Terms B Flashcards
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 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 listings 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
