Terms B

Question 1

A mortgage which does not amortize over the term of the note, thus leaving a balance due at maturity.

Answer 1

Balloon Mortgage

Question 2

A deed conveying real property without covenants.

Answer 2

Bargain and Sale Deed

Question 3

One or more floors of a building that are either completely or partially below the ground floor.

Answer 3

Basement

Question 4

A major accounting method that recognizes revenues and expenses at the time physical cash is actually received or paid out.

Answer 4

Basis

Question 5

A horizontal structural member that supports a floor. Beams are typically wood, cold formed metal framing or steel.

Answer 5

Beam

Question 6

Structural walls that transfer building loads down to the foundation. Joists, beams, and roofs are typically supported by bearing walls.

Answer 6

Bearing Walls

Question 7

The net profit/loss calculated by subtracting expenses from income before taxes are paid.

Answer 7

Before Tax Cash Flow

Question 8

The person who receives or is to receive the benefits resulting from certain acts.

Answer 8

Beneficiary

Question 9

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.

Answer 9

Blanket Mortgage

Question 10

An ad that remains anonymous as to who is advertising. Blind ads are illegal.

Answer 10

Blind Ad

Question 11

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.

Answer 11

Blockbusting

Question 12

Architectural drawings that describe the layout and construction of a house.

Answer 12

Blueprint

Question 13

A series of documents submitted for the review by a cooperative board.

Answer 13

Board Package

Question 14

Cash received in a tax-deferred exchange.

Answer 14

Boot

Question 15

A type of short-term loan, typically taken out for a period of 2 weeks to 3 years.

Answer 15

Bridge Loan

Question 16

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.

Answer 16

British Thermal Unit (BTU)

Question 17

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.

Answer 17

Broker’s Agent

Question 18

Regulations established by state or local governments stating fully that structural requirements for building.

Answer 18

Building Code

Question 19

A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances.

Answer 19

Building Department

Question 20

Refers to the massing or bulk of a building. Typically defined by the exterior walls of a building.

Answer 20

Building Envelope

Question 21

Written governmental permission for the construction, renovation or substantial repair of a building.

Answer 21

Building Permit

Question 22

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.

Answer 22

Bundle of Rights

Question 23

Obtaining a lower interest rate by paying additional points to the lender.

Answer 23

Buydown

Question 24

An agent who represents the buyer of real property.

Answer 24

Buyer Agent

Question 25

The owner’s rights and obligations for a condominium.

Answer 25

By-laws