 |
|
A - D | E - H | I - L | M - P | Q - T | U - Z
Qualifying ratios
Lenders compute qualifying ratios to determine how much a potential buyer can borrow.
Queen Anne style
A Victorian-era style that originated in San Francisco.
(See Related Terms)
Quit-claim deed
A document that releases a party from any interest in a piece of real estate.
(See Related Terms)
Radon
A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A leading cause of lung cancer , radon is found in mostly the northern half of the country.
(See Related Terms)
Rafter
Rafters form the slope of a pitched roof and are analogous to floor joists.
(See Related Terms)
Rammed-earth construction
An alternative building process in which dirt is compacted into large structural frames to create walls.
(See Related Terms)
Ranch style
Modern ranch-style homes, popularized in the 1950s, were championed by such architectural giants as Frank Lloyd Wright.
(See Related Terms)
Rate lock
When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the guaranteed interest rate is in effect.
(See Related Terms)
Rate-improvement mortgage
A loan with a clause that entitles a borrower to a one-time cut in the interest rate without going through refinancing.
(See Related Terms)
Real estate
Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.
(See Related Terms)
Real estate agent
A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.
(See Related Terms)
Real estate attorney
A lawyers who specializes in real estate transactions.
(See Related Terms)
Real estate broker
A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions.
(See Related Terms)
Real estate investment trusts (REITs)
The trusts are publicly traded companies that own, develop and operate commercial properties.
(See Related Terms)
Real Estate Settlement Procedures Act (RESPA)
A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business.
(See Related Terms)
Real property
Land and any permanent fixtures on it, including buildings, trees and minerals.
(See Related Terms)
Realtist
A designation for an agent or broker who is a member of the National Association of Real Estate Brokers.
Realtor
A designation for an agent or broker who is a member of the National Association of Realtors.
(See Related Terms)
Recission
The cancellation of a contract by law or consent by the parties involved.
(See Related Terms)
Reconveyance
When a borrower completely pays off the mortgage, the property is reconveyed to them from the lender.
(See Related Terms)
Recorder
A public official responsible for keeping the records of all real estate transactions.
(See Related Terms)
Recording
The filing of a specific document to the appropriate government entity.
(See Related Terms)
Recording fee
A fee charged by real estate agents for conveying the sale of a piece of property into the public record.
(See Related Terms)
Redlining
The practice by a bank or insurance company to deny credit or insurance to people based on ethnic background or neighborhood.
(See Related Terms)
Refinancing
The process of replacing an older loan with a new mortgage that has better terms.
(See Related Terms)
Regulation Z
The federal code issued under the Truth-in-Lending Act which requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.
(See Related Terms)
Rehabilitation mortgage
A mortgage that provides for the costs of repairing and improving a resale home or building.
(See Related Terms)
Relocation benefits
Benefits provided by employers for new workers and can include moving costs, reimbursement for temporary housing and transportation, real estate agent assistance and discounted loans.
(See Related Terms)
Relocation company
A firm that administers all aspects of moving in new employees to the community.
(See Related Terms)
Remaining balance
The amount of unpaid principal on a home loan.
(See Related Terms)
Remaining term
The original loan term minus the number of payments made.
(See Related Terms)
Rent loss insurance
A policy that covers any loss of rent or rental value in the event of fire or other damage that renders the property uninhabitable.
(See Related Terms)
Renter's insurance
A policy that covers the replacement value of possessions.
(See Related Terms)
Repayment plan
When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.
(See Related Terms)
Replacement reserve fund
Money that is set aside from homeowners' assessments to replace common property, such as furniture in a planned development's community room.
(See Related Terms)
Repossession
When a house is repossessed, it is taken back by the lender holding the mortgage.
(See Related Terms)
Resale value
The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions.
(See Related Terms)
Reserve fund
All homeowners associations set aside a certain amount of money for major repairs or improvements.
(See Related Terms)
Restructured loan
A mortgage in which new terms are negotiated.
(See Related Terms)
Return on investment
The amount of profit a property generates.
(See Related Terms)
Reverse mortgage
A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.
(See Related Terms)
Ridge board
A horizontal board that serves as the apex of the roof structure.
(See Related Terms)
Ridge vent
A vent located along the ridge board of the roof that allows moisture to escape.
(See Related Terms)
Right of first refusal
An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.
(See Related Terms)
Right to recission
A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.
(See Related Terms)
Rough-in
The installation of plumbing, electrical and other mechanical systems.
(See Related Terms)
Rural Housing Service
A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available.
(See Related Terms)
R-value
A construction term that refers to the resistance of to heat loss. The higher the R-value, the slower the rate of heat loss.
(See Related Terms)
Sale-leaseback
A transaction in which the buyer leases back the property to the seller for a specified period of time.
(See Related Terms)
Sales contract
A contract signed by the buyer and seller that details the terms of a home purchase.
(See Related Terms)
Saltbox style
A design that dates to colonial times and takes its name from the shape of saltboxes.
(See Related Terms)
Sanitary sewer
The drain line in a house that carries away food and human wastewater to a municipal sewer system or a septic system.
(See Related Terms)
Sash
One of two windows in a double-hung window.
(See Related Terms)
Schematic designs
Renderings of floor plans and the exterior of a house.
(See Related Terms)
Second mortgage
Another loan placed upon a piece of property.
(See Related Terms)
Secondary mortgage market
A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.
(See Related Terms)
Secured loan
Any loan backed by collateral.
(See Related Terms)
Security
A piece of property designated as collateral.
(See Related Terms)
Seller broker
A seller broker represents the interest of the seller.
(See Related Terms)
Seller carry-back
An agreement in which the seller provides financing for a home purchase.
(See Related Terms)
Seller take-back
An agreement in which the seller provides financing for a home purchase.
(See Related Terms)
Seller's market
A hot real estate market in which sellers have the advantage and multiple offers are common.
(See Related Terms)
Semi-custom home
The buyer of a semi-custom home is free to make some design changes but not to the home's structural plan.
(See Related Terms)
Septic system
A self-contained sewage treatment system that distributes wastewater to an underground storage area and relies on bacterial action to decompose solid waste matter.
(See Related Terms)
Servicer
A firm that collects mortgage payments and manages borrowers' escrow accounts.
(See Related Terms)
Setback
The minimum distance a house or buildings must be from the lot line.
(See Related Terms)
Settlement statement
A document that details who has paid what to whom.
(See Related Terms)
Shared-appreciation mortgage
A loan that allows a lender or other party to share in the borrower's profits when the home is sold.
(See Related Terms)
Shared-equity transaction
A transaction in which two buyers purchase a property, one as a resident co-owner and the other as an investor co-owner.
(See Related Terms)
Shed ceiling
A shed ceiling pitches upward at one end.
(See Related Terms)
Shed roof
A shed roof pitches up longer on one side than the other.
(See Related Terms)
Shingle style
An alternative style of Victorian homes that evolved in the late 19th century to simplify the complexity of the traditional Victorian house.
(See Related Terms)
Shingles
Thin, wedge-shaped pieces of wood or flat rectangular pieces of slate, mineral fiber, glass fiber or composition asphalt installed on a roof to prevent water seepage.
Shoe molding
An unobtrusive finish trim between the floor and the baseboard designed to hide any irregularities in the seam between the floor and wall or baseboard.
(See Related Terms)
Sill cock
An exterior threaded faucet connection for garden hoses that provides water outside a home.
(See Related Terms)
Sill plate
A horizontal piece of wood placed on top of the foundation.
(See Related Terms)
Skylight
A window in a roof that allows natural light to illuminate a room.
(See Related Terms)
Slab foundation
A foundation built directly on soil with no basement or crawl space.
(See Related Terms)
Slider window
A window that is composed of two windows, or sashes, that glide open and closed on a metal track.
(See Related Terms)
Soffit
An external area under the overhang of a roof.
(See Related Terms)
Soils test
A test of the subsoil to ensure that foundations can be safely constructed.
(See Related Terms)
Spanish Mission style
A design that is derived from the original missions established by the Spanish in the Southwest.
(See Related Terms)
Special assessment
When a homeowners' association needs or wants extra funds, it levies a special assessment upon the owners.
(See Related Terms)
Special deposit account
Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.
(See Related Terms)
Specifications
The written requirements for materials, equipment, construction systems and standards.
(See Related Terms)
Speculation home
A home that has been built without a buyer.
(See Related Terms)
Splash block
A slanted block used to divert runoff water from a downspout away from the foundation.
(See Related Terms)
Split-level style
A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage.
(See Related Terms)
Square footage
The number of square feet of livable space in a home or building.
(See Related Terms)
Standard Metropolitan Statistical Area
Areas designated by the U.S. Office of Management and Budget that contain a city of 50,000 or more.
(See Related Terms)
Standard payment calculation
A calculation that is used to determine the monthly payment necessary to repay the balance of a home loan in equal installments.
(See Related Terms)
Starter home
Homes that fall within the lower price range of a typical first-time buyer.
(See Related Terms)
Steel framing
A construction method used by commercial and residential builders.
(See Related Terms)
Step-rate mortgage
A loan that allows a gradual increase in the interest rate during the first few years of the loan.
(See Related Terms)
Storm sewer
A drain line, which is not connected to the sewer line, removes all other wastewater from a home.
(See Related Terms)
Storm windows
Sets of windows and screens that are installed on older double-hung windows.
(See Related Terms)
Straight purchase
A transaction in which the buyer gives a new-home builder a deposit to begin building and the balance when the sale of the house closes.
(See Related Terms)
Strike plate
The metal part of a lock that is anchored to the doorframe and holds the door closed.
(See Related Terms)
Stucco
A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building.
(See Related Terms)
Studs
The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached.
(See Related Terms)
Subagent
When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.
(See Related Terms)
Subcontractor
Specialty construction companies hired by the general contractor to perform certain tasks.
(See Related Terms)
Subdivision
The process in which the owner of a large piece of property divides it into smaller parcels.
(See Related Terms)
Sub-flooring
The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring.
(See Related Terms)
Subordinate loan
A second or third mortgage.
(See Related Terms)
Sump pump
A pump that moves water from a basement sump pit.
(See Related Terms)
Survey
A precise measurement of a piece of property by a licensed surveyor.
(See Related Terms)
Sweat equity
The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements.
(See Related Terms)
Tap fees
Most companies charge a tap fee for hooking up utilities.
(See Related Terms)
Tax deduction
A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
(See Related Terms)
Tax lien
An impediment placed against a property, such as back taxes.
(See Related Terms)
Tax sale
The public sale of a property by the government for nonpayment of taxes.
(See Related Terms)
Tax shelter
A term often applied to real estate investment and refers to various tax advantages.
(See Related Terms)
Tear-down condition
A house that requires the entire interior to be rebuilt.
(See Related Terms)
Teaser rate
An low, short-term rate offered on a mortgage to entice the borrower.
(See Related Terms)
Tenancy by the entirety
When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
(See Related Terms)
Tenants in common
Two or more owners who share interest in a specific property.
(See Related Terms)
Terrace
A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
(See Related Terms)
The 72-hour clause
When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remove the contingency or lose the house.
(See Related Terms)
Third-party origination
In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
(See Related Terms)
Timeshare
Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
(See Related Terms)
Title
The actual legal document conferring ownership of a piece of real estate.
(See Related Terms)
Title company
Firms that ensure that the title to a piece of property is clear and provide title insurance.
(See Related Terms)
Title insurance
A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
(See Related Terms)
Title risk
Possible impediments to the transfer of a title from one owner to another.
(See Related Terms)
Title search
A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.
(See Related Terms)
Top producer
A real state industry term that refers to agents and brokers who sell a high volume of homes.
(See Related Terms)
Top soil
The top layer of soil that is removed when lots are graded in preparation for construction.
(See Related Terms)
Total expense ratio
The percentage of monthly debt obligations relative to gross monthly income.
(See Related Terms)
Townhouse
An attached home that is not a condominium.
(See Related Terms)
Tract home
Another term for a production home, a mass-produced house constructed by one builder in a project.
(See Related Terms)
Trade equity
Other real estate or assets a buyer gives to a seller as part of the down payment.
(See Related Terms)
Trading down
A reference to buyers who purchase a home that is less expensive than their current house.
(See Related Terms)
Trading up
A reference to buyers who purchase a home that is more expensive home than their current house.
(See Related Terms)
Transfer of ownership
Any legal means by which a piece of real estate changes hands.
(See Related Terms)
Transfer tax
An assessment by state or local authorities at the time a piece of property changes hands.
(See Related Terms)
Transom
A small hinged window directly above a door.
(See Related Terms)
Trans-Union
Trans-Union Corp. is one of the
(See Related Terms)
Tray ceiling
A tray ceiling has edges that slant toward the middle from the walls.
(See Related Terms)
Treasury bills
Securities issued by the Treasury Department that have the full backing of the U.S. government.
(See Related Terms)
Treasury index
An index used to determine interest rate changes for adjustable rate mortgages.
(See Related Terms)
Trellis
A decorative landscape structure made of thin strips of wood or plastic.
(See Related Terms)
Trim work
The finishing of doors, doorways, window frames and floors.
(See Related Terms)
Truss
A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.
(See Related Terms)
Trust account
Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.
(See Related Terms)
Trustee
A legally empowered person who holds or controls a piece of property for another person.
(See Related Terms)
Truth-in-Lending Act
A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed.
(See Related Terms)
Tuck-point
The process of removing old mortar from between bricks and replacing it with new mortar.
(See Related Terms)
Two- to four-family property
A piece of property that is owned by one person but provides housing for up to four households.
(See Related Terms)
Two-step mortgage
An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.
(See Related Terms)
|
|
|
|
|
Ask An Expert
