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REAL ESTATE TOPICS:
GLOSSARY
OF REAL ESTATE TERMS
GLOSSARY
1031 exchange or
Starker exchange:
The delayed exchange of properties that qualifies for tax purposes as a
tax-deferred exchange.
1099:
The statement of income reported to the IRS for an independent contractor.
A/I:
A contract that is
pending with attorney and inspection contingencies.
Accompanied showings:
Those showings where the listing agent must accompany an agent and his or
her clients when viewing a listing.
Addendum:
An addition to; a document.
Adjustable rate
mortgage (ARM):
A type of mortgage loan
whose interest rate is tied to an economic index, which fluctuates with
the market. Typical ARM periods are one, three, five, and seven years.
Agent:
The licensed real estate salesperson or broker who represents buyers or
sellers.
Amended value:
The actual sale price after the seller successfully markets and sells his
or her home through the broker of his or her choice. The sale is turned
over to a third-party relocation company for closing, and the guaranteed
offer is amended or changed.
Annual percentage rate
(APR): The
total costs (interest rate, closing costs, fees, and so on) that are part
of a borrower’s loan, expressed as a percentage rate of interest. The
total costs are amortized over the term of the loan.
Application fees:
Fees that mortgage companies charge buyers at the time of written
application for a loan; for example, fees for running credit reports of
borrowers, property appraisal fees, and lender-specific fees.
Appointments:
Those times or time periods an agent shows properties to clients.
Appraisal:
A document of opinion of
property value at a specific point in time.
Appraised price (AP):
The price the third-party relocation company offers (under most contracts)
the seller for his or her property. Generally, the average of two or more
independent appraisals.
“As-is”:
A contract or offer clause stating that the seller will not repair or
correct any problems with the property. Also used in listings and
marketing materials.
Assumable mortgage:
One in which
the buyer agrees to fulfill the obligations of the existing loan agreement
that the seller made with the lender. When assuming a mortgage, a buyer
becomes personally liable for the payment of principal and interest. The
original mortgagor should receive a written release from the liability
when the buyer assumes the original mortgage.
Back on market (BOM):
When a property or listing is placed back on the market after being
removed from the market recently.
Back-up agent:
A licensed agent who works with clients when their agent is unavailable.
Balloon mortgage:
A type of mortgage that is generally paid over a short period of time, but
is amortized over a longer period of time. The borrower typically pays a
combination of principal and interest. At the end of the loan term, the
entire unpaid balance must be repaid.
Back-up offer:
When an offer is accepted contingent on the fall through or voiding of an
accepted first offer on a property.
Bill of sale:
Transfers title to personal property in a transaction.
Board of REALTORS®
(local): An association of REALTORS® in a specific geographic area.
Broker:
A state licensed individual who acts as the agent for the seller or buyer.
Broker of record:
The person registered with his or her state licensing authority as the
managing broker of a specific real estate sales office.
Broker’s market
analysis (BMA):
The real estate broker’s opinion of the expected final net sale price,
determined after acquisition of the property by the third-party company.
Broker’s price opinion
(BPO): The
real estate broker’s opinion of the expected final net sale price,
determined prior to the acquisition of the property.
Broker’s tour:
A preset time and day when real estate sales agents can view listings by
multiple brokerages in the market.
Buyer:
The purchaser of a property.
Buyer agency:
A real estate broker retained by the buyer who has a fiduciary duty to the
buyer.
Buyer agent:
The agent who shows the buyer’s property, negotiates the contract or offer
for the buyer, and works with the buyer to close the transaction.
Carrying costs:
Cost incurred to maintain a property (taxes, interest, insurance,
utilities, and so on).
Closing:
The end of a transaction process where the deed is delivered, documents
are signed, and funds are dispersed.
CLUE:
CLUE (Comprehensive Loss Underwriting Exchange) is the insurance
industry’s national database that assigns individuals a risk score. CLUE
also has an electronic file of a properties insurance history. These files
are accessible by insurance companies nationally. These files could impact
the ability to sell property as they might contain information that a
prospective buyer might find objectionable, and in some cases not even
insurable.
Commission:
The compensation paid to the listing brokerage by the seller for selling
the property. A buyer agency agreement may require the buyer to pay a
commission to his or her agent.
Commission split:
The percentage split of commission compensation between the real estate
sales brokerage and the real estate sales agent or broker.
Comparative market
analysis: A
study done by real estate sales agents and brokers using active, pending,
and sold comparable properties to estimate a listing price for a property.
Competitive market
analysis (CMA):
The analysis used to provide market information to the seller and assist
the real estate broker in securing the listing.
Condominium
association:
An association of all owners in a condominium.
Condominium budget:
A financial forecast and report of a condominium association’s expenses
and savings.
Condominium by-laws:
Rules passed by the condominium association used in administration of the
condominium property.
Condominium
declarations:
A document that legally establishes a condominium.
Condominium right of
first refusal:
A person or an association that has the first opportunity to purchase
condominium real estate when it becomes available or the right to meet any
other offer.
Condominium rules and
regulation:
Rules of a condominium association by which owners agree to abide.
Contingency:
A provision in a contract requiring certain acts to be completed before
the contract is binding.
Continue to show:
When a property is under contract with contingencies, but the seller
requests that the property continue to be shown to prospective buyers
until contingencies are released.
Contract for deed:
A sales contract in which the buyer takes possession of the property but
the seller holds title until the loan is paid. Also known as an
installment sale contract.
Contract of sale:
An agreement between the third-party relocation company and the seller
(transferee) whereby the third-party company purchases property owned by
the seller.
Conventional mortgage:
A type of
mortgage that has certain limitations placed on it to meet secondary
market guidelines. Mortgage companies, banks, and savings and loans
underwrite conventional mortgages.
Cooperating
commission: A
commission offered to the buyer’s agent brokerage for bringing a buyer to
the selling brokerage’s listing.
Cooperative (Co-op):
Where the shareholders of the corporation are the inhabitants of the
building. Each shareholder has the right to lease a specific unit. The
difference between a co-op and a condo is in a co-op, one owns shares in a
corporation; in a condo one owns the unit fee simple.
Corporate client:
The company with whom the third-party relocation company has an agreement
to handle the relocating employees.
Counteroffer:
The response to an offer or a bid by the seller or buyer after the
original offer or bid.
Credit report:
Includes all of the
history for a borrower’s credit accounts, outstanding debts, and payment
timelines on past or current debts.
Credit score:
A score assigned to a borrower’s credit report based on information
contained therein.
Curb appeal:
The visual impact a
property projects from the street.
Days on market:
The number of days a property has been on the market.
Decree:
A judgment of the court
that sets out the agreements and rights of the parties.
Desk fees:
A fee charged by the real estate company or brokerage for the real estate
agent to use a desk.
Destination services:
Services
provided to the transferee at the new location. They can include
familiarization tours, temporary housing, school searches, and so on.
Direct home-selling
costs (DHSC):
Carrying costs, loss on sale, repairs and improvements, commission,
closing costs, principal, interest, taxes and insurance, interest on
equity loans, and utilities.
Disclosures:
Federal, state, county, and local requirements of disclosure that the
seller provides and the buyer acknowledges.
Divorce:
The legal separation of a
husband and wife effected by a court decree that totally dissolves the
marriage relationship.
DOM:
Days on market.
Down payment:
The amount of cash
put toward a purchase by the borrower.
Drive-by:
When a buyer or seller agent or broker drives by a property listing or
potential listing.
Dual agent:
A state-licensed individual who represents the seller and the buyer in a
single transaction.
Earnest money deposit:
The money
given to the seller at the time the offer is made as a sign of the buyer’s
good faith.
E-mail:
Electronic or Internet-based communication.
Escrow account for
real estate taxes and insurance:
An account into which borrowers pay monthly prorations for real estate
taxes and property insurance.
Exchange/service
account: A
brokerage expense account that accrues charges for marketing.
Exclusions:
Fixtures or personal property that are excluded from the contract or offer
to purchase.
Expired (listing):
A property listing that has expired per the terms of the listing
agreement.
Fax rider:
A document that treats facsimile transmission as the same legal effect as
the original document.
Feedback:
The real estate sales agent and/or his or her client’s reaction to a
listing or property. Requested by the listing agent.
Fee simple:
A form of property ownership where the owner has the right to use and
dispose of property at will.
FHA:
Federal Housing Administration.
FHA (Federal Housing
Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be
underwritten by a mortgage company or banker.
Fixture:
Personal property that
has become part of the property through permanent attachment.
Flat fee:
A predetermined amount of compensation received or paid for a specific
service in a real estate transaction.
Floor duty or time:
That a time,
usually assigned, when a real estate sales agent answers telephones,
e-mails, or walk-in requests for information on property.
For sale by owner (FSBO):
A property that is for sale by the owner of the property.
Gift letter:
A letter to a lender
stating that a gift of cash has been made to the buyer(s) and that the
person gifting the cash to the buyer is not expecting the gift to be
repaid. The exact wording of the gift letter should be requested of the
lender.
Good faith estimate:
Under the Real
Estate Settlement Procedures Act, within three days of an application
submission, lenders are required to provide in writing to potential
borrowers a good faith estimate of closing costs.
Gross closed
commission income:
The total amount of commission income a real estate sales agent or broker
receives from closed transactions.
Gross sale price:
The sale price before any concessions.
Guaranteed offer:
The amount, after appraisals, the employer offers the transferring
employee for his or her property.
Hazard insurance:
Insurance that covers losses to real estate from
damages that might affect its value.
Home-finding
assistance:
Additional assistance provided by a third-party relocation company that
can include information about the destination community.
Homeowner’s insurance:
Coverage that
includes personal liability and theft insurance in addition to hazard
insurance.
HUD:
U.S. Department of Housing and Urban Development.
HUD/RESPA
(Housing and Urban
Development/Real Estate Settlement Procedures Act): A
document and statement that details all of the monies paid out and
received at a real estate property closing.
Hybrid adjustable
rate: Offers a
fixed rate the first 5 years and then adjusts annually for the next 25
years.
IDX:
(Internet Data Exchange) Allows real estate brokers to advertise each
other’s listings posted to listing databases such as the multiple listing
service.
Inclusions:
Fixtures or personal property that are included in a contract or offer to
purchase.
Independent
contractor: A
real estate sales agent who conducts real estate business through a
broker. This agent does not receive salary or benefits from the broker.
Inputting:
The process of entering new listings or changes to a current listing in
the multiple listing services.
Inspection rider:
Rider to purchase agreement between third-party relocation company and
buyer of transferee’s property stating that property is being sold “as
is”. All inspection reports conducted by the third party company are
disclosed to the buyer and it is the buyer’s duty to do his/her own
inspections and tests.
Installment land
contract: A
contract in which the buyer takes possession of the property while the
seller retains the title to the property until the loan is paid.
Interest rate float:
The borrower
decides to delay locking their interest rate on their loan. They can float
their rate in expectation of the rate moving down. At the end of the float
period they must lock a rate.
Interest rate lock:
When the
borrower and lender agree to lock a rate on loan. Can have terms and
conditions attached to the lock.
Inventory:
A transferee’s property the third party relocation company has acquired.
List date:
Actual date the property was listed with the current broker.
List price:
The price of a property through a listing agreement.
Listing:
Brokers written agreement to represent a seller and their property. Agents
refer to their inventory of agreements with sellers as listings.
Listing agent:
The real estate sales agent that is representing the sellers and their
property, through a listing agreement.
Listing agreement:
A document that establishes the real estate agent’s agreement with the
sellers to represent their property in the market.
Listing appointment:
The time when a real estate sales agent meets with potential clients
selling a property to secure a listing agreement.
Listing exclusion:
A clause included in the listing agreement when the seller (transferee)
lists his or her property with a broker.
Loan:
An amount of money that is lent to a borrower who
agrees to repay the amount plus interest.
Loan application:
A document
that buyers who are requesting a loan fill out and submit to their lender.
Loan closing costs:
The costs a lender charges to close a borrower’s loan. These costs vary
from lender to lender and from market to market.
Loan commitment:
A written
document telling the borrowers that the mortgage company has agreed to
lend them a specific amount of money at a specific interest rate for a
specific period of time. The loan commitment may also contain conditions
upon which the loan commitment is based.
Loan package:
The group of mortgage
documents that the borrower’s lender sends to the closing or escrow.
Loan processor:
An administrative individual who is assigned to check,
verify, and assemble all of the documents and the buyer’s funds and the
borrower’s loan for closing.
Loan underwriter:
One who underwrites a loan for another. Some lenders
have investors underwrite a buyer’s loan.
Lockbox:
A tool that allows secure storage of property keys on the premises for
agent use. A combo uses a rotating dial to gain access with a combination;
a Supra® (electronic lockbox or ELB) features a keypad.
Managing broker:
A person licensed by the state as a broker who is also the broker of
record for a real estate sales office. This person manages the daily
operations of a real estate sales office.
Market familiarization
trip: A visit
by the transferee to the new location to view housing market options and
location highlights.
Marketing period:
The period of
time in which the transferee may market his or her property (typically 45,
60, or 90 days), as directed by the third-party company’s contract with
the employer.
Mortgage banker:
One who lends the bank’s funds to borrowers and
brings lenders and borrowers together.
Mortgage broker:
A business that or an individual who unites lenders
and borrowers and processes mortgage applications.
Mortgage loan
servicing company:
A company that
collects monthly mortgage payments from borrowers.
Multiple listing
service (MLS):
A service that compiles available properties for sale by member brokers.
Multiple Offers:
More than one buyers broker present an offer on one property where the
offers are negotiated at the same time.
NATIONAL ASSOCIATION
OF REALTORS® (NAR):
A national association comprised of real estate professionals.
Net sales price:
Gross sales price, less concessions, to the buyers.
Niche:
A special area or interest.
Off market:
A property listing that has been removed from the sale inventory in a
market. A property can be temporarily or permanently off market.
Offer to purchase:
When a buyer proposes certain terms and presents these terms to the
seller.
Office tour/caravan:
A walking or driving tour by a real estate sales office of listings
represented by agents in the office. Usually held on a set day and time.
Open house (public):
When a listing that is on market is available to the public for viewings
and showings.
Parcel identification
number (PIN):
A taxing authority’s tracking number for a property.
Payoff letter:
A written document
from a seller’s mortgage company stating the amount of money needed to pay
the loan in full.
Pending:
A real estate contract that has been accepted on a property but the
transaction has not closed.
Personal assistant:
A real estate sales agent administrative assistant.
Planned unit
development (PUD):
Mixed-use development that sets aside areas for residential use,
commercial use, and public areas such as schools, parks, and so on.
Preapproval:
A higher level of
buyer/borrower prequalification required by a mortgage lender. Some
preapprovals have conditions the borrower must meet.
Prepaid interest:
Funds paid by
the borrower at closing based on the number of days left in the month of
closing.
Prepayment penalty:
A fine imposed
on the borrower by the lender when the loan is paid off before it comes
due.
Prequalification:
The mortgage
company tells a buyer in advance of the formal mortgage application, how
much money the borrower can afford to borrow. Some pre-qualifications have
conditions that the borrower must meet.
Preview appointment:
When a buyer’s agent views a property alone to see if it meets his or her
buyer’s needs.
Pricing:
When the potential seller’s agent goes to the potential listing property
to view it for marketing and pricing purposes.
Principal:
The amount of money a buyer borrows.
Principal, interest,
taxes, and insurance (PITI):
The four parts that make up a borrower’s monthly mortgage payment.
Private mortgage
insurance (PMI):
A special
insurance paid by a borrower in monthly installments, typically of loans
of more than 80 percent of the value of the property.
Professional
designation:
Additional nonlicensed real estate education completed by a real estate
professional.
Professional
regulation: A
state licensing authority that oversees and disciplines licensees.
Promissory note:
A promise-to-pay document used with a contract or an offer to purchase.
Property or
home-finding assistance status reports: Reports filed weekly or monthly by the listing or buying agent
representing the transferee.
R & I:
Estimated and actual repair and improvement costs.
Real estate agent:
An individual
who is licensed by the state and who acts on behalf of his or her client,
the buyer or seller. The real estate agent who does not have a broker’s
license must work for a licensed broker.
Real estate contract:
A binding
agreement between buyer and seller. It consists of an offer and an
acceptance as well as consideration (i.e., money).
REALTOR®:
A registered trademark of
the NATIONAL ASSOCIATION OF REALTORS that can be used only by its members.
Release deed:
A written document
stating that a seller or buyer has satisfied his or her obligation on a
debt. This document is usually recorded.
Relist:
Property that was listed with another broker but relisted with a current
broker.
Rider:
A separate document that
is attached to a document in some way. This is done so that an entire
document does not need to be rewritten.
Salaried agent:
A real estate sales agent or broker who receives all or part of his or her
compensation in real estate sales in the form of a salary.
Sale
price: The
price paid for a listing or property.
Sales meetings:
An informational meeting conducted by the managing broker held in the real
estate sales office.
Sales volume:
The total amount of
all sales prices for all transactions completed by a real estate agent,
broker, or real estate sales office.
Secondary market:
An institutional investment market that purchases mortgages from mortgage
lenders.
Seller (owner):
The owner of a
property who has signed a listing agreement or a potential listing
agreement.
Showing:
When a listing is shown to prospective buyers or the buyer’s agent
(preview).
Sign rider:
An additional sign
placed on a brokerage yard sign; it may include the agent’s name, “open
Sunday,” “contract pending,” “sold,” the new price, and so on.
Special assessment:
A special and
additional charge to a unit in a condominium or cooperative. Also a
special real estate tax for improvements that benefit a property.
State Association of
REALTORS®: An
association of Realtors® in a specific state.
Supra®:
An electronic lockbox (ELB) that holds keys to a property. The user must
have a Supra keypad to use the lockbox.
Temporarily off market
(TOM): A
listed property that is taken off the market due to illness, travel,
repairs, and so on.
Temporary housing:
Housing a transferee occupies until permanent housing is selected or
becomes available.
Third-party company:
A relocation company hired by an employee’s employer to coordinate the
employee’s move to a new location.
Trailing spouse:
The spouse or partner of the employee being moved to a new location by an
employer.
Transaction:
The real estate process from offer to closing or escrow.
Transaction fee:
A fixed amount
in addition to commission charged to sellers.
Transaction management
fee (TMF): A
fee charged by listing brokers to the seller as part of the listing
agreement.
Transaction sides:
The two sides of a transaction, sellers and buyers. The term used to
record the number of transactions in which a real estate sales agent or
broker was involved during a specific period.
24-hour notice:
Allowed by law,
tenants must be informed of showing 24 hours before you arrive.
Under contract:
A property that has an accepted real estate contract between seller and
buyer.
VA:
U.S. Department of Veterans Affairs.
VA Loan Guarantee:
A guarantee on a mortgage amount backed by the U.S. Department of Veterans
Affairs.
Vacate date:
The date on which the seller (transferee) vacates the property (generally
the date when responsibility for property expense by the transferee ends)
and the third-party company assumes ownership for the property through a
buyout.
Virtual tour:
An Internet web/cd-rom-based video presentation of a property.
Voice mail:
A telephone message system where voice messages can be retrieved directly
or from a remote location.
VOWs
(Virtual Office Web sites): are an Internet based real estate brokerage
business model that works with real estate consumers in same way as a
brick and mortar real estate brokerage.
W-2:
The Internal Revenue form issued by employer to employee to reflect
compensation and deductions to compensation.
W-9:
The Internal Revenue form requesting taxpayer identification number and
certification.
Walk-through:
A showing before closing or escrow that permits the buyers one final tour
of the property they are purchasing.
Will:
A document by which a
person disposes of his or her property after death.
Work sheet
(transaction):
The real estate sales company form that records all information relevant
to a transaction.
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HOUSING TYPES:
Condominium/Cooperative/Apartment Terms
Common area/grounds:
The elements of building and grounds that all unit owners own jointly.
Condominium:
A dwelling of two or more property units where the owner owns the interior
space and, in common with other owners, owns a square foot ratio of the
common areas, such as the grounds, hallways, stairways, lobby, mechanical
systems of common areas, and parking and recreational areas.
Cooperative (Co-op):
A corporation in which the tenants purchase shares that give them the
right to occupy a unit in the building.
Courtyard:
An outdoor space faced by a building.
Duplex:
Two properties joined by one common wall
Elevator building:
One that has one or more elevators to reach the units.
Flat:
Another name for an apartment.
Full-amenity building:
One that offers a variety of services to occupants: doorman,
delivery/shipping room, dry cleaner, pool, tennis court, store, exercise
facilities, and so on.
Garden apartment:
A dwelling unit partially below grade.
High-rise:
A multiple-floor building of ten or more floors.
Management company:
A professional
real estate management company that manages the physical operation of a
building.
On-site management:
The management of a building who works from an office within the building.
Parking:
· Deeded: A parking space
that is owned as a piece of real estate.
· Leased: A parking space
that is leased by the building occupant.
· Underground: A parking
space located beneath grade of the building.
· Assigned: A parking
space appointed by the association or management company.
· Valet: The car is
parked and returned by a parking attendant for the occupant of the space.
Self-managed:
Buildings and dwelling units overseen by unit owners or unit shareholders.
Site engineer:
The mechanical or
operations professional for a building who is on-site at his or her place
of employment. Some engineers live on the premises and are referred to as
the super, short for superintendent.
Walk-up:
A building with no elevator.
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OTHER
PROPERTY TERMS
Income/investment
property:
Property that provides compensation or tax advantages to the owner.
1-4 unit:
A multiple-dwelling building of one to four units.
2/3 flat:
A multiple-dwelling
building that has two or three units stacked on top of each other.
Lakefront:
A dwelling unit that has front footage on a lake.
Lake view:
A dwelling unit that has visual exposure to a lake.
Manufactured home:
All or part of a dwelling unit that is constructed in one location and
placed in another location.
Mid-rise:
A multiple-floor building that has three to nine floors.
Mobile home:
A dwelling unit that is constructed with attached wheels and can be moved
from one location to another.
Model home/condo:
A dwelling unit that the builder/developer finishes as a sales sample for
the public to view.
Penthouse:
A dwelling unit of the uppermost occupied floor of a building.
Percent
owner-occupied:
The number of units in a
condo or co-op that are owner-occupied.
Rental:
Property for which the
occupant/tenant pays the landlord/owner a fixed periodical sum of money.
Riparian:
Property rights relating to land bordering flowing water.
Row houses:
Attached homes with a common side wall(s).
Quadrominium:
Four attached condominiums.
Single-family home:
A dwelling unit that has no common walls with another dwelling unit.
Spec home:
A home built on speculation by a builder/developer.
Studio:
A one-room dwelling unit.
Townhouse:
A series of attached dwelling units with common wall(s).
Vacation or resort or
second home: A
residence owned as a nonprimary residence.
Water rights:
Rights by a property owner to use a body of water.
RETURN TO TOP
HOUSE STYLES
American Four Square
Bi-level
Brownstone
Bungalow
Cape Cod
Coach House
Colonial
• Dutch
• Center Entry
• Federal
• Georgian
• Williamsburg
Contemporary
Cottage
Earth Home
English Basement
Farmhouse
French Provincial
Georgian
Greystone
Hillside
Landmark
Log
Mediterranean
Prairie
Queen Anne
Rambler
Ranch
Raised Ranch
Row House
Spanish
Split Level
Traditional
Tri-level
Tudor-English
Victorian
Walk-out (basement)
NEW
CONSTRUCTION TERMS
Allowance
Option
Package
Proposed
Stubbed bath
Upgrade
PROPERTY FEATURE TERMS
Air conditioning
Central air
Space pac
Window/wall
Zoned
BASEMENT/FOUNDATION TERMS
Block: Concrete
Brick
Cellar: A room for
storing garden products, i.e., bulbs, canned goods, and so on
Concrete
Crawl space: A shallow
space beneath the first floor
English: One that is
partially above grade
Exterior access: One that
has a door to the outside
Finished: One that has
drywalled or paneled rooms
Full: One that is the
same size as the first floor, excluding the garage
Partial: One that does
not cover the same area as the first floor
Partially finished: One
that has drywall or paneled walls
Piers/pillars: Supports
under a dwelling unit
Slab: A concrete slab
foundation
Stone: Stone as side
walls of foundation
Unfinished: One that has
no finished space
Walk-out: One that has a
door to the outside
Wood: side walls or the
floor constructed from wood
BATHS
Master
Full
Powder
Bidet
DRIVEWAY
Shared
ELECTRICAL
Circuit breakers
Fuses
Amps
SAFETY
EQUIPMENT
CO Detectors
Smoke/Fire Detectors
EXTERIOR
MATERIALS
Aluminum
Asbestos
Block
Brick
Cedar
Dryvit
Frame
Glass
Log
Marble/Granite
Masonite
Shakes
Slate
Steel
Stone
Stucco
Vinyl
FIREPLACES
Decorative
Electric
Gas logs
Gas starter
Heatilator
Wood-burning
FLOORING TYPES
Carpet
Ceramic tile
Concrete
Hardwood
• Pegged
• Parquet
• Random-width
Marble
Vinyl
GARAGES
Attached
Carport
Detached
Garage door openers
Transmitters
HEAT/FUEL
Baseboard
Electric
Gas
Gravity air
Forced air
Heat pump
Hot water/steam
Oil
Propane
Radiant
Radiators
Solar
LAUNDRY
First-floor laundry
In-unit laundry
Second-floor laundry
MISCELLANEOUS ROOMS
Darkroom
Den/office/study
Exercise room
Foyer
Gallery
Great room
In-law arrangement
Lanai
Library
Loft
Maid’s room
Porch, enclosed
Porch, screened
Recreation room
Sitting room
Workshop
ROOF TYPES
Asphalt rolled
Asphalt shingles
Copper
Fiberglass rolled
Fiberglass shingles
Metal
Rubber
Slate
Tar and gravel
Tile
Tin
Wood shakes/shingles
CONSTRUCTION TERMS
Cathedral ceiling
Dry bar
Handicapped accessible
Handicapped equipped
Portico
Skylight
Wet bar
Source:
The Original New Agent’s Guide: Starting & Succeeding in Real Estate
by Mark Nash (South-Western Publishing). To order the book, call
1-800-354-9706 or go online:
http://realestate.swlearning.com.
RETURN TO TOP
DISCLAIMER
John P. Hale is owner and
Designated Broker of Touchstone Residential Realty, Inc., 2485 West Tom Watson
Drive, Tucson, Arizona 85745. He has been a residential real estate agent
in the greater Tucson Metropolitan area since 2000. In addition to being
licensed as a Broker rather than a salesperson, John holds the following
designations awarded by the National Association of REALTORS®:
ABR – Accredited Buyer Representative, ASR – Accredited Seller
Representative, CRS – Certified Residential Specialist, and GRI – Graduate
Realtor Institute. And, John is among the very few that have been
named, MRE – Master of Real Estate by the Arizona Association of Real
Estate.
Please note that this
article was written by him to reflect the author’s opinion of good
practice at the time of its’ writing for the general benefit of those
considering sale or purchase of residential real estate, it is not
intended as definitive legal advice and you should not act upon it as such
without seeking independent legal counsel. Frequent changes in the law
and standards of practice may cause this information to become outdated
and no longer applicable or even incorrect. |
