Real Estate Glossary

One of the most complete Real Estate Dictionary's on the web! At last count, there are over 3,870 terms contained!

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Hip Rafter: The rafter which forms the intersection of a convex roof angle.

Qualified Fee Estate: An ownership interest in real property that is not absolute. See: Defeasible Title; Fee Tail.

Gross Rent Multiplier: The quotient of the sale price divided by the gross rent. Generally expressed as the monthly gross rent in a single family residential property and the yearly gross rent in multifamily units and commercial, office, or industrial property.

Tenancy: An estate in fee, such as "joint tenancy" or a non freehold estate, such as a tenancy under a lease.

Index Lease: See: Escalation Clause (2).

Unit Price: See: Unit Cost.

Longitude: The East-West circle around the Earth, measured in relation to the meridian or latitude (North-South circle). It is measured from the Greenwich Meridian.

Jurat: (1) The certificate of an officer before whom a writing was sworn to, such as a notary public. (2) That part of an affidavit stating where, when, and before whom, the affidavit was sworn.

Long Term Lease: A general term which may refer to a lease 10 years or longer in term, or in some areas, 5 years or longer.

Sba (Small Business Administration): A federal agency authorized to make loans to small businesses, including loans for land purchase and construction.

Basis For Depreciation: The value of property for purposes of depreciation. For example: A purchased asset The basis is cost, whether fully paid for or not. The method for determining the basis is different for gift, inheritance, etc.

British Thermal Unit (B.T.U.): Unit of heat required to raise one pound of water one degree Fahrenheit. Used to express the capacity of heating and cooling systems.

House: Any building used as a residence. When in the phrase "the house of", it is usually used to describe a commercial business (from the French "chez").

Delinquency: An overdue amount owing on a loan.

Physical Depreciation: See: Physical Deterioration.

Hold Harmless Agreement: See: Indemnity Agreement.

Buyer'S Market: A market condition favoring the buyer. In real estate, when more homes are for sale than there are interested buyers.

Cost of Repairs: Expenses to maintain the value of a property by restoring the worn- out or broken parts of the structure.

Time Interval Maps: Maps showing a given area, indicating certain changes over a given period.

Covenants, Conditions, and Restrictions: See: CC&R's.

Bench Mark: Surveying mark made in some object which is permanently fixed in the ground, showing the height of that point in relation to sea level. Used in topographic surveys and tidal observations.

Code of Ethics: See: Ethics.

Dereliction: The changing of the water line that exposes dry land.

Assessment Roll: The list of taxable persons and property in a given area as compiled by the assessor.

Uninsurable Title: Title to real estate that a title insurance company refuses to insure. The defect goes to the fee (ownership) or a claim or encumbrance that could lead to the loss of fee title in the party seeking insurance.