATION - a definite sum of money at a
(See: Eleemosynary Corporation.) specified date or on demand.
NONRECOURSE LOAN - A loan not Usually provides for interest and,
allowing for a deficiency judgment. concerning real property, is secured
The lender’s only recourse in the by a mortgage or trust deed.
event of default is the security NOTICE - A means of bringing
(property) and the borrower is not attention to, usually written. (See
personally liable. types of notice: Actual;
NONRECURRING EXPENSE - An Constructive; Statutory.) N
expense which does NOTICE OF ACTION -
not usually repeat A recorded notice that
itself, such as a fire If you want others to be property may be
or other natural happy, practice subject to a lien, or
disasters. compassion. If you even that the title is
want to be defective, due to
NORMAL WEAR happy, pending litigation.
AND TEAR - (See: practice Notice of a pending
Wear and Tear.) compassion. suit. Also called “Lis
NOSING - The edge Pendens.”
of a step which The Dalai Lama NOTICE CESSATION
projects over the - A notice stating that
riser below. work has stopped on a
NOTARY PUBLIC - construction project.
One who is authorized by the state Done to accelerate the period for
or federal government, to filing a mechanic’s lien.
administer oaths, and to attest to NOTICE OF COMPLETION - A
the authenticity of signatures. A notice, recorded to show that a
federal authorization may extend construction job is finished. The
the authority to attest to the length of time in which mechanic’s
authenticity of certain documents, liens may be filed
and to act as a notary in foreign depends
countries. upon
NOTE - A unilateral agreement when and
containing an express and absolute if a notice
of
promise of the signer to pay to a
completion is recorded.
named person, or order, or bearer,

NOTICE OF DEFAULT - A notice NOVATION - Substitution of a new

filed to show that the borrower contract, debt, or obligation, for an
under a mortgage or deed of trust is existing one, between the same or
in default (behind on the payments). different parties.
NOTICE OF NONRESPONSIBILITY NOW - (See: Negotiable Order of
- A notice filed by an owner of Withdrawal.)
property to show that work being NUISANCE - A use of property which
done has not been contracted for by interferes with the use and
N said owner. If properly done,
mechanic’s liens will not attach to
enjoyment of other property by
excessive noise, odors, fumes, or
the property. Often done when a other harmful or unpleasant
tenant contracts for work on emissions.
property.
NULLA BONA - No good. The name
NOTICE OF RECISION - A recorded of the return made by the sheriff to
notice to rescind a notice of default a writ of execution, when he has
of a mortgage or deed of trust. found no goods of the defendant on
NOTICE TO QUIT - A notice by a which to levy within the jurisdiction.
landlord to a tenant to vacate rented NULL AND VOID - Void. Not legally
property There are two types: For binding. (See also: Voidable.)
nonpayment of rent or a second
type for any other reason. Usually NUNC PRO TUNC - Now for then.
the notice for nonpayment allows Applied to acts or entries allowed to
less time to vacate. be done after they should have
been done, with a retroactive effect.
NOTORIOUS POSSESSION - A
requirement for adverse NUNCUPATIVE WILL - A verbal
possession. Possession so open “death bed” will. Not valid in all
(notorious) that the owner is states and restricted to personal
presumed to have notice of it and property of limited value.
its extent. NUT - A slang term. (See:
Overhead.)
One learns by doing a thing; for though you think you know
it, you have no certainty until you try.
Sophocles (496 - 406 B.C.)

O
OAKUM - A fiber used as a caulking, OBSOLESCENCE - An appraisal
made by pulling apart hemp or rope. term meaning that the age of a
structure may cause it to become
OATH - An attestation by a undesirable in use or appearance
person which binds him or (old fashioned) and consequently
her legally and morally. lose income and value.
Usually attesting to
the truth of OCCUPANCY - With reference to
land, the word has become
something, as an
synonymous with possession.
affidavit, or the
validity of one’s
signature. A promise to tell the truth.
OFFER - A presentation or proposal
for acceptance, in order to form a
O
Also, a promise to carry out a duty contract. To be legally binding, an
with high morality (oath of office). An offer must be definite as to price and
oath has religious connotations and terms.
usually involves the word “swear,” OFFER AND ACCEPTANCE -
and may contain the phrase “so help Necessary elements of a contract to
me God,” or require the one taking sell real estate. (See also: Offer;
the oath to put his or her hand on a Acceptance.)
Bible. An affirmation is still legally OFFEREE - One to whom an offer is
binding. (See also: Affirmation.) made.
OBLIGATION BOND - A bond OFFEROR - One making an offer.
secured by a mortgage but over the OFFER TO PURCHASE - (See:
mortgage amount. It creates a Purchase Agreement.)
personal obligation on the part of the
mortgagor. OFFICE - A zoning designation
allowing business to carry on their
OBLIGEE - One to whom an paperwork rather than manufacturing
obligation (promise) is owed. (See or sale of inventory to the public on
also: Obligor.) the site. Some businesses may be
conduced entirely out of such space,
OBLIGOR - One who legally binds when only paperwork is involved,
(obligates) oneself, such as the such as insurance companies, law
maker of a promissory note. firms, accounting firms, etc.
OFFSET - (1) A ledge across a wall OHMMETER -

(usually brick or masonry) formed Device used to
by reducing the thickness of the wall measure
above the ledge. (2) To balance, as resistance in an
claims in a lawsuit. Commonly electrical circuit;
called set-off (when a counter-claim common term
is made to offset damages, the to also include
counter-claim being made volmeter.
concerning different subject matter.)
OFFSET STATEMENT - (1) A OIL AND GAS LEASE - A lease

statement given to a buyer of rental giving the lessee the right to extract
O property by a tenant, setting forth
the amount of rent and terms of the
oil and gas from land. More like a
mining lease than a land lease, in
rental agreement. (2) A statement that the lessee has an ownership
by an owner or lien holder to a interest in a portion of the property
buyer, setting forth the balance due (the oil and gas) rather than just the
on existing liens against the use of the property. The lessor is
property being purchased. generally paid based on the oil and
gas taken. (See also: Slant Drilling;
OFF-SITE - Not on the property to be Profit a Prendre.)
sold. For example: The developer of OMNIBUS CLAUSE - Clause in a
a housing tract sells only the house will or decree of distribution passing
and lot, but must build the streets, all property not specifically
sewers, etc., not on the lot. mentioned.
OFF-SITE IMPROVEMENTS - “ONCE IN A LIFETIME” TAX
Development of land to make EXCLUSION - A forgiveness of a
adjacent property suitable for portion of the tax due on the sale of
construction. Includes sidewalks, a residence by a senior citizen. As
curbs, streets, sewers, street lights, the term denotes, the exclusion can
etc. be taken only once.
ON CENTER - A construction term
OHM - An electrical measure of referring to a measurement of
resistance of the dissipating of one distance from the center of one
watt when one ampere passes structural member to another, such
through it. as a stud, joist, etc. Abbreviated on
construction drawings as O.C.

ONE HOUR DOOR - A fire-resistant OPEN-END MORTGAGE - A
door; one which will hold back a fire mortgage permitting the mortgagor
for a minimum of one hour. to borrow additional money under
ONE HOUR WALL - A fire resistant the same mortgage, with certain
wall; one which will hold back a fire conditions, usually as to the assets
for a minimum of one hour. of the mortgage.
“ONE, TWO, THREE” FINANCING - OPEN HOUSE - A house which is

A method of “creative” financing by open without an appointment to
which the buyer (1) prospective buyers (or
assumes an tenants) for inspection,
existing loan. (2) Be Ready To Open during certain hours
secures a second
loan from a third
The Door and days of the week. O
Too often the OPEN HOUSING -
party lender, (3)
opportunity knocks, but Housing made
takes a third loan by the time you available to persons
from the seller. disengage the chain, without regard to race,
“ON RAIL” - Refers push back the bolt, religion, sex, color, or
to a property unhook the two locks
national origin.
(usually industrial) and shut off the
which is served by burglar alarms, OPEN LISTING - A
it’s too late. written authorization to
a railroad.
Rita Coolidge a real estate agent by a
ON-SITE SInger
property owner, stating
IMPROVEMENTS -
that a commission will
Structures erected
be paid to the agent
permanently for use
upon presentation of an offer which
on a site, such as buildings, fences,
meets a specified price and terms.
etc.
However, the agent has no
OPEN AND NOTORIOUS exclusive right to sell and must
POSSESSION - (See: Notorious bring in his or her offer before any
Possession.) other offer is presented or
OPEN BEAM CONSTRUCTION - A accepted.
design using heavy roof beams as OPEN MORTGAGE - A mortgage
interior finish, exposed to give a that can be prepaid without penalty.
roomy, heavy, rugged appearance (See: Or More Clause.)
to a room.

OPEN SPACE LAND - Land used for OPTIONOR - One who, for
agriculture, recreation, consideration, gives an option.
scenic beauty, ORAL CONTRACT - A contract,
natural resources, partly written and partly spoken, or
water shed, or not at all reduced to writing.
wild life, and so
designed on a map. ORDER CONFIRMING SALE -
Court order confirming the terms of
OPEN SPACE RATIO - Ratio of a sale of property out of an estate.
land area to floor area of an
ORDINANCE - A law or statute. The
apartment building. Used in zoning
term used to designate the
requirements.
O OPERATING EXPENSES - The cost
enactments of the legislative body
of a municipal corporation or a
of operating an income producing county.
property, such as management, ORDINARY INCOME - A term having
utilities, and similar day-to-day meaning only in relation to income
expenses, as well as taxes, tax. The regular graduated scale of
insurance, and a reserve for tax is paid on income which is
replacement of items which called “ordinary,” as opposed to
periodically wear out. capital gains or any other income
taxed differently.
OPINION OF TITLE - (See: Abstract
of Title.) ORDINARY REPAIRS - Repairs
necessary to
OPTION - A right, which acts as a keep a property
continuing offer, given for in good
consideration, to purchase or lease condition,
property at an agreed upon price against ordinary
and terms, within a specified time. wear and tear,
OPTIONEE - One who, for decay, etc.
consideration, receives an option.
ORDINATE - A point along the
OPTION FOR ADDITIONAL SPACE vertical axis of a curve. When in
- An option given to a tenant to rent conjunction with a point on the
additional space at a specified horizontal axis (abscissa), the point
rental amount and terms. is called the “co-ordinates.”

ORIEL WINDOW - A window OSTENSIBLE AGENCY - An agency
projecting created by law when a principal
outward, similar acts (intentionally or negligently) as
to a bay window. if one is an agent who in fact is not.
However, an oriel (See also: Apparent Authority.)
window is OVERAGE INCOME - Rental from a
supported by percentage of the operation of a
brackets or a business in excess of the base
cantilever, as rental. (See also: Percentage
opposed to a bay Lease.)
window which is supported by the
foundation. OVERBUILDING - Construction of
ORIENTATION - Planning the most
an excessive number of similar
properties (houses, apartments,
O
advantageous place on a parcel of etc.) so as to cause a surplus of
land for an improvement to be supply over demands.
located.
ORIGINAL COST - The purchase
price of property, paid by the
present owner. The present owner
may or may not be the first owner.
ORIGINAL PAYEE - The person or
entity to which a check or
promissory note is originally
payable. OVERHANG - An extension of a roof
ORIGINATION FEE - A fee made by beyond the exterior walls, used as
a lender for making a real estate shading or protection from rain, for
loan. Usually a percentage of the a walkway.
amount loaned, such as one OVERHEAD - The expenses of a
percent. business or property. Commonly
OR MORE CLAUSE - A clause in a referred to as the “nut.”
note, mortgage, or deed of trust, OVER IMPROVEMENT - An
allowing for additional payments to improvement, excessive cost or
be made without penalty. The words size in relation to land value or
“or more” come after the specified value of surrounding improvements.
payment.

OVERPASS - A bridge or road is properties of unequal value.

elevated to avoid intersecting with a OWNER - One who has the rights of
roadway, railway, or other traffic ownership. (See: Ownership.)
carrier.
OWNER
OVERRIDE - A rental amount paid OCCUPIED
due to sales of the tenant. For - Property
example: A lease for a service physically
station may contain a provision for a occupied by
certain addition to the rent for every the owner.
gallon of gasoline over a certain
amount sold each month. The OWNER OF
amount over is called the override, RECORD - The owner of property
such as two cents per gallon over according to the records of the
fifty thousand sold each month. county recorder.
OVERRIDING ROYALTY - Common OWNERSHIP - Rights to the use,
in oil and gas leases. A retained enjoyment, and alienation of
royalty by a lessee when the property, to the exclusion of others.
property is subleased. Concerning real property, absolute
rights are rare, being restricted by
OVERT – Open, manifest, public,
action as distinguished from mere zoning laws, restrictions, liens, etc.
intention. OWNER’S POLICY - Title insurance
OWELTY OF EXCHANGE - Money for the owner of property, rather
necessary to equalize the value of than a lien holder.
the properties being exchanged. OWNER WILL CARRY MORTGAGE
(See also: Boot.) - A term used to indicate that the
OWELTY OF PARTITION - Money seller is willing to take back a
paid by one co-tenant to another purchase money mortgage. (See:
when property is split, but the result Purchase Money Mortgage [1].)
I keep the telephone of my mind open to peace, harmony, health, love, and
abundance. Then whenever doubts, anxiety, or fear try to call
me they keep getting a busy signal—and soon they’ll forget
my number.
Edith Armstrong

P
PACKAGE MORTGAGE - Mortgage PARCEL - A general term meaning
covering both real and personal any part or portion of land.
property. PARGING - Coating cement on a
PACKAGE TRUST DEED - (See: masonry wall, usually for water
Package Mortgage.) proofing.
PANE - The glass portion of a door or PARISH - A political division in
window. Louisiana, comparable to a county.
PANEL - (1) A section, raised, PARKWAY - (1) A highway through a
lowered, or level, or a wall, ceiling, park, usually restricting vehicles over
fence, etc., self-contained and a certain weight. (2) A freeway or
usually in a border or frame. (2) expressway.
Sheets of gypsum, plywood or other
materials in similar form. PAROL - Verbal. Usually refers to
evidence in a court of law. The P
PANEL HEATING - Space heating by “Parol Evidence Rule” governs when
electric coils, hot air, hot water or such evidence is admissible.
steam pipes, which are built into
walls, ceilings or floor panels. Also PARQUET FLOOR - Patterned,
called radiant heating. hardwood flooring, especially
parquetry (a geometric design).
PANEL WALL - (See: Curtain Wall.)
PARTIAL RECONVEYANCE - (See:
PAPER - A mortgage, deed of trust, or
Partial Release.)
land contract, which is given instead
of cash. A seller would take back PARTIAL RELEASE - A release of a
“paper” if he or she received a portion of property covered by a
mortgage, deed of trust, or land mortgage. A subdivider will obtain a
contract as part of the purchase partial release as each lot is sold,
price. upon payment of and agreed upon
PAR - (1) Average, equal, normal, etc. amount. In areas where the
(2) Face value, as in negotiable subdivider is not usually the builder,
instruments. it may be necessary to sell groups of
lots to obtain a partial release. In
PARAPET - A short wall along the areas where deeds of trust are used
edge of a platform, such as a roof, instead of mortgages, a “partial
terrace, etc., to protect the edge and reconveyance” is the document
divert rainwater. used.
PARTIAL TAKING - The taking of PARTY WALL - A wall erected on a

part of an owner’s property under property boundary as a common
the laws of eminent domain. support to structures on both sides,
Compensation must be based on which are under different
damages or benefits to the ownerships.
remaining property, as well as the
part taken. PAR VALUE - (1) Concerning stock,
the face value of a share of stock.
PARTICIPATION - Lender
involvement in a development for a (2) With reference to mortgages or
percentage of the gross sales or trust deeds, the value of the
profit, as well as interest on the mortgage based on the balance
loan. Usually occurs when money is owing, without discount.
difficult to obtain. PASS-THROUGH CERTIFICATES -
PARTICIPATION CERTIFICATES - (See; Mortgage-backed Securities.)
P Mortgages securities rather than
mortgages. The advantage of the PATENT - Instrument of conveyance
certificate is that it is readily of title to public (government) land.
marketable or pledgeable.
PATENT DEFECT - A defect plainly
PARTITION - (1) A division of real or visible or as would be discovered by
personal property between co- the exercise of ordinary care. A
owners, resulting in individual patent defect in a legal description
ownership of the interests of each. is one which cannot be corrected on
(2) A wall, sometimes moveable, its face, and a new description must
and not load-bearing, used to divide be used. (See also: Latent Defect.)
a room or building.
PARTNERSHIP - As defined by the PATIO - Originally, a courtyard,
Uniform Partnership Act, “An enclosed by columns, or an open
association of two or more persons courtyard. Modernly, a
to carry on as co-owners, a paved area adjoining
business for profit.” The business a house, used for
must be lawful and the relaxation,
partners must outdoor cooking,
agree to share eating, etc.
in the profit or
loss (but not
necessarily
equally).

PAYMENT CAP - A maximum PENTHOUSE - (1) A condominium or
amount for a payment under an apartment on the roof of a building,
Adjustable Mortgage Loan, used as a residence. (2) A small
regardless of the increase in the building on a roof, which houses
interest rate. If the payment is less elevator machinery, ventilating
than the interest equipment, etc.
alone, negative
PER ANNUM - Yearly,
amortization is We have forty annually
created. million reasons for
failure, but not one PER CAPITA - Literally,
PAYOFF - The
single excuse. by heads. Commonly, as
payment in full of an
individuals. In the right
existing loan or other
Rudyard Kipling to receive a portion of
lien.
Writer the estate of a deceased
PAYOFF ESCROW - person, one claiming a
An escrow, per capita right would P
specifically for the claim an equal share as
purpose of paying off an existing an individual and not a divided
lien. Usually part of an existing share as part of a family (per
escrow, and called a sub escrow. stirpes).
PEDESTRIAN OVERPASS - A PERCENTAGE LEASE - A lease,
bridge over a highway, railway, etc., generally on a retail business
for pedestrian traffic. property, using a percentage of the
PEDESTRIAN TRAFFIC COUNT - gross or net sales to determine the
(See: Traffic Count.) rent. There is usually a minimum or
“base” rental, in the event of poor
PEDESTRIAN UNDERPASS - A sales.
tunnel, under a highway, used for
pedestrian traffic. PERCENTAGE RENT - (See:
Percentage Lease.)
PENNY - Most popularly applied to
nails. A measure of length, PERCH - A seldom used unit of
symbolized by the letter “d.” measurement equal to 16.5 feet.
PENSTOCK - (1) A valve to regulate PERCOLATION - The absorption of

or direct the flow of water. (2) A liquid into soil by seepage.
conduit for a similar purpose.

PERCOLATION (PERK) TEST - The PERSONAL PROPERTY - Any

test to determine the capability of property which is not designed by
the soil to absorb liquid, both for law as real property.
construction and septic systems. PERSONAL PROPERTY BROKER
PER DIEM - Daily -A loan broker operating under a
PERFECT ESCROW - A complete special license to broker personal
escrow. When the escrow agent property loans. The loan broker
has all instruments and instructions may be paid in a lump sum or from
necessary to carry out the the monthly interest payment.
transaction (purpose of the escrow). PERSONAL PROPERTY LOAN - A
PERFORMANCE BOND - A bond loan which is secured by both real
posted by a builder to insure and personal property. The
completion of a project. minimum ratio of personal to real
property is set by law. The credit of
P PERIMETER - (1) The boundary
lines of a parcel of land. (2) The
the borrower is a major
consideration in making the loan.
length of said boundary lines. (See also: Equity Loan.)
PERIMETER HEATING - (See: PER STIRPES - As a representative,
Baseboard Heating.) and not as an individual. In the laws
PERISTYLE - A colonnade around a of descent and distribution, one
building or courtyard. who takes because of a deceased
ancestor. For example: A leaves
PERMANENT MORTGAGE - A
equally to B and C per stirpes. C
mortgage on completed
dies, leaving three children. The
construction for a long period of
estate goes one half to B, one half
time, usually over ten years. (See
to be divided among the three
also: Take Off Loan.)
children of C. (See also: Per
PERPETUITY - Continuing forever. Capital.)
Legally, pertaining to real property,
any condition extending the
No trumpets sound when the
inalienability of property beyond the
important decisions of our life
time of a life or lives in being plus are made. Destiny is made
21 years. known silently.
PERSE - By itself; of itself; inherently Agnes Demille
Dancer & choreographer

PHYSICAL DEPRECIATION - (See: PILASTER - A pier
Deterioration.) or column, which
PHYSICAL LIFE - The normal life of partly protrudes
an improvement, if properly from a wall, or is
maintained. attached to a wall
as a decoration. If
PI (PRINCIPAL AND INTEREST) - not strictly
Used to indicate what is included in decorative, it may
a monthly payment on real property. be a support
If the payment includes only member.
principal and interest, property
taxes and hazard insurance would PILE - A vertical support member,
make the total payment higher. driven into the ground (or bottom, if
(See: PITI.) in water). May be of concrete,
PICTURE WINDOW metal, or wood.
- A large PILLAR - A vertical support member, P
window used to usually the main support, is not
let in light and a attached at its sides.
view, but not air.
PIPELINE - An extended connection
PIER - (1) A of pipes for transporting liquids or
structure extending from the solid gases, such as oil or natural gas.
land out into the water of a river, PITCH - (1) A mixture of resins; a
lake, harbor, etc., to afford black tar substance. (2) To incline,
convenient passage for persons such as a sloping roof. The rate of
and property to and from vessels incline is in the pitch.
along its sides. (2) A heavy, vertical
PITI (PRINCIPAL, INTEREST,
support member, of masonry, wood
TAXES AND INSURANCE) - Used
or metal.
to indicate what is included in a
PIGGYBACK LOAN - A loan made monthly payment on real property.
jointly by two or more lenders on the Principal, interest, taxes and
same property under one mortgage insurance are the four major
or trust deed. A 90% loan, for portions of a usual monthly
example, may have one lender payment.
loaning 80% and another
PLAINTIFF - The party bringing a
(subordinate) lender loaning the top
civil action against a defendant.
10% (high-risk portion).

PLANK - Lumber 2 PLATE - (See: Wall Plates.)

inches to 4 inches in PLEDGE - The depositing (bailment)
thickness, 8 inches of goods (personal property) with a
or more in width. creditor as security for a debt.
PLANNED (UNIT) DEVELOPMENT PLEDGE ACCOUNT LOAN - A loan
- A subdivision of five or more partially secured by the buyer or
individually owned lots with one or third party depositing funds into a
more other parcels owned in savings account as collateral
common or with reciprocal rights in security for the loan. A portion of the
one or more other parcels. The lots monthly payment is drawn from the
are generally small, being the exact account over the first years of the
size of the improvements, or slightly loan.
larger.
PLEDGEE - The party to whom
PLANNING COMMISSION - A board goods are pledged.
of a city, county or similar local
P government, which must approve PLEDGOR - The party delivering
goods in pledge (pledging).
proposed building projects. Often
must be confirmed by a higher PLOT - (1) An area of ground for a
board, such as a council. specific use, such as a cemetery
PLANS - All drawing necessary to a plot. (2) Ground on which an
construction project, improvement is to be built.
including the PLOT PLAN - A plan of the location
subcontractors’ of improvements on a parcel of
drawings. (See land. Also called a plot map. (Don’t
also: confuse with Plat.)
Specifications.)
PLOTTAGE - (See: Assemblage.)
PLASTER OF
PLOTTAGE INCREMENT - The
PARIS - Gypsum
increase in value created by joining
heated to form a fine white powder
smaller adjacent properties into one
which, when wet, will dry hard.
larger parcel, under a single
PLAT (PLAT MAP) - A map dividing ownership.
a parcel of land into lots, as in a
PLUMB - (1) To provide plumbing.
subdivision.
(2) A weight used on a line (plumb
PLAT BOOK - A book which contains line) to determine the exact right
the plat maps for a given area. angle to the ground or a floor.

PLUMBING - The pipes, fixtures, etc. POINT OF BEGINNING (POB) - A
necessary for term used in metes and bounds
the flow of water descriptions. The description will
to a building, start with the words “Beginning at a
and flow of point” and end with “to the point of
sanitary waste beginning.”
from a building.
POLICE POWER - The power of the
PLY - A layer or state which abridges individual
fold. Commonly used to describe rights for the safety, health, and
the thickness of any built-up general welfare of society.
surface, such as plywood, veneers, Condemnation would fall in this
tires, etc. category.
PLYWOOD - A wood sheet made of POLICY - A general term used to
layers (plies) of thin sheets, glued to describe all contracts of insurance.
a center sheet of thicker wood, the
grain running at right angles. PORCH - An extension from a P
structure, usually serving as part of
PMI - (See: Private Mortgage
the entrance. May be large enough
Insurance.)
for relaxation, and most often has
PMI PASS-THROUGH its own roof, rather than a part of
CERTIFICATES - Mortgage-backed the structure roof.
securities of conventional
mortgages insured by private PORTICO - A colonnade at the front
mortgage insurance (PMI) of a building.
companies. (See: Mortgage-Backed
Securities.)
POCKET CARD - A card issued by a
state showing that an individual is
licensed as a real estate broker or
salesperson.
POINT - One percent of the amount
of the loan. (See: Commission
Points; Discount Points.) POSSESSION - Being in physical
POINT LETTER - A letter from a control of land or personal property,
lender which guarantees the whether the owner or not.
number of points on a loan for a Possession may be lawful or
given time. wrongful.

POSSIBILITY OF REVERTER - The POTABLE - Drinkable.

term shows no estate (interest) in POWER OF ATTORNEY - An
property, but only the chance that authority by which one person
an estate will exist at a future time. (principal) enables another (attorney
If a property were sold on the in fact) to act for him or her. (1)
condition that it be used for a park, General power: Authorizes sale,
and if not used for a park, it would mortgaging, etc. of all property of
revert back to the seller, the seller the principal. Invalid in some
would have a possibility of reverter. jurisdiction. (2) Special power:
POST - (1) To give public notice by Specifies property, buyers, price
attaching to a post or wall or and terms. How specific it must be
displaying in a public place. (2) varies in each state.
After. (3) A vertical support. (4) To POWER OF SALE - Clause in a
enter data into ledgers or books, mortgage or deed of trust giving the
P such as posting to an account.
POST AND LINTEL - A system of
mortgagee or trustee the power to
sell the property in the event of
construction based on vertical default. There are laws which
supports with horizontal cross govern the sale, which must be at
beams. No arches are used. public auction, but there is no court
POSTDATED - Dating an instrument action necessary (judicial
after the actual date of execution. foreclosure).
Most often thought of in connection PR - (1) Slang for the word profit. An
with checks, but sometimes used in expression not nationally used. (2)
states where certain days (Sundays Public relations.
and holidays) cannot be used to
contract. The contract is still not
legal if postdated for this reason. May your life be as
POSTRESSED CONCRETE - beautiful as a summer
Placing cables, in metal casing, in day with just enough
wet concrete. When the concrete clouds to make you
dries, the cables are stretched, and appreciate the sunshine.
the casing filled with grout. When
the grout dries, the cables are
released, transmitting the stress to
the concrete.

PRACTICING LAW - The domain of PREMISES - (1) Buildings and
a duly licensed attorney. A real immediately surrounding areas. (2)
estate or escrow agent may not In conveyancing, the part of a deed
practice law. What constitutes giving the names of the grantor and
practicing law varies with state grantee, the consideration, and
statutes. description of the property
conveyed.
PRE-EMPTION RIGHT - The right PREMIUM - (1) Money paid for an
given to settlers upon the public insurance policy. (2) A bonus. The
lands of the United States, to opposite of a discount.
purchase the lands at a limited price
PREPAID INTEREST - Interest paid
preference to others. Modernly,
before becoming due.
equivalent to a first refusal right.
PREPAID ITEMS - Those expenses
PREFABRICATED HOUSE - A of property which are paid in
house constructed of manufactured
components,
advance and will usually be
prorated upon sale, such as taxes,
P
assembled partly at the insurance, rent, etc.
site, rather than PREPAYMENT - (See: Or More
totally on the Clause.)
site. Also called PREPAYMENT PENALTY - A penalty
a modular house. under a note, mortgage, or deed or
PREFABRICATION - The trust, imposed when the loan is paid
before it is due.
manufacturing of parts of a
structure, such as walls, roofs, etc., PREPAYMENT PRIVILEGE - The
which are assembled at the right to prepay a loan without
construction site. More recently penalty, either in full or in part. (See
called modular housing. also: Lock-in; Or More Clause;
Prepayment Penalty.)
PRELIMINARY TITLE REPORT - A PRESCRIPTION - Written before.
report showing the condition of title
PRESCRIPTIVE EASEMENT - The
before a sale or loan transaction.
granting of an easement by a court,
After completion of the transaction,
based on the presumption that a
a title insurance policy is issued.
written easement was given
(although none existed) after a
period of open and continuous use
of land.

PRESERVATIVE - A chemical PRICE TAKE-OFF METHOD - (See:

covering for wood or metal, Quantity Survey Method.)
preventing insect destruction or rot
in the former, and rust in the latter. PRIMA FACIE - At first sight; on the
face of it. Presumed true unless
PRESTRESSED CONCRETE - disproved.
Stretching wire or other
reinforcement in wet concrete, then PRIME LENDING RATE - The most
releasing it after the favorable interest rates charged by
concrete has dried, a commercial bank on
causing the tension short-term loans, (not
(stress) toward I think the thing I keep mortgages).
compaction of the saying to myself every
year...is that I want to PRIMER - A coat of
concrete. sealant or other
become a better player
PRESUMPTION - An at the end of the year preparatory substance,
P inference reached by than I was at the
beginning...If I can
applied to a surface
before a finish coat.
probability and
keep doing that year
reasoning in the PRIME TENANT - The
after year for the rest of
absence of absolute major tenant in a
my career, I’ll have a
fact. A presumption pretty good career. building, shopping
of law is the required center, etc. It may be
drawing of an Tiger Woods necessary to have a
inference from Professional golfer
prime tenant in order to
existing facts. The obtain construction
presumption may be financing. The tenant
rebuttable or may be considered
conclusive. If rebuttable, facts may “prime” because of its financial
be presented to refute the strength, rather than by the amount
presumption. If conclusive, no facts of space it occupies.
may be presented, as in estoppel.
PRINCIPAL - (1) The person who
PRICE - Modernly, the amount of gives authority to an agent or
money paid for property which is attorney (see attorney-in-fact). (2)
purchased, although the word is Amount of debt, not including
general enough to include anything interest. The face value of a note,
given (not necessarily money) in mortgage, etc.
exchange for something else.

PRINCIPAL MERIDIAN (PRIME PRIVITY - Mutual or successive
MERIDIAN) - The meridian being relationship to the same rights of
used as a reference point in a property, such as heir and ancestor,
specific property description. (See assignee and assignor.
also: Base Line; Meridian.) PROBATE - Originally, the proving
PRIORITY - That which comes first in that a will was valid. Modernly, any
time or importance. Regarding action over which probate court has
liens, the time of recording jurisdiction.
establishes priority. PROBATE COURT - A court having
PRIORITY CLAUSE - A clause in a jurisdiction of estates, whether of a
junior lien, acknowledging the deceased, a minor, or an
priority of a prior lien. incompetent person.
PRIVATE PROBATE SALE - Sale of property

from an estate. Must be done under
LAND
GRANT - A
grant of
supervision and procedures of the
probate court.
P
public land PROCURING CAUSE - A direct
to an cause of an event, or the direct
individual. cause of a series of causes leading
to an event. A broker is entitled to a
PRIVATE MORTGAGE commission under an open listing if
INSURANCE (PMI) - Insurance proven to be the procuring cause of
against a loss by a lender in the a sale.
event of default by a borrower PROFIT - The difference of income
(mortgagor). The insurance is less expenses. Further broken
similar to insurance by a down into net profit and gross profit,
governmental agency such as FHA, (See: Net Profit, Gross Profit.)
except that it is issued by a private PROFIT AND LOSS STATEMENT -
insurance company. The premium A statement showing the income
is paid by the borrower and is and expenses of a business over a
included in the mortgage payment. stated time, the
difference being the
PRIVATE PROPERTY - Property
profit or loss for the
owned by a person, group, period.
corporation, or other entity, not a
governmental body.

PROFIT A PRENDRE - A right to PROPERTY MANAGEMENT - The

take from the soil, such as by branch of the real estate business
logging, mining, drilling, etc. The dealing with the management of
taking (profit) is the distinguishing property. The property may be a
characteristic from an easement, rented house or a large office or
although easement is frequently industrial complex. The duties may
used as a synonym. range from merely collecting rents
to complete management of all
PROMISEE - One to whom a maintenance and may also include
promise has been made, such as being leasing agent or sales agent.
the lender under a promissory note.
PROPERTY MANAGEMENT
PROMISOR - One who makes a AGREEMENT - The contract
promise. The borrower under a between an owner and property
promissory note. manager (or management
P PROMISSORY NOTE - A promise in
writing, and executed by the maker,
company), setting forth the duties of
and payment for said manager.
to pay a specified amount during a PROPERTY OWNERS’
limited time, or on demand, or at ASSOCIATION - (See:
sight, to a named person, or on Homeowners’ Association.)
order, or to bearer.
PROPERTY - Anything which is

owned by someone. (See also:
Real Estate.)
PROPERTY TAX - Generally, a tax
PROPERTY BRIEF - An levied on both real and personal
expression, not nationally property; the amount of the tax is
used, meaning a dependent on the value of the
description of a property and the taxing rate.
property for sale,
which is submitted PROPRIETARY LEASE - Most
to a prospective commonly used in relation to stock
purchaser. cooperative, whereby the owners of
stock lease units (apartments).
PROPERTY LINE - The boundary PROPRIETORSHIP - (See: Sole
line of a parcel of land. Proprietorship.)

PRO RATE - To divide in person acting.
proportionate shares, such as
PUBLIC DOMAIN LAND - (See:
taxes, insurance, rent, or other
Public Land.)
items which buyer and seller share
as of the time of closing, or other PUBLIC HOUSING - A governmental
agreed upon time. housing project, usually to
accommodate low-income families.
PRORATION - To divide (prorate)
property taxes, insurance PUBLIC LAND - Lands belonging to
premiums, rental the federal government,
income, etc., not reserved for
between buyer and I am grateful for government use but
seller proportionately America’s glorious subject to sale or other
to time of use, or the past; I am awed by its disposal.
date of closing. unbelievable present;
I am confident of its PUBLIC LAND
PROSCENIUM -
Originally the stage
limitless future. SYSTEM - Legal
descriptions of land by P
of a theater. reference to the public
Modernly, the portion William Arthur Ward land survey. Often
Writer
of the stage on the called sectional
audience side of the property descriptions.
curtain.
PUBLIC OFFERING
PROSPECT - A STATEMENT - (See:
potential buyer, Public Report.)
seller, or tenant, rather than one
who is actually in the process of PUBLIC RECORDS - Usually at a
buying, selling, or leasing. county level, the records of all
documents which are necessary to
PROSPECTUS - A brochure, give notice. The records are
presenting for a prospective available to the public.
investor the details of an offering.
All transactions for
PROXY - Although the term legally real estate sales
encompasses any agent, it is most should be recorded.
frequently used in connection with
representation at a meeting,
especially when voting is
concerned. The written authority to
act is called a proxy, as well as the

PUBLIC REPORT - A report given to PUR AUTRE VIE - For (during) the
prospective purchasers in a new life of another. A life estate
subdivision, stating the conditions of measured not by the life of the
the area (costs of common facilities, grantee, but by the life of another
availability of schools, noise factor if person. The life of a famous person
near an airport, etc.) issued by the is commonly used, such as a young
real estate commission. member of a royal family known for
PUBLIC SALE - Sale at auction, its longevity.
open to the public. May be a PURCHASE AGREEMENT - An
foreclosure sale, tax sale, excess agreement between a buyer and
state land sale, or other type. A seller of real property, setting forth
“public” sale generally requires the sale price and terms of the sale.
notice (advertising) and must be PURCHASE AND LEASEBACK -
held in a place accessible to the (See: Sale-Leaseback.)
general public.
P PUBLIC UTILITY - A company such
PURCHASE MONEY BOND - A
bond having a purchase money
as the telephone company, electric mortgage as security.
company, or gas company, which
supplies a necessity in our modern PURCHASE MONEY MORTGAGE -
life, and monopolizes the industry. (1) A mortgage given from buyer to
Such companies are under the seller to secure all or a portion of
control of the Public Utilities the purchase price. (2) Any
Commission. mortgage from which the funds are
used to purchase the property.
PUFFER - One hired to
make false bids at an PURCHASE MONEY TRUST DEED
auction in order to raise - (See: Purchase Money Mortgage.)
the price of the property PURCHASE OFFER - (See: Owners
being sold. Agreement.)
PURCHASER’S POLICY - (See:
PUFFING - An opinion not Owner’s Policy)
made as a representation PURLIN - A horizontal supporting
of fact, but intended to enhance the beam of a roof frame, parallel to the
value of the property. ridge line and placed under the
PUNITIVE DAMAGES - (See: rafters.
Exemplary Damages.)

PUTTY - A soft clay- PYRAMID ZONING - Zoning
like mixture used as allowing less restricted uses to be
a filler for cracks, automatically allowable in more
joints, and to install restricted zones. Example: The
widow panes. automatic inclusion of residential
PYLON - (1) A monumental mass zoning in property zoned industrial.
which flanks an entrance, such as
pillars at a gateway. (2) A tower, Let People Into Your Life
such as the steel towers which
support high tension wires. As the pressures of life
PYRAMID ROOF - A roof resembling intensify, sometimes the
a pyramid; having four sloping difference between going
sides, either forming a point, as a after a dream and remaining
church steeple, or running at passive is having someone
say, “I believe in you!”
a lesser angle to a
horizontal ridge, Greg Smalley
P
as is common in Psychologist
free-standing
garages.
NOTES:

Q
QUAD - (See: Quadrant) QUESTION OF FACT - Question as
QUADRANT - (1) A quarter section of to what actually happened.
a circle. (2) One of the quarters Determined by physical evidence
created by two intersecting roads or and decided by a jury in a jury trial.
streets. QUESTION OF LAW - Given the
QUANTITY SURVEY METHOD - facts, what laws, if any, are
Also called “price take-off” method. applicable; decided by a judge,
A process of arriving at an estimate even in a jury trial.
of new construction costs by a QUICK ASSETS - (See: Liquid
detailed estimate of quantities of Assets.)
necessary building materials plus
labor costs. QUIETUS - Final disposition of a
claim or debt.
QUARTER - (See: Quarter Section.)
QUARTER ROUND - A molding QUIET ENJOYMENT - (See:
Covenant of Quiet Enjoyment.)
Q which, in cross-section, resembles a
quarter circle. QUIET TITLE - (See: Action to Quiet
QUARTER SECTION - One quarter Title.)
of a section. A quarter section QUITCLAIM DEED - A deed
(commonly called a quarter) operating as a release; intended to
contains 160 acres. pass any title, interest, or claim
QUASI - Similar to but intrinsically which the grantor may have in the
different. property, but not containing any
warranty of a valid interest or title in
QUAY - A wharf used for loading or
the grantor.
unloading ships.

Ted Thomas
ted thomas’
TM
$3.50
Report
Ted
Thomas
THE ART OF RAPPORT By all means don’t out do the opponent.

If you plan to disagree, soften the blow
Asking questions works better than mak-
with a large dose of empathy and
ing demands. You don’t always
understanding.
have to get your own way to
win the negotiation. Patience, Rather than a direct con-
listening skills and presenting frontation, use the salesman’s
alternatives can smooth over feel, felt, found formula. It’s
ruffled feathers. Experienced been used for a hundred years
negotiators listen patiently and but it works.
ask questions and then pro-
pose the alternatives. Recog- Think It Out To
nize the other party has opin- Yourself
ions and correct and valid op-
tions to propose. It’s not just Mean it when you say it. I
your way. understand how you feel (Be
sure you do) then add “I’ve felt
Successful negotiators the same way” (You probably
disagree without undermin- have) and conclude with “But
ing the rapport they have in my experience I’ve found….”
taken time to create. They do Then slowly present or propose
this by listening patiently and confirming by an alternative solution. It’s a negotiation,
repeating back to the speaker what they have not you getting everything and they get noth-
just heard before they start contradicting the ing.
statements.
Don’t Push The continued on next page...
Opposing Party Into A Corner.

Use the Feel,
It’s not a murder trial! It’s a negotiation Felt, Found
where you should be working towards a mu-
tually beneficial outcome. Disagree with them
Formula
without insulting or putting them down. Don’t
let the disagreement become confrontational.
Identify With The Opponent DIffering Opinions

What you strive to accomplish with this strat- The intensity of a negotiation
egy is keep rapport and disagree in a non-con- can create clashing and violent
frontational manner. Most of all you’ve identified differences of opinions. Let
with the opponent and hopefully your the other party have equal
suggested solutions will guide the op- say so, so they don’t get
ponent to a different point of view. frustrated and become hos-
tile. The more you listen
Another method of non-
the more you know what
confrontational disagreement
they want and you can pin
is to state how you’ve solved a
point the solution or alter-
similar disagreement in the past.
native.
Most opponents are willing to
listen to suggestions and solutions Open ended questions,
that worked before. such as “Why do that?…”,
“What are you thinking…” or “What other sug-
Alternatives And Solutions Are gestions would you like to make…”, “Do you
The Best And Easiest Way have other options…” or “What’s the conse-
To Negotiate quences of that proposal?”
That way you are not criticizing the opponent The idea is to create reciprocity. Equals
and you are cooperating. Be first to present alter- working towards a common benefit.
natives – that’s plural. Many of your opponents
will say no to all of your suggestions. Prepare for
that. Time is a significant part of the negotiation “Making a success of something has
and it takes time for people to consider alterna- nothing to do with luck. Care, thought,
tives and options. They need time to think about and study go into making something
it. People are begging to be lead, make sugges- succeed.. Luck is something you get
tions. Encourage the oppo- playing the lottery or roulette.”
nent to participate. Show
that you can go beyond Author Unknown
what’s normal. Show
them a better solution.
When they are con-
fronted with something bet-
ter, when it’s staring them in the
face, it’d hard for them to argue.
Want More...
Ted Thomas
R
RABBET - A method of joining or RANCH - Traditionally, a place for
fitting together wood by cutting a raising horses or cattle, which feed
deep groove in one piece to allow on a grazing range. More modernly,
the other to be fitted against it. the term has been applied to the
RACEWAY - A pipe carrying electrical raising of other animals under
wiring, having outlets at close controlled conditions, such as mink,
intervals. chickens, etc.
RADIANT HEATING - A heating RANCH STYLE HOUSE - Modernly,

system using electrical coils, or any one-story house is called a
pipes in the ceilings, walls, or floors, ranch style. A true ranch style house
which heat with steam, hot water, or is rambling, with low-pitched gable
hot air. roofs, and an interior of open design.
RADIATOR - An old fashioned, cast RANCH UNIT - The ranch itself plus
iron, ribbed heating fixture public lands used as part of the
using hot water. Most ranch operation, under permits.
modern systems use air RANDOM SHINGLES - Roof or siding R
for heating, because water shingles of different sizes.
or steam systems are
more expensive. RANGE - (1) A division of land in the
government survey, being a six-mile
wide row of townships, running North
RAFTERS - Load-bearing timbers of a
and South, and used in legal
roof. Flat roof rafters are usually
descriptions. (2) Land used for
called joists.
grazing
RAIL - (1) A horizontal bar such as the livestock.
cross member of a fence. (2) Tracks
on which a train runs.
RAKE - Sloping members, such as a
cornice, which run parallel to the
inclination of a roof.
RAMP - (1) An inclined, concrete or RATABLE ESTATE - Property capable
wooden path, used instead of steps. of being rated (assessment, taxed).
(2) A roadway used as an entrance
or exit to a limited access highway.
RATE INDEX - An index used to RAW LAND - Land in its natural

adjust the interest rate of an state. Land which has not been
adjustable mortgage loan. For subdivided into
example: The change in the U.S. lots, does not
Treasury securities (T-Bills) with a 1 have water,
year maturity. The weekly average sewers, streets,
yield on said securities, adjusted to utilities, or other
a constant maturity of one year, improvements
which is the result of weekly sales, necessary before a structure can be
may be obtained weekly from the constructed.
Federal Reserve Statistical Release
H.15 (519). This change in interest RAZE - To tear down or demolish.
rates is the “index” for the change in
READY, WILLING AND ABLE -
the specific Adjustable Mortgage
Capable of present performance. A
loan.
broker supplying an offer from a
ready, willing and able buyer, which
RATE OF RETURN - The annual
meets the price and terms of the
percentage of return on investment
R on income property.
listing, is entitled to a commission,
even though the seller is not bound
to accept the offer. A standard
RATIFICATION - Affirming a prior act
which was not legally binding; the listing agreement would state this.
affirmation gives the act legal effect. REAL ESTATE - (1) Land and
Occurs when an unauthorized agent anything permanently affixed to the
acts, and the principal later affirms land, such as buildings, fences, and
the action, giving authority those things attached to the
retroactively. buildings, such as light fixtures,
plumbing and heating fixtures, or
RAT WALL - A wall only a few inches other such items which would be
above ground, but to a specified personal property if not attached.
depth (according to local code) The term is generally synonymous
below ground, around a house to with real property, although in some
prevent rats from going under the states a fine distinction may be
house. Not used in all parts of the made. (2) May refer to rights in real
country, and only necessary where property as well as the property
there is not a full basement or slab
itself.
construction.

REAL ESTATE BOARD - A board REALTOR - A designation given to a
composed of regular members (real real estate broker who is a member
estate brokers and salespersons) of a board associated with the
and affiliate members (lenders, title National Association of Real Estate
companies, etc.), for the purpose of Boards.
furthering the real estate business REALTY - Real Estate.
in a given area.
REASSESSMENT - Re-estimating
REAL ESTATE BROKER - (See: the value of all property in a given
Broker.) area for tax assessment purposes.
REAL ESTATE COMMISSION - REBATE - A discount or reduction in
(See: Department of Real Estate.) price of a product or interest, not
REAL ESTATE LICENSE - A state given in advance, but handed back
license granted to one as a broker because of prompt payment or
or other reason. Many states regulate
salesperson, gifts and educational aids given to
after passing real estate brokers by supporting
an companies such as title companies,
examination. calling these in effect a price
discount (rebate).
R
Some states
have educational RECAPTURE - The return of monies
requirements invested in property, through
before the broker’s reduction of the loan amount and
examination may be appreciation; it is realized when the
taken. property is sold.
REAL ESTATE OWNED - RECAPTURE OF DEPRECIATION -
The real estate owned by a lending Taxing as ordinary income, upon
institution. Handled by its R.E.O. the sale of property, the amount of
department. depreciation taken above straight
line depreciation.
REALIST - A member of the National
Association of Real Estate Brokers. RECEIPT - A written
acknowledgment or admission that
REAL PROPERTY - (See: Real something has been received. Has
Estate.) no other legal effect, and does not
in itself affirm any contractual
obligation.

RECEIVER - A court-appointed RECONVEYANCE - An instrument

person who holds property which is used to transfer title from a trustee
either in dispute or cannot to the equitable owner of real
competently be handled by its estate, when title is held as
owner. collateral security for a debt. Most
commonly used upon payment in
RECIPROCITY - A mutual exchange full of a trust deed. Also called a
of privileges by states, allowing deed of conveyance or release.
attorneys, real estate brokers, and
others to practice in RECORDATION -
one state while being Filing instruments for
licensed in another. I always advise young public record (and
people to dream small notice) with a recorder
RECITAL - Setting dreams, because small (usually a county
forth in a deed or dreams can be achieved, official).
other writing some and once you achieve a
small dream and a small RECORDED MAP - A
explanation for the
success, it gives you map recorded in a
transaction. For
confidence to go on to the county recorder’s office.
R example: A deed may
state that the property
next big step. May be a subdivision
map or describe a non-
is being transferred John H. Johnson
subdivided parcel.
“in lieu of Founder of Johnson
Publishing Company Reference to a
foreclosure.”
recorded map is
RECLAMATION - The commonly used in legal
process of bringing economically descriptions.
unusable land to a higher dollar RECORDED PLAT - A subdivision
value by physically changing it. For map filed as a matter of public
example: draining a swamp, record.
irrigating a desert, re-planting a
forest. RECORDER’S
OFFICE -
RECONDITIONING - Restoring a The county
property to good condition without office where
changing its plan or character, as instruments are recorded, giving
distinguished from remodeling. Also public notice.
called renovation, rehabilitation.

RECORDING - Filing documents REDDENDUM - Technical name for
affecting real property as a matter of a clause in a conveyancing
public record, giving notice to future instrument or lease, creating a
purchasers, creditors, or other reservation to the grantor or lessor.
interested parties. Recording is REDEEMABLE RENT - Rent which,
controlled by statute and usually by agreement, is refunded or set off
requires the witnessing and against the selling price when the
notarizing of an instrument to be tenant exercises a purchase option.
recorded.
REDEMPTION - The process of
RECORDING ACTS - State statutes canceling a defeasible title to land,
enacted to cover the public such as is created by a mortgage
recording of deeds, mortgages, etc., foreclosure or tax sale.
and the effect of these recordings REDEMPTION PERIOD - A time
as notice to creditors, purchasers, period during which a mortgage,
and other interested parties. land contract, deed of trust, etc.,
RECORDING FEE - The amount can be redeemed. Usually set by
paid to the recorder’s office in order statute, and after judicial
to make a document a matter of
public record.
foreclosure.
REDEVELOPMENT - Generally, the
R
RECORD OWNER - (See: Owner of improvement of land in accordance
Record.) with an urban renewal project.
RECOURSE - The right of the holder “RED LINING” - (1) The outlining on
of a note secured by a mortgage or a map of certain “high risk” areas
deed of trust to look personally to for real estate loan purposes. This
the borrower or endorser for means lenders will not extend credit
payment, not just to the property. in these areas for real property
loans, regardless of the
RECTIFICATION OF BOUNDARIES qualifications of the applicant.
- The clarification Some states have passed laws
or correction of against this practice. The use of a
boundary lines red pen or pencil for the outlining
between gave rise to the term. (2) Term used
properties. when making changes to
documents and drawing. Red
colored ink or pencil lead denotes
the revisions.

RE-ENTRY - The right to resume REGISTER - A grid-like opening in a

possession reserved when the wall, ceiling, or floor, through which
possession was given to another. hot or cold air flows for heating or
Not automatic and court action may air conditioning.
be necessary. REGISTRAR OF DEEDS - A term
REFEREE - One appointed by a used in some states
court to take testimony and report to describe the
back to the court. May be in person in charge
bankruptcy or other proceedings. of recorded
REFERRAL - In the real estate instruments.
business, generally the act of a past More commonly
client recommending a real estate called a recorder.
broker or agent to one currently a
buyer or seller. Also, any
REGULATION Z - Federal Reserve
recommendation by one real estate
regulation issued under the Truth-
agent of another for a referral fee.
in-Lending Law, which requires that
REFINANCE - (1) The renewing of a credit purchaser be advised in
R an existing loan with the same
borrower and lender. (2) A loan on
writing of all costs connected with
the credit portion of the purchase.
the same property by either the
REHABILITATION - Synonymous
same lender or borrower. (3) The
with reconditioning, except when
selling of loans by the original
used in connection with urban
lender.
renewal, at which time it
REFORMATION - An action to encompasses all types of changes,
correct a deed or other document including structural and even street
which, through mistake or fraud, changes.
does not express the real
agreement or intent of the parties. REINFORCED CONCRETE -
Concrete strengthened by
REGIONAL SHOPPING CENTER - reinforcing (addition of steel bars,
The largest type of shopping center, mesh, etc.).
having one or more major
department stores, a variety of retail REINFORCED CONCRETE
stores, usually a bank or savings CONSTRUCTION - The use of
and loan, and common parking and reinforced concrete in the load-
management. bearing members, such as the
frame, foundation, walls, floors, etc.

REINFORCING - (1) The R.E.I.T. (REAL ESTATE
strengthening of concrete by INVESTMENT TRUSTS) - A
positioning metal rods, mesh, etc., method of investing in real estate in
in said concrete when wet. (2) The a group, with certain tax
strengthening of advantages. Federal and state
any members statutes dictate procedure.
by propping RELEASE - An instrument releasing
or adding property from the lien of the
additional mortgage, judgment, etc. When a
material. trust deed is used, the instrument is
called a reconveyance. In some
REINSTATEMENT - (1) Payment of a areas, a “discharge” is used instead
note, mortgage, deed or trust, etc. to of a release.
bring it from default to a good
RELEASE CLAUSE - A clause in a
standing. (2) Restoring the
blanket encumbrance allowing for
previously used entitlement of a
the “release” of certain parcels upon
veteran to enable the veteran to
payment of a specific amount.
purchase property under a VA
program. (Also called Restoration of
Example: A builder mortgages an
entire subdivision under one loan.
R
Eligibility.)
As the builder sells each house, the
REINSURANCE - The transferring of lender releases the lien upon that
a portion of the liability to other parcel upon a specified payment by
insurers. Example: Insurer “A” the builder.
insures for $200,000. “A” insures for RELICTION - An increase of land by
$100,000 and reinsures the the permanent withdrawal of the
“second” $100,000 through “B” sea, a river lake or other body of
insurer. The “first” $100,000 is called water.
“primary liability.” RELIEF - (See: Topography.)
REISSUE RATE - A charge for a title RELIEF MAP - A map showing the
insurance policy if a previous policy topography
on the same property was issued of an area.
within a specified period. The
reissue rate is less than the original
charge.

REMAINDER - (1) An estate which RENDERING - (See: Artist’s

vests in one other than a grantor, Conception.)
after the termination of an
intermediate estate. Example: “A”
grants land to “B” for life, then to
“C,” his heirs or assigns. If “A”
grants to “B” for life, then back to
“A,” it is not a remainder, but
reversion. (2) The portion of a
RENEGOTIABLE RATE
property remaining after a taking
MORTGAGE – A real property loan
under eminent domain.
calling for an adjustment in the
REMAINDERMAN - The one entitled interest rate at a given time.
to the remainder. Example: A loan with a 15 year
REMAINING ECONOMIC LIFE - amortization is adjusted to current
Number of years between the time interest rates after 2 years. The
of an appraisal and the point in time lender agrees to make the adjusted
when an improvement becomes loan at the new rate as long as the
old loan is not in default. The
R economically valueless.
REMISE - To give up or remit. Used
Federal Reserve Board allows the
original loan to be treated either as
in a deed, especially a quit claim a balloon payment loan or a
deed. variable rate loan. However, points
REMNANT - An appraisal term. A must be figured into the A.P.R.
parcel of land, after a partial taking based on the time of renegotiation
by eminent domain, so small or (2 years rather than 15).
poorly shaped as to have practically RENEGOTIATION - An attempt to
no value. agree on new terms to an existing
REMODELING - Improving a contract (in real estate, usually a
structure by lease). A lease, for example, may
call for renegotiation of rent after 5
changing its
years. Since renegotiation needs
plan,
agreement of the parties, a set
characteristics,
formula to determine the rent, such
or function, as
as an escalation clause, would not
opposed to
be renegotiation. Arbitration may be
reconditioning.
provided for in the event
renegotiation fails.

RENEWAL - (1) To cause a lease to RENTAL VALUE - The fair rental
begin again for another term. (2) To value of a property; the market
rebuild, as in urban development rental value.
(urban renewal). RENT CONTROLS - A legal
RENEWAL OPTION - The right of a maximum on rental price. Used
tenant to renew (extend the term of) extensively during World War II.
a lease for a stated period of time Modernly, a control on subsidized
and rent which can be housing, where the rent is paid
determined. partly by a governmental
agency, and a maximum
RENOVATION - (See: rent is established not by
Ideas are great
Reconditioning.) the landlord but by the
arrows, but there
RENT - Consideration agency.
has to be a bow.
paid for the occupancy RENT SUBSIDY - (See:
and use of real Subsidy.)
property. A general Bill Moyers
R.E.O. - (See: Real
term covering any Journalist
Estate Owned.)
consideration (not only
money). REPAIRS - The general
upkeep of property
R
RENTABLE AREA - without major
The area (square replacement or change
footage) for which rent of the plan or
can be charged. For example: An characteristics of the building.
office building would not rent the
space used for stairways, elevators, REPLACEMENT - The substitution
public washrooms, hallways, etc. of a portion of a structure with one
of substantially the same nature,
RENTAL AGENT - One who (for a such as a new furnace, new roof,
fee) aids a landlord to find a tenant etc.
or a tenant to find property.
REPLACEMENT COST - In
appraising, the cost of a substitute
property, either identical to or of
equivalent utility.
REPLEVIN - A legal action to recover
goods wrongfully taken, where
damages are not satisfactory.

REPRODUCTION COST - The cost RESERVE - A setting aside of funds,

of reproducing a property (usually usually for indefinite contingencies,
one which has been destroyed) at such as future maintenance of a
current prices using similar structure, or to pay future claims,
materials. such as insurance claims.
REQUEST FOR RECONVEYANCE - RESERVOIR - A body of water used
A request by a beneficiary under a as household water (drinking,
deed of trust to the trustee, washing, etc.), irrigation, or other
requesting the trustee to reconvey domestic or commercial uses. The
the property (release the lien) to the water is usually treated and its
trustor, usually upon payment in full. purity is monitored.
RERECORDING - The recording of a

deed for a second time to correct an
error contained in the deed when
originally recorded. Also called a
correction deed, confirmation deed,
or reformation deed.
R RESCIND - To void or cancel in such
a way as to treat the contract or
RESIDENCE - A place where
someone lives. (See also: Domicile
other object of the rescission as if it [1].)
never existed. RESIDENTIAL BUILDING RATE -
RECISION OF A CONTRACT - The rate of residential construction
Annulling or abrogating a contract in a given area. Determined by
and placing the parties to it in a housing starts per 1,000 population.
position as if there had not been a RESIDENTIAL PROPERTY - Land
contract. designated by zoning ordinances as
RESERVATION - (1) A right created “residential.” May be vacant or
and retained by a grantor. The improved.
reservation may be temporary (such RESIDENT MANAGER - A manager
as a life estate) or permanent (such of an apartment project who lives
as an easement running with the on the property. Some states
land). (2) Public land reserve for a require a resident manager in
special purpose, such as an Indian apartment projects above a certain
reservation. number of units. The manager may
be required to have a license.

RESIDUARY ESTATE - That RESTRAINT OF ALIENATION -
property of a deceased after Restrictions placed against the
expenses of administration, and transfer (vesting) or sale of property.
after all bequests and devises. Certain restrictions are allowed but
most conform to the rule against
RESORT PROPERTY - Generally,
perpetuities and free right of an
any property where people could go
owner to sell. For example: Selling
for purposes for fun and vacations.
on the condition that the grantee
In some states, the term may have
could resell only to members of a
legal significance, and regulations
certain family would be too
may exist regarding advertising and
restrictive and not valid.
selling property as resort property.
RESTRICTION - Most commonly
RESPA (REAL ESTATE used to describe a use or uses
SETTLEMENT PROCEDURES prohibited to the owner of land.
ACT) - A federal statute effective Restrictions are set forth by former
June 20, 1975, requiring disclosure owners in deeds or in the case of a
of certain costs in the sale of subdivision, a declaration of
residential (one-to-four-family) restrictions is recorded by the
improved property which is to be
financed by a federally insured
developer. A limitation on use of the R
property by law (zoning ordinances)
lender. may also be termed a restriction.
RESPONDENT SUPERIOR - RESTRICTIVE COVENANT - (See:
Doctrine of responsibility of a Restriction.)
principal for the wrongful acts of an
agent arising from the authorized
acts of said agent. In real estate,
one of the reasons for the status of
Plant a seed of
independent contractor.
friendship; reap
RESTORATION - (1) Repair (may be a bouquet of
very extensive) to a building to happiness.
cause it to look like it did at an
earlier time. (2) Returning land to a
Lois L. Kaufman
former state. Examples: Replanting Writer
trees after cutting them down,
leveling strip mines, gravel pits, etc.

RESUBDIVISION - Subdividing an REVENUE STAMPS - Formerly

existing subdivision. (1) Frequently federal tax on sale of real property.
done when the original subdivision Canceled and replaced by state tax
was not built upon, and the present stamps. The stamps (similar to
builder wishes to change the size or postage stamps) are affixed to the
shape of the lots. (2) Recently, conveyancing instrument (deed), or
some states have held that one who a rubber stamp is used to show the
buys several properties in the same amount of the tax.
subdivision (even if already with REVERSION - The right to
buildings) must resubdivide before possession of the residue of an
selling. This has been carried to the estate in a grantor or successors of
point of including one who buys two a grantor or testator, commencing
condominiums in the same upon the termination of a particular
subdivision. However, a simpler and estate, granted or devised.
less costly procedure has been Example: “A” grants to “B” for life,
provided in such cases. then back to “A” upon “B’s” death.
RESULTING TRUST - (See: “A” has an estate in reversion.
R Constructive Trust.) REVERSIONARY INTEREST - An

interest held in a reversion (future
RETAINING WALL - A wall used
right to property in possession of
to contain or hold back dirt,
another).
water, or
other REVOCABLE - Capable of being
materials revoked.
of a REVOKE - To cancel, annul, reverse,
similar take back, etc.
nature.
RIBBON - (1) A narrow strip; a strip
of wood to add support to
REVALUATION - (See:
studs and joists. (2) A
Reassessment.)
driveway consisting of
REVALUATION CLAUSE - A clause two cement strips,
in a lease calling for a periodic the same distance
reevaluation (appraisal) of the apart as tires on
leased property, and subsequent a car.
adjustment of rent.

RIDER - (See: Addendum.) RILL EROSION - Erosion caused by
RIDGE - The meeting of the roof heavy rainfall of freshly cultivated
rafters of a gable or other roof with ground, which produces channels in
the loose soil.
two sloping sides.
RIPARIAN - Belonging or relating to
RIDGEBOARD - The highest
the bank of a river or stream. Land
horizontal member of a roof,
within the natural watershed of a
running along the ridge, and
river or stream.
receiving the rafters at right angles.
RIPARIAN OWNER - One who owns
RIGHT OF ANTICIPATION - The
land along the bank of
right of a survivor of a river or stream.
a deceased person
Individuality RIPARIAN RIGHTS -
to the property of
said deceased. A Rights of an owner to
distinguishing Every person born in riparian lands and
characteristic of a this world represents water.
joint tenancy something new, RIPARIAN WATER -
relationship. something that never Water within the
RIGHT OF WAY - A
existed before,
something original and
normal flow of the
stream or river. An
R
strip of land which is unique.
abnormal flow (floods)
used as a roadbed,
Martin Buber is not riparian water.
either for a street or
Philosopher
railway. The land is RIPRAP - A loosely
set aside as an composed wall of racks
easement or in fee, and stones used to
either by agreement or hinder the flow of
condemnation. May also be used to water, thereby preventing erosion.
describe the right itself to pass over RISE - The vertical measurement of
the land of another. a slope in relation to its horizontal
RIGHTS - A general term which measurement, such as a rise of
encompasses those things a three feet vertically over a horizontal
person may do unopposed, even distance of 50 feet.
though a burden on another occurs, RISER - (1) The vertical board rising
as in the right of a tenant, holder of from the back of each step in a
an easement, etc. stairway. (2) A warm-air duct rising
from a furnace.

RIVER - A larger, natural stream of ROMAN BATH - A bathroom

water, which flows in a permanent constructed to resemble the public
channel or bed, and may empty into baths of ancient Rome. Usually
a lake or there is a large sunken tub and a
the sea. use of marble or marble-like tiles as
the principal covering of the floors,
vanities, etc.
RIVER BED
ROMAN BRICK - Brick which shows
- The land
a narrower face than standard
between
building brick.
the banks
of a river during its normal course. ROOF - A general term meaning the
top of a building. (See specific types
R.M. (RESIDENTIAL MEMBER) - A
for more detail.)
designation conferred by The
American Institute of Real Estate ROOF SHEATHING - (See:
Appraisers. (See also: M.A.I.) Sheathing.)
RPT (REPORTED) - Abbreviation ROOM - A fully enclosed section of
used on many listing forms. the interior of a building, having
R ROAD - (1) A rural travelway for the
access through a door or doorway
in residential property, rooms are
use of pedestrians and/or vehicles.
described specifically, such as living
(2) Any travelway for the use of
room, dining room, etc.
pedestrians and/or vehicles.
ROOM COUNT - The number of
ROCK WOOL - A fibrous insulation
rooms in a residential property.
material made from molten rock.
There is no national method of
ROD - A unit of linear measure equal counting but, generally, bathrooms
to 16.5 feet. are specified and counted
ROLL-OVER PAPER - Short term separately.
notes which may be extended ROTUNDA - A room or building,
(rolled over) or converted to shaped in a
installment payments, after the circle, and
initial due date. usually with
ROLL ROOFING - An asphalt paper a domed
or fiber material, which is used in roof.
rolls, being unrolled and fastened to
the roof surface, under the shingles.

ROW HOUSES - A method of R.R.M. - (See: Renegotiable Rate
construction of individual houses Mortgage.)
with common side walls and a RULE AGAINST PERPETUITIES -
common roof. Modernly called Principle that a property interest is
townhouses. void unless it must vest not later
than the remaining time of a life or
lives in being, plus gestation time,
plus 21 years. (The time has been
modified by statute and should be
checked in each state.)
RUNNING WITH THE LAND -
Usually concerned with easements
ROYALTY - A fraction or percentage and covenants. Passing with the
of the value of a natural resource transfer of the land.
(oil, sand, etc.) paid to the owner of
RURAL - Concerning the country, as
the resource by those extracting
opposed to urban (concerning the
and selling it.
city).
NOTES: R

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S
SAFETY CLAUSE - A clause in a SALES KIT - Materials carried by a
listing protecting the broker from salesperson to aid in listings and
having buyer and seller wait until the sales. This is the “tool kit” of real
listing expires to make a deal, estate, containing forms, maps, tape
thereby avoiding the payment of measure, amortization schedules,
commission. The clause states that pens, paper, etc.
if the property is sold during a
specified period after the expiration SALESPERSON
of the listing (or any extension - One who is
thereof) to a buyer provided during licensed to
the listing period by the broker, the work in real
commission shall be paid. estate under a
licensed
SALARY - A compensation for broker.
services, usually paid at specified
intervals, and a set amount. SALVAGE VALUE - The value of a
SALE-LEASEBACK - A sale and building or portion of a building to be
subsequent lease from the buyer moved from one location for use at
back to the seller. Although the lease another site. Most often occurs in
actually follows the sale, both are condemnation, especially for
highway purposes, where large
S
agreed to as part of the same
transaction. areas must be cleared. (See also:
Scrap Value.)
SALES-ASSESSMENT RATIO - The
ratio of the assessed value of a SAM - (See: Shared Appreciation
property to its selling price, which is Mortgage.)
presumed to be market value. This
shows the percentage of assessed SANDWICH BEAM - (See: Flitch
value to market value. Beam.)
SALES CONTRACT - Another name SANDWICH LEASE - A lease

for a sales agreement, purchase between the primary lease and the
agreement, etc. Not to be confused lease to the user or portly in a
with a land contract, which is a possession.
conditional sales contract.
SANITARY SEWER - A sewer SAVINGS AND LOAN

carrying waste products, as ASSOCIATION - Originally, an
opposed to rainwater. (See also: association charted to hold savings
Storm Sewer.) and make real estate loans.
Federally insured and regulated.
SASH - Wood or metal framing Active in long-term financing rather
around a door or window opening. than construction loans. Recent
changes in federal controls have
SATELLITE enabled these associations to offer
CITIES - A checking accounts, consumer
concept loans, and other services
designed to traditionally offered by banks.
stop urban SAWTOOTH ROOF - A series of
sprawl to the single pitched roofs, resembling the
suburbs. The satellite city leaves an sharp edge of a
undeveloped area between itself saw. Usually used
and a major city, rather than the in factories and
gradual expansion of the major city. contains windows
Satellite cities must be self- in each facing to
contained in order to be effective. allow maximum lighting. Not used in
modern construction.
S SATISFACTION - Discharge of an
obligation by payment of the
SBA (SMALL BUSINESS
ADMINISTRATION) - A federal
amount due, as on a mortgage, agency authorized to make loans to
trust deed, or contract; or payment small businesses, including loans
of a debt awarded, such as for land purchase and construction.
satisfaction of a judgment. Also the To be eligible, the borrower must
recorded instrument stating said have been refused the loan by a
payment has been made. private lender.
SCALE - Used in maps, blueprints,
SATURATION ZONE - The layer of and other diagrams where the
ground which serves as a reservoir, drawing represents a large area.
feeding springs, wells and streams, Example: One inch on a road map
rather than feeding vegetation or may equal 10 miles actual distance.
evaporating. Below the aeration This ratio is the scale.
zone.

SCANTLING LUMBER - Boards SEAL(S) - A physical impression
used in construction which are from made on a document to attest to a
2 inches to 6 inches thick and 8 signature. Most common are
inches or less wide. corporate seal and notary seal.
SCH (REPORTED OR PROJECTED SEA LEVEL - The level of the sea, at
BY SELLER) - Abbreviation used mean tide.
on many listing forms. SEARCH - (See: Title Search.)
SCOPE OF AUTHORITY - The SEASONED - A term referring to a
extent of the authority land contract or
of an agent to bind a mortgage, indicating
principal. An agent Remove failure as that payments have
may bind a principal an option and your been made regularly
not only when the chances for over a period of time,
agent has actual success become and that the contract or
authority, but also infinitely better. mortgage is not a new
implied or apparent one.
authority. Joan Lunden
SEC (SECURITIES
Journalist
SCRAP VALUE - The AND EXCHANGE
value of a building or COMMISSION) - The
part of a building federal agency which
based on the value of regulates the stock S
the material alone, market. It gets involved
and not its function. Example: in real estate when the real estate
Plumbing for the melted down value development is one which sells
of the metal, walls for the value of shares.
the bricks, wood, etc. (See also: SECOND - (See: Degree [1].)
Salvage Value.)
SECONDARY FINANCING - A loan
SCRATCH COAT - A term used in secured by a mortgage or trust
wet plastering, meaning the first deed, which lien is junior
coat applied to the lath. (secondary) to another mortgage or
trust deed.
SCRIBING - Cutting wood precisely
to fit an area. The term is used SECONDARY LOCATION - A
because the carpenter marks location not considered the best
(scribes) before he makes his cut. (prime) for the purpose intended.

SECONDARY MORTGAGE SECTION - A division or parcel of

MARKET - The buying and selling land on a government survey,
of first mortgages or trust deeds by comprising one square mile (640
banks, insurance companies, acres). Thirty-six sections comprise
government agencies, and other a township.
mortgagees. This enables lenders
SECURED PARTY - Mortgages,
to keep an adequate supply of
beneficiary (under a deed of trust),
money for new loans. The
pledgee, or any other party having a
mortgages may be sold at full value
security interest.
(par) or above, but are usually sold
at a discount. The secondary SECURITY - Real or personal
mortgage market should not be property pledged or hypothecated
confused with second mortgage. by a borrower, as additional
protection for the lender’s interest.
SECOND FOOT - A measure of
water; a flow of one cubic feet per SECURITY AGREEMENT - A “catch
second (almost 7 1/2 gallons). all” term used to describe many
different types of debtor-creditor
SECOND GROWTH - In lumbering, relationships, such as a chattel
the trees of a forest which grow mortgage, trust receipt, inventory
after the original stand has been cut liens, etc.
or otherwise destroyed. SECURITY DEPOSIT - Commonly a
S deposit of money by a tenant to a
landlord to secure performance of a
written or oral rental agreement.
SECURITY INTEREST - The interest
of the creditor (secured party)
created by a security agreement.
SECOND MORTGAGE - A mortgage SECURITY (INSTALLMENT) LAND
which ranks after a first mortgage in CONTRACT - A form used in
priority. Properties may have two, California which combines a land
three, or more mortgages, deeds of contract with a deed of trust,
trust, or land contracts, as liens at creating a land contract in order to
the same time. Legal priority would defeat a first lender’s “due-on sale”
determine whether they are called a (alienation) clause but having the
first, second, third, etc. lien. foreclosure provisions of a deed of
trust.

SEDIMENT - Any matter which SEMI - A prefix meaning partly; one
settles to the bottom in a liquid. half or twice in a time period. For
(See also: Sedimentary Rock.) example: A semicircle is one half of
a circle; semiannual is twice in one
SEDIMENTARY ROCK - One of the
year. (See also: Bi.)
three major classifications of rocks.
Rocks formed from sediment, such SEMICIRCULAR ROOF - A roof
as suspension in water. Sandstone, resembling an extended arch.
limestone and shale are some Usually found on barns or barracks-
examples. type buildings.
SEIZEN (SEISEN) - Possesion of SEPARATE PROPERTY - Property
land as of freeehold. owned by a husband or wife in
which the other has no legal
SELF HELP - Remedy allowing one ownership interest.
party to act against another without
SEPIA - A working master
use of court marshals or police.
of a construction plan,
Example: A landlord who evicts a
from which prints are
tenant by simply moving the
made. Called a
tenant’s belongings out and
sepia because of
changing the locks. Self help
its brown color.
remedies have greatly decreased in
recent years and may be contrary to SEPTIC SYSTEM - A sewage
law. system, whereby waste is drained
through pipes into a septic tank and
S
SELF-SUPPORTING - Walls which
then to a tile field. Found in areas
support only their own weight. Not
where city or county sewers have
load-bearing.
not yet been installed.
SELLER TAKE BACK MORTGAGE
SEQUESTRATION, WRIT OF - The
- (See: Purchase Money Mortgage
taking custody of one’s property
[1].) (real or personal) to force
SELLING AGENT - The real estate compliance with a court order.
agent obtaining the buyer rather
than listing the property.
The listing and selling Follow your instincts.
agent may be the same That’s where true wisdom
person or company. manifests itself.
Oprah Winfrey

SERVICE - Notice given to one by SERVIENT TENEMENT - An estate

delivery of a writ, subpoena, burdened with a servitude. Most
injunction, etc., by one duly commonly a parcel of land
authorized, giving notice to the burdened by an easement. (See
person served of some court action also: Easement Appurtenant;
or other proceeding with which he Easement in Gross.)
or she is involved (as defendant, SERVITUDE - In relation to
witness, etc.) easements, “easements” refer to
SERVICE INDUSTRY - An industry the advantage of the dominant
which sells the knowledge tenement, while “servitude”
or work of its people, describes the burden of the servient
rather than a tangible tenement.
product. Example: A SET BACK ORDINANCE - Part of a
real estate broker is zoning ordinance. Regulates the
paid for his or her distance from the lot line to the point
service. The product where improvements may be
(property) does not belong to the constructed.
broker.
SET-OFF - (1) A construction term
SERVICE LINE - The gas or water relating to the reduction of the
line which runs from the main line thickness of a wall, or any recess or
S (usually at the street) to each
property to be served.
sunken panel of the wall. (2) A legal
term meaning a counter demand to
a claim. In condemnation, the
SERVICE ROAD - A road running
benefits to the remaining property in
alongside a limited access highway,
a partial taking may in some
for use by abutting owners, and as
jurisdictions be “set-off” against the
a transition road from the highway
value of the land taken. Example:
to local streets. Also called a
Part of land taken for a freeway;
frontage road.
residue now more valuable because
SERVICE STATION - A place where of freeway. Increased value is “set-
gasoline and other automobile off” against value of land taken.
products and services are sold. A SETTLEMENT - (1) Decision
gas station. resulting from a disagreement. (2)
SERVICING - (See: Mortgage Sinking of a structure. (See also:
Servicing.) Settling.)

SETTLEMENT STATEMENT - A SEWER - A pipe or other conduit,
statement prepared by broker, generally underground, which
escrow, or lender, giving a complete carries either waste materials or
breakdown of costs involved in a water from rainfall, or melting snow
real estate sale. A separate to a point of disposal.
statement is prepared for the seller SHAKE - To split or crack wood.
and buyer. SHAKE SHINGLE - Shingle
SETTLING - (1) The compaction of composed of split wood. Used as a
the soil by the weight of a newly roofing or siding material.
built structure. If severe, cracks in SHARE CROP - Crop raised by a
the structure may result. (2) Soil tenant farmer who gives a portion
movement due to unstable of the crop to the landlord as rent.
subsurface conditions. SHARE CROPPER - One who farms
as a tenant, sharing his or her crop
SETTLOR - One who creates a trust
with the owner as payment of rent.
or makes a settlement.
SHARED APPRECIATION - The
SEVERALTY - An estate in severally gaining or retaining of equity in a
is property held by one person property by someone other than the
alone. buyer. For example: The seller
retains a 25% interest in the
SEVERANCE - Partition or
separation.
property. This makes the buyer
responsible for only 75% of the
S
SEVERANCE DAMAGE - Damage purchase price and, therefore,
to the remaining property in lowers the necessary financing by
condemnation, caused by the partial 25%. This obviously makes the
taking and subsequent construction property more affordable. By
of the road, building or other use of agreement, expenses are shared
as well as any increase in value
which the taking took place.
when the property is sold.
SEWAGE - Liquid or solid SHARED APPRECIATION
waste material of MORTGAGE (SAM) - A financing
humans, animals, or arrangement under which the
industry. lender offers a lower interest rate in
return for a percentage of the
appreciation (profit) when the
property is sold.

SHAREHOLDER - Commonly, one SHORE LINE - The lands alongside

who owns stock (shares) in a navigable waterways, between the
corporation. high and low water marks.
SHEATHING - The covering over the
outside studs (or rafters) of a roof. SHORT FORM DOCUMENT - A
May be wallboard, plywood, etc. document which refers either to
another document not of record
SHEET EROSION - The loss of soil containing the total agreement, or
in even amounts over a given area, incorporates by reference a
through the action of water. document of record.
SHELTER BELT - A row of trees
planted so as to shelter a building SHORT TERM CAPITAL GAIN -
from severe weather conditions. Profit from the sale of a capital
Usually found in open areas which asset not held long enough to
receive heavy snowfall. qualify as a long-term capital gain.
SHERIFF’S DEED - Deed given at Taxes as ordinary income.
sheriff’s sale in foreclosure of
mortgage. The giving of said deed SHORT TERM LEASE - A general
begins a statutory term, indicating a lease under five
redemption period. Also years in some states, under 10
given at court ordered Sheriff ’s
years in others.
S sale, pursuant to the

execution of a judgment. SHOULDER - The land adjacent to
the travel lanes
SHINGLES - Roof or wall of a road, used
surfacing of overlapping small for vehicles
sheets of wood, slate, tile, asphalt,
having difficulty
or other waterproof material.
May be paved
SHOE - A trim molding, covering the or unpaved.
juncture of baseboard and floor.
SHOPPING CENTER - A general SIDE DITCH - A
term, covering a number of types of ditch running alongside a highway
clustered retail stores with common
to carry off excess rainfall. May be
parking and ownership or
paved, contain portions of large
management. (See specific
metal or clay pipe, or simply be of
shopping centers: Strip;
dirt or grass.
Neighborhood; Community;
Regional.)

SIDING - (1) A surfacing for exterior SIGNED, SEALED, AND
walls, such as wood siding, DELIVERED - A phrase indicating
aluminum, asphalt, etc. (2) A that everything necessary to convey
railroad track connected to a main has been done by the grantor.
track, and used Modernly, signed and delivered are
for storage of still necessary, but the only seals
cars, passing commonly used are by
of trains, or governments, corporations, and
other reasons notaries.
to clear the SILL - The lowest member of a frame
main track. (usually wood or metal), which
supports the uprights of a frame.
Most commonly used to describe
SIGN - An advertisement placed on a the lowest horizontal member of an
property showing that the property opening, such as a door sill or
is available for “sale,” “lease,” window sill.
“exchange,” etc. Signs have been
shown by studies to be the second SILO - Generally, a tall, cylindrical
best advertising in terms of structure, used for storage of corn,
attracting buyers, only slightly etc.
behind classified newspaper
advertising. Many local
governments restrict signs to size
S
and location on the property.
SIGNATURE - The act of putting
one’s name on an instrument. SIMPLE INTEREST
Although legally a signature may - Interest computed on principal
not necessarily be handwritten (may alone, as opposed to compound
be typed, stamped, etc.), recording interest.
statutes may be very specific
SIMULTANEOUS ISSUE -
regarding allowable signatures,
Simultaneous issuance by a title
even as to the color ink used (must
insurance company of policies
be capable of
insuring both an owner and a
being
lender. The lender’s policy is issued
photocopied.)
at a reduced rate.

SIMULTANEOUS CLOSING - Two SINKING FUND METHOD OF

closing transactions on the same DEPRECIATION - A process of
property performed one recovering the value of an asset by
immediately following the other. setting up a sinking fund.
Example: “A” SITE - A general term signifying a
purchases the plot of land suitable or set aside for
property from “B” any specific use.
and sells it to
“C.” “A” pays “B” SITE ANALYSIS - The study of a
with the specific parcel of land (and the
proceeds from “C.” “A” has title for surrounding area) to determine its
only a moment. This process is to suitability for a specific use.
be disclosed to all parties. SITE DEVELOPMENT - All
SINGLE - (1) One who has never improvements made to a site before
been married. (2) Commonly, one a building may be constructed, such
who is not married, but may have as grading, utility installation, etc.
been married. SITUS - Location, place.
SINGLE FAMILY HOUSE - A general SKELETON - The frame, especially
term originally used to distinguish a the supporting parts.. .
house designed for use by one
family from an apartment house. SKIN - A construction term, meaning
S More recently, used to distinguish a the outer covering of a building.
house with no common area from a SKY LEASE - A lease of air space
planned development or above a parcel of land. A structure
condominium. which is cantilevered or a bridge
SINGLE PITCH ROOF - A roof can be used in such a lease.
pitched entirely at the same angle, SKYLIGHT - A window in a roof or
usually over 20 degrees. ceiling.
SINGLE PURPOSE PROPERTY -
(See: Special Purpose Property.)
SINKING FUND - A fund (often
invested) which will be used to
replace improvements as needed.
Most commonly set aside from the
income of income producing
property.

SLAB - (1) A concrete floor used as a on fairness rather than fine legal
foundation in homes without a points. (Also called Summary
basement. (2) Any concrete floor, Claims Court)
even if an upper story SNOW FENCE - A portable barrier
SLANDER OF TITLE - The making placed along the side of a road to
of malicious, untrue statements, prevent snow from drifting onto the
regarding one’s title or interest in road.
property. The statements must be SOFFIT - The undersurface of an
made to a third party and must arch, overhang, stairway, or other
cause injury to the party against such part of a building.
whom the statements are made.
SOFTWOOD - Wood such as pine or
SLANT DRILLING - A method of fir, as distinguished from hardwood
drilling for oil or gas from adjoining such as maple or oak. In
property when surface rights have construction, especially
not been granted. (See also: in flooring,
Subsurface Rights; Surface Rights.) softwoods and
SLIDING WINDOW - (See: Traverse plywoods have
Window.) become more
SLIP - A place between two piers or popular because they
docks, where cost less than the traditional
a boat is kept. hardwood flooring. S
SOIL - The top layer of earth in which
plants grow and through which
water drains.
SOIL BANK - A federal program of
SLOPE - The angle of a grade as
conservation, under which farmers
measured from a level surface.
are paid for not growing crops, or
SMALL CLAIMS COURT - A court growing non-commercial
having limited jurisdiction to hear vegetation, in order to preserve the
cases up to a statutory limit quality of the soil, as well as to
(generally between $300-$750. avoid surpluses.
depending on the state). Cases are
SOIL EROSION - (See: Erosion.)
heard quickly, attorneys are usually
not allowed unless a party to the SOIL MAP - A map showing the
action, and most cases redeemed different types of soil in a given area

SOIL PIPE - A sanitary sewer pipe SPACE HEATER - (See: Heater.)

from a building to the sewer main. SPAN - The spread (distance)
SOIL PROFILE - A vertical cross- between load-bearing members,
section .showing the different such as walls or girders.
horizons (layers) of the Earth’s SPANDREL - (1) The triangular
surface. space between the exterior curve of
SOLAR an arch and the enclosing right
HEATING - angle above it. (2) The triangular
Heating by use space beneath the string of a stair.
and control of (3) The space between the top
the energy of framing of a window to the bottom
the sun. framing of a window above it.
SOLE PLATE - SPANDREL STEP - A step, such as
The plate on which the studs rest. in a circular staircase, which is
Usually a two-by- four, laid triangular in shape.
horizontally at floor level. SPANDREL WALL - A wall which fills
SOLE PROPRIETORSHIP - the spandrel space of an arch.
Individual ownership of a business SPANISH ARCHITECTURE -
as opposed to a partnership or Copying the houses of Spain and
corporation. Mexico, a
S SOLVENT - (1) Financially able to
meet one’s current debts. (2) A
home with a
courtyard,
liquid used to dissolve a substance, tiled roof,
usually to remove it. and usually
constructed
SOUND VALUE - A synonym for
of adobe or
depreciated costs. Used in fire stucco.
insurance evaluation. Depreciation
due to use up to the time of a fire. SPECIAL ASSESSMENT - Lien
assessed against real property by a
SPACE DESIGN - The planning of public authority to pay cost of public
interior space of a building to meet improvements (sidewalks, sewers,
the needs of the user. Involves a street lights, etc.), which directly
layout and construction drawings. benefits the assessed property.
There are companies which
specialize in space design, from SPECIAL BENEFITS - Benefits to
construction to color coordination. the remaining property after a
Need not be architects. partial taking by eminent domain.

SPECIAL PARTNER - A limited SPENDTHRIFT TRUST - A trust
partner. (See also: Limited created to give an income to the
partnership.) beneficiary while protecting the
principal from the beneficiary and
SPECIAL POWER - (See: Power of creditors of the beneficiary. The
Attorney [2].) beneficiary may, therefore, not be
able to sell or encumber the trust
SPECIAL PURPOSE PROPERTY -
property.
A building which,
by its design, SPITE FENCE - A fence built for the
cannot be used for purpose of causing a problem for
other than the one’s neighbor. May ruin the view,
original purpose make access of a vehicle difficult,
intended, without etc., or simply be ugly.
extensive SPLIT-LEVEL HOUSE - A house
remodeling, such with different levels, one of which is
as a hospital or a complete story higher than
church. Also called a single purpose another.
property. SPLIT-RATE - Capitalization rate
SPECIFICATIONS - Written, detailed applied separately to land and
drawings which show a contractor improvements, to determine the
how to proceed with construction,
whether in new construction or
value of each.
SPOT ZONING - Zoning on a parcel-
S
remodeling. by-parcel basis, rather than a
comprehensive general or master
SPECIFIC PERFORMANCE - An plan. Considered poor planning.
action to compel the performance of
a contract; when money damages SPOUSE - One’s husband or wife.
for breach would not be satisfactory. SPREADER DAM - A dam built in
such a way as to divert water to
SPECULATOR - One who buys either side, thus causing the water
property, not for his or her use, but to spread over a given area.
with only the intent to sell at a profit.
SPENDABLE INCOME - Net income Let’s feel the magic of those two
after taxes. little, big words, “Thank You.”
Ardath Rodale

SPRINKLER SYSTEM - (1) When SQUATTER - One who lives on

used in reference to residential another’s land without authority or
property, a system of pipes under a claim of a right to possession. The
lawn, used for watering the grass. land may either be private or public.
(2) In commercial or industrial
property, a system of pipes and SQUATTER’S RIGHTS - Commonly
valves in the ceiling, sensitive to confused with adverse possession.
ambient temperatures, which A squatter has no ownership rights
automatically sprinkles water or a and cannot, under the definition of a
chemical in case of fire. squatter, acquire any since he
claims no interest adverse to the
SPUR TRACK - A segment of
owner.
railroad track, connected at only
one end to a main track, which SRA - Senior Residential Appraiser. A
services an industrial building or designation of the Society of Real
buildings. Estate Appraisers.
SQUARE - A unit of
measurement in SREA - Society of Real Estate
roofing or siding, 10 Appraisers. Also the designation
feet by 10 feet (100 conferred by the Society of Senior
square feet). Real Estate Appraisers.
S SQUARE FOOT - The area SRPA - Senior Real Property

contained by boundaries 1 foot long Appraiser. A designation of the
and 1 foot wide. There are 9 square Society of Real Estate Appraisers
feet in 1 square yard. signifying the appraiser qualified to
appraise both residential and
SQUARE FOOT COST - The cost of
income property.
one square foot of floor space in a
building or of land. Usually used to STAIN - An oil or latex paint used to
determine rental price of a building. coat wood, which
When used for land, usually to has little
determine a sale price. thickness or
SQUARE YARD - The area gloss.
contained by boundaries of 1 yard
long and 1 yard wide. There are 9
square feet in 1 square yard.

STANDARD COVERAGE POLICY - START CARD - A file card used as a
A title insurance policy used in record of the opening of an escrow.
several states, not having as broad It lists the date of the escrow
a coverage as the nationally opened, escrow number, name of
recognized American Land Title escrow officer, names of parties to
Association (A.L.T.A.) policies. the escrow, lender, the title
STANDARD DEPTH - Depth of a lot company, legal description of
considered to be the normal depth property, consideration, and type of
for appraisal purposes. Traditionally, transaction (sale, loan, etc.).
100 feet for a residential lot.
STARTER - A copy of the last policy
STANDARD PARALLELS - East- issued by a title insurer, which
West survey lines, establishing describes the condition of title to
township boundaries at 24 mile land upon which a new policy is to
intervals, and correcting be written. In some states, this is
inaccuracies in the furnished to an attorney for his
government survey opinion as to the condition of title,
due to the curvature and is called a back title letter or
of the Earth. back title certificate.
STARTS - Units on which
construction has begun.
STANDBY COMMITMENT - A STATEMENT OF IDENTITY - (See: S

commitment to issue a loan, usually Statement of Information.)
for a term of one to five years, after STATEMENT OF INFORMATION - A
completion of construction, in the confidential form filled out by buyer
event a permanent loan cannot be and seller to help a title company
obtained. The standby loan is determine if any liens are recorded
usually at a higher interest rate than against either. Very helpful when
a permanent loan, and a standby
people with common names are
fee is charged.
involved. Also called a statement of
STAND CRUISE - (See: Cruise.) identity.
STANDING LOAN - A loan requiring STATE ROAD - A highway under the
interest payments only, the principal control of the state, which may
being paid in full at maturity eliminate it if desired, as opposed to
STANDING TIMBER - Timber still a federal (interstate) highway.
uncut. Trees.

STATUTE - A law which comes from STATUTORY REDEMPTION

a legislative body. A written law PERIOD - (See: Redemption
rather than law established by court Period.)
cases. STATUTORY RESERVE - Reserves
STATUTE OF FRAUDS - State laws, of funds which must be kept by
requiring certain contracts to be in banks, savings and loans,
insurance companies, and like
writing. All contracts for the sale of
businesses, to insure their ability to
real property must be in writing.
meet demands for funds in their
Leases (personal property) for more
course of business.
than one year must be in writing.
STEP-UP LEASE (GRADED
STATUTE OF LEASE) - A lease calling
LIMITATIONS - A law for set increases in rent
which limits the at set intervals.
bringing of a court Enjoyment is not a
goal; it is a feeling STIRPS - (See: Per
action (civil or Stirpes.)
criminal) to within a that accompanies
important ongoing STOCK
specified period of
activity. COOPERATIVE - A
time.
corporation formed for
STATUTORY Paul Goodman the purpose of holding
S DEDICATION - The
giving of private land
Writer title to real estate,
physically similar to an
for public use under a apartment house. Each
procedure dictated by shareholder receives the
statute. right to exclusive occupancy of a
dwelling unit. A forerunner of the
STATUTORY LIEN - An involuntary condominium.
lien (created by law rather than by STORM SASH (STORM WINDOW) -
contract). Includes tax liens, An extra window on
judgment liens, mechanic’s liens, the outside of an
etc. existing window, as
additional
STATUTORY NOTICE - Notice given protection against
by legislative enactment (laws or cold weather.
statutes).

STORM SEWER - A sewer carrying STREAM - Any water course,
off rainwater. May also carry off including a river, brook, channel etc.
industrial waste, STREET - A general term which
such as includes any urban roads, usually
chemicals, paved.
although many
areas now STREET IMPROVEMENT BONDS -
forbid this. Interest-bearing bonds, issued by a
local government, to secure
STRAIGHT LEASE (FLAT LEASE) - assessments for street
A lease calling for the same amount improvements. The owners of the
of rent to be paid periodically property assessed may pay in a
(usually monthly) for the entire term lump sum or pay installments on the
of the lease. bonds, including interest.
STRAIGHT LINE DEPRECIATION - STREET IMPROVEMENTS -
A method of replacing the capital Improvements connected with a
investment of income property, by street, such as paving, sidewalks,
reducing the value of the property curbs, etc.
by a set amount annually from the
income, over the economic life of
the property.
STRAIGHT NOTE - A promise to
repay a loan, signed by the debtor
S
and containing the date executed, STRESS - The pressure of weight
amount owing and to whom, date against a structural member.
due (or on demand), rate of interest Materials are tested to determine
and how it is payable. A straight the amount of stress they may hold
note is not amortized. before bending or breaking.
STRAIGHT-TERM MORTGAGE - A STRICT FORECLOSURE - (See:
mortgage calling for principal to be Judicial Foreclosure.)
paid in a lump sum at maturity.
STRINGPIECE - A heavy timber
STRAW MAN - One who acts for used as a horizontal support for
another, not openly, but as a cross members.
principal to hide the identity of the
party for whom acting. STRINGS - The sides which support
stair treads.

STRIP CENTER - Any shopping SUBCONTRACTOR - One who

area, generally with common works under a
parking, comprised of a row of general
stores. Usually does not contain contractor
major department stores or grocery (builder), such
chain stores. as an electrical
STRUCTURAL LUMBER - Lumber contractor,
used for its strength, 2 inches x 4 cement
inches or greater. contractor, etc.
STRUCTURE - Any man-made SUBDIVIDE - (See: Developer.)

building or edifice. SUBDIVISION - Commonly, a
STRUT - A construction member, division of a single parcel of land
usually wood, placed between other into smaller parcels (lots) by filing a
members to support a load map describing the division, and
vertically, or pressure horizontally. obtaining approval by a
governmental commission (city or
STUCCO - A wet plaster finish, county). The exception is a
specifically designed for exterior condominium, which is sometimes
use, very called a “one-lot subdivision.”
popular as an
outside wall SUBDIVISION MAP - A map
S surface in
warm, dry
submitted by a subdivider to the
proper governmental body for
areas. approval in order to establish a
subdivision. When the map is
STUDS (STUDDING) - Vertical approved and recorded, it becomes
supports (wood or metal) in walls the basis for the legal description of
and partitions. the subdivision.
SUBDUES - The base under a slab SUBFLOOR - Underflooring laid on
or roadway, usually of crushed rock, joists, over which finish flooring is
sand, and gravel. laid.
SUBCHAPTER “S”
CORPORATION - An entity
receiving the protection of the
corporate form, but being taxed as
a partnership.

SUBJACENT SUPPORT - The right SUBLET - (See: Sublease.)
of an owner to have the surface of
SUBORDINATE - To make subject or
his or her land supported by the
junior to.
land under it, so that it does not
collapse. Work on adjoining land SUBORDINATION AGREEMENT -
(mining, excavating, etc.) could An agreement by which an
cause this problem. (See also: encumbrance is made subject
Lateral Support.) (junior) to a junior encumbrance.
For example: A loan on vacant land
“SUBJECT TO” CLAUSE - A clause is made subject to a subsequent
in a deed, stating that the grantee construction loan.
takes title “subject to” an existing
mortgage. The original mortgagor is SUBPOENA - A legal process (writ)
alone responsible for any used to require the appearance of a
deficiency, should there be person or documents into court.
foreclosure of the mortgage. Differs SUBROGATION - The substitution of
from an “assumption” clause, one person for another, so that the
whereby the grantee “assumes” and former may exercise certain rights
agrees to pay the existing or claims of the latter, used primarily
mortgage. when a surety relationship exists, as
in insurance.
SUBLEASE - A lease, under which
the lessor is the lessee of a prior SUBSCRIBE - To write under or S
lease of the same property. The below. To sign at the end of a
sublease may be different in terms document.
from the original lease but cannot SUBSIDENCE - Settling of the
contain a greater interest. Example: ground surface from loss of support
“A” leases to “B” for 5 years. “B” in the ground beneath. May be
may sublease to caused by mining, lowering of the
“C” for 3 years, water table, etc.
but not for 6
years. (See also: SUBSIDY - A grant to aid in any work
Assignment of or enterprise, or to reduce the cost
Lease.) of a product. The federal
government, for example, aids
certain low-income families by
subsidizing rental payments.

SUBSTITUTION OF TRUSTEE - A SUPERSTRUCTURE - That part of a

document which is recorded to building or other structure above the
change the trustee under a deed of ground or foundation.
trust. A simple procedure in some SUPPLEMENTAL ABSTRACT - An
states; more regulated in others. abstract covering a search of the
SUBSURFACE EASEMENT - (See: public records between given dates.
Subsurface Rights.) SUPPORT - (See: Lateral Support;
SUBSURFACE RIGHTS - The rights, Subjacent Support.)
whether by fee or easement, to oil, SURETY - One who voluntarily binds
gas, or minerals below a certain himself to be obligated for the debt
depth beneath the surface of land. or obligation of another. For
The right of surface entry may or example: A co-maker of a note; an
may not be excluded and is insurance carrier. Surety differs
important to the value of the surface from guarantor, although commonly
land for improvement purposes. (and mistakenly) used
(See also: Slant Drilling.) interchangeably.
SUBURBAN - The area around a SURFACE RIGHTS - The rights
city. Usually residential with small (easements) to use the surface of
businesses, although modernly an land, including the right to drill or
attraction of large industrial and mine through the surface when
S commercial complexes. subsurface rights are involved.
SUCCESSION - The passing of real SWEAT EQUITY - A program which
property by will or inheritance, rather allows a purchaser to do work on
than by grant of a deed or any other the property in
form of purchase. place of all or part
SUITE - A group of rooms in a hotel, of the down
rented as one unit. Usually contains payment and
a minimum of one bedroom, a other costs
sitting room, and bathroom. of
SUMP - A pit or similar storage area purchase.
in a basement for collecting drained
liquid waste.
SUMP PUMP - A pump used to force
the collected liquids from a sump.

SURFACE WATER - Water caused SYNAGOGUE -
by precipitation, which spreads over Meaning “to bring
land and stays on the surface (a together,” it is a
swamp) or percolates through the building where
ground. Jews
assemble to
SURRENDER - The giving up of an worship.
estate, such as a lease. A
contractual agreement, having the
consent of both parties, such as
lessor and lessee, as opposed to SYNDICATE - An association of
abandonment. individuals, formed for the purpose
of carrying on some particular
SURVEY - The measurement of the business venture in which the
boundaries of a parcel of land, its members are mutually interested.
area, and sometimes its topography.
SURVIVORSHIP - Gaining an
interest in property by outliving
(surviving) another who had the
interest.
SUMMARY CLAIMS COURT - (See:
Small Claims Court.) S
SWALE - A low-lying area in
otherwise level ground usually used
to collect runoff water.
SWAMP - Soft, wet land, usually I think it’s the end of
containing heavy vegetation and progress if you stand
under water much of the time. still and think of what
you’ve done in the
past. I keep on.
Leslie Caron
Actor

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T
TACKING - (1) Annexing a lien to one TANDEM PLAN - A method of
superior to it in order to gain the keeping home financing active by
priority of the superior lien and the purchase of mortgages by
defeat an intermediate line. GNAAA (Government National
Generally not allowed. (2) Annexing Mortgage Association) at face value
periods of possession to add up to (par), for resale to FNMA (Federal
enough time for successful adverse National Mortgage Association), a
possession. For example: “A” begins private corporation, at a discount.
adverse possession. “A” dies and TANGIBLE PROPERTY - (See:
“A’s” son takes up possession., Corporeal Property.)
adding “A’s” time to his own. Not
always allowed. TANGIBLE VALUE - Value in
appraisal of the physical value (land,
TAKE OUT COMMITMENT - buildings, etc.), as opposed to the
Agreement by a lender to place a value of an intangible, such as
long term (take out loan) loan on real favorable lease.
property after completion of
construction. TAX BASE - The assessed valuation
or real property, which is multiplied
TAKE OUT LOAN - The “permanent” by the tax rate to determine the
(long-term) financing of real estate amount of tax due.
after completion of construction.
TAX BOOK - (See: Tax Roll.)
TAKING - A common synonym for
TAX BRACKET - The percentage of
condemnation (eminent domain).
TALUS - Rocks at the foot of a hill or
income tax which one pays, based T
on graduated tax tables.
other slope, which accumulate by
sliding or rolling down the slope from TAX DEED - (1) Deed from tax
the action of wind, rain, and gravity. collector to government body after a
period of non-payment of taxes
according to statute. (2) Deed to a
purchaser at a public sale of land
taken for delinquent taxes. The
purchaser receives only such title as
the former owners had, and strict
procedures must be followed to
prevent attachment of prior liens.
TAX DISTRICT - An area over which TAX ROLL - A list, usually published
a governmental body has authority by a county, containing the
to levy property taxes; may contain descriptions of all parcels in said
one or more assessment districts. county, the names of the owners (or
those receiving the tax bill), the
TAXES - A mandatory assessed value, and tax amount.
contribution of money to TAX SALE - Public sale of property
met the expenses at auction by governmental
of a government, authority, after a period of
whether federal, nonpayment of property tax.
state, or local.
TAX SEARCH - A part of a title
TAX EXEMPTION - search which determines if there
Freedom from are any unpaid taxes for
payment of assessments which may be a lien
property or other taxes, granted to against the property being
religious, educational, and similar searched.
organizations. Partial property tax TAX SHELTER - A general term
exemptions are granted in some used to include any property which
states to individuals, such as gives the owner certain income tax
veterans and senior citizens. advantages, such as deductions for
property taxes, maintenance,
TAX LIEN - (1) A lien for nonpayment mortgage interest, insurance, and
of property taxes. Attaches only to especially depreciation.
the property upon which the taxes
T are unpaid. (2) A federal income tax
TAX STAMPS - (See: Documentary
Tax Stamps.)
lien may attach to all property of the
one owing the taxes. T-BILLS - (See: Treasury Bills.)
TAX TITLE - (See: Tax Deed [2].)
TAX RATE - Traditionally the ratio of
dollars of tax per hundred or per TEMPERA - A process of painting,
thousand dollars of valuation. using a base of albuminous or
Modernly, has become to be colloidal materials, instead of oil.
expressed as a percentage of TEMPLE - A place of worship,
valuation. usually thought of as being large
and ornate.

TENANCY BY THE ENTIRETY - A TENANT FARMER - One who
form of ownership by husband and operates a farm but is a tenant
wife, whereby each owns the entire rather than
property. In the event of the death of the owner.
one, the survivor owns the property Rent may be
without probate. in cash, a
share of the
TENANCY FOR YEARS - (See: crops, or
Estate For Years.) both.
TENANT FOR LIFE - (See: Life
TENANCY IN COMMON - An
Estate, Life Tenant.)
undivided ownership in real estate
by two or more persons. The TENANT IMPROVEMENTS -
interests need not be equal, and, in Improvements to land or buildings
the event of the death of one of the to meet the needs of tenants. May
owners, no right of survivorship in be new improvements or
the other owners exists. remodeling, and be paid for by the
landlord, tenant, or part by each.
TENANT - (1) A holder of property
TENANT IN SEVERALTY - One who
under a lease or other rental owns property alone, without any
agreement. (2) Originally, one who other person being joined in said
had the right to possession, ownership.
irrespective of the title interest.
TENANT IN TAIL - (See: Fee Tail.)
TENANT AT SUFFERANCE - One TEN DAY ESCROW LAW - (See:
who comes into possession lawfully,
but holds over after the termination
Bulk Sales Act.) T
of his interest. TENDER - The offer of money or
performance in connection with a
TENANT AT WILL - One who holds contract. If unjustifiably refused,
possession of premises by places the party who refuses in
permission of the owner or landlord, default and gives rise to an action
but without agreement for a fixed for breach of contract.
terms of possession. TENDON - The material used to
reinforce concrete, such as cable
TENANT CHANGES - (See: Tenant and wire, which resemble human
Improvements.) tendons.

TENEMENT HOUSE - A term now TERMINATE - To end. To cause to

seldom used. A run-down apartment stop or end.
house, such as TERMITE INSPECTION - An
those which were inspection required in certain types
common after of sales of property, to determine if
World War II; termites are present within a
overcrowded, building.
cold water, etc.
TERMITES - Insects, similar to ants,
TENEMENTS - which feed on wood, causing
Commonly used destruction to wooden structures.
to refer to certain TERMITE SHIELD - Metal shields at
types of property the foundation of a structure or
of multiple dwellings. Legally, any around pipes to prevent the
property, or property rights, which entrance of termites.
are of a permanent nature.
TERM MORTGAGE - (See: Straight-
TENTATIVE MAP - A map submitted Term Mortgage.)
by a subdivider to a planning
TERMS - The considerations, other
commission for approval. Approval
than price, in a sale, lease,
is usually conditioned upon
mortgage, etc. For example: the
changes. The final map embodying
way the money will be paid, time to
the changes, is recorded.
take possession, conditions, etc.
TENURE - Right to holding property, TERRACE - (1) A common synonym
especially real estate. The whole
T right and title of the land rests with
for a balcony in a residence. (2) A
series of flat cuts bulldozed into a
the owner subject to the laws of the slope, on which houses are
state. constructed. (3) The natural levels
of sloping ground, usually alongside
TERM - A period of the time, such as
water and indicating the levels of
the term of a lease.
the water over different eras.
TERMINABLE INTERESTS - TERRA COTTA - Literally “baked
Property interests which are not earth.” A hard-baked, glazed or
perpetual but liable to terminate, unglazed, ceramic material used
such as a leasehold. Also called architecturally as a decorative
“terminable property.” surface for facings and tiles.

TERRA COTTA LUMBER - Very THERMAL WINDOW - An insulating
porous earthenware which can hold window of two panes of glass with
a nail and be cut without breaking air between.
or shattering. THERMOSTAT - The part of a
TERRAZZO - A flooring made by heating or air conditioning system
embedding small pieces of marble which controls the heating or
or granite into cement and polishing cooling unit by
to a high gloss. adjusting to
bring ambient
TESTAMENT - Commonly air to a pre-set
synonymous with “will,” but temperatures.
technically only the disposition of
personal property. (See also: A THIRD PARTY - A general term
Will.) which includes anyone not a party
to a contract, agreement,
TESTAMENTARY TRUST - A trust instrument, etc. However, statutes
created by a will. or court decisions may limit the
TESTATE - Having written a last will definition in certain cases to, for
and testament. instance, exclude representatives of
the parties to a contract, etc.
TESTATOR, TESTATRIX - One who
dies leaving a testament or will. THREAD - The middle or center line
of a road or stream.
TESTIMONIUM CLAUSE - Clause in
a deed or other instrument of THREE PHASE WIRING - A method
conveyance, which states that the
proper parties are signing the
of wiring, used in industrial
buildings, allowing a series of heavy
T
document. “In witness whereof, the machines to be used at the same
parties to these presents have time, without overload.
hereunto set their hands and seals.” THRESHOLD - A wooden strip under
THERM - A measure of heat equal to an outside door; the entrance to a
100,000 British thermal unit building being over the threshold.
(B.T.U’s). TIDAL BASIN - A bay or inlet without
THERMAL - Heat. Having to do with water gates. The water level varies
heat or temperature. directly with the ebb and flow of the
tide.

TIDE - The ebb and flow of the sea.

The tide reaches its ebb (low tide) Embrace change. It’s
and its flow (high tide) twice in each
going to happen whether
day (actually 24 hours 51 minutes.)
you like it or not.
TIDE LANDS - Lands which are
covered at the highest point of the Odette Pollar
Writer
tide. These lands are state property
and cannot be used for private
purposes. Even though the tide may
lower over a period of years, the TILLABLE LAND - Land which may
land still remains state property. be plowed and planted without
TIE BEAM - A beam which acts to special preparation, such as cutting
hold other structural members trees, removing boulders, etc.
together, as a beam of a roof. Also TILL PLAIN - Level or rolling land
called a collar tie. covered by till.
TIER - A group of townships which TILTH - (1) Land which has been
form a row across a map, running cultivated (tilled). (2) The crop
east and west. produced from tilled land.
TIL - (See: Truth in Lending.) TIMBER - A general term applied to
TILE - A general term used to trees, standing or cut. Wood of a
describe ceramic materials used for large size, usually a piece of wood
floors, facing of walls, and trim; also larger than 4 inches x 4 inches in
square, flat materials of many cross-section.
T varieties of both TIME CERTIFICATE OF DEPOSIT
composition and (T.C.D.) - (See: Certificate of
usage, such as Deposit.)
acoustical ceiling
TIME INTERVAL MAPS - Maps
tile, carpet tile,
showing a given area, indicating
field tile, sewer
certain change over a given period.
tile, etc.
“TIME IS OF THE ESSENCE” -
TILE FIELD - (See: Disposal Field.)
Clause used in contracts to bind
TILL - Unstratified glacial deposits, one party to performance at or by a
composed of clay, sand, gravel, specified time in order to bind the
rocks in any proportion. other party to performance.

TIME-SHARING - A concept of TITLE ORDER - An order for a
ownership increasing in popularity search of the title to some parcel of
as real estate prices rise. The property, eventually leading to the
purchase of an undivided interest issuance of a policy of title
(usually in a resort-area insurance.
condominium) for a fixed or variable TITLE PAGE - The page in a
time period. For example: Fifty-two subdivision map which is signed by
different purchasers buy one all parties having an interest in the
condominium; each agrees to land, agreeing to the subdivision.
possession for one week per year.
TITLE PLANT - A filing of all
Costs (taxes, insurance, recorded information to real
maintenance, etc.) are shared property, paralleling the records of
equally. Possession may be fixed, the Court Recorder’s office,
or by reservation, by lease, license, although the filing system may be
etc. Some developers provide different.
several projects in different parts of
the world. Example: A person TITLE REPORT - (See: Preliminary
owning one week in a project in Title Report.)
Hawaii could elect to spend that TITLE SEARCH - A review of all
week in a recorded documents affecting a
connected specific piece of property to
project in determine the present condition of
France or title.
other TITLE THEORY - A theory followed in
area. several states that the mortgagee
has legal title to the mortgaged T
TITLE - The evidence one has the property and the mortgagor has
right to possession of land. equitable title. (See also: Lien
TITLE COMPANY - A company Theory.)
acting as agent for a Title Insurance TOENAILING - Nailing at a slant for
Company. (See: Title Insurance greater gripping into a second
Company) member.
TITLE DEFECT - (See: Defective TOLL - (1) Money paid for the use of
Title.) a road, bridge, etc. (2) To take
TITLE INSURANCE COMPANY - A away, stop or defeat. Commonly
company which issues insurance used to indicate the defeating of the
regarding title to real property. statute of limitations.

TOLL BRIDGE - A bridge, the TOPSOIL - The surface or upper

crossing of which layer of soil, which determines its
requires a fee to suitability for farming.
be paid. TORRENS TITLE - A system by
TOLL ROAD - A which title to land is registered with
highway over a registrar of land titles, instead of
which a being recorded. Originally
motorist may established by Sir Robert Torrens in
travel, for a Australia in 1858.
specified fee. TORT - A civil wrong committed
TOMBSTONE TITLE - Information to against person or property,
validate title taken from independent of any contractual
tombstones, such as the death of agreement.
an owner, date of death, names of TOWN - A term varying in meaning,
survivors, etc. depending on the area of the
TON - (1) A measure of weight; 2,000 country. May be a county, city or
pounds. (2) A measure of capacity unincorporated village.
of an air conditioner. One ton TOWNHOUSE - Originally a house in
equals 12,000 British thermal units a city as opposed to a country
(B.T.U.’s). estate. More recently the term is
applied to certain types of row
TONGUE AND GROOVE - A method houses, whether planned unit
of joining (usually lumber) by cutting developments or condominiums.
T a tongue (protrusion) in one board
and a corresponding groove in the
other.
TOPOGRAPHICAL SURVEY -
Survey showing the differences in
grade of a parcel of land. Grades
are measured in relation to sea
level. TOWNSHIP - A territorial division of
land established by federal survey,
TOPOGRAPHY - The contour of land being six miles square and
surface, such as flat rolling, containing 36 sections, each one
mountainous, etc. mile square.

TOWNSHIP LINES - Survey lines TRADE-IN - Sale of a house by an
which divide townships at their owner to a real estate broker in
northern and southern boundaries. order for the owner to purchase
The east and west boundaries are another house. The house is put on
called Range Lines. the market at market value. If not
TOWNSHIP ROAD - A road under sold in a specified time, the broker
the jurisdiction of, and maintained guarantees to buy the house at a
by a town or township. lower price.
TRACK RECORD - A general term TRAFFIC - (1) The transporting of
referring to the past record of goods in trade or business. (2) The
performance of one movement of air, sea, or
applying for a loan, land vehicles, people, or
developing a project, animals, along a route.
asking for a listing, We can’t always
TRAFFIC COUNT - The
etc. control what number of pedestrians or
happens to us, but vehicles moving past a
TRACT - A parcel of
we can always given point in a given
land. In some states,
control how we period of time. The
synonymous with a
subdivision. react to it. counts are used to
Robert Urich
determine business
TRACT HOUSE - A potential, patterns for
Actor
house built using the redesigning streets, etc.
plan of the builder, as
one of many similar TRAFFIC DENSITY -
homes in a
subdivision, as opposed to a
The number of vehicles
moving across a portion of a road at
T
custom house, which is built to the a given time. Usually expressed as
specifications of the owner. vehicles per mile of road.
TRADE AREA - The area from which TRAILER - Anything from a carrier
a commercial development can used to haul small loads, boats,
expect to draw customers. etc., to a
complete mobile
TRADE FIXTURES - Personal home; may be
property used in a business, which called a trailer.
is attached to the property, but
removable upon sale as part of the
business and not the real estate.

TRAILER PARK - A site containing TRAVERSE WINDOW - A window

two or more parking spaces for popular in modern construction,
trailers (mobile homes) with having sashes which open
minimum facilities of water, sewer, horizontally, sliding on separate
electricity, laundry and bathing grooves past each other.
facilities. The more modern are TREAD - (1) The horizontal part of a
called mobile home parks and have step; as in a staircase. (2) The
all the conveniences of an horizontal distance between
apartment complex. consecutive risers in a staircase.
TREASURY BILLS - Interest bearing
U.S. Government obligations sold
at a weekly sale. The change in
interest rates paid on these
obligations is frequently used as the
Rate Index of Adjustable Mortgage
Loans.
TRANSFER - The act by which the
title to property is conveyed from TREBLE DAMAGES - Three times
one person to another. the amount of actual damages.
Given when damages were caused
TRANSFER TAX - State tax on the
by a deliberate or grossly negligent
transfer of real property. Based on
act of the defendant. (See also:
purchase price or money changing
Compensatory Damages;
hands. Check statutes for each
Exemplary Damages.)
state. Also called documentary
TRESPASS - Legally covers a variety
T transfer tax.
TRAP - (1) The lowest curve portion
of wrongs against person or
property. Most commonly used to
of pipe under a sink (or other fixture
describe the wrongful entry of a
using water) to catch and hold
person onto another’s land,
objects dropped into the drain. (2) A
although encroachment of an
term used among sales agents of
inanimate object, such as a building
tract houses to describe
or fence, is a form of trespass.
the barriers which guide
potential buyers TRIM - Decorative or finish materials
through the sales in a building as interior moldings,
offices on their way and exterior moldings around doors
to and from the and windows.
model homes.

TRIMMER - The vertical side
members of a doorway, opening for If you have something
a stairway, opening for a chimney, important to say, wrap it
etc. to which a header is attached. in chocolate.
TRIPLE NET - (See: Net Lease.) Billy Wilder
Movie Producer
TRUCK HIGH - A platform at the
height of a truck bed, usually about
four feet high. TRUST AGREEMENT - The writing
TRUCK INDENTURE - A recessed which sets forth the terms of the
platform allowing a truck to back trust.
into a building to unload. TRUST DEED - (See: Deed of Trust.)
TRUCK WELL - A slope which brings TRUSTEE - (1) One who is
the level of a truck bed to the level appointed, or required by law, to
of a loading platform. execute a trust. (2) One who holds
TRUNK TITLE - (See: Dresser title to real property under the terms
Drawer Title.) of a deed of trust.
TRUSS - A frame to support a roof, TRUSTEE IN BANKRUPTCY - One

appointed by a bankruptcy court,
bridge, or other span.
and in whom the property of the
TRUSS HEIGHT - The height of the bankrupt vests. The trustee holds
trusses (roof beams), as measured the property in trust, not for the
from the floor. bankrupt but for the creditors.
TRUST - A fiduciary relationship TRUSTEE’S DEED - A deed by a
under which one holds property trustee under a deed of trust, issued T
(real or personal) for the benefit of to a purchaser at auction, pursuant
another. The party creating the trust to foreclosure.
is called the settlor, the party TRUSTEE’S SALE - A sale at
holding the property is the trustee, auction by a trustee under a deed of
and the party for whose benefit the trust, pursuant to foreclosure
property is held is called the proceedings.
beneficiary
TRUST INSTRUMENT - Any writing
TRUST ACCOUNT - An account which creates a trust. May be a will,
used by brokers, escrow agents, or court order, trust agreement, or
anyone holding money in trust for similar writing.
another. (See also: Commingling.)

TRUSTOR - The borrower under a and having gross sales of $5,000

deed of trust. One who deeds his or per month, would “turn-over” the
her property to a trustee as security inventory once every two months.
for the repayment of a loan. TURNPIKE - A toll road. Modernly, a
TUCK POINTING - The finishing of road across a large portion of a
joints of brick, block, or similar state, having limited access,
material, with putty or mortar. Most maximum speeds, and for the use
commonly used in chimney repair. of which a toll is charged.
TURN KEY - Referring to an owner TURPENTINE - An oil distilled from
making a property ready for a pine and other trees, used to thin
tenant to begin business by having paint and as a solvent for varnish.
the tenant furnish only furniture, TWO HOUR DOOR - A door with a
phone, and inventory, if any. Ready resistance to fire, so that it would
to “turn the key” in the front door take a fire two hours to burn
and begin business. through it.
TURN-OVER - In business TWO HOUR WALL - A wall with a
opportunities, refers to the sale of resistance to fire, so that it would
one average inventory of a take a fire two hours to burn
business within a specified time. through it.
For example: A business having an
average inventory worth $10,000
NOTES:

U
ULTRA VIRES - Originally acts of a UNDERFLOOR WIRING SYSTEM - A
corporation beyond or against its system of electrical wring built into
charter. Now includes illegal acts. An the floor of a building through
officer of a corporation may be conduits, ducts, and raceways.
personally liable for an ultra vires act UNDERIMPROVEMENT - An
of the corporation. improvement which is deficient in
size or quality in relation to the site
UNAVOIDABLE CLAUSE - A cause
on which it is built.
which reasonable prudence and
care could not have prevented, such UNDER-LEASE - A sub-lease for
as death, illness, papers lost in the either less than the remaining term
mail, etc. on the master lease or less than the
total property covered by the master
UNBALANCED IMPROVEMENT - An lease.
appraisal term describing an UNDERLYING FINANCING - A
improvement not in conformity with mortgage, deed of trust, etc., prior to
the surrounding area, and so, not (underlying) a land contract,
suited to its location. May be an mortgage, etc., on the same property
under-improvement or over-
UNDERPASS - A passageway under
improvement.
a road, railway, or other right of way.
UNCONSCIONABLE CONTRACT - May be for pedestrian traffic,
So unfair that a court will not allow it. automobiles, or any other method of
So one-sided that no one in his or transportation.
her right mind would agree on one
side, and no fair and honest person
would agree on the other side.
U
UNDERCOATING - A “prime” or first
coat before
the finish or
“top coat” of UNDERPINNING - (1) Temporary
paint or other load-bearing beams used during
finish. construction. (2) Permanent load-
bearing supports, added to an
existing structure.
UNDERWRITER - One who insures UNEARNED PREMIUM - That

another. A small title company may unused portion of an insurance
buy insurance from a larger one premium which is returned to the
(the underwriter) for all or part of the policyholder upon cancellation.
liability of its policies. A larger title UNENCUMBERED - Free of liens
company may buy part of the and other encumbrances. Free and
insurance from another company on clear.
high liability policies.
UNFINISHED BUILDING SPACE -
UNDISCLOSED PRINCIPAL - A Not completed. A general term not
principal whose identity is not specifying how much has not been
revealed by an agent. completed. May need paint, floor
covering, or other minor
UNDIVIDED INTEREST - A partial completions. May need plumbing,
interest by two or more people in electricity, floors or other major
the same property, whether the completions.
interest of each is equal or unequal.
UNIFORM COMMERCIAL CODE - A
UNDUE INFLUENCE - Influence code (laws) which regulates the
used to destroy the will of another transfer of personal property; it took
so that his or her decision is not a the place of the various state
free act. statutes covering chattel
mortgages, conditional sales, trust
UNDULATING LAND - Rolling land receipts, etc.
composed of compound slopes
UNIFORMITY - In taxation, equality
(two or more
in the burden of taxation, implying
slopes of
equality in the method of
different
assessment as well as the rate of
grades).
taxation.
U UNIFORM LAWS - Laws approved
by the National Conference of
Commissioners on Uniform State
UNEARNED INCREMENT - An Laws. Many have been adopted in
increase in value to real property one or more states. Among these
due to some change in the area are the Uniform Commercial Code,
rather than an improvement in the Uniform Negotiable Instruments
property itself. Act, Uniform Partnership Act,
Uniform Residential Landlord and
Tenant Act, etc.

UNILATERAL CONTRACT - A UNIT PRICE - (See: Unit Cost.)
contract under which one party
expressly makes a promise; the UNITY OF INTEREST - In joint
other party, although making no tenancy, the joint tenants must
reciprocal promise, may be acquire their interest by the same
obligated by law or may have conveyance and said interest must
already given consideration. be equal.
UNIMPROVED LAND - Most UNITY OF POSSESSION - In joint
commonly land tenancy, the holding by
without buildings; it the joint tenants under
can also mean land in Commit To Your the same title.
its natural state. Dreams
UNITY OF TIME - To
UNINCORPORATED
have a valid joint
AREA - An area of a To try to make a
tenancy, the joint
county which has not dream come true
tenants must acquire
formed a municipal without commitment
title at the same time.
corporation (become is like trying to drive
a city). without a car. UNITY OF TITLE - In
UNIT - (1) One of any joint tenancy, the
Dan Pallotta
group. (2) An holding by the joint
apartment, tenants under the
condominium, house same title.
in a subdivision, etc.
UNLAWFUL DETAINER - The
UNIT COST - In relation to real unjustifiable possession of property
estate, a cost per square foot. Also
by one whose original entry was
called unit price.
lawful but whose right to possession
UNIT COST IN PLACE METHOD -
An appraisal method. The cost of
has terminated; usually a tenant. U
construction by estimating the cost UNLIMITED MORTGAGE - (See:
of each component part in place, Open End Mortgage.)
including labor cost and overhead.
UNMARKETABLE TITLE - Not
UNITIES - The peculiarities salable. A title which has serious
necessary to form a valid joint defects.
tenancy. Unity of time, title, interest,
and possession.

UNRECORDED INSTRUMENT - A of use to the owner. (2) For tax

deed, mortgage, etc., which is not purposes, the life set for
recorded in the county recorder’s depreciation. At any time during that
office and, therefore, not protected period, a new life could begin for a
under recording statutes. Valid new owner.
between the parties involved, but USE VALUE - The value of a single-
not against innocent third parties. purpose property or building. Also
UNSECURED - Generally referring to called value-in-use.
an obligation which has only a USUFRUCT - The right to use and
promise as security. A note would profit from property vested in
be unsecured, a note and mortgage another, so long as the user
would be secured. (usufructuary) does not change the
UPLANDS - Land substance of the
bordering bodies of property. Would
water but above the Character isn’t include an easement
high water mark. but not a profit a
inherited. One builds
UPSET PRICE - A legal prendre.
it daily by the way one
term signifying the thinks and acts... USUFRUCTUARY -
minimum price at One who has a
which a property can Helen Gahagan Douglas usufruct.
Actor, singer, and politician
be sold at auction, USURY - Charging
usually foreclosure. an illegal rate or
URBAN - Pertaining to a amount of interest on
city or town. a loan.
URBAN RENEWAL - Razing and UTILlTIES - Public utility companies,
rebuilding of obsolete sections of under the control of the Public
cities through financing by federal, Utilities Commission, such as the
state, and local governments. telephone, gas, and electric
USE DENSITY - The relationship of companies.
the number of buildings of a UTILITY ROOM - A room used for
particular use to a given land area: laundry, heating equipment,
USEFUL LIFE - (1) In appraisal for telephone wiring or janitorial
sale purposes, the true economic purposes.
value of a building in terms of years

Ted Thomas’
TM
IINNER
NNER C
CIRCLE
IRCLE
MASTERMIND
& ROUND
OUNDTABLE
ABLE
INNER CIRCLE MASTERMIND & ROUNDTABLE

From Whom Do You
Accept Critisism?
Often, you’ll hear trainers explain, The combination of knowing how to

“Get your information from someone evaluate and use the advice is what
who is more successful than you.” If counts. After all, little hinges swing
you’re earning $50,000 plus a year, large doors, and big things happen
you don’t really want advice from a when you do the little things right.
minimum wage worker. The following is a self improve-
What about criticism? ment quiz for getting ahead.
As a rule, criticism might Ask yourself...
be hard to accept but it Who is the source of criti-
can help you move cism? Is the person offering
forward towards your advice knowledgeable and
objective. well meaning? Or could they
It’s all in how you react be envious because you’re
to criticism. It could striving for the goal? Many
mean (your reaction) the who surround you will have
difference between think- hidden agenda’s that have
ing success and giving up more to do with them, than you.
on the job, the project, and Listen – process and evaluate
throwing in the towel. criticism that comes from coaches –
It’s tough to take the criticism you teachers and professionals. You prob-
need, how else will you get the knowl- ably won’t follow all of the advice, but
edge to succeed? You must train chances are you will profit
yourself to be non-resentful, criticism and benefit from their
is a way to move forward after you’ve experience.
TM
Thomas
made adjustments.
Ted
continued on next page...
Inner Circle MasterMind & RoundTable
You will get slammed by authority figures, hang in

there, you may find that you need that. Fred Smith,
the chairman of FedEx wrote a report at Yale de-
scribing the process of what is now Fed Ex. The
professor put him down and graded his paper with
only a “C.” You’re going to fly small packages to
where?
Entertainers are legends because they may come
back after failures and criticism. Just imagine how
many stage managers, producers and sponsors criticized Bob Hope a
time or two, Vaudeville is gone, but Bob Hope survived the criticism
and adjusted so he worked for years and years.
Did you ask for the Critique?

If you asked for criticism, you’ll get it. Be to improve?”
prepared to hear a lot of criticism and very The objective of this exercise is; you want
little praise. If you don’t agree with the to improve your performance. The critique
other person’s opinion, just listen and could and will deflate your motivation if
listen and listen. The key point is to listen you don’t get solutions. Communicate that
with an open mind for improvement. you are accepting criticism and you want
You can’t be everything to everyone. Ask opinions, directions, plans, that will help
yourself, does this apply to me? Will it you solve your failures. You’ve got to deal
apply in the future? Be sure the advice is with your failures and goals you haven’t
moving you closer to your goals and objec- achieved. Look at the whole situation as a
tives. It’s okay to ask questions and ask step in the growth process. The criticism
for examples of how to make it better or do will open your eyes and help you realize
it better. Success is in the details. Ask the many points you haven’t considered. I’ll
tough question, “What specifically can I do close with where I started…
Ask yourself…
From Whom Do I Accept Criticism?

Ted Thomas
V
VACANCY - A place which is empty VALLEY - (1) The conclave angle
(vacant). The term is generally used formed by the two sloping sides of a
to describe a property available for roof. (2) Low land between hills or
rent. mountains.
VACANCY FACTOR - The estimated VALLEY FLASHING - Waterproofing

percentage of vacancies in a rental (flashing) applied to the concave
project. May be based on past joint (valley) of a roof.
records of the property, or a VALLEY RAFTER - A rafter (beam)
professional guess if a new project. which forms the apex of the interior
Surrounding area buildings, if angle of a valley roof.
similar, may be used for comparison. VALLEY ROOF - A roof, the exterior
VACANT LAND - surface of which forms a concave
Land without angle, having the edges higher than
buildings. May the center.
or may not have VALUABLE CONSIDERATION - A
improvements, legal term meaning any
such as grading, consideration sufficient to support a
sewers etc contract. The word “valuable” does
not mean of great value but merely
VACATE - (1) To move out. (2) A legal having value.
term meaning to set aside or annul,
as to vacate a judgment. VALUATION - The estimating of
value. Appraisal.
VA ESCAPE CLAUSE - A clause VALUATOR - (See: Appraiser.)
stating that the buyer (borrower)
shall not be obligated to buy nor VALUE - (1) The usefulness of an
shall any deposit be lost if the object. (2) The monetary worth of an
appraisal is less then the agreed object. (3) A shortening of the term
upon amount. “valuable consideration” as in a
purchaser “for value.”
V
VALID - Legally binding. Properly
VALUE AFTER THE TAKING - In
carried out in accordance with legal
case of a partial taking under
procedures.
eminent domain, the value of the
part not taken.
VALUE BEFORE THE TAKING -The VAULT - (1) An

market value of a property before arched ceiling or
condemnation. roof. (2) A room
or enclosure
VALUE-IN-USE - (See: Use Value.) used for the
VALVE - A device, operated storage of
automatically or manually, to valuables.
regulate the flow of a gas or liquid, VENDEE - Contemporary Vaulted Ceiling
or to prevent the return of the gas or Purchaser or buyer, especially on a

liquid to its source. land contract.
VAPOR BARRIER - The placing of VENDOR - The person who transfers
moisture-retarding material, such as property by sale. Another word for
paints, foil, treated paper, etc., on or “seller.” Commonly used in land
in walls to prevent condensation. contract sales.
VARA - A Spanish or Portuguese unit VENEER - Thin sheets of wood or
of measure of approximately 33 other material, such as brick,
inches. usually covering less costly
material.
VARIABLE INTEREST RATE - An
VENEERED CONSTRUCTION - The
interest rate which fluctuates as the
placing of a facing material over the
prevailing rate moves up or down. external surface of a structure.
In mortgages, there are usually
maximums as to the frequency and VENT - An opening, usually a pipe or
amount of fluctuation. Also called duct, which allows the passage of
“flexible interest rate.” air or gas to release undesirable
fumes from a building.
VARIABLE RATE MORTGAGE -
VENTILATION - A system, natural or
(See: Adjustable Mortgage ban.)
artificial, of providing fresh air
VARIANCE - Change of a portion of circulation through a structure.
zoning requirements without VENT PIPE - A pipe used for the
V changing the zoning.
VARNISH - A finish for wood which
elimination of sewer gases by
allowing these gases to move from
gives a transparent protective plumbing fixtures to a vent stack.
covering. Composed of resins VENT STACK - A small chimney-like
dissolved in oil. stack allowing ventilation through a
roof.

VENUE - (1) The county (or other VESTED - Present ownership rights,
geographical division) in which an absolute and fixed. Modernly,
action or prosecution is brought for ownership rights, even though on a
trial and which is to furnish the land contract or subject to a
panel of jurors. (2) The county in mortgage or deed of trust.
which an acknowledgment VESTED REMAINDER - A
(notarization) is made. remainder interest which is certain.
VERANDA - An open porch (See: Remainder; Contingent
alongside a Remainder.)
building, VETERAN’S ADMINISTRATION
usually covered (V.A.) LOANS - Housing loans to
by a roof for veterans by banks, savings and
protection from loans, or other lenders which are
the sun or rain. insured by the Veteran’s
Administration,
VERGEBOARD - enabling veterans to
(See: Barge-Board.) buy a residence with
The more we give of
ourselves, the more little or no down
VERIFICATION -
payment.
Confirmation of we get back, and in
truth, correctness, the process we VETERAN’S TAX
or authenticity. Done become more at EXEMPTION - A state
by affidavit, oath, or peace with exemption for property
deposition, all of ourselves. taxes granted qualified
veterans or their
which require sworn
Eileen Campbell widows. Not in every
statements. Publisher
state.
VERIFY - To confirm, VICINAGE - (1) A
substantiate, or neighborhood, vicinity.
prove to be true. (2) A legal term
signifying the county where a trial is
VERTICAL - Up and down.
Perpendicular to the surface of the
Earth.
held.
VILLAGE - A
V
small
VEST - To give an immediate community.
interest, as opposed to a contingent
or future interest.

VILLA LOT - A term of no legal VOID - Having no legal force or

significance, used to describe a binding, effect.
large lot upon which would be built VOIDABLE - May be voided, but not
an expensive house. void in itself.
VIOLATION - Breach of any law or
VOLT - A term in electronics, being
agreement.
the force necessary to cause one
VISUAL RIGHTS - The right to be ampere to flow through a conductor
able to see clearly as a general with a
welfare right taking priority over a resistance of
property right. Example: Restriction one ohm.
of structures or trees, shrubs, etc., Common
at intersections if visibility is household
restricted as to cause a danger. current is
VITAL STATISTICS - Data regarding 110 volts,
births, deaths, marriages, health with a 220 volt circuit used for some
records, etc., and usually kept by a heavy appliances. Industrial uses
governmental bureau. Federally, the may require higher voltage.
Bureau of Vital Statistics. VOLUNTARY LIEN - A lien placed
VITREOUS - Relating to or against real property by the
resembling glass. Glassy. voluntary act of the owner. Most
commonly, a mortgage or deed of
VITRIFIED TILE - Clay pipes used in
trust.
a disposal field.
NOTES:

W
WAGES - A general term WALL-BEARING CONSTRUCTION -
encompassing all pay given a hired Weight of roofs and floors supported
person for his or her services, entirely by the exterior walls, with no
whether paid as a salary, load-bearing partitions. Posts and
commission, fee, etc. pillars are used at points where the
span is too wide for exterior wall
WAINSCOT - (See: Wainscoting.) support.
WAINSCOTING - The covering of an WALLBOARD - A sheet, usually 4
interior wall with wood (usually feet by 8 feet, of gypsum
panels), tiles, etc. from the floor to a or similar material,
point about half way to the ceiling; which is attached to
the remaining portion is painted, the studs (frame) of a
wallpapered, or covered with another wall and forms a
material different from the lower surface which can be
portion. finished (painted,
wallpapered, etc.)
WAIVE - To knowingly abandon,
relinquish, or surrender a right, WALL FURNACE - A small furnace,
benefit, or claim. usually electric, fitting between the
studs of a wall, and heating without
WAIVER - The relinquishment of a ducts by using a small fan for
right. In construction, most circulation. More commonly called a
commonly the waiver by “heater” than a “furnace.”
subcontractors of their mechanic’s
WALL PANEL - An exterior wall which
lien rights in order for the owner to
bears no load; the load is carried by
obtain draws under a construction
girders or beams of the framing
loan. skeleton. Used primarily in high-rise
WALL - A vertical structure erected to office buildings.
divide, enclose, support, or secure WALL PLATES - (1) The horizontal
an enclosure, such as a room or members at the top and bottom of a
building. (See also: Party Wall.) wall, to which the studs are attached.
WALL-BEARING - (See: Bearing
(2) In a mine, a heavy, framed timber
used for support. (3) Covers for
W
Wall.) electrical boxes.
WALL TILE - Tile placed on a wall as WARRANT - To legally assure that

a finish material, usually in title conveyed is good and
bathrooms and kitchens of homes, possession will be undisturbed.
but sometimes throughout, as in WARRANTY - A legal, binding,
mobile homes and trailer homes. promise, given at the time of a sale,
WAREHOUSE - A whereby the seller gives the buyer
structure used for the certain assurances as to the
storage of goods, condition of the property being sold.
either for short or Warranties as to real property have
long periods of taken on a lesser role with the
time. increase of the use of title
WAREHOUSEMAN - One who, for insurance.
compensation, stores the goods of WARRANTY DEED - A deed used in
others. many states to convey fee title to
WAREHOUSING - The depositing of real property. Until the widespread
loans by a lender such as a use of title insurance, the warranties
mortgage company, in a bank, for by the grantor were very important
sale at a later date. The mortgage to the grantee. When title insurance
company then borrows against is purchased, the warranties
these loans. This is done when the become less important as a
mortgage company wishes to practical means of recovery by the
assemble a block of loans for sale, grantee for defective title.
or when the company believes that WASTE - (1) A destruction of
the discount rate is dropping and property by one who holds
the loans may be sold for a higher possession rightfully, but either is
price in the future. not the owner or does not own the
WARM AIR HEATING SYSTEM - property free and clear. (2) A
Also called hot air heating system. A change made in property, even if
heating system whereby air is the value is increased by the
heated in a furnace change. This is called ameliorating
and moved through waste.
ducts to the areas to
be heated. (See also: Power is the ability to do
Forced Air Furnace;
W Gravity Furnace.)
good things for others.
Brook Astor
Philanthropist

WASTING ASSETS - Assets which, across one’s land, the riparian
by use or lapse of time, are owner being entitled to its utilization.
consumed or reduced in book
WATERPROOF - Capable of
value, irrespective of market
withstanding absorption of water;
fluctuation. Includes oil, minerals,
treating a material to give it this
patent rights, franchises for a fixed
term, etc. Also called “diminishing capability.
assets,” “wasting property.”
WASTING PROPERTY - (See: WATER REPELLENT - A chemical
Wasting Assets.) compound, in liquid form, which
penetrates wood or other materials
WATERFRONT - Property (improved and prevents absorption of moisture
or unimproved) fronting on a body or water into said materials.
of water. More loosely, a
neighborhood near a large body of WATER RIGHTS - (See: Riparian
water which has a commercial port. Rights.)
WATERSCAPE - An aqueduct.
WATERSHED - An area formed by
natural barriers, such as a mountain
range, which separate two river
systems. The term may be used to
describe the drainage area or the
WATER-GAGE - A sea wall to barrier.
restrain water from overflowing.
WATER TABLE - (1) The depth,
WATER-HOLDING CAPACITY - The measured from the surface, at
amount of water a given type and which natural underground waters
amount of soil will absorb and hold are found. (2) A ledge to aid the run-
under normal conditions. The off of rainwater, built at or above the
capacity is expressed as a top of the foundation wall.
percentage of the soil’s own weight
WATT - A unit of electrical power
when dry.
equal to the flow of one
WATER LEVEL - The surface height ampere caused by
of a body of water as measured by the pressure of one
a point on the shore. (See also: volt.
Water Mark.) W
WATER POWER - The power
created by the fall of a stream

“WEAR AND TEAR” - The WELL - A hole or shaft which is sunk

deterioration or loss in value caused (usually by drilling) into the ground
by the normal and reasonable use to obtain water, oil, natural gas, etc.
of the property. In leases, the tenant
WESTERN FRAMING - A type of
is not usually responsible for
framing in which the studding for
“normal wear and tear.”
each floor rests on a separate sill
WEATHERING - (1) Commonly, the rather than ground to roof as in
deterioration of the exterior of a balloon framing.
structure caused by exposure to
weather. (2) A step in WET PLASTER -
the refining of Plaster mixed with
The most powerful water and spread wet
gasoline.
thing you can do to over a lath. The plaster
WEATHERSTRIPS - change the world is to dries hard to form the
Strips of felt, metal, change your own surface of wall,
etc., installed between beliefs about the
ceilings, etc.
a door or window and nature of life, people
its casing, to keep out and reality to WHARF - A structure
wind, moisture, dust something more used for loading and
or other elements of positive...and begin to unloading ships. May
the weather. act accordingly. be constructed, as a
Shakti Gawain dock or pier, or simply
WEEP HOLES - Small
Writer a piece of ground
holes in a retaining
prepared for the same
wall or other wall
where it may be use.
necessary to drain off
excess water to avoid pressure
build-up.
WEIR - (1) A dam used to divert
water to a pond, mill or similar use.
(2) A device for measuring the flow WIDOW’S QUARANTINE - Old
of water past a given point. English law. Forty days during
WEIR BOX - A box set in an irrigation which a widow could stay in her
ditch to measure the flow of water. husbands house, rent free, after his
W The box (usually of wood or
concrete) is open at both ends and
death.
WIFE - A woman who is legally
contains a measuring device (weir). married to a living man.

WILD INTEREST - An interest of WIRE GLASS - A pane of glass
record which cannot be traced in embedded with wire to strengthen it
the chain of title. Frequently occurs and prevent flying glass.
when an incorrect legal description WIRE LATH - A coarse mesh upon
appears on a document. An which plaster is spread.
apparent wild interest may occur if a
woman who changes her name WITHOUT RECOURSE - A finance
through marriage after acquiring term. A mortgage or deed of trust
property, sells the property using securing a note without recourse
her married name only. allows the lender to look only to the
security (property) for repayment in
WILD LAND - Land not being used the event of default, and not
for cultivation or construction. Land personally to the borrower.
completely in its natural state.
WITNESS - (1) To sign a deed, note
WILL - A written or other document, to attest to its
expression of the authenticity, or to prove its
desire of a person execution. (2) The person attesting.
as to the disposition WOOD FRAME CONSTRUCTION -
of that person’s Buildings in which the walls, roof,
property after death. and floors are framed with wood,
Must follow certain although metal, stucco, or other
procedures to be valid. materials may cover the framing.
WINDBREAK - Any natural or WORKING CAPITAL - Cash or
artificial structure which shelters by assets which are readily convertible
breaking the force of the wind. to cash, used to carry on a
WINDOW - An opening in a wall or business.
roof of a building to provide light, WORKING DRAWING - Drawing
air, view, etc., but containing glass used by workmen in construction.
to keep out the weather. Shows all
WINDOW SILL - The bottom framing structural
member of a window casing. detail such
as
WING - A portion of a building which electric,
projects from the main area of the
structure as a bird’s wing projects
plumbing,
partitions,
W
from its body. etc.

WORKINGHOUSE - A structure on wrap-around may obtain a lower

top of a grain elevator which houses rate than if refinancing.
the mechanical operating WRIT OF EJECTMENT - Writ in an
equipment for the elevator. action for the recovery of real
WORTHIER TITLE - A doctrine of property, generally from a tenant.
common law which held that if one WRIT OF EXECUTION - A writ to
devised (left by will) the same carry out the judgment or decree of
interest as the devisee would inherit a court.
(no will), the title by inheritance
would prevail, and the person would
WROUGHT IRON - An easily molded
take as heir rather than devisee.
form of iron used for decorative
WRAP-AROUND MORTGAGE - A railings, gates,
second or junior mortgage with a furniture, etc.
face value of both the amount it The term is loosely
secures and the balance due under used to describe steel
the first mortgage. The mortgagee or aluminum used in the
under the wrap-around collects a same manner.
payment based on its face value
and then pays the first mortgagee. It WYE - The joining of railway tracks,
is most effective when the first has the branches coming to the main
a lower interest rate than the track from different angles so as to
second, since the mortgagee under form the shape of the letter “Y.”
W the wrap-around gains the
difference between the interest
WYTHE - A partition in a chimney
which contains more than one flue,
rates, or the mortgagor under the
separating the flues.
X
X X - (See: Mark.)

Y
YACHT BASIN - A system of docks YARD LUMBER - Lumber
and channels used for the keeping
of yachts and similar boats.
generally found in a
lumber yard, that is,
Y
YARD - (1) A measure of 36 inches. lumber graded for
(2) The area between a building and general building
the property line of a residential purposes.
property (back yard, side yard, front YIELD - Ratio of income from an
yard). (3) An enclosure, in or out of a investment to the total cost of the
building, used for a business investment over a given period of
purpose (lumber yard, etc.). time.
Z
ZANJA (SPANISH) - An irrigation ZONING - The division of a city or
ditch. county by legislative regulations into
ZERO LOT LINE - The construction areas (zones), specifying the uses
allowable for the real property in
Z
of a building on any of the boundary
lines of a lot. Usually built on the these areas.
front line, such as a store built to the ZONING MAP - A map of a
sidewalk. (See also: Zero Side community showing the zones of
Yard.) permitted use under zoning
ZERO SIDE YARD - The building of a ordinances.
subdivision with each house built on ZONING ORDINANCE - A law
a side boundary line. This gives (generally at the city or county level)
more usable yard space on narrow controlling the use of land and
lots. An easement for maintenance construction of improvements in a
is given over a portion of the lot given area (zone).
adjoining each house.
ZONING VARIANCE - (See:
ZONE - (1) An area of a county or city
Variance.)
in which the use of the land is
restricted by law (zoning ordinance.) ZYGOCEPHALUM - In civil law, an
(2) An area designated by a number inaccurate measure of land. The
for the delivery of mail. Zip codes area of land a yoke of oxen could
incorporate the zones. plow in one day.

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282 Created and Copyrighted © 2004 by Ted Thomas and Jones & Trevor Marketing
Ted Thomas’ TM
You will be working One-On-One

with a Ted Thomas’ TM personally trained
“Wealth Building Coach”.
You will get confidential Real Estate investment tips, formulas,
methods and strategies that Ted has perfected in his own business.
Have the opportunity to talk to someone about the learning tools you
bought and how to use them more effectively.
If you run into a roadblock on a deal, you can pick up the phone and have
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Your coach will also keep you more focused on your goals, and offer you
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Do I need a Coach?
A recent survey revealed that Ted’s students were able to accelerate their income
and profits faster because they had access to a “Wealth-Building Coach”.
Ask yourself...
• Do you have a financial plan for the future?
• Are you committed to growing yourself and your company?
• Do you have someone you can trust to bounce ideas off of?
• Do you have a clear measurable action plan that you are following?
• Are the same problems coming up again and again?
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Today... Call:(321)449-9940 TM
Coaching Program
Another Wealth Building Idea from Ted Thomas 283
Could You Use A Coach?
• Are you committed to growing yourself financially?
• Are you committed to improving your business’ bottom line?
• Does it concern you that the business is not being run at its maximum money
making capacity?
• Do you run the business or does the business run you and your life?
• Are you truthful and will accept change and implement change?
• Are you willing to listen to another person’s plan?
Everyone in business wants to gain a competitive advantage. This requires that you
know more than your competitor. The question is; how do you get to a higher level?
I find that looking outside your business is helpful. My point is; you need other
opinions and ideas.
Maybe You Need A Coach...

Coaches help you get more done in less time.
COMMUNICATIONS
It’s important for entrepreneurs to be clear about what

they need. Next, they need to communicate their
thoughts in a refined and polite manner to the
people around them. People tend to avoid
confrontations. Coaches help you with the language
you need to handle the confrontations. Maybe your
coach lets you practice on them. Effective
communications are influential communications. Do you have a “sounding board”?
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come across better and relate to others.
284
Today... Call:(321)449-9940
Another Wealth Building Idea from Ted Thomas TM
Coaching Program
GET A COACH
Ask yourself, “Is a coach in your best interest?” The
truth is, if you want to rise to a higher level, I have
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Simply put, coaches help you make and keep More Money...
JUST GETTING STARTED

Coaches may help you build the foundation for your business so that you survive for
many decades. Maybe you create multiple profit centers so you don’t suffer if the
market changes, at least you won’t be blindsided with only one source of income.
Multiple Streams of Income is a principle that improves the bottom line. Experienced
coaches work with you to cut costs, but not to sacrifice growth.
FOCUS!
To attract success you must be clear, very clear about what you
want. A coach with fresh eyes forces you to focus on your vision.
Making money is a skill. Skills are learned; you’re not born

with them. Learning how to make large amounts of money
is something most people are uncomfortable with. It feels
foreign to them, just as learning to balance yourself and
ride a bicycle feels unnatural at first. My point is, you’re
not going to learn to ride a bicycle or pilot an airplane
just from a book. Most of us learn from others;
Coaches, parents, school teachers and professors.
In my opinion, the best way to learn is from a
successful person who is involved in what you’re
doing.
Ted Thomas
Today... Call:(321)449-9940 TM
Coaching Program
Another Wealth Building Idea from Ted Thomas 285
NOTES:

Ted Thomas TM
SUCCESS CLUB
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Another “Wealth Building” Idea from Ted 287
Thomas
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People are always telling me, Ted what is the best investment? Is it Real
Estate, or is it the stock market? I always answer them by telling them it’s
not Real estate or stocks, because as you and I both know, the stock market
goes up an it goes down. The best place to invest your
money is in your education. It doesn’t go up and down.
Education makes you better and better. I’m sure we
agree.
Ted Thomas

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Copyright ©2004 by Ted Thomas and Jones & Trevor Marketing.

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Published in the United States of America

II Celebrating 15 Years of Providing Informational Learning Tools

“Default Judgement” or what about a “Deficiency Judgement”?

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 III

“We make our reputation by creating

IV We Help People Create Wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 V

THIS IS NOT THEORY - THIS IS REAL!

For 3 days, you’ll be exposed to

Call: (321) 449-9940

VI Celebrating 15 Years of Providing Informational Learning Tools

ACCELERATED COST RECOVERY

8 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 9

ACCRUED DEPRECIATION - (1) ACKNOWLEDGMENT - A written

10 We Help People Create Wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 11

12 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 13

AFFIANT - One who makes an A-FRAME - A type of construction

14 Another Wealth Building Publication from Ted Thomas

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 15

16 Celebrating 15 Years of Providing Informational Learning Tools

AMERICAN INSTITUTE OF ANCESTOR - Legally, the word may

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 17

ANCHOR TENANT - The most ANNUITY - (1) A payment of money

18 We Help People Create Wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 19

APPRAISED VALUE - An opinion of APPURTENANCE - Something

20 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 21

AREAWAY - An old term referring to ARTICLES OF INCORPORATION -

ARM’S LENGTH - Legal slang ARTIST’S CONCEPTION

22 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 23

ASSUMPTION FEE - Lenders ATTIC - The space under the roof of

24 Another Wealth Building Publication from Ted Thomas

“We make our reputation by creating wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 25

Here’s What You’re Going To

BALUSTER - The supporting posts BARREL - A unit of solid or liquid

28 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 29

BATTEN - A narrow strip (usually of BEARER INSTRUMENTS - Checks,

30 We Help People Create Wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 31

BENEFIT OF THE BARGAIN - A rule B HORIZON - The horizon (layer of

32 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 33

BLOCK - (1) In a city, a square or BLUE SKY LAWS - Laws to regulate

34 We Help People Create Wealth

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 35

BORROW - Material such as sand or BRACED FRAMING - Framing

36 Celebrating 15 Years of Providing Informational Learning Tools

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 37

BROKERAGE - The act of bringing BUFFER STRIP (BUFFER ZONE) -

38 Another Wealth Building Publication from Ted Thomas

Ted Thomas • Phone (321) 449-9940 • FAX (321) 449-9938 39