Land O Lakes Real Estate News - JLS Investment Realty

Real Estate Glossary - Part IV
January 17th, 2011 7:39 PM

QUADRAPLEX   Back to top
Any building designed to accommodate four families.

QUALIFYING RATIOS   Back to top
Two ratios used in determining credit worthiness for a mortgage loan. One is the ratio of a borrower's monthly housing costs to monthly income. The other is a ratio of all monthly debt to monthly income.

QUITCLAIM DEED   Back to top
A legal document which transfers any ownership an individual has in a piece of property. Often used when the amount of ownership is not known or is unclear.

RAFTER   Back to top
A structural element of the roof, sloping from the peak to the outer walls.

RANCH HOUSE   Back to top
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.

RATE LOCK   Back to top
A guarantee from a lender of a specific interest rate for a period of time.

RAW LAND   Back to top
Any land which has not been developed.

REAL ESTATE   Back to top
A piece of land and any improvements or fixtures located on that land.

REAL ESTATE AGENT   Back to top
A licensed professional who facilitates the buying and selling of real estate.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)   Back to top
A federal law requiring lenders to give full disclosure of closing costs to borrowers.

REAL PROPERTY   Back to top
Land, improvements and appurtenances, and the interest and benefits thereof.

REALTOR®   Back to top
A real estate agent or broker who is a member of the NATIONAL ASSOCIATION of REALTORS®.

RECEPTACLE   Back to top
An electrical outlet to plug into.

RECORDER   Back to top
A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.

RECORDING   Back to top
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.

REFINANCE TRANSACTION   Back to top
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.

REGISTER   Back to top
Where air from a furnace or air conditioning system enters the room.

RELOCATION SERVICE   Back to top
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.

REMAINING BALANCE   Back to top
The amount of principal, interest and other costs that has not yet been repaid.

REMAINING TERM   Back to top
The amount of time remaining on the original amortization schedule.

REMODEL   Back to top
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

REPAYMENT PLAN   Back to top
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

REPLACEMENT RESERVE FUND   Back to top
An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.

RESIDENTIAL PROPERTY   Back to top
A piece of property whose highest and best use is the maintenance of a residence.

REVOLVING DEBT   Back to top
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.

RIDGE BOARD   Back to top
The structural member of a roof where the rafters join at the top.

RIGHT OF FIRST REFUSAL   Back to top
An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.

ROOF PITCH   Back to top
The degree of slope in a roof.

RURAL   Back to top
An area outside of an established urban area or metropolitan district.

SALE PRICE   Back to top
The actual price a property sells for, exclusive of any special financing concessions.

SALES COMPARISON APPROACH   Back to top
An appraisal practice which estimates the value of a property by comparing it to comparable properties which have sold recently.

SCARCITY   Back to top
An economic principal that dictates the price of a good or service through the interaction of supply and demand. When an item is scarce, its price tends to rise, given a constant demand. Real Estate is a classic example of scarcity.

SECOND MORTGAGE   Back to top
A loan secured by the equity in a home, when a primary mortgage already exists.

SECONDARY MORTGAGE MARKET   Back to top
An economic marketplace where mortgage bankers buy and sell existing mortgages.

SECURED LOAN   Back to top
A loan that is backed by collateral. In the case of a mortgage loan, the collateral is the house.

SECURITY   Back to top
The property used as collateral for a loan.

SEMIDETACHED HOUSING   Back to top
Two residences which share a common wall.

SERVICER   Back to top
A financial institution which collects mortgage payments from borrowers and applies the appropriate portions to principal, interest and any escrow accounts.

SERVICING   Back to top
The processing of payments, mailing of monthly statements, management and disbursement of escrow funds etc Typically carried out by the company you make payments to.

SHEATHING   Back to top
The covering on outside walls beneath the siding or exterior finish such as stucco.

SHEETROCK   Back to top
Also called drywall, the gypsum board commonly used on interior walls.

SILL PLATE   Back to top
The lumber used around the foundation to support exterior wall framing.

SILL COCK   Back to top
Garden hose pipe connection.

SINGLE-FAMILY PROPERTY   Back to top
A property designed and built to support the habitation of one family.

SOFFIT   Back to top
The underside of a cornice at the eaves.

STUCCO   Back to top
A textured plaster exterior (and occasionally interior) wall finish.

STUD   Back to top
A vertical framing piece in a wall, generally 2x4 lumber in interior walls.

SUBDIVISION   Back to top
A residential development that is created from a piece of land which has been subdivided into individual lots.

SUBJECT PROPERTY   Back to top
A term which indicates a property which is being appraised.

SUMP   Back to top
A basin into which water drains and from which the water is pumped out.

SURVEY   Back to top
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.

SWEAT EQUITY   Back to top
The method whereby a home owner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built.

TAX-EXEMPT PROPERTY   Back to top
Any property which is not taxed.

TENANCY   Back to top
The right to occupy a building or unit.

TENANCY IN COMMON   Back to top
A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.

THIRD PARTY ORIGINATION   Back to top
When a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).

TITLE   Back to top
A specific document which serves as proof of ownership.

TITLE COMPANY   Back to top
An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.

TITLE INSURANCE   Back to top
A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.

TITLE SEARCH   Back to top
The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist.

TRANSFER OF OWNERSHIP   Back to top
Any means by which the ownership of a property changes hands.

TRANSFER OF TAX   Back to top
Taxes payable when title passes from one owner to another.

TRAP   Back to top
A bend in water pipe.

TRUSTEE   Back to top
A fiduciary that holds or controls property for the benefit of another.

TRUTH IN LENDING   Back to top
A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.

TUDOR   Back to top
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.

UNDER IMPROVED LAND   Back to top
A piece of land which has been improved, but not to the full extent of its potential.

UNENCUMBERED PROPERTY   Back to top
Any property which has no outstanding claims or liens against it.

UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)   Back to top
Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines followed by every licensed and certified real estate appraiser in the United States. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and appraisal consulting. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice.

USEFUL LIFE   Back to top
The span of time over which a property can be used or can provide benefits to its owner.

VACANCY RATE   Back to top
The current percentage of vacant properties in a given area, regardless of why they are vacant.

VA MORTGAGE   Back to top
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

VARIANCE   Back to top
An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.

VENT PIPE   Back to top
A pipe allowing gas to escape.

VESTED   Back to top
Having the right to use a portion of a fund such as an IRA. Typically vesting occurs over time. If you are 100% vested, you have a right to 100% of the fund.

VETERANS AFFAIRS, DEPARTMENT OF (VA)   Back to top
The successor to the Veteran's Administration, this government agency is responsible for ensuring the rights and welfare of our nation's veterans and their dependents. Among other duties, the VA insures home loans made to veterans.

VOLTAGE   Back to top
An expression of electric force, or pressure. One volt being the force needed to move one amp against one ohm resistance.

WALK-THROUGH INSPECTION   Back to top
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

WARRANTY   Back to top
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   Back to top
An expression of amount of electrical power. Volt times amps equals watts.

WEAR AND TEAR   Back to top
A term used to indicate the normal damage inflicted on a property through every-day use.

WEATHER STRIPPING   Back to top
Material used around windows and doors to prevent drafts.

WEEP HOLE   Back to top
Drainage hole that allows water to escape.

ZERO LOT LINE   Back to top
A municipal zoning category wherein a building or other fixture may abut the property line.

ZONE   Back to top
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.


Posted in:General
Posted by Jennifer Stepanek on January 17th, 2011 7:39 PMPost a Comment

Subscribe to this blog

Recent Posts:

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog: