REAL ESTATE DICTIONARY



A		 I B I C I D I E I F I G I H I I I J I K I L I M I N I O I P I Q I R I S I T I U I V I W I X I Y I Z
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a la carte real estate services
Professional real estate services that are rendered one transaction at a time instead of the conventional full-service, commission-based brokerage relationship.
A-frame design
An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
abstract of judgment
The summary of a court judgment that creates a lien against a property when filed with the county recorder.
abstract or title search
The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.
accelerated cost recovery system
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
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accelerated depreciation
A bookkeeping method that depreciates property faster in the early years of ownership.
acceleration clause
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
acceptance
The seller's written approval of a buyer's offer.
access
Any means by which a person can enter property.
accessibility
The degree to which a building or site allows access to people with disabilities.
accretion
The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
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acknowledgment
A written declaration affirming that a person acted voluntarily.
acre
A measurement of land equal to 43,560 square feet.
acre-foot
The volume of material needed to cover an acre of land one foot deep.
active solar system
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
actual age
The number of years a structure has been standing.
ad valorem tax
Tax based on assessed property value.
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add-on interest
The interest a borrower pays on the principal for the duration of the loan.
addendum
An addition or change to a contract.
additional principal payment
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
adjustable rate mortgage (ARM)
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
adjusted cost basis
The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
adjustment period
The amount of time between interest rate adjustments in an adjustable-rate mortgage.
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administrator
A person given authority to manage and distribute the estate of someone who died without leaving a will.
administrator's deed
A legal document that an administrator of an estate uses to transfer property.
adverse possession
The acquisition of title to property through possession without the owner's consent for a certain period of time.
adverse use
The access and use of property without the owner's consent.
aeolian soil
Soil that is composed of materials deposited by the wind.
affiant
A person who makes a sworn statement.
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affirmation
A substitution for an oath granted to people based on religious reasons.
agency
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
agency closing
The process by which a lender uses a title company or other firm as an agent to complete a loan.
agency disclosure
Laws in most states require agents who act for buyers or sellers to disclose who represents whom in a real estate transaction. Laws vary widely by state.
agreed boundary
A compromise boundary to which property owners agree in order to resolve a dispute.
agreement of sale
A document the buyer initiates and the seller approves that details the price and terms of the transaction.
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air handler
Short for air-handling unit, the blower equipment in a furnace, heat pump, or similar appliance designed for circulating heated or cooled air through a central heating system.
air lot
A designated airspace over a piece of property.
air-handling unit
The blower equipment in a furnace, heat pump, or similar appliance designed for circulating heated or cooled air through a central heating system.
alcove
A recessed section of a room, such as a breakfast nook.
alienation clause
A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
alkali
Mineral salt found in soil.
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alkaline soil
Soil that contains a higher concentration of mineral salt than natural acid.
alley
A lane behind a row of buildings or between two rows of buildings.
allowance
A budget offered by builders of new homes for the purchase of carpeting and fixtures.
alternative mortgage
Any home loan that does not conform to a standard fixed-rate mortgage.
aluminum siding
A metal covering that provides an alternative to paint for owners of wood homes.
aluminum-clad windows
Wooden windows with aluminum covering the exterior.
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amenities
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers, and other enticements offered by builders of planned developments.
American Society of Home Inspectors (ASHI)
Professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your area.
Americans with Disabilities Act (ADA)
A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.
amortization
The process of paying the principal and interest on a loan through regularly scheduled installments. Initially, most of each payment is applied toward interest owed, and later in the loan term increasingly applied toward principal.
amortization tables
Mathematical tables that lenders use to calculate a borrower's monthly payment.
amperage
The strength of an electrical current.
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ampere
The basic unit used to measure electric current.
anchor bolt
A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
annual
Any kind of plant that must be planted every year.
annual assessments
The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a street lighting or sewer assessment.
annual mortgagor statement
A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
annual percentage rate (APR)
A measure of interest rate that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.
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annuity
The payment of a fixed sum to an investor at regular intervals.
anticipatory breach
A communication that informs a party that the obligations of the original contract will not be fulfilled.
antioxidant compound
A substance applied to aluminum wiring connections to seal and promote conduction.
appellant
A taxpayer or representative who appeals to a higher tribunal.
application
A document that details a potential borrower's income, debt, and other obligations to determine credit worthiness.
application fee
Includes any fees that are paid upon application. An application fee may include charges for property appraisal and a credit report, if those fees are not reported separately.
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appraisal
An opinion of the value of a property at a given point in time.
appraisal fee
The fee that a professional real estate appraiser charges to appraise, or estimate the market value of, a property.
appraisal report
A detailed written report on the value of a property based on recent sales of comparable sites in the area.
appraised value
An opinion of the current market value of a property.
appreciation
An increase in the value of a home or other property.
approval
A thorough assessment made by a lender of a borrower's ability to pay for a home, and a confirmation of the amount the borrower may obtain.
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APR (annual percentage rate)
A measure of interest that expresses the cost of a mortgage as a yearly rate on the loan balance. The APR assumes the loan is held for its full term. For adjustable-rate loans, the APR assumes the loan's index doesn't change from its initial value.
apron
A paved area, such as the junction of a driveway with the street.
aquastat
A thermostat submerged in water and used to control the operation of a device.
arbitration
A method of resolving a dispute in which a third party renders a decision.
arbor
An area shaded by trees, shrubs, or vines on a latticework structure.
arc
A spark between two electrical points.
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arch
A curved structure that supports weight over an area, such as a doorway.
arch surrounds
Half-round or elliptical trim mounted above a door or window for decorative purposes.
architect
A licensed professional who designs homes, buildings, and other structures.
architectural fees
The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget.
ARM (adjustable rate mortgage)
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
ARM index
A publicly published number used to adjust the interest rate for an adjustable rate loan (ARM). An index (such as Treasury bills or the prime rate) reflects the lender's cost of credit, and is not controlled by individual lenders.
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arpent
A French measurement of land equal to .84625 acres.
array
A term used by tax assessors to describe a list of properties in a certain category sold within a given period of time.
as-is condition
The purchase or sale of a property in its existing condition.
asbestos
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
ASHI (American Society of Home Inspectors)
A professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your area.
asking price
A seller's initial price for a property.
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assemblage
The combining of two or more adjoining lots into one larger tract to increase total value.
assessed value
A tax assessor's determination of the value of a home in order to calculate a tax base.
assessment
The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
assessment rolls
A list of taxable property compiled by the assessor.
assessor
An official who determines the assessed value of a property.
assets
Items of value which include cash, real estate, securities, and investments.
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assignment
The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.
assignor
A person who transfers rights and interests of a property.
assumable mortgage
A mortgage that can be transferred to another borrower.
assumption clause
A provision that allows a buyer to take responsibility for the mortgage from a seller.
assumption fee
A fee the lender charges to process new records for a buyer who assumes an existing loan.
automatic extension
A clause in a listing contract stating that the agreement will automatically continue for a certain period of time after the expiration date. This is discouraged and prohibited in many states.
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automatic flue damper
A device in the flue of a heating unit that closes to prevent heat loss when the unit is not in operation.
average price
The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.
avigation easement
An easement over private property near an airport that limits the height of structures and trees.
awning windows
Single-sash windows that tilt outward and up.
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exterior

Short Desc : painting of exterior

Bid Range : $2500

Windows and Doors
in Ashland

Short Desc : Homeowner needs to have a window repaired. Ready to secure a contractor.

Bid Range : $500

Windows and Doors
in Hampton

Short Desc : Homeowner needs to replace 1 window in their home. Ready to secure a contractor.

Bid Range : $500

Painting and Wallcovering
in Fort Pierce

Short Desc : Homeowner needs to have wallpaper installed/removed. Ready to secure a contractor.

Bid Range : $5000

Roofing
in Palm Beach Gardens

Short Desc : Homeowner needs to have the shingle roof replaced on their 1461 sq ft. home. Ready to secure a contractor.

Bid Range : $5000

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to replace 8 windows in their home. Ready to secure contractor. Spoke with Thomas. Project details were confirmed. He is looking to begin his project as soon as possible.

Bid Range : $1000

Roofing
in Stafford

Short Desc : Roof over deck low pitch small leak in corner 12 x 12 need redone probably with rolled roofing

Bid Range : $2500

Remodeling and Room Additions
in Port Saint Lucie

Short Desc : Homeowner needs to have their 280 sq ft carport enclosed to form a bedroom and a bathroom. Will require plumbing work for the bathroom. Ready to secure a contractor.

Bid Range : $10000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to add 140 sq ft onto their 1460 sq ft home. Project will be extending their 140 sq ft master bedroom into 280 sq ft. They will need help with the plans and permits.

Bid Range : $50000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Remodeling and Room Additions
in Richmond

Short Desc : Homeowner needs to have an addition built on their 2,306 sq ft home. Will need help with plans and permits. Ready to secure a contractor.

Bid Range : $5000

Decks
in Sandston

Short Desc : A deck about 3/4 the length of the back of the house. A bench built into the deck as an option. A lattice looking ceiling/roof to minimize sunlight as an option.

Bid Range : $10000

Bathroom Remodeling
in Colonial Heights

Short Desc : Homeowner needs to have flooring laid in her 40 sq ft bathroom. Will need installation of bathtub, shower and sink.

Bid Range : $10000

Painting and Wallcovering
in Virginia Beach

Short Desc : We need a painter for a medical office.

Bid Range : $2500

Remodeling and Room Additions
in Colonial Beach

Short Desc : Customer needs to remodel their entire 820 sq ft home due to water damage. Project to include replacing an exterior wall, drywall, painting, flooring, and fixtures. May need minor electric. Spoke with Sean and project confirmed. Needs to remodel 820sq ft home due to water and fire damage. Need to prepare house to sell. Will include replacing an exterior wall, drywall, painting, flooring and fixtures. Would like to start ASAP and can be reached at anytime.

Bid Range : $25000

Windows and Doors
in Louisa

Short Desc : I am interested in possibly tinting the windows in the front room(s) of my Lake House, may add all windows depending on price.

Bid Range : $5000

Remodeling and Room Additions
in Leonardtown

Short Desc : Adding a second floor to include a master bedroom, master bath, and a guest room. Would like to add a backyard deck & wrap around porch. As well as remodel current bathrooms.

Bid Range : $200000

Windows and Doors
in Stafford VA 22556

Short Desc : I want to install two basic, glass, sliding doors for a patio deck and basement patio in my house. I will purchase doors and have them at the site. I need professional measurement to help chose the correct size door and to install them for me. Spoken to homeowner. Looking to start as soon as in contact with a contractor. Can be contacted any time on cellphone.

Bid Range : $2500

Windows and Doors
in Port Saint Lucie

Short Desc : Homeowner needs to install windows on two of their homes. One home is 1300 sq. ft and needs eight windows installed. The other is 1000 sq. ft. and needs 7 windows installed.

Bid Range : $500

Roofing
in Newport News

Short Desc : Homeowner needs to have the tar roof on their 1,500 sq ft home replaced. Ready to secure a contractor. I spoke to Tee, who is looking to start ASAP, and can be contacted in the mornings, 1500 tar roof replaced. There was patch work done 10 years ago fixing up some rotting place`s. That wasn`t done right. Would like the whole roof done.

Bid Range : $10000

Bathroom Remodeling
in Fredericksburg

Short Desc : To

Bid Range : $10000

Remodeling and Room Additions
in Petersburg

Short Desc : Remodeling kitchen. Need cabinets, counters, ceramic tile, paint, and install a new dishwasher. Currently no dishwasher.

Bid Range : $10000

Paving and Patios
in Glen Allen

Short Desc : We would like a 100 to 120 sq ft walkway/patio built between our deck and driveway made of mortorless paving stone if not too expensive Arleen would like to get her project started asap.

Bid Range : $2500

Remodeling and Room Additions
in Newport News

Short Desc : Homeowner needs to add onto their 2500 sq ft home. The addition will be a second story. They will need help with plans and permits.

Bid Range : $25000

Remodeling and Room Additions
in Mineral

Short Desc : Need to be put in touch with a contractor in the mineral area. Please call at the number provided and we can discuss the details. Thanks in advance.

Bid Range : $2500

Drywall and Plastering
in Midlothian

Short Desc : Patch job where the house is settling in family room. It has crack on side of wall and celling.some does drywall.

Bid Range : $500

Drywall and Plastering
in King George

Short Desc : 1500 sq ft garage w/ loft

Bid Range : $2500

Baby Room

Short Desc : 3 walls ne color and 1 accent wall in wide stripes.

Bid Range : $600

Painting and Wallcovering
in Aylett

Short Desc : Paint our living room, including the cathedral ceiling, as well as one wall in our kitchen.

Bid Range : $2500

Bathroom Remodeling
in Chester

Short Desc : 1970`s bathroom - needs updating - replacing ceramic tile, ceramic floor, replace counter top/sink and toilet - would like some designer help. Would like to see if possible closet beside bath can be incorporated into new bathroom (costs involved)

Bid Range : $5000
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