ACCESSORY BUILDING :
A building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage.
ACRE :
43,560 square feet. A measurement of area.
ACTUAL AGE :
The amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGE
AESTHETIC VALUE :
The additional value a property enjoys based on subjective criteria such as look or appeal.
AGENT :
A person who has been appointed to act on behalf of another for a particular transaction.
AMENITY :
Any feature of a property that increases its value or desirability. These might include natural amenities such as location or proximity to mountains, or man-made amenities like swimming pools, parks or other recreation.
AMPERAGE :
A measure of electric current describing the magnitude.
ATTACHED HOUSING :
Any number of houses or other dwellings which are physically attached to one another, but are occupied by a number of different people. The individual houses may or may not be owned by separate people as well.
BACKFILL :
The slope of the ground around a house.
BALL COCK VALVE :
The valve inside a toilet tank that controls the filling of the tank.
BEAM :
A structural supporting member.
BRIDGING :
Structural members used between beams to strengthen the structure.
BTU :
British Thermal Unit. A unit of measurement used to describe heating or cooling capacity.
BUILDING CODE :
Regulations that ensure the safety and material compliance of new construction within a municipality. Building codes are localized to ensure they are adequate to meet the risk of common hazards.
BUILDING LINE OR SETBACK :
The statutory distance between buildings and the property line, imposed by municipalities, home associations, or other agreements.
BUILT-INS :
Specific items of personal property which are installed in a real estate improvement such that they become part of the building. Built-in microwave ovens and dishwashers are common examples.
BUNGALOW :
A one-story, home-style dating from the early twentieth century. Often characterized by a low-pitched roof.
BX CABLE :
Electrical cable shrouded in a galvanized steel outer cover.
CAPE COD COLONIAL :
A single-story house style made popular in New England. Often characterized by a steep roof with gables.
CAULKING :
A pliable material used to seal cracks or openings such as around windows.
CERTIFICATE OF OCCUPANCY :
Issued by an appropriate jurisdictional entity, this document certifies that a building complies with all building codes and is safe for use or habitation.
CIRCUIT BREAKERS :
Electrical devices which automatically open electrical circuits if they are overloaded.
COMMON AREA ASSESSMENTS :
Fees which are charged to the tenets or owners of properties to cover the costs of maintaining areas shared with other tenets or owners. Commonly found in condominium, PUD or office spaces.
COMMON AREAS :
Any areas, such as entryways, foyers, pools, recreational facilities or the like, which are shared by the tenets or owners of property near by. Commonly found in condominium, PUD or office spaces.
CONDEMNATION :
The official process by which a property is deemed to be uninhabitable or unusable due to internal damage or other external conditions.
CONDENSATION :
The transition of water vapor to liquid. Typically forms in areas of high humidity.
CONDOMINIUM :
A development where individual units are owned, but common areas and amenities are shared equally by all owners.
CONDOMINIUM CONVERSION :
Commonly, the conversion of a rental property such as an apartment complex into a CONDOMINIUM-style complex where each unit is owned rather than leased.
CONDUIT :
The pipe through which electric wiring is run.
CUL-DE-SAC :
A dead-end street. One with only one entrance/exit.
DETACHED SINGLE-FAMILY HOME :
A single building improvement intended to serve as a home for one family.
DISTRESSED PROPERTY :
A mortgaged property which has been foreclosed on.
DOWNSPOUT :
The pipe that water moves through to reach the ground from the rain gutter.
DUPLEX :
A single-building improvement which is divided and provides two units which serve as homes to two families.
DWELLING :
A house or other building which serves as a home.
EFFECTIVE AGE :
The subjective, estimated age of a property based on its condition, rather than the actual time since it was built. Excessive wear and tear can cause a property's effective age to be greater than its actual age.
ENCROACHMENT :
A building or other improvement on one property which invades another property or restricts its usage.
ENERGY EFFICIENCY RATIO :
An efficiency rating system for air conditioning units that corresponds to the number of BTU's output per watt of electricity used.
ERRORS AND OMISSIONS INSURANCE :
An insurance policy taken out by appraisers to cover their liability for any mistakes made during the appraisal process.
ESCROW ANALYSIS :
An analysis performed by the lender usually once each year to see that the amount of money going into the escrow account each month is correct for the forecasted expenses.
ESCROW DISBURSEMENTS :
The payout of funds from an escrow account to pay property expenses such as taxes and insurance.
FACADE :
The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.
FASCIA :
The boards that enclose the eaves.
FIXTURE :
Any piece of personal property which becomes permanently affixed to a piece of real property.
FLASHING :
The metal used around the base of roof mounted equipment, or at the junction of angles used to prevent leaking.
FLOOR PLAN :
The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.
FLUE :
The furnace exhaust pipe, usually going through the roof.
FLUSH VALVE :
The valve between the toilet bowl and the tank.
FOOTING :
The partially buried support for a vertical structural member such as a post.
FOUNDATION :
The solid structural element upon which a structure is built.
FRONTAGE :
The segment of a property that runs along a point of access, such as a street or water front.
FUNCTIONAL OBSOLESCENCE :
A decrease in the value of property due to a feature or lack thereof which renders the property undesirable. Functional obsolescence can also occur when the surrounding area changes, rendering the property unusable for its originally intended purpose.
GABLE ROOF :
A steeply angled, triangular roof.
GALVANIZED PIPE :
Iron pipe with a galvanized (zinc) coating.
GAMBREL ROOF :
A ''barn-like'' roof, where the upper portion of the roof is less-steeply angled than the lower part.
GEORGIAN :
A classic, English-style hose characterized by simple rectangular shape and multiple stories.
GFCI :
Ground Fault Circuit Interrupter. A type of circuit breaker required in areas where water is present.
GIRDER :
A main supporting beam.
GRADE :
The slope of land around a building. Also ground level.
GROSS AREA :
The sum total of all floor space, including areas such as stairways and closet space. Often measured based on external wall lengths.
GROUTING :
Material used around ceramic tile.
GUTTER :
The trough around the edge of the roof that catches and diverts rain.
HALF-SECTION :
320 acres.
HEADER :
The framing elements above an opening such as a window or door.
HEARTH :
The floor of a fireplace or the area immediately in front of it.
HEIGHT ZONING :
A municipal restriction on the maximum height of any building or other structure.
HIDDEN AMENITIES :
Assets of a property which contribute to its value, but are not readily apparent. Examples might include upgraded or premium building materials.
HIGHEST AND BEST USE :
The most profitable and likely use of a property. Selected from reasonably probable and legal alternative uses, which are found to be physically possible, appropriately supported and financially feasible to result in the highest possible land value.
HOME INSPECTION :
A complete examination of a building to determine its structural integrity and uncover any defects in materials or workmanship which may adversely affect the property or decrease its value.
HOME INSPECTOR :
A person who performs professional home inspections. Usually, with an extensive knowledge of house construction methods, common house problems, how to identify those problems and how to correct them.
HOMEOWNER'S ASSOCIATION :
An organization of home owners in a particular neighborhood or development formed to facilitate the maintenance of common areas and to enforce any building restrictions or covenants.
IMPROVED LAND :
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
IMPROVEMENTS :
Any item added to vacant land with the intent of increasing its value or usability.
INSPECTION :
The Limited Visual examination of a piece of property, its buildings or other amenities.
JAMB :
The side of a door frame.
JOISTS :
Horizontal beams laid on edge to support flooring or a ceiling.
LALLY COLUMN :
A concrete filled steel pipe used to support beams.
LATE CHARGE :
An extra charge, or penalty added to a regular mortgage payment when the payment is made late by an amount of time specified in the original loan document.
LATENT DEFECTS :
Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects.
LEGAL DESCRIPTION :
The description of a piece of property, identifying its specific location in terms established by the municipality or other jurisdiction in which the property resides. Often related in specific distances from a known landmark or intersection.
MAJOR DEFICIENCY :
A deficiency that strongly impacts the usability and habitability of a house. Or a deficiency that may be very expensive to repair.
MANUFACTURED HOUSING :
Once known as ''mobile homes,'' manufactured housing is any building which has been constructed off site, then moved onto a piece of real property.
MARGINAL LAND :
Land whose value has been diminished due to some internal defect or external condition. In most cases, the cost to correct the flaw or condition is as much or more than the expected return from the property.
MASTER ASSOCIATION :
An umbrella organization that is made up of multiple, smaller home owner's associations. Often found in very large developments or condominium projects.
MULTI-FAMILY PROPERTIES :
Any collection of buildings that are designed and built to support the habitation of more than four families.
NEIGHBORHOOD :
A subsection of a municipality that has been designated by a developer, economic forces or physical formations.
NEW ENGLAND COLONIAL :
An architectural style dating from early American history typified by a two-story building with clapboard siding.
NON-CONFORMING USE :
The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.
OCCUPANCY :
A physical presence within and control of a property.
OCCUPANCY RATE :
The percentage of properties in a given area that are occupied.
OCTOPUS RECEPTACLE :
An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
OFF-SITE IMPROVEMENTS :
Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.
OFF-STREET PARKING :
Designated parking spaces associated with a particular building or other structure which are not located on public streets.
OLD TERMITE ACTIVITY :
Where no termites are currently active, but indications of past activity can be seen.
ON-SITE IMPROVEMENTS :
Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.
OPEN SPACE :
Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
OPEN SPLICE :
An uncovered electrical connection.
OWNER OCCUPIED :
The state of property wherein the owner occupies at least some portion of the property.
PARGING :
The cement coat applied to block foundations.
PERSONAL PROPERTY :
Owned items which are not permanently affixed to the land.
PERSONAL RESIDENCE :
The primary domicile of a person or family.
PLANNED UNIT DEVELOPMENT (PUD) :
A coordinated, real estate development where common areas are shared and maintained by an owner's association or other entity.
PLAT :
A plan or chart of a piece of land which lays out existing or planned streets, lots or other improvements.
PREFABRICATED :
Any building or portion thereof which is manufactured and assembled off site, then erected on a property.
PROPERTY :
Any item which is owned or possessed.
QUADRAPLEX :
Any building designed to accommodate four families.
RAFTER :
A structural element of the roof, sloping from the peak to the outer walls.
RANCH HOUSE :
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
RAW LAND :
Any land which has not been developed.
REAL ESTATE :
A piece of land and any improvements or fixtures located on that land.
REAL ESTATE AGENT :
A licensed professional who facilitates the buying and selling of real estate.
REAL PROPERTY :
Land, improvements and appurtenances, and the interest and benefits thereof.
REALTOR :
A real estate agent or broker who is a member of the National Association of Realtors.
RECEPTACLE :
An electrical outlet to plug into.
rest rate or convert equity into cash.
REGISTER :
Where air from a furnace or air conditioning system enters the room.
REMODEL :
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
RESIDENTIAL PROPERTY :
A piece of property whose highest and best use is the maintenance of a residence.
RIDGE BOARD :
The structural member of a roof where the rafters join at the top.
ROOF PITCH :
The degree of slope in a roof.
RURAL :
An area outside of an established urban area or metropolitan district.
SEMIDETACHED HOUSING :
Two residences which share a common wall.
SHEATHING :
The covering on outside walls beneath the siding or exterior finish such as stucco.
SHEETROCK :
Also called drywall, the gypsum board commonly used on interior walls.
SILL PLATE :
The lumber used around the foundation to support exterior wall framing.
SILL COCK :
Garden hose pipe connection.
SINGLE-FAMILY PROPERTY :
A property designed and built to support the habitation of one family.
SOFFIT :
The underside of a cornice at the eaves.
STUCCO :
A textured plaster exterior (and occasionally interior) wall finish.
STUD :
A vertical framing piece in a wall, generally 2x4 lumber in interior walls.
SUBDIVISION :
A residential development that is created from a piece of land which has been subdivided into individual lots.
SUBJECT PROPERTY :
A term which indicates a property which is being appraised.
SUMP :
A basin into which water drains and from which the water is pumped out.
SURVEY :
A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.
TUDOR :
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.
UNDER IMPROVED LAND :
A piece of land which has been improved, but not to the full extent of its potential.
USEFUL LIFE :
The span of time over which a property can be used or can provide benefits to its owner.
VARIANCE :
An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.
VENT PIPE :
A pipe allowing gas to escape.
VOLTAGE :
An expression of electric force, or pressure. One volt being the force needed to move one amp against one ohm resistance.
WARRANTY :
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.
WATT :
An expression of amount of electrical power. Volt times amps equals watts.
WEAR AND TEAR :
A term used to indicate the normal damage inflicted on a property through every-day use.
WEATHER STRIPPING :
Material used around windows and doors to prevent drafts.
WEEP HOLE :
Drainage hole that allows water to escape.
ZONE :
A specific area within a municipality or other jurisdiction which conforms to certain guidelines regarding the use of property in the zone. Typical zones include single-family, multi-family, industrial, commercial and mixed-use.