A set of land management guidelines that emphasize soil conservation and water quality. BMP's are often formulated and adopted at the state level.

Definition: An offer to purchase property for sale at auction, made by a prospective buyer, known as a bidder. The bidder competes with other bidders for the property, increasing the amount of each offer in increments determined by the auctioneer until there are no more bids. At this point the item(s) for sale has been successfully purchased by the bidder who offered the most money, known as the highest bidder, provided the reserve price has been met. A bid made during an auction is considered a binding contract as soon as the auctioneer's hammer or gavel falls on the auction block.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: At an open outcry auction, the person who verbally offers for sale items at auction and takes bids on the items until they are sold or withdrawn. The auction "call" is characteristically conducted in a rapid cadence in order to encourage bidding. The person who calls the auction may be the auctioneer, or she may be a professional auction caller employed by the auctioneer.
Also known as "auction crier" or "auction caller".

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: An auction process in which bidders receive information about offers made by other bidders. In dynamic auctions, bidders use this information to modify previous offers. Also known as price discovery.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition:
1. A secret, illegal agreement between two or more auction bidders to place bids in such a way as to influence the auction outcome, as when two bidders agree to refrain from bidding against one another in order to keep the price of an item artificially low.
2. An illegal agreement between an auctioneer and a seller of an item to place and accept fictitious bids in order to artificially increase the price of the item.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: A type of auction or sale in which the winning bidder (also known as the high bidder) chooses a property from among a grouping of similar or like properties. The remaining properties are offered in subsequent rounds of bidding, with the high bidder in each round choosing a property. This process continues until all properties are sold or there are no more bids.
Also known as high bidder's choice.

Terms, Definitions, and Concepts: Auction, Real Estate

A contract in which each party promises to perform an act in exchange for the other party's promise to perform

A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another

Sometimes known as an offer to purchase or an earnest money receipt. A binder is the acknowledgment of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.

Term used for a younger (generally less than 120 years old) ponderosa pine that displays black colored bark

A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.

Any region of a city or town that has fallen into disrepair or otherwise has become undesirable.

A one-, two-, or three-digit number used to describe a block (or piece) of land within a . For example, Block 6 in Township 5 North, Range 12 West.

Definition: One who engages in the illegal practice of blockbusting, or attempting to profit by telling homeowners that "undesirable" people - those of a different race, religion, etc. - moving into a neighborhood will lower home values or create other negative conditions. A blockbuster hopes to intimidate homeowners into selling their homes to the blockbuster at reduced prices, so that he or she may then resell those homes at profit.

Example: A real estate investor spreads rumors in a predominantly Asian neighborhood that a Latino family is considering purchasing a home there, which will bring undesirable elements and lower nearby property values. The investor hopes that people in this area will sell their homes to him at a price that is less than market value because they are alarmed the arrival of the newcomers will result in even lower home values or other undesirable neighborhood conditions. Under the Federal Fair Housing Act, it is illegal even to suggest that changes will occur in a neighborhood because persons of a protected class have moved there or will move there.


Terms, Definitions, and Concepts: Real Estate, Legal, Management

Definition: The act of creating or causing panic among homeowners with the intent to make them sell their homes by stating or implying that persons of a protected class moving into the neighborhood will have negative results such as lowered home values or increased crime. Blockbusters attempt to profit from this tactic by purchasing the homes of panicked people at less than market value, then reselling those homes at a greatly increased price. Blockbusting is illegal according to the Federal Fair Housing Act (1968, 1974, 1988), which lists as protected classes race, skin color, national origin, religion, handicap status, familial status, and gender.
Same as Panic selling.

Example: A real estate investor spreads rumors in a predominantly Asian neighborhood that a Latino family is considering purchasing a home there, which will bring undesirable elements and lower nearby property values. The investor hopes that people in this area will sell their homes to him at a price that is less than market value because they are alarmed the arrival of the newcomers will result in even lower home values or other undesirable neighborhood conditions. Under the Federal Fair Housing Act, it is illegal even to suggest that changes will occur in a neighborhood because persons of a protected class have moved there or will move there.


Terms, Definitions, and Concepts: Real Estate, Legal, Management

State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds

steep, high bank or cliff

Singular: Board foot; Plural: Board feet
A board foot is a lumber measurement equal to a board or plank of wood 1 inch thick and 12 inches on each side. The formula for calculating board feet of sawed lumber is bd ft = thickness(in) x width(in) x length(ft)/12. For example, a board that is 1 inch thick, 12 inches wide, and 10 feet long contains 10 board feet of lumber(1x12x10/12=10).
Also known as "Board feet of lumber".

The unit of measurement for an estimate of the volume of lumber in logs or standing trees using a log rule.

1. A board foot is a lumber measurement equal to a board or plank of wood 1 inch thick and 12 inches on each side. The formula for calculating board feet of sawed lumber is bd ft = thickness(in) x width(in) x length(ft)/12. 2. One (1) board foot equals 1 inch x 12 inches x 12 inches. One (1) board foot equals 1 inch (thick) x 12 inches (width) x 1 foot (length). One (1) board foot equals 144 cubic inches.

1. Very wet, spongy ground not able to support much weight, usually made up of decaying plants 2. a small marsh

The trunk of a tree.

Any genuine offer, made without intent to defraud or deceive.

Method for scoring trophy game animals according to the Boone and Crockett Club, which maintains records of and provides guidelines for the scoring of bear; cougar and jaguar; walrus; typical and atypical (non-typical) American elk; Roosevelt's and Tule elk; typical and atypical blacktail, whitetail, and mule deer; moose; caribou; pronghorn; bison; muskox; Rocky Mountain goat; and sheep.

Hunting and conservation organization founded at the turn of the 20th century by Theodore Roosevelt, Gifford Pinchot (first chief of the U.S. Forest Service), and other early American conservationists to promote the causes of responsible wildland and wildlife management, as well as a common-sense approach to conservation of vital natural resources.