Real Estate — page 2 of 12

Real Estate terms

101. Branch Office For banks and thrifts, a branch office is an office approved as a branch by a supervisory agency.
102. Brick Molding A milled wood trim piece covering the gap between the window frame and masonry, which can be rectilinear, curved, or composite-curved.
103. Bridge Loan A short-term loan secured by the borrower's current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new…
104. Broker An agent who handles the public's orders to buy and sell securities, commodities or other property. A commission is generally charged for this service.
105. Budget A budget is a plan on how much to save each week or month to make a purchase or to reach a savings goal.
106. Building Code Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings.
107. Building Plan A drawing that shows a horizontal view
108. Building Streetwall The predominant plane of the building facade at the level of the storefront.
109. Bulkhead The part of a storefront that forms a base for one or more display windows
110. Buy Down When you make an up-front cash payment to reduce your monthly payments on a mortgage loan, it's called a buy down.
111. Buydown An arrangement whereby the property developer or another third party provides an interest subsidy to reduce the borrower's monthly payments typically in…
112. Buydown Account An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an…
113. Callable Debt A debt security whose issuer has the right to redeem the security at a specified price on or after a specified date, but prior to its stated final…
114. Came A slender rod of cast lead, with or without grooves, used in casements and stained-glass windows to hold the panes or pieces of glass together
115. Canopy A metal frame clad with fabric that projects from a building entrance over the sidewalk to the curb where it’s supported on vertical posts
116. Cap A cap is a ceiling, or the highest level to which something can go. For example, an interest rate cap limits the amount by which an interest rate can be…
117. Cap flashing A waterproof sheet that seals the tops of cornices and walls.
118. Capacity Your ability to make your mortgage payments on time. This depends on your income and income stability (job history and security), your assets and savings…
119. Capital Capital is money that is used to generate income or make an investment. For example, the money you use to buy shares of a mutual fund is capital that…
120. Capital Gain Also known as capital appreciation, capital gain measures the increase in value of an asset over time.
121. Capital Improvements Property improvements that either will enhance the property value or will increase the useful life of the property.
122. Capital or Cash Reserves An individual's savings, investments, or assets.
123. Capitalization In the context of bank supervision, capitalization refers to the funds a bank holds as a buffer against unexpected losses.
124. Casement A window sash that is hinged on the side.
125. Cash Money or its equivalent (checks, banknotes, etc.).
126. Cash Reserves A cash amount sometimes required of the buyer to be held in reserve in addition to the down payment and closing costs; the amount is determined by the…
127. Cash-Out Refinance A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs…
128. Cash-out refinancing When refinancing, taking a loan for more than you owe on your existing mortgage.
129. Cast Iron A type of iron, mass-produced in the nineteenth century, created by pouring molten iron into a mold; used for ornament, garden furniture, and building…
130. Casualty Protection Property insurance that covers any damage to the home and personal property either inside or outside the home.
131. Census Tract A census tract is a small geographic area. Census 2000 assigned census tract numbers to all areas of the U.S. and some U.S. territories and possessions.
132. Certificate of Deposit A negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank.
133. Certificate of Eligibility A document issued by the U.S. Department of Veterans Affairs (VA) certifying a veteran's eligibility for a VA-guaranteed mortgage loan.
134. certificate of reasonable value (CRV) A Veterans Administration appraisal that establishes the maximum VA mortgage loan amount for a specified property.
135. Certificate of Title A document rendering an opinion on the status of a property's title based on public records.
136. Certified historic structure Same or similar to "historic structure." See "historic structure."
137. Chain of Title The history of all of the documents that have transferred title to a parcel of real property, starting with the earliest existing document and ending with…
138. Change Orders A change in the original construction plans ordered by the property owner or general contractor.
139. Chapter 13 Bankruptcy this type of bankruptcy sets a payment plan between the homeowner and the creditor monitored by the bankruptcy court.
140. Chapter 7 Bankruptcy a bankruptcy that requires assets be liquidated in exchange for the cancellation of debt.
141. Charge-off The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
142. Chattel mortgage A pledge of personal property as security for a debt. Also called a security interest or financing statement. For this survey, not a mortgage.
143. Chemical Emergency Preparedness and Prevention Office (CEPPO) (CEPPO) The Chemical Emergency Preparedness and Prevention Office (CEPPO) provides leadership, advocacy and assistance to: Prevent and prepare for chemical…
144. Clapboard Wood Siding composed of horizontal, overlapping boards, the lower edges of which are usually thicker than the upper.
145. Clean Air Act (CAA) (CAA) The Superfund law incorporates those substances listed as hazardous air pollutants under section 112 of the Clean Air Act (CAA) as CERCLA hazardous…
146. Clean Water Act (CWA) (CWA) The Superfund law incorporates those substances listed as hazardous water pollutants under section 311 (b)(4) of the Clean Water Act (CWA) as CERCLA…
147. Clear Title Ownership that is free of liens, defects, or other legal encumbrances.
148. closed-end mortgage A mortgage principal amount that is fixed and cannot be increased during the life of the loan. See also: open-end mortgage.
149. Closing when selling a house, the process of transferring ownership from the seller to the buyer, the disbursement of funds from the buyer and the lender to the…
150. Closing (or settlement) costs Fees paid when you close (or settle) on a loan. These fees may include application fees; title examination, abstract of title, title insurance, and…
151. Closing Agent The person or entity that coordinates the various closing activities, including the preparation and recordation of closing documents and the disbursement…
152. Closing Costs The expenses incurred by sellers and buyers in transferring ownership in real property.
153. Closing Date The date on which the sale of a property is to be finalized and a loan transaction completed.
154. Closing Statement A closing statement, also called a HUD1 or settlement sheet, is a legal form your closing or settlement agent uses to itemize all of the costs you and the…
155. Cloud A claim to the title of a property that, if valid, would prevent a purchaser from obtaining a clear title.
156. Cloud On The Title Any condition which affects the clear title to real property.
157. CNE A Certificate of No Effect as defined by section 25-306 of the New York City Administrative Code.
158. Co-applicant Ethnicity Ethnicity of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
159. Co-applicant Race Race of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
160. Co-applicant Sex Sex of the co-applicant. This is reported for originated loans and for loan applications that do not result in an origination.
161. Co-Borrower Any borrower other than the first borrower whose name appears on the application and mortgage note, even when that person owns the property jointly with…
162. Co-Homeowners one or more persons who have signed a loan note, and are equally responsible for repaying the loan.
163. Co-mortgagor One who is individually and jointly obligated to repay a mortgage loan and shares ownership of the property with one or more borrowers.
164. Co-Signed Account An account signed by someone in addition to the primary borrower, making both people responsible for the amount borrowed.
165. Co-Signer An individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation.
166. Collateral Assets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house.
167. Collection Account An unpaid debt referred to a collection agency to collect on the bad debt. This type of account is reported to the credit bureau and will show on the…
168. Collections the efforts a lender takes to collect past due payments.
169. Colonnade A row of regularly spaced columns supporting an entablature.
170. Colonnette A diminutive column which is usually either short or slender.
171. Color The sensible perception of hue, value and saturation characteristics of surfaces of window components.
172. Column A vertical, cylindrical support. In classical design it is composed of a base (except in the Greek Doric order), a long, gradually tapered shaft, and a…
173. Commercial bank Commercial banks offer a full range of retail banking products and services, such as checking and savings accounts, loans, credit cards, and lines of…
174. Commission A portion of the policy premium that is paid to an insurance producer (agent) by the insurance company as compensation for the producer’s work.
175. Commissioners The 11 Commissioners, including the Chairman, as established by Section 3020 of the Charter. All are appointed by the Mayor.
176. commitment fee A fee charged when a) an agreement is reached between a lender and a borrower for a loan at a specific rate and points and b) the lender guarantees to…
177. Commitment Letter A binding offer from your lender stating the amount of the mortgage, the number of years to repay the mortgage (the term), the interest rate, the loan…
178. Common Areas Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project's homeowners'…
179. Common Stock When you own common stock, your shares represent ownership in the corporation and give you the right to vote for the company's board of directors and…
180. Community Advisory Groups (CAG) (CAG) A Community Advisory Group (CAG) is made up representatives of diverse community interests.
181. Community development area An area defined by local authorities for government-assisted housing programs.
182. Community land trust A community land trust is a private, non-profit organization whose goal is to acquire and hold land for the benefit of the community and to provide secure…
183. Comparables An abbreviation for "comparable properties," which are used as a comparison in determining the current value of a property that is being appraised.
184. Comparative Market Analysis (COMPS) A property evaluation that determines property value by comparing similar properties sold within the last year.
185. Compensating Factors Factors that show the ability to repay a loan based on less traditional criteria, such as employment, rent, and utility payment history.
186. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) (CERCLA) The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, was enacted by Congress on December 11…
187. Comprehensive Environmental Response, Compensation, and Liability Information System (CERCLIS) (CERCLIS) The CERCLA Information System is an EPA database of information about Superfund sites.
188. Concession Something given up or agreed to in negotiating the sale of the house. For example, the sellers may agree to help pay for closing costs.
189. Condominium That form of ownership of real property in which each unit owner has an undivided interest in common elements.
190. Configuration The number, shape, organization and relationship of panes (lights) of glass, sash, frame, muntins or tracery.
191. Conforming Loan A loan which meets all requirements to be eligible for purchase or securitization by FNMA or FHLMC (Fannie Mae or Freddie Mac) which has a loan amount…
192. Conservatorship Conservatorship is a legal procedure for the management of financial institutions for an interim period during which the institution’s conservator…
193. Consideration An item of value given in exchange for a promise or act.
194. Console A scroll-shaped projecting bracket that supports a horizontal member.
195. Construction Completion List (CCL) (CCL) EPA has developed a construction completion list (CCL) to simplify its system of categorizing sites and to better communicate the successful completion of…
196. Construction Loan A short-term, interim loan that provides disbursements to facilitate the construction of a home. Funds are disbursed at intervals as work progresses.
197. consumer handbook on adjustable rate mortgages (C.H.A.R.M.) A disclosure required by the federal government to be given to any borrower applying for an adjustable rate mortgage (ARM).
198. Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales…
199. Contract for deed Same or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
200. Contract Laboratory Program (CLP) (CLP) The Environmental Protection Agency (EPA)'s Contract Laboratory Program (CLP) is a national network of EPA personnel, commercial laboratories, and support…