Glossary

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2 Story ceiling

A high ceiling generally 2 stories or more from the floor

9 Foot ceiling

A high ceiling generally measuring 9 feet or more from the floor.

Access

Any means by which a person can enter a property.

Acre

A measurement of land equal to 43,560 square feet.

Addenda

A-Frame

A home whose underlying construction is built over an “A”-shaped frame.

Agency

The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.

Agent

A person acting on behalf of another, called the principal. 

Agreement of Sale

Known by various names, such as “contract of purchase”, “purchase agreement”, “sales agreement”, or “binder”, according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.

Annual Percentage Rate (APR)

Includes quoted interest rate on the loan, plus all additional service and finance charges associated with the loan. Includes all costs of financing – those paid at the time of closing and those paid over the term of the loan. The APR is usually slightly higher than the note rate.

Appraisal

An expert judgment or estimate of the quality or value of real estate as of a given date.

Art Deco

A house showing the stylistic attributes of the turn-of-the-century art deco artistic movement.

Asking Price

A seller's initial price for a property.

Assessed Value

The valuation placed upon property by a public tax assessor as the basis for taxes.

Assessments

Attached/Row House

Two or more dwellings that are attached physically but are owned and/or occupied by different people. Common types are: duplex, triplex, row housing, or townhouses.

Attic Finished

An improved area at the uppermost point of the home, sometimes used for living area.

Attorneys

Back-to-Back

Two houses connected by the back; each has a separate entrance facing opposite directions.

Basement

Any area of a building that has its floor sub-grade (below ground level) on all sides.

Bay/Bow Window

Window, divided into three sections, that curves outward in an arc, extending the window area out from the wall, so that it gives a room a larger appearance.

Beaux Arts

A home having an architectural style reminiscent of 19th-century, French building techniques.

Bed & Breakfast

A small inn or hotel, usually established in a pre-existing older home with a certain level of historical value or significance.

Bedroom

Bilevel

A house with two levels, where the main entrance to the house is between the two levels.

Breakfast Room

Generally a small eating area off the kitchen or dining room.

Bungalow

A one-story house or cottage, which often has either an open or enclosed front porch.

Buyer’s agent

Buyer’s broker

A real estate broker who exclusively represents the buyer's interests in a transaction, but whose commissions may be paid by the seller, buyer, or both.

Cape Cod

A style of wood-frame house with a front slanting, steep roof and windows projecting outward from the second floor (with or without dormer windows).

Cathedral

High, vaulted, open ceiling.

Certificate of Title

A document signed by a title examiner or attorney, stating that the seller has a good marketable and insurable title.

Chalet

A home built to resemble an alpine or ski-oriented lodge, cabin, or home.

Church/School

A building constructed specifically to house a church or a school.

Closing

Closing Costs

Closing Statement (Settlement)

The computation of financial adjustments between the buyer and seller as of the day of closing a sale, to determine the net amount of money which the buyer must pay to the seller to complete the purchase of the real estate. Also, “Settlement Sheets”.

Colonial

Any two-story home, traditional, contemporary, Tudor, cape cod or other.

Commercial Property

A commercial property, designed for the conduct of business (but not designed to serve as a residence or living space).

Commission

Payment of money or valuable consideration to a real estate broker or other agent or company for services performed.

Comparative market analysis (CMA)

Composite

A type of roof shingle with one or more different material components.

Condo 
(or homeowners’ association) bylaws

Condo Ownership

You own the dwelling unit but share common areas with the other unit owners of the complex. Maintenance fees are paid.

Condominium

An apartment-style unit contained within a larger building, but owned as property (by an owner), rather than leased (by a tenant).

Condominium fees

Contemporary

Any home, one story or two usually designed with some vaulted, cathedral ceilings, wooden trim and/or siding.

Contingencies

Convey

To deed or transfer title of property from one person to another.

Coop Ownership

A home that is owned by a corporation in which the residents own shares.

Cottage

A small residential building often found on the grounds of a larger home or estate.

Country Kitchen

Generally regarded as a roomy kitchen with space for a center island, a table or several people.

Deed

A formal written instrument by which title to real property is transferred from one owner to another. Also, “Conveyance”.

Deed of Trust

Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender or beneficiary.

Den/Study/Library

A separate room styled for entertainment or leisure.

Deposit receipt

Detached

A freestanding dwelling that is designed to house one family unit.  (i.e., Free-standing “Single Family Home”)

Dining "L"

A dining area connected at an angle to the living room. Normally enclosed with 3, not 4 walls.

Directional Signs

Discount points

Dome

A home built with a domed roof, instead of a flat or slanting roof.

Double Pane Window

A window with two pieces of glass.

Double Wide

A house that is unusually wide, relative to its general size and height.

Duplex

A building that is divided into two separate family residences, under the same roof, either in a top-bottom configuration, or in a side-by-side configuration.

Dwelling w/ Rental

A home that has an attached section that is ideally suited for renting as a separate residence.

Earnest Money

The money given to the seller by the potential buyer (usually held in escrow), upon the signing of the agreement of sale, to show that the buyer is serious about buying the house. Also, “Deposit”.

Earnest money contract

Easements

Enclosed Glass Porch

Exterior addition with glass facade.

End

A townhouse located at the end of a group.

Equity

The interest or value that the owner has in real estate over and above the debts against it. (The Sales Price – Mortgage Balance = Equity.)

Escrow

Funds, property or other things of value left in trust to a third party. The escrow may be released upon the fulfillment of certain conditions or by agreement of the parties.

Exclusive agreement

Family Room off Kitchen

A family room immediately adjacent to the kitchen.

Family Room

Room in a home designed for leisure time that often includes a television and other entertainment amenities.

Farm House

A house built on a farm to serve as the farming family’s residence.

Federal

A home whose architectural style is reminiscent of federal government buildings, as seen typically in Washington, DC.

Final Sales Contract

Final Walk-Through Inspection

Florida/Sun Room

Glass enclosed porches at the rear or side of a home, usually in warm weather areas.

French Doors

Single or double doors in which the majority of the door area is made up of one or more panes of glass surrounded by a frame. One or both doors swing open on hinges.

Full Basement

A basement that is fully excavated under the majority of the home.

Full Bathroom

Full service real estate agent

Fully Finished Basement

Generally regarded as an improved lower level suitable for additional living space. Some unfinished space is acceptable within the definition.

Game/Exercise Room

A separate room styled for entertainment or leisure.

Garden

A unit that provides access to a lawn area to all tenants. Commonly used to describe any low-rise complex.

Gas Station

A building and surrounding infrastructure designed to dispense gasoline at the retail level.

Geographical region

Great Room

Loosely defined as a large family room area, which may include access to an open kitchen.

Ground Lease / Ground Rent

A rental contract in which the tenant pays a certain sum merely for the right to use the land itself (rather than to lease a specific building or residence).

Half Bathroom

High-Rise

A building usually taller than nine stories, serviced by elevators. The designation as to high-rise is determined by local codes.

Hip

Roof style in which the rood slopes on the ends, as well as on the sides, so that the eave line formed is constant on all walls.

Home inspector

Homeowner’s insurance policy

Homeowners’ Association (HOA)

House location survey

Hotel/Motel

A building constructed for the purpose of offering travelers a room for rent on a short-term basis., which may include other amenities as well, such as restaurants, bars, clubs, conference rooms, and swimming pools.

House floor plan

House of Worship

Any church, synagogue, mosque or other establishment used primarily for the purpose of religious gatherings and worship services.

HUD-1 Form

Inactive listing

Industrial

Any facility or building specifically constructed for the purpose of engaging in industrial production, such as manufacturing.

In-Law Suite

A self-contained suite within a dwelling unit in a building for single-family residential use.

Interior

A townhouse located within a group.

International

A home whose architectural style has an international dimension of one kind or another.

Land property

Leasehold

A property that is for sale, but which has a lease currently in effect, which must continue to be honored until the contractual stipulations of the lease have been fulfilled.

Lender appraisal

Licensed real estate broker

Listing

Listing agent

Listing broker

Listing contract 
(or agreement)

Between a homeowner (as principal) and a licensed real estate broker (as agent), by which the broker is employed to market the real estate within a given time, for which service the owner agrees to pay a commission (or flat fee). Also, “listing agreement”.

Lease Type

Lockbox

Log Home

A home possessing an exterior visibly built out of unfinished logs, rather than using treated timber or bricks.

Lot Acreage

Lot Depth

Lot Length

Lot Size

Lot Width

Main Level Bedroom

A home with a bedroom located on the main living level

Market Price

The actual amount for which a piece of property is sold. Also, “Sales Price”, “Purchase Price”.

Market Value

The highest price which a buyer, ready, willing and able, but not compelled to buy, would pay, and the lowest price a seller, ready, willing and able but not compelled to sell, would accept. Serves as the basis for “listing price”, or “asking price”.

Master Bedroom
with sitting room

A smaller separate area connected to a master bedroom.

Medical

A building used primarily to provide medical services, testing, or research, as well as medical administrative functions.

Metropolitan Regional Information Systems, Inc. (MRIS)

MIRS MLS

Mid-Rise

A building usually less than nines stories, usually serviced by elevators.

Mobile

A pre-assembled home that can be transported on surface roads and re-located to another location relatively easily.

Mortgage

A lien or claim against real property given by the buyer to the lender as security for money borrowed.

Mortgage note

A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which it shall be paid. Also, “Deed Of Trust Note”.

Mortgage pay-off penalty

Multi-Family

A building or house designed to be divided into separate residences, each with its own living space for separate families.

Multi-family property

Multiple Listing Service (MLS)

Multiplex

A group of connected dwellings usually arranged by separate entrances facing different directions.

Net sheet

Normal Ownership
(fee simple)

You have absolute ownership of a parcel of land.

On the market

Office Building

A Building constructed for the purpose of providing office space, intended for the pursuance of any number of professional or commercial activities.

Office

Leased space, typically in an office building, intended for the pursuance of any number of professional or commercial activities.

On-line posting of photos

Open house

Other

Does not fit into any generally recognized category.

Parking Storage

A facility designed to house vehicles on a short-term or long-term basis.

Parking

An individual space that can be leased or bought for the purpose of parking an automobile.

Partial Basement

A basement that is not fully excavated under the majority of the home.

Partially Finished Basement

Generally regarded as missing some improved conditions making it not suitable or less suitable for additional living space. Conditions such as uninstalled carpet, drywall or ceiling is considerable examples of partially finished.

Patio Home

A home in which a patio figures prominently in the overall design and esthetics of the home.

Patio

An improved recreation area outside of a home.

Penthouse

A dwelling located at the top of a tall building, often luxurious.

Piggyback

A townhouse either above or below another townhouse, each having separate entrances.

PITI (Principal, Interest, Taxes, Insurance)

When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.

Points

Sometimes called “Discount Points”, a point is one percent of the amount of the mortgage loan.

Prepayment Penalty

Penalty for the payment of a mortgage note or deed of trust note before it actually becomes due.

Principal

This word has several meanings: (A) to denote the most important; (B) a capital sum lent on interest; (C) one who appoints an agent to act for and in principal’s stead; (D) either party to a contract.

Prorate

To allocate between the seller and buyer their proportionate share of an obligation paid or due. For example, a prorate of real property taxes, fire insurance, or condominium fee.

Provincial

A home whose architectural style has a provincial dimension of one kind or another.

Quad

A building containing four dwelling units.

R&D Flex Space

Real estate (buildings or land) that can be utilized for a wide variety of research and development activities by companies engaged in such activities.

Raised Rambler

A one-story home with all of the rooms on one floor, but built upon a raised foundation.

Raised Rancher

A one-story home with all of the rooms on one floor, but built upon a raided foundation.

Rambler

A one-story home with all of the rooms on one floor (basically interchangeable with rancher)

Rambler/Ranch

A one-story home with all of the rooms on one floor.

Rancher

A one-story home with all of the rooms on one floor (basically interchangeable with rambler).

Realtor

A designation for an agent or broker who is a member of the National Association of Realtors.

Rec Room

A family room usually located in the lower or basement level of a home.

Restaurant

A retail establishment offering meals and food for sale to the general public, which will generally contain areas for cooking and meal preparation, as well as areas for dining by patrons.

Retail

Any building or commercial space dedicated to selling merchandise to the general public.

Sales Associate

A person with a real estate license and associated with a specific real estate broker.

Salon

A commercial establishment in which hair-styling or other beauty services are offered.

Seller broker
(or listing broker)

A seller broker represents the interest of the seller (and the real estate brokerage for whom he/she works!) MLSNow eliminates the seller broker commissions altogether.

Semi-Detached

A home that is only attached to another home by a small section, such as one sidewall, or a garage or patio.

Separate Dining Room

A dining room that has the appearance of being unassociated with another room. Usually enclosed with 4 walls, but may be 3 or less.

Separate Laundry Room

A separate room usually containing a washer, dryer and sink.

Shingled/Asbestos

A type of roof shingle with asbestos as part of its composition.

Shingled/Wood

A type of roof shingle with wood being the main component.

Shopping Center

A building or series of buildings divided into individual retail outlets dedicated to selling merchandise to the general public.

Skylight

Roof window that allows natural light into a room.

Slate

A type of roof shingle with slate being the main component.

Sliding Glass Door

Door with sections that slide back and forth mounted on or suspended from a track.

Spanish

An architectural style reminiscent of Spanish or South West building methods, often with tiled red or orange roofs, and slightly Moorish design elements. Sometimes referred to as “Spanish Mission,” a design derived from the original missions established by the Spanish in the Southwest United States.

Split Foyer

Any home with a foyer entrance with steps leading up and/or down.

Split Level

Any home with three or more levels with steps in the center of the home.

Storage Room

A separate room best suited for storage.

Storage

A facility designed to offer storage space to individuals or companies, for the short-term or long-term storage of a variety of movable property.

Storm Windows/Storm Doors

A window installed, for additional protection in cold weather, over an ordinary window. A door that provides insulation and weather protection and is usually installed outside of a wooden exterior door.

Sub-agent

When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.

Survey

A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure a building is actually sited on the land according to its legal description.

Table Space

A kitchen with space large enough for a table.

Title

As generally used, a document that indicates rights of ownership and possession of particular property.

Title Abstract

A summary of the public records relating to the title to a particular piece of land. An attorney or title company reviews an abstract or title to determine whether there are any title defects.

Title Insurance

Protects lenders and homeowners against loss of their interest in property due to legal defects in title.

Title Search or Examination

A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims.

Townhouse

A residence, often including two or three stories, that is connected by a common wall to another residence.

Transitional

A home whose architectural style is a variation of a colonial.

Tray

A decorative ceiling finish, where the center is recessed from the vertical plane of the outside sections (in the shape of an upside-down tray).

Tudor

An architectural style reminiscent of the homes built during the Tudor period in England.

Two Master Bedrooms

Two bedrooms of similar size, each normally having their own master bath.

Unfinished Basement

A basement without improvements rendering it unacceptable as additional living space.

Vacation Home

A home that is usually located in a touristic area, and which is used primarily as a residence during times of vacation, and while away from the primary home.

Victorian

An architectural style that dates from the mid-19th century.

Walkout Level

Type of basement that allows a door to open into the yard because the basement is at ground level.

Walkout Stairs

A basement with steps leading from a basement door along the house to the ground level.

Warehouse

An industrial facility designed to temporarily house manufactured products, archival materials, or any such objects that need to be stored until such time as they are needed.

Warehouse/Retail

A large building simultaneously used to store general merchandise, as well as providing retail space to sell directly to the buying public.

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