Real Estate Terminology Flashcards
Parcels of land next to each other that share a common border.
Abutting
A summary of all of the recorded instruments and proceedings which affect
the title to property, arranged in the order in which they were recorded.
Abstract of Title
Term given to the practice of paying off a mortgage loan faster than
required by terms of the mortgage agreement.
Acceleration Clause
A mode of acquiring property that involves the addition of value to property
through labor or the addition of new materials. For example, a person who owns a property on a
river delta also takes ownership of any additional land that builds up along that riverbank due to
natural deposits or man made deposits.
Accession
A second residential unit that may be contained within an
existing single-family home, garage, or carriage house. An accessory apartment is usually
required to be a complete housekeeping unit that can function independently with separate
access, kitchen, bedroom, and sanitary facilities.
Accessory Apartment Uses
The use of land that is subordinate, incidental to, and customarily found in
connection with the principal use allowed on a lot by the zoning law. A garage is incidental to the
principal use of a lot as a single-family residence and customarily found on a single-family
parcel.
Accessory Uses
The addition of land through processes of nature, as by water or wind.
Accretion
A formal declaration before a duly authorized officer by a person who
has executed an instrument that such execution is the person’s act and deed.
Acknowledgement
A measure of land equaling 43,560 square feet.
Acre
Describes a cause of action that can be brought in court to address a change in
condition of a property brought about by a current tenant that damages or destroys the value of
that property.
Act of Waste
Income for which services have been performed.
Active Income
A method of valuing insured property.
Actual Cash Value
Where one is either by force or by process of law, actually put out of possession.
Actual Eviction
Notice delivered in such a way as to give legally sufficient assurance that actual
knowledge of the matter has been conveyed to the recipient.
Actual Notice
According to valuation.
Ad Valorem Taxes
The original cost of a property minus depreciation and sales of portions
thereof plus allowable additions such as capital improvements and certain carrying costs and
assessments. A bookkeeping rather than appraisal term.
Adjusted Basis
A mortgage loan with the interest rate on the note
periodically adjusted based on an index which reflects the cost to the lender of borrowing on the
credit markets.
Adjustable Rate Mortgage (ARM)
The Department of State’s ability to enforce license laws
through reprimand and denial as well as the suspension and revocation of licenses.
Administrative Discipline
The seller or buyer agrees to dual agency before it
occurs by indicating the same on the agency disclosure form.
Advance Consent to Dual Agency
A means of acquiring title where an occupant has been in actual, open,
notorious, exclusive, and continuous occupancy of property under a claim of right for the
required statutory period.
Adverse Possession
The net profit/loss realized after taxes are deducted.
After Tax Cash Flow
A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.
Agency Disclosure Form
One who undertakes to transact some business or to manage some affair for another by
authority of the latter.
Agent
Rights in real property to use the space above the surface of the land.
Air Rights
Allows lender to require the balance of a loan to be paid in full if the collateral is sold (also known as a “due on sale” clause).
Alienation Clause
The increase in the area of land due to sediment deposited by a river. This changes
the size of a piece of land (a process called accession) and thus it value over time.
Alluvion
Describes the terms under which the cooperative gives permission to
a shareholder before making any changes or improvements to the unit the shareholder occupies.
Alteration Agreement
A wide-ranging civil rights law enacted by the U.S.
Congress in 1990, that prohibits, under certain circumstances, discrimination based on
disability.
Americans with Disabilities Act
The process by which a loan principal decreases over the life of a loan.
Amortization
A unit measure of electricity.
Amperage
A key tenant in retail. Typically one of the larger stores in a shopping mall,
usually a department store or a major retail chain (Macys, Nordstrom, etc.).
Anchor Stores
Any person who engages in the business of claiming,
demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a
customer for furnishing information concerning the location and availability of real property,
including apartment housing, which may be leased, rented, shared or sublet as a private
dwelling, abode, or place of residence.
Apartment Information Vendor
any person who, for a fee, arranges, conducts, coordinates,
handles or causes meetings between a customer and the current owner or occupant of legally
occupied real property, including apartment housing, who wishes to share that housing with one
or more individuals.
Apartment Sharing Agent
An estimate of a property’s value by an appraiser who is usually presumed to be
expert in his work.
Appraisal
Monetary gain resulting from the increase in the market value of an
investment, excluding additions of capital. For example, a house which is sold five years after it
was purchased for 50% more than the purchase price.
Appreciation
– A sum of money or total of assets devoted to a special purpose.
Appropriation
A city or town which has been certified by the State Board of Real
Property Tax Services to have completed a revaluation or an update in conformance with its
rules and regulations.
Approved Assessing Unit
Something which is outside property itself but belongs to the land and adds
to its greater enjoyment such as a right-of-way or a barn or a dwelling.
Appurtenances
Oversees and upholds the quality and aesthetics of a
neighborhood, town, or city.
Architectural Review Board
Permission to modify or exceed the bulk regulations imposed by local zoning
ordinances.
Area Variance
The section of the New York Real Property Law pertaining to real estate
salespersons and brokers.
Article 12-A
An appeal brought forth because of a ruling by a government agency.
Article 78 Proceeding
A legal term used to disclaim some implied warranties for an item being sold. Denotes
that the seller is selling, and the buyer is buying a property in whatever condition it presently
exists.
“As is”
A naturally occurring mineral fiber sometimes found in older homes. It is hazardous
to health when a possibility exists of exposure to inhalable fibers. Homeowners should be alert
for friable asbestos and always seek professional advice in dealing with it.
Asbestos
A chronic lung disease caused by inhaling asbestos fibers.
Asbestosis
A valuation placed upon property by a public officer or a board, as a basis for
taxation.
Assessed Value
A city, county, town or village with the authority to value real property for
purposes of taxation.
Assessing Unit
An independent tribunal established to hear assessment
appeals.
Assessment Review Board
A charge against real estate made by a unit of government to cover a
proportionate cost of an improvement such as a street or sewer.
Assessments
The method or manner by which a right or contract is transferred from one
person to another.
Assignment
A licensed real estate broker who by choice elects to work
under the name and supervision of another real estate broker.
Associate Real Estate Broker
A clause found in real estate contracts that may allow buyers to
walk away from an agreed upon sale for any reason.
Attorney Review Clause
A sudden and perceptible loss or addition to land by the action of water, or a sudden
change in the bed or course of a stream.
Avulsion
A mortgage which does not amortize over the term of the note, thus
leaving a balance due at maturity.
Balloon Mortgage
A deed conveying real property without covenants.
Bargain and Sale Deed
One or more floors of a building that are either completely or partially below the
ground floor.
Basement
A major accounting method that recognizes revenues and expenses at the time physical
cash is actually received or paid out.
Basis
A horizontal structural member that supports a floor. Beams are typically wood, cold
formed metal framing or steel.
Beam
Structural walls that transfer building loads down to the foundation. Joists,
beams, and roofs are typically supported by bearing walls.
Bearing Walls
The net profit/loss calculated by subtracting expenses from income
before taxes are paid.
Before Tax Cash Flow
The person who receives or is to receive the benefits resulting from certain acts.
Beneficiary
A type of loan used to fund the purchase of more than one piece of real
property. A blanket mortgage is often used for subdivision financing.
Blanket Mortgage
An ad that remains anonymous as to who is advertising. Blind ads are illegal.
Blind Ad
The practice of inducing homeowners in a particular neighborhood to sell their
homes quickly, often at below market prices, by creating the fear that the entry of a minority
group or groups into the neighborhood will cause a precipitous decline in property values.
Blockbusting
Architectural drawings that describe the layout and construction of a house.
Blueprint
A series of documents submitted for the review by a cooperative board.
Board Package
Cash received in a tax-deferred exchange.
Boot
A type of short-term loan, typically taken out for a period of 2 weeks to 3 years.
Bridge Loan
The amount of heat energy needed to raise the temperature of
one pound of water by one degree F. This is the standard measurement used to state the amount
of energy that a fuel has as well as the amount of output of any heat generating device.
British Thermal Unit (BTU)
A broker’s agent is an agent that cooperates or is engaged by a listing agent
or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to
assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the
listing agent’s seller or the buyer agent’s buyer.
Broker’s Agent
Regulations established by state or local governments stating fully that
structural requirements for building.
Building Code
A town or city agency that oversees and reviews building applications
by licensed professionals to ensure compliance with local building code and zoning ordinances.
Building Department
Refers to the massing or bulk of a building. Typically defined by the
exterior walls of a building.
Building Envelope
Written governmental permission for the construction, renovation or
substantial repair of a building.
Building Permit
The premise that the ownership of real estate consists of the ownership of
various rights associated with it. These rights include the right to use and/or occupy, the right to
sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the
foregoing.
Bundle of Rights
Obtaining a lower interest rate by paying additional points to the lender.
Buydown
An agent who represents the buyer of real property.
Buyer Agent
The owner’s rights and obligations for a condominium.
By-laws
Expenditures creating future value. Incurred when a property
owner spends money to upgrade a building in an effort to add value and/or extend the useful life
of the building
Capital Expense (CAPEX)
A profit that results from a the sale of a property where the amount realized
from the sale exceed the purchase price.
Capital Gain
The difference between a lower selling price and a higher purchase price,
resulting in a financial loss to the seller.
Capital Loss
Money set aside by a property owner for long-term capital
expenditures to a property.
Capital Reserve Budget
The percentage which is the sum of the discount rate, the effective tax
rate and the recapture rate representing the relationship between net operating income and
present value.
Formula: Value = Income / Rate
Capitalization Rate
The net result when income from an investment property is subtracted from the
expenses. The result is used to determine the rate of return on an investor’s money.
Cash Flow
A percentage return on money invested in a property by an
investor. Formula: Cash Flow / Down Payment.
Cash on Cash Return
A Latin term that means “let him beware.” Caveats have many applications in law and
finance, pertaining to all parties involved being aware of all of the facts of a transaction. Caveat is
usually interpreted as a sort of warning or cautionary expression.
Caveat
Let the buyer beware. The buyer must examine the goods or property and
buy at the buyer’s own risk.
Caveat Emptor
Upon the establishment of a cease and desist zone by the Secretary, a
list of homeowners who have filed owner’s statements expressing their wish not to be solicited by
real estate brokers or salesperson. Soliciting of listed homeowners by licensees is prohibited.
Violators of such prohibition are subject to licensure suspensions or revocation.
Cease and Desist List
Small, relatively permanent statistical subdivisions of a country or equivalent
entity that are updated by local participants prior to each decennial census. The primary purpose
of the census tracts is to provide a stable set of geographic units for the presentation of statistical
data.
Census Tract
A document issued by a governmental authority that a
building is ready and fit for occupancy.
Certificate of Occupancy (CO)
The sequence of historical transfers of title to a property. It runs from the
present owner back to the original owner of the property.
Chain of title
The process by which a salesperson’s license changes sponsorship.
Change of Association
Personal property, such as household goods.
Chattel
A colorless, odorless, viscous liquid used as an insecticide. It may be toxic to
humans and wildlife as a result of its effect on the nervous system.
Chlordane
A fluid, containing hydrocarbons, that absorbs heat from a
reservoir at low temperatures and rejects heat at higher temperatures. When emitted into the
atmosphere, CFCs cause depletion of the stratospheric ozone layer.
Chloro-flouro Carbons (CFCs)
The safety valves for electrical systems. It interrupts an electric circuit when
an unusual condition arises such as lightning and malfunctioning appliances. Unlike a fuse, it
can be reset.
Circuit Breaker
A federal law that prohibits all discrimination on the basis of race.
Civil Rights Act of 1866
Federal law designed to control air pollution on a national level.
Clean Air Act (CAA)
The one by whom a broker is employed.
Client
A document commonly used in real estate transactions, detailing the
fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership
to take place.
Closing Statement
To mingle or mix, for example, a client’s funds in the broker’s personal or
general account.
Commingling
A sum due a real estate broker for services in that capacity.
Commission
Spaces in a commercial building shared by the tenants or residents of the
building. Common areas include lobbies, corridors, stairs, elevators, etc.
Common Areas
Also known as Common Areas; refers to the spaces in a building shared
by residents of the building. Common areas include lobbies, corridors, stairs, elevators, etc.
Common Elements
A property evaluation that determines property value by
comparing similar properties sold within the last year.
Comparative Market Analysis
Enacted in 1980, a federal law designed to clean up sites contaminated with
hazardous substances.
Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA)
Taking private property for public use, with fair compensation to the owner;
exercising the right of eminent domain.
Condemnation
A form of fee simple ownership of part of a structure having multiple units.
Owners have title to their own units plus a share of the common elements.
Condominium
A residential establishment that includes both a condominium and cooperative
ownership structures. Typically the condop refers to the residential portion of a building which
is treated as a single condominium unit owned through a cooperative-ownership structure.
Condop
An agent is obligated to safeguard his/her principal’s lawful confidences and
secrets. Therefore, a real estate broker must keep confidential any information that may weaken
a principal’s bargaining position. The duty of confidentiality precludes a broker who represents a
seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price.
Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the
buyer can, or will, pay more than what has been offered for a property.
The duty of confidentiality does not include an obligation by a broker who represents a seller to
withhold know material facts about the condition of the seller’s property from the buyer, or to
misrepresent the property’s condition. To do so constitutes misrepresentation and may impose
liability on both the broker and/or the seller.
Confidentiality
Created by the local legislature to advice in the
development, management, and protection of the community’s natural resources and to prepare
an inventory and map of open spaces.
Conservation Advisory Council
Anything given to induce another to enter into a contract such as money or
personal services.
Consideration
A loan secured by real estate which is for the purpose of funding
the construction of improvements or building(s) upon the property.
Construction Mortgage
Any disturbance of the tenant’s possession of the leased premises by
the landlord whereby the premises and rendered unfit or unsuitable for the purpose for which
they were leased.
Constructive Eviction
Information or knowledge of a fact imputed by law to a person because
the person could have discovered the fact by proper diligence and inquiry (e.g. via public
records).
Constructive Notice
A provision in a contract that requires the occurrence of a specific event before
the contract can be completed.
Contingency
Post license education required by salespersons and brokers. New
York State demands 22.5 hours of continuing education.
Continuing Education
The transfer of the title of land from one to another. The means or medium by
which title of real estate is transferred.
Conveyance
A real estate agent who sells a property. The selling agent may be (1) the
subagent or listing agent of the seller; (2) a buyer’s agent; or (3) a dual agent. Also called a selling
agent or participating agent.
Cooperating Agent
A dwelling unit owned by a corporation in which an owner owns stock
commensurate with the value of his or her apartment compared to the value of the building as a
whole. The stockholder has a proprietary lease to the apartment.
Cooperative
A maintenance task performed to identify, isolate, and rectify a
problem with a property so that the property can be restored to an acceptable condition.
Corrective Maintenance
The total dollar expenditure for labor, materials, legal services, architectural design,
financing, taxes during construction, interest, contractor’s overhead and profit, and
entrepreneurial overhead and profit (may or may not equal value).
Cost
A method of estimating the value of real property by calculating a current
construction cost, subtracting accrued depreciation and adding a land value obtained from the
market. This method works best when the improvements are relatively new and estimates of
depreciation are thus more likely to be accurate.
Cost Approach
A type of offer made in response to another offer, which was seen as
unacceptable. A counteroffer revises the initial offer, making it more appealing for the person
making the new offer.
Counteroffer
A local unit with the responsibility for protecting, assuring,
and improving the health of its citizens.
County Health Department
Agreements written into deeds and other instruments promising performance or
nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
Covenant
Limitations and rules on a group of
homes by a builder, developer, neighborhood association and/or homeowner associations; when
living in a building, a buyer gives up certain freedoms to be part of a shared community.
Covenants, Conditions and Restrictions (CCRs)
Shallow space between the underside of the first floor of a house and the
ground.
Crawl Space
an agreement that a person will borrow money and repay it to the lender over time.
Credit
A blind alley: a street with only one outlet.
Cul-de-sac
A husband’s interest upon the death of his wife in the real property of an estate that
she either solely owned or inherited provided they bore a child capable of inheriting the estate.
Curtesy
The party the agent brings to the principal as seller or buyer of the property.
Customer
Also known as a Master Deed, is a fundamental document that establishes the
existence of and further governs the use and maintenance of a condominium property.
Declaration
Annual amount to be paid by a debtor on an obligation to repay borrowed
money.
Debt Service
The amount charged as due or owing.
Debits
An appropriation of land to some public use, made by the owner, and accepted
for such use by or on behalf of the public.
Dedication
Land that has been put aside for a public use by a deed which states
exactly what the property will be used for.
Dedication by Deed
The amount of expenses that must be paid out of pocket before an insurer will
pay any expenses.
Deductible
A imposed restriction in a deed for the purpose of limiting the use of the
land such as:
1) A restriction against the sale of liquor thereon.
2) A restriction as to the size, type, value or placement of improvements that may be erected
thereon.
Deed Restriction
The failure to pay back a loan.
Default
Legal policy mandates that a deed to real property be a matter of
public record; therefore, subsequent to delivery and acceptance, a deed must be properly
recorded.
Delivery and Acceptance
The statistical study of human populations.
Demography
Established in 1965, HUD
works to create a decent home and suitable living environment for all Americans; it does this by
addressing housing needs, improving and developing American communities, and enforcing fair
housing laws.
Department of Housing and Urban Development (HUD)
A loss of utility and thus value caused by physical deterioration, functional
obsolescence or economic obsolescence or any combination thereof.
Depreciation
Consists of the written words which delineate a specific piece of
real property.
Description (Schedule A)
Appointing one or more individual agents in a firm to represent
only the interests of the seller and one or more different individual agents in the firm to
represent only the interests of the buyer when a firm has an “in-house” dual agency situation.
Designated Sales Agent
The cost of labor and materials.
Direct Cost
The release of relevant information about a property that may influence the final
sale, especially if it represents defects or problems.
Disclosure
A form of pre-paid interest where 1 point equals 1 percent of the loan
amount.
Discount points
Failure to do something at the proper time, especially such delay as will
bar a party from bringing a legal proceeding.
Doctrine of Laches
A parcel of real property that has an easement over another piece of
property (the servient estate).
Dominant Tenement
The part of or interest in real estate of a deceased husband given by law to his widow
during her life.
Dower
The portion of a home’s purchase price that is paid in cash and is not part of
the mortgage loan. This amount varies based on the loan type, but is determined by taking the
difference of the sale price and the actual mortgage loan amount. Mortgage insurance is required
when a down payment less than 20 percent is made.
Down Payment
Representing both principals (seller and buyer) to a transaction.
Dual Agency
The review and investigation of a property to evaluate any legal liability.
Due Diligence
Allows lender to require the balance of a loan to be paid in full if the
collateral is sold (also known as an Alienation Clause).
“Due on Sale” Clause
Down payment made by a purchaser of real estate as evidence of
good faith.
Earnest Money Deposit
A right that may be exercised by the public or individuals on, over or through the
lands of others.
Easement
An easement that benefits the dominant estate and “runs with the land”. In other words, an easement appurtenant generally transfers automatically when the
dominant estate is transferred.
Easement Appurtenant
An easement created by the government or government
agency that has exercised its right under eminent domain.
Easement by Condemnation
The creation of an easement by one party expressly transferring the
easement to another party.
Easement by Grant
An easement that is not created by express statements between
the parties; but as a result of surrounding circumstances that dictate that an easement must have
been intended by the parties.
Easement by Implication
Parcels without access to a public way may have an easement of
access over adjacent land if crossing that land is absolutely necessary to reach the landlocked
parcel and there has been some original intent to provide the lot with access.
Easement by Necessity
Implied easements granted after the dominant estate has used
the property in a hostile, continuous, and open manner for a statutorily prescribed number of
years.
Easement by Prescription
A type of negative easement. This easement prevents an
adjoining land owner from building any structure that would obstruct the passage of light or air
from reaching the dominant land.
Easement for Light and Air
An easement that benefits an individual or a legal entity, rather than a dominant estate.
Easement in Gross
The section of the roof that overhangs the walls of a house.
Eave
A loss in value caused by influences external to the property such
as increasing industrial activity near a residential neighborhood.
Economic Obsolescence
Created when electricity flows through a wire.
Electro-magnetic Field
A right of the government to acquire property for necessary public use by
condemnation; the owner must be fairly compensated.
Eminent Domain
A person who is hired to provide services to a company on a regular basis in
exchange for compensation and who does not provide these services as part of an independent
business.
Employee
A building, part of a building, or obstruction which intrudes upon or invades
a highway or sidewalk or trespasses upon the property of another.
Encroachment
Any right to or interest in the land interfering with its use or transfer, or
subjecting it to an obligation.
Encumbrance
A report addressing the potential effects on the
environment of a proposed federal government project.
Environmental Impact Statement
The reversion to the State of property in event the owner thereof abandons it or dies,
without leaving a will and has no distributees to whom the property may pass by lawful descent.
Escheat
A written agreement between two or more parties providing that certain instruments
or property be placed with a third party to be delivered to a designated person upon the
fulfillment or performance of some act or condition.
Escrow
A leasehold estate for any specific period of time. An estate for years is not
automatically renewed.
Estate for Years
An instrument executed by the mortgagor setting forth the present status and the
balance due on the mortgage as of the date of the execution of the certificate.
Estoppel
A study of the nature, quality, or utility of certain property interests in which a
value estimate is not necessarily required, e.g. highest and best use, feasibility, market supply
and demand, etc.
Evaluation
A legal proceeding by a lessor landlord to recover possession of real property.
Eviction
An agreement of employment of a broker to the exclusion of all other
brokers; if sale is made by any other broker during term of employment, broker holding
exclusive agency is entitled to commissions in addition to the commissions payable to the broker
who effected the transaction
Exclusive Agency
An agreement of employment by a broker under which the exclusive
right to sell for a specified period is granted to the broker; if a sale during the term of the
agreement is made by the owner or by any other broker, the broker holding such exclusive right
to sell is nevertheless entitled to compensation.
Exclusive Right to Sell
An agreement that has been fully performed.
Executed Contract
A person or institution appointed by a testator to carry out the terms of their will.
Executor
A contract which has not yet been fully performed (fully executed).
Executory Contract
Conditions under which a property condition disclosure statement is not
required.
Exemption
A contract in which all elements of a contract are specifically stated (offer,
acceptance, consideration), and the terms are stated, as compared to an “implied” contract in
which the existence of the contract is assumed by the circumstances.
Express Contract
An actual agency created by written or oral agreement between the
principal and the agent.
Expressed Agency
A federal prohibition that protects buyer/renter of a dwelling
from seller/landlord discrimination with regards to race, color, religion, gender, or national
origin.
Fair Housing Act of 1968
A single person, pregnant woman or a household with children under 18
living with parents or legal custodians who might experience housing discrimination.
Familial Status
A group consisting of parents and children living together in a household.
Family
Architectural term for a band running horizontally and situated vertically under a roof
edge, or which forms the outer surface of a cornice, visible to an observer. Typically consisting of
a wooden board or sheet metal.
Fascia
Absolute ownership of real property; a person has this type of estate
where the person is entitled to the entire property with unconditional power of disposition
during the person’s life and descending to the person’s heirs or distributees.
Fee Simple Estate
Backed loans that usually require a lower down payment and may sometimes
have a lower interest rate.
FHA Mortgage
A person who on behalf of or for the benefit of another transacts business or
handles money or property not the person’s own; such relationship implies great confidence and
trust.
Fiduciary
The legal duty of a fiduciary to act in the best interests of the beneficiary.
One common duty includes confidentiality.
Fiduciary Duties
The decline in value of properties in neighborhoods that were once middle
or upper-middle income.
Filtering Down
The first contact or meeting by a licensee when some detail and
information about the property is shared with parties who express some interest in the real
estate transaction.
First Substantive Contact
Personal property so attached to the land or improvements as to
become part of the real property.
Fixture / Trade Fixture
Sheet metal used at wall and roof junctions and around chimneys to prevent water
entry.
Flashing
A fee paid by a seller or buyer on a housing co-op transaction typically in New York
City. It is not a tax, and not deductible as a property tax. It is a transfer fee payable upon the
sale of an apartment to the co-op.
Flip Tax
A term used for buying a home and then turning around and reselling it for a profit.
Flipping
Concrete set in the soil (foundation bed) that support the foundation of the house.
Footing
A special agreement between the lender and the borrower to delay a
foreclosure.
Forbearance
The part of the structure, typically below grade, upon which all other
construction is built.
Foundation Walls
Moderately toxic gases or liquids which have typically been used as refrigerants (in air
conditioning units) and as aerosol propellants.
Freon
