Real Estate Definitions
A structural element of the roof, sloping from the peak to the outer walls.
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
A guarantee from a lender of a specific interest rate for a period of time.
Any land which has not been developed.
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 ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
A federal law requiring lenders to give full disclosure of closing costs to borrowers.
Land, improvements and appurtenances, and the interest and benefits thereof.
A real estate agent or broker who is a member of the National Association of Realtors.
An electrical outlet to plug into.
A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.
The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.
Where air from a furnace or air conditioning system enters the room.
Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.
The amount of principal, interest and other costs that has not yet been repaid.
The amount of time remaining on the original amortization schedule.
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
REPLACEMENT RESERVE FUND
An account, or fund, setup for the replacement of short life items , such as carpeting, in the common areas of a cooperative property.
A piece of property whose highest and best use is the maintenance of a residence.
A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.
The structural member of a roof where the rafters join at the top.
RIGHT OF FIRST REFUSAL
An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.
The degree of slope in a roof.
An area outside of an established urban area or metropolitan district.