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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Capitalized Value: The value of the property after use of the capitalization approach of appraisal.

Internal Rate of Return (Irr): The IRR measures the annual yield of a financial instrument. For investments, the IRR measures the average rate of return the investment is expected to yield over its life. For lending, the IRR measures the cost of credit over the life of the credit transaction.

Slander of Title: The making of malicious, untrue statements, regarding one's title or interest in property. The statements must be made to a third party and must cause injury to the party against whom the statements are made.

Spandrel Step: A step, such as in a circular staircase, which is triangular in shape.

Fixed Monthly Loan Advances: Payments of the same amount that are made to a borrower each month under a reverse mortgage.

Abstract Extension: See: Supplemental Abstract.

Accommodation Party: Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.

Terrazzo: A flooring made by embedding small pieces of marble or granite into cement and polishing to a high gloss.

Local Government: City, county, or other governing body at a level smaller than a state. Local government has the greatest control over real property.

Post: (1) To give public notice by attaching to a post or wall or displaying in a public place. (2) After. (3) A vertical support. (4) To enter into ledgers or books, such as posting to an account.

Lodging: A seldom used term meaning a temporary place to stay (lodge).

Concealed Heating: See: Radiant Heating.

Breather Roof: A storage tank roof which rises or lowers depending on the level of the stored gas or liquid.

Situs: Location, place.

Cross-Bridging: Strengthening a structure by bracing cross members between the joists, thereby spreading the weight over a larger area.

Possessory Lien: A lien allowing the creditor to hold the property until paid.

Cesspool: A pit or pool which holds raw sewage.

Parquet Floor: Patterned, hardwood flooring, especially parquetry (a geometric design).

Frame Construction: Type of construction in which the structural parts are of wood or are dependent on a wooden frame for support.

De: Latin for of; by; from; concerning.

Proration: To divide (prorate) property taxes, insurance premiums, rental income, etc., between buyer and seller proportionately to time of use, or the date of closing.

Alienation: Transfer of property from one owner to another.

Confirmation Deed: See: Rerecording.

Boundary: A separation, natural or artificial, which marks the division of two contiguous properties.

Contractor'S Profit: Price at which property is sold, less costs of land, labor and materials, and overhead.