An interim loan made to facilitate the purchase of a new home before the buyer's current residence sells and its equity is available to fund the new purchase.

The very edge of a bluff, cliff, or precipice

One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.

Definition: A broker's price opinion, or BPO, is a real estate valuation performed by a local, licensed real estate broker or salesperson. A BPO is used in situations where a formal appraisal is not required. It usually is based on such information as an exterior examination, estimates of necessary repairs, tax records, recent comparable home or business sales, property sale history, and current comparable listings. Similar to a Drive-by appraisal.


Terms, Definitions, and Concepts: Appraisal, Real Estate, Management, Finance and Investment

That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales.

A natural stream of running water smaller than a stream or river

A mortgage with payments set up to cover more than interest and principal reductions

An area of land, usually open space, intended to mitigate land use effects and serve as a physical separation, transition, or screen between adjacent zoning districts. The most common examples include parks, greenways, or retention ponds between residential, commercial, or industrial zoning districts.

Definition: The completion of construction of a shell lease building according to the terms agreed upon by the landlord (lessor) and the tenant (lessee). Like many real estate terms, the definition, description, and details of a "build-out" are relative to the location and situation. For example, one shell lease may include tenant improvements (TI's) in the build-out description; a different shell lease may not.


Terms, Definitions, and Concepts: Real Estate, Construction and Building, Appraisal, Auction, Finance and Investment, Management

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.

A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools)

A method of determining the value of an improvement normally used in appraising income property

Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise

Zoning ordinances meant to regulate density and discourage overcrowding by restricting building heights or new construction, increasing setbacks, and mandating certain percentages of open space.

The ownership of property; allows one to buy, sell, or encumber real property or personal property. Also referred to as the bundle of rights; includes the rights of possession, control, enjoyment, exclusion, and disposition.

The ownership of property; allows one to buy, sell, or encumber real property or personal property. Also referred to as the bundle of legal rights; includes the rights of possession, control, enjoyment, exclusion, and disposition.

A one-story, home-style dating from the early twentieth century. Often characterized by a low-pitched roof.

Days of the week excluding Saturdays, Sundays, and holidays; normal working days

Any type of business which is for sale

Extra money paid in a lump sum to reduce the interest rate of a fixed rate mortgage for a period of time. The extra money may be paid by the borrower, in order to have a lower payment at the beginning of the mortgage. Or paid by the seller, or lender, as incentive to buy the property or take on the mortgage.