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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Legal Owner: The term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.

Conditional Use Permit: Approval by the government body that controls zoning of a use not permitted by the zoning. The procedure is less complicated than applying for a change of zoning.

Environmental Property Assessment: See: Environmental Site Assessment.

Discount Broker: A real estate broker charging a lower than the usual commission. The broker will have the seller take on some of the tasks normally performed by the broker, such as showing the property to prospective purchasers.

Accommodated Room Night Demand: The annual number of hotel (or motel) rooms occupied in a given market area.

Fannie Mae: See: FNMA.

Landlocked Parcel: A parcel of land surrounded entirely by privately owned land, with no access to a public right of way (road). Condemnation for a limited access highway is a major cause of such parcels.

Thermal: Heat. Having to do with heat or temperature.

Trade Fixtures: Personal property used in a business, which is attached to the property, but removable upon sale as part of the business and not the real estate.

Channelization: The term used to describe traffic direction. Traffic is "channeled" by use of one way streets, signs directing turns, island barriers, etc.

Unit of Comparison: Used in appraisal to make the most appropriate use of comparables. Example: A house may best be compared by price per square foot, land by price per front foot, a hospital by price per bed, etc.

Terms: The consideration, other than price, in a sale, lease, mortgage, etc. For example: the way the money will be paid, time to take possession, conditions, etc.

Condominium Conversion: The changing of rental property (two or more units) to condominium ownership. Physical changes, as well as paperwork, may be necessary to conform to building and safety codes.

Wasteland: Land that is not economically feasible for development. The land may have great environmental value, such as swampland that supports wildlife.

Balanced Exchange: A tax free exchange of properties under Section 1031 of the Internal Revenue code. To be tax free the taxpayer must invest all of the profit from the relinquished property into the replacement property. See: Boot.

Second Growth: In lumbering, the trees of a forest which grow after the original stand has been cut or otherwise destroyed.

Subcontractor: One who works under a general contractor (builder), such as an electrical contractor, cement contractor, etc.

Labor: (1) Work as opposed to materials. (2) A land measure of 177 1/7 acres. Used in Mexico.

Creek: (1) An inlet, going deeper into land than a cove. (2) A stream which empties into a river or bay.

Crawl Space: A space between the ground and the first floor of a structure (usually a house). Repair of utilities under the house may be made by a person crawling through the shallow space.

Model Home: A home, often decorated, which is shown by a builder to prospective buyers of homes yet to be built. An identical home to the model is then constructed on a lot in the subdivision. The model home is generally sold last.

Land: A general term which includes the ground and those things of a permanent nature such as trees, crops, oil and minerals in the ground, unless specifically excepted.

Uniform Commercial Code (Ucc): A set of laws written to make it easier to do business between states by making the law the same for each state that adopted the code. The UCC covers many aspects of business such as transactions involving personal property (Article 2) and Negotiable Instruments (Article 3).

General Partnership: A partnership made up of general partners, without special (limited) partners. see: Limited Partnership; Partnership.

Useful Life: (1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.