Real Estate — page 10 of 12

Real Estate terms

901. Risk Scoring An automated way to analyze a credit report verses a manual review. It takes into account late payments, outstanding debt, credit experience, and number…
902. Rock-faced Masonry treated with a rough surface that retains or simulates the irregular texture of natural stone.
903. Roll-down gate A security gate with a mechanism that allows it to roll up and down.
904. Rollover If you move your assets from one investment to another, it's called a rollover.
905. Roof Plan A drawing showing the arrangement of fixtures on the roof
906. Rooftop addition A construction or an installation of mechanical equipment and/or occupiable space situated on any structure's roof.
907. Rosette A round floral ornament, usually carved or painted.
908. Round arch A semicircular arch.
909. Rowhouse One of a group of an unbroken line of attached houses that share common side walls, known as party walls.
910. Rubble stone Irregularly shaped, rough-textured stone laid in an irregular manner.
911. Rural Housing and Community Development Service A federal agency that administers mortgage loans for buyers in rural areas.
912. Rural Housing Service (RHS) An agency within the U.S. Department of Agriculture (USDA), which operates a range of programs to help rural communities and individuals by providing loan…
913. Rural Housing Service/Rural Development An agency, within the U.S. Department of Agriculture, formerly called the Farmers Home Administration (FmHA).
914. Rustication Rusticated stonework composed of large blocks of masonry separated by wide, recessed joints; often imitated in other materials for decorative purposes.
915. Safe Drinking Water Act (SDWA) (SDWA) The Safe Drinking Water Act (SDWA) ensures that our tap water is fit to drink. Passed in 1974, SDWA sets national drinking water standards for public…
916. Sale Leaseback In a sale-leaseback arrangement - also known as a leaseback - an owner sells his or her property, and then immediately leases it back from the buyer as…
917. Sash The secondary part of a window which holds the glazing in place; may be operable or fixed; usually constructed of horizontal and vertical members; sash…
918. Savings and loan association (S&L) An association chartered to hold savings and make real estate loans. Active in long-term financing (mortgages) rather than construction loans.
919. Scissor Gate A security gate with a sideways retractable mechanism.
920. Second home A residence that is not one's principal (primary) residence; for example, a vacation home. See also "primary residence."
921. Second Lien Modification Program (2MP) (2MP) program that provides homeowners a way to modify their second mortgages to make them more affordable when their first mortgage is modified under the HAMP.
922. Second Mortgage a loan with a second-priority claim against a property in the event that the homeowner defaults.
923. Secondary Façade A facade that does not face a public thoroughfare or mews or court and that does not possess significant architectural features.
924. Secondary market When investors buy and sell securities through a brokerage account, the transactions occur on what's known as the secondary market.
925. Secondary Mortgage Market The market for buying and selling existing mortgages; this could be in the form of whole mortgage or MBS sales.
926. Section Drawing A drawing representing a vertical plane cut through the structure
927. Secured Loan A secured loan is a loan that's guaranteed with collateral, such as a home or car.
928. Securities Financial forms that shows the holder owns a share or shares of a company (stocks) or has loaned money to a company or government organization (bonds).
929. Securitization Securitization is the process of pooling various types of debt - mortgages, car loans, or credit card debt, for example - and packaging that debt as…
930. Security The term "security" covers a broad variety of financial instruments, including stock, promissory notes, bonds, debentures, limited partnership interests…
931. Security gate A movable metal fixture installed in front of a storefront or inside the display window or door to protect the store from theft or vandalism when the…
932. Security gate housing The container that houses the rolling mechanism of a roll-down security gate.
933. Security gate tracks The interior or exterior tracks along the sides of the storefront (for roll-down gates) or along the top and bottom of the storefront (for scissor gates)…
934. Segmental arch An arch that’s in the form of a segment of a semicircle
935. Segmental or Curved-Head Window A window with a non-rectilinear sash or frame as illustrated and defined as a special window in Appendices A and C of Chapter 3 of these rules.
936. Self-Amortizing Loans Loans in which periodic payments of principal and interest are scheduled over the life of the loan.
937. Self-amortizing mortgage One that will retire itself through regular principal and interest payments.
938. Seller Take Back An agreement in which the seller of a property provides financing to the buyer for the home purchase. See also "Owner Financing"
939. Semi-detached A building attached to a similar one on one side but unattached on the other.
940. Senior Preferred Stock Purchase Agreement (PSPA) (PSPA) Entered into at the time the conservatorships were created, the PSPAs authorize the Enterprises to request and obtain funds from Treasury, which in turn…
941. Serious Delinquency A mortgage that is 90 days or more past due.
942. Servicemen’s Readjustment Act Enacted in 1944 and also known as the GI Bill, this Act offered veterans of the Second World War educational and financial benefits, including long-term…
943. Servicer A business, often a bank or mortgage company, that accepts and records mortgage payments from borrowers, negotiates workout plans and supervises the…
944. Servicing The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency…
945. Servicing transfer when one servicer is replaced by another.
946. Setback The distance between a property line and the area where building can take place.
947. Settlement After negotiating, the amount you agree to accept from the insurance company as full payment for your loss.
948. settlement costs See: closing costs.
949. Settlement Statement A document that lists all closing costs on a real estate purchase or refinance transaction.
950. Shaft The vertical segment of a column or pilaster between the base and the capital.
951. Shared equity mortgage A home loan in which the lender is granted a share of the equity in the property, there by allowing the lender to participate in the proceeds from resale.
952. Shed Dormer A dormer window covered by a single roof slope without a gable.
953. Shingle A unit composed of wood, cement, asphalt compound, slate, tile or the like, employed in an overlapping series to cover roofs and walls.
954. Short Sale when the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than…
955. Shouldered Arch An arch composed of a square-headed lintel supported at each end by a concave corbel.
956. Shutter Dogs The metal attachments which hold shutters in an open position against the face of a building.
957. Sidelight A vertically framed area of fixed glass, often subdivided into panes, flanking a door.
958. Sight line drawing A drawing representing an uninterrupted view from eye level
959. Sign A fixture or area containing lettering or logos used to advertise a store, goods, or services.
960. Sign band The flat, horizontal area on the facade usually located immediately above the storefront and below the second story window sill where signs were…
961. Signage Any lettering or logos in general, used to advertise a store, goods, or services.
962. Significant Feature An exterior architectural component of a building that contributes to its special historic, cultural, and/or aesthetic character, or in the case of an…
963. Significant landscape improvement Any landscape improvement which is a character-defining element in its historic district, contributing to the special aesthetic and historic character for…
964. Sill 1.The lower horizontal part of a window frame or window opening; also the accessory member which extends as a weather barrier from frame to outside face…
965. Single-family house A type of residential structure designed to include one housing unit. Adjacent units may share walls and other structural components, but each unit has…
966. Single-Family Properties One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent…
967. Site Plan A drawing of the footprint of the subject building and immediate adjacent buildings indicating the location of the proposed work.
968. Skirt A bottom finishing piece of fabric that hangs from the lower edge of an awning.
969. Small Business Administration (SBA) A federal agency authorized to make loans to small businesses, including loans for land purchase and construction.
970. Soffit 1. The exposed underside of any architectural element, especially a roof. 2. The underside of a structural component such as a beam, arch, or recessed…
971. Soft Second Loan A second mortgage whose payment is forgiven or is deferred until resale of the property.
972. Soldiers and Sailors Civil Relief Act A federal law that restricts the enforcement of civilian debts against military personnel who may not be able to pay because of active military service.
973. Spalling The chipping or erosion of masonry caused by abuse or weathering
974. Spandrel 1. A panel between the top of one window and the sill of another window on the story directly above it. 2.
975. Spandrel Area The portion of the facade below the sill of an upper story window and above the lintel of the window or display window directly below it or above the…
976. Special assessment A lien assessed against real property by a public authority to pay costs of public improvements (for example, sewers, street lights) that directly benefit…
977. Special Forbearance A loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of…
978. Special Natural Area District A district designated by the New York City Planning Commission pursuant to Article X, Chapter 5 of the New York City Zoning Resolution which is mapped in…
979. Special windows (1) those windows in which the complexity of the muntin pattern or the molding profiles is one of the characteristics of the style and age of the…
980. Spill Prevention, Control and Countermeasures (SPCC) (SPCC) In April 1995, EPA conducted a national survey of oil storage facilities potentially subject to its Spill Prevention, Control and Countermeasures (SPCC)…
981. State Code A two-digit FIPS (Federal Information Processing Standards) code that identifies the state where the property is located.
982. State-of-the-Art Banking Change A physical alteration to the bank interior that the applicant has determined to be necessary to accommodate changes in technology and/or banking practice
983. Stile A main vertical member of a door or window
984. Stockholders' Equity The sum of proceeds from the issuance of stock and retained earnings less amounts paid to repurchase common shares.
985. Stoop The steps which lead to the front door; from the Dutch “stoep.”
986. Storefront The first story area of the façade that provides access or natural illumination into a space used for retail or other commercial purposes.
987. Storefront Bay The area of the storefront defined by and spanning the two piers.
988. Storefront Infill The framing, glazing, and cladding contained within a storefront opening in the facade.
989. Storefront Opening The area of the facade framed by the piers and lintel, which contains storefront infill
990. Story A habitable floor level, including a basement but not including a cellar.
991. Stretcher A masonry unit or brick laid horizontally with its length parallel to the wall.
992. Stringcourse A narrow horizontal band of masonry, extending across the façade, which can be flush or projecting, and flat surfaced, molded, or richly carved.
993. Stripped MBS (SMBS) Securities created by "stripping" or separating the principal and interest payments from the underlying pool of mortgages into two classes of securities…
994. Stucco A coating for exterior walls made from Portland cement, lime, sand, and water.
995. Sub-Prime Loan "B" Loan or "B" paper with FICO scores from 620 - 659. "C" Loan or "C" Paper with FICO scores typically from 580 to 619.
996. Subframe A secondary frame set within a masonry opening.
997. Subordinate To place in a rank of lesser importance or to make one claim secondary to another.
998. Subordinate Financing Any mortgage or other lien with lower priority than the first mortgage.
999. Subprime “Prime” and “Subprime” refers to the interest rate and terms of the loan based on the borrower’s credit history.
1000. Subprime Mortgages A classification of mortgages with a higher perceived risk of default than prime and Alt-A loans.