North Texas Home Finders


North Texas
Home Finders

Office: 972 347 9970
info@northtexashomefinders.com

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Common Real Estate Terms

% Improved:
The percentage of Total Value of a piece of property that is from the Improved Value.

1st Right of Refusal:
The opportunity of a party to match the terms of a proposed contract before the contract is executed.

A/C Date:
The date the status of the listing was changed to Active/Contingent.

Access Instruction:
Instructions to the Buyer's Agent on how to access the property; if there is a Lockbox or if the agent needs to pick up a key.

Accompany:
The buyer's agent must be at the showing with the client.

Acres:
The total number of acres of the property.

Active (A):
A listing that is currently ready to sell or lease, and available to show.

Active/Contingent (AC):
A listing where an offer has been accepted on the property but is contingent upon "something" else happening either on the buyer or seller's side.

Actual Taxes:
The total amount of taxes paid with exemptions calculated.

Actual Rent:
The amount of rent that is currently being collected for that particular unit.

Acquisition Inclusion:
Obtaining ownership of the asset through purchase, trade or gift.

ADA Compliant:
The property is compliant with the Americans with Disabilities Act.

Adjustable-rate Mortgage:
A mortgage that changes interest rate periodically based upon the changes in a specified index.

Adjustment Date:
The date on which the interest rates changes for an adjustable-rate mortgage (ARM).

Adjustment Period:
The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).

ADOM:
Actual Days on Market; tied to the MLS number

Agent or Owner Present:
Either the Listing Agent or Owner must be present at all showings

Agent Remarks:
Remarks given to other agents with information about the property; calling for security code, bonus or commission special.

Agricultural Land:
Land on which a food crop, a feed crop, a fiber crop, a silvicultural crop or a horticultural crop is grown. The term includes range land and land used as pasture.

Agricultural Tax Exemption:
A classification for ad valorem tax purposes applied to land used for agricultural use or open space. Essentially, the exemption reduces the ad valorem property tax liability on the property in exchange for keeping the land in an undeveloped state.

Agricultural Types Allowed:
Agricultural animals allowed on the property, i.e. cattle, livestock, poultry

Alarm on Premises:
There is some type of Security System on the property that might need a code to disarm before entering.

Alley Access:
Access to the building though means other than the main road, usually behind the buildings, or between two rows of buildings and/or houses.

Amortization:
Prepayment of a mortgage loan by installments; with regular payments to cover the principal and interest.

Amortization Term:
the amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization tern is 360 months.
Annual Percentage Rate (APR):
The cost of a mortgage started as a yearly rate; includes such items as interest, mortgage insurance, and loan origination fee (points).

Annual Replacement Reserves:
The amount set aside for the possibility of economic setback or for the replacement of worn-out assets.

Apartment:
A dwelling unit within a multifamily structure, generally provided as rental housing.

APOD/Backup Available:
This form is used mostly for larger apartments, however it can be useful modified for smaller investments also. A standard for expenses would be 32% of the gross rents.

Appraisal:
A written analysis of the estimated value of a property prepared by a qualified appraiser.

Appraiser:
A person qualified by education, training, and experience to estimate the value of real property and personal property.

Appreciation:
An increase in the value of a property due to changes in market conditions or other causes.

Approximate Year Built:
The actual date in time when real property improvements were placed into service, or when construction of the improvements was completed.

Architect Approved:
Does this property need architect approval before construction can commence?

Area Amenities:
The non-monetary benefits derived from property ownership, such as pride of home ownership. Example: features that add to a property's desirability, such as community pool.

Asphalt Shingles:
The value established for property tax purposes.

Assessed Value:
The value established for property tax purposes.
Assessment:
The amount of tax or special payment due to a municipality or association.

Asset:
Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).

Assignment:
The transfer of a mortgage from one person to another.

Assumable:
A mortgage loan that allows a new home purchaser to undertake the obligation of the loan with no change in loan terms.

Assumable Mortgage:
A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

Assumption:
The transfer of the seller's existing mortgage to the buyer.

Assumption Clause:
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.

Assumption Fee:
The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage.

Attached 1/2 Duplex:
A former duplex that has been legally separated by the county to sell each side separately.

Attached Spa/Hot Tub:
A spa and/or hot tub that is attached to the pool on the property.

Attic Fan:
A fan that blows heated air out of the attic of a building.

Auction:
A public sale of a property or real estate that is sold to the highest bidder.

Balance Sheet:
A financial statement that shows assets, liabilities, and net worth as of a specific date.

Balloon Mortgage:
A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.

Balloon Payment:
The final lump sum payment that is made at the maturity date of a balloon mortgage.

Bamboo Flooring:
Flooring made of bamboo.

Bankrupt:
A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.

Bankruptcy:
A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve that debts by transferring his or her assets to a trustee.

Barrel Roof:
A roof configuration with a partial cylindrical shape to it.

Baseboard Heat:
Heat to the dwelling through the baseboards.

Basement:
Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level on all sides.

Batts:
Pre-cut pieces of insulation in standard sizes; batts may have a facing of kraft paper, aluminum foil or poly (plastic) or no facing at all.

Bedrooms:
A room consisting of at least a door to close it off from the rest of the house, a closet and a window.

Before-Tax Income:
Income before taxes are deducted.

Beneficiary:
The person designated to receive the income from a trust, estate, or a deed of trust.

Bidet:
A sanitary fitting for washing the nether parts of the body. Water is supplied from an over rim mixer or an upward spray. The discharge is wastewater not soil water

Binder:
A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real estate.

Biweekly Payment Mortgage:
A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest.

Blanket:
Rolls of Insulation; may have facing of kraft paper or aluminum foil backed paper.

Blanket Mortgage:
The mortgage that is secured by a cooperative project, as opposed to the share loans on individual units within the project.

Block & Beam:
Foundation to the dwelling is constructed with blocks and beams.

Blown-in Insulation:
Loose material used for insulation that is not rolled or placed in the room or wall of a building.

Boiler Heat
Heat to the dwelling through a boiler system.

Bond:
An interest-bearing certificate of debt with a maturity date, and an obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.

Breach:
A violation of any legal obligation.

Breakfast Area:
A place for light meals (usually near a kitchen); "the breakfast nook had a built in table and seats".

Breakfast Bar:
Informal space in the kitchen to allow for people to eat in it without having to use the formal dining room, integrated into a kitchen counter.

Brick/Adobe Flooring:
Flooring made of brick and/or adobe material.

Brick Veneer:
a house where the walls consist of a layer of brick covering timber framework. The bricks have no structural role.

Bridge Loan:
A form of a second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold. Also known as "swing loan".

Broker:
A person who, for a commission or a fee, brings parties together and assists in negotiating contracts between them.

Builder Restricted:
Restricting the purchaser to only go through a specific builder.

Building Assessment:
The amount of tax or special payment due to a municipality or association for the building.

Building Class:
A subject division of buildings by desirability among tenants and investors. Criteria include age, location, construction quality, attractiveness of style, level of maintenance, and so on. The class may be based on standards for market acceptance or the type of construction materials used. Classes based on market acceptance are not equivalent to those based on construction materials.

Building Plans:
A view of a building floor, looking down from above, showing its horizontal elements, such as, walls, doors, windows, cabinetry, etc..

Building Size Restriction:
Provisions in building codes that affect the size of a building.

Building Style Restriction:
Provisions in building codes that affect the style of a building.

Built to Suit:
An arrangement whereby a landowner offers to pay to construct on his or her land a building specified by a potential tenant, and then to lease land and building to the tenant.

Built-up Roof:
A built-up assembly is one made up of several components, usually glue-fixed, but sometimes screwed, nailed, bolted or welded.

Buy-down Mortgage:
A temporary buy-down is a mortgage on which an initial lump sum payment is made by any party to reduce a borrower's monthly payments during the first few years of a mortgage. A permanent buy-down reduces the interest rate over the entire life of a mortgage.

Buyer Agent:
An agent hired by a prospective purchaser to find an acceptable property for purchase. The broker then represents the buyer and negotiates with the seller in the purchaser's best interest.

Buyer Incentive:
A benefit offered to encourage the buyer to purchase the property.

Cabana:
A small cabin, simple enclosure, or tent like structure erected at beaches or swimming pools as bathhouses.

Call Agent for Code:
The Buyer's Agent must call the Listing Agent to acquire a code needed to enter the property. This code could be a gate code, alarm system code or combo box code.

Call-First Go:
The Buyer's Agent must call either the Listing Agent or the current Occupant of the property prior to viewing.

Call Option:
A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payment at the end of a special period for whatever reason.

Canal (Man Made):
Manmade waterway used by watercraft or for drainage, irrigation, mining, or water power (ditch, lateral).

Cap:
A provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or mortgage payments may increase or decrease.

Capital Improvement:
Any structure or component erected as a permanent improvement to real property that adds to its value and useful life.

Carbon Monoxide Detector:
A mechanical device, usually portable, which detects high concentrations of carbon monoxide in the air.

Cash-out Refinance:
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens In other words, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.

Cathedral Ceiling:
A ceiling that provides a large, vaulted space by eliminating the attic between the living area and the rafters, which may or may not be exposed; cathedral ceilings are usually insulated with high-performance batts or special, foam-filled panels.

CDOM:
Cumulative Days on Market; tied to the PID number

Ceiling Height Clearance:
The clearance height under the ceiling.

Center Island:
A freestanding work surface often placed in the center of the kitchen.

Central Vacuum:
A vacuum system built into the building with inlets placed in rooms to attach hoses.

Certificate of Eligibility:
A document issued by the federal government certifying a veteran's eligibility for a Department of Veterans Affairs (VA) mortgage.

Certificate of Reasonable Value (CRV):
A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage.

Certificate of Title:
A statement provided by an abstract company, title company, or attorney stating that the current owner legally holds the title to real estate.

Certified Funds:
Funds containing a certification that the drawer of the funds has sufficient funds in the bank to cover payment.

Chain of Title:
The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent.

Change Frequency:
The frequency (in months) of payment and/or interest rate changes in an adjustable
rate mortgage (ARM).

Clear Title:
A title that is free of liens or legal questions as to ownership of the property.

Closing:
when the buyer signing the mortgage documents and paying closing costs finalizes a sale of a property. Also called "settlement."

Closing Cost Item:
A fee or amount that a homebuyer must pay at closing for a single service, tax, or product. Closing costs are made up of individual closing cost items such as origination fees and attorney's fees. Many closing cost items are included as numbered items on the HUD 1 statement.

Closing Costs:
Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country.

Closing Statement:
Also referred to as the HUD-1. The final statement of costs incurred to close on a loan or to purchase a home.

Cloud on Title:
Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by a quitclaim deed, release, or court action.

CLS:
Commercial Lease - Commercial zone property for lease.

Cluster Mailbox:
A centrally located mailbox unit that contains two or more mailboxes.
Coffered Ceiling:
A ceiling with recessed square panels, bordered with trim for ornamental purposes.

Collateral:
An asset (such as a car or a home) that guarantees the repayments of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract.

Columns:
An upright supporting member used to support ceilings and roofs.

Co-maker:
A person who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment. See endorser.

Combo Lockbox:
A box that requires a code or combination to be entered, given from the Listing Agent.

Commercial Allowed:
According to the zoning codes from the County, is the property able to be used for commercial business?

Composition Shingle Construction:
A unit of asphalt shingle siding.

Commission:
The fee charged by a broker or agent for negotiating a real estate or loan transaction. A commission is generally a percentage of the price of the property or loan.

Commitment Letter:
A formal offer by a lender stating the terms under which it agrees to lend money to a homebuyer. Also known as a "loan commitment."

Common Areas:
Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.

Community Home Improvement Mortgage Loan:
An alternative financing option that allows low- and moderate-income home buyers to obtain 95 percent financing for the purchase and improvement of a home in need of modest repairs. The repair work can account for as much as 30 percent of the appraised value.

Community Property:
In some western and southwestern states, a form of ownership under which property acquired during a marriage is presumed to be owned jointly unless acquired as separate property of either spouse.

Comparables:
An abbreviation for "comparable properties"; used for comparative purposes in the appraisal process. Comparables are properties like the property under consideration; they have reasonably the same size, location, and amentias and have recently been sold. Comparables help the appraiser determine the approximate fair market value of the subject property.

Compost Area/Bin:
A closed container, in which the controlled biological decomposition of organic matter, such as food and yard wastes, into humus, a soil-like material, takes place.

Composition Shingle Roof:
A unit of asphalt shingle roofing.

Condo Attached:
Condominiums with at least one common wall or joining floor/ceiling.

Condo Detached:
Condominium that is freestanding with no common walls or joining floor/ceiling.

Condominium:
A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, such as sidewalks, hallways, stairs, etc., and sometimes the exclusive use of certain limited common areas.

Condominium Conversion:
Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.

Conference Room:
A room serving an office complex and used primarily for staff meetings and departmental activities other than instructional activities.

Conservatory:
A glass and metal structure traditionally found in the gardens of large houses. Modern versions are smaller, can be made of PVC and are often added to houses for home improvement purposes.

Construction Loan:
A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

Consumer Reporting Agency (or Bureau):
An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.

Contract:
An oral or written agreement to do or not to do a certain thing.

Convection Oven:
An oven that employs convection currents by forcing hot air through fans so it circulates around food, cooking it quickly and evenly.

Conventional:
A mortgage loan other than one guaranteed by the Veterans Administration or insured by the Federal Housing Administration.

Conventional Mortgage:
A mortgage that is not insured or guaranteed by the federal government.

Converted Garage:
A garage that no longer has the ability to be used to park vehicles. The room is now used for livable space.

Convertibility Clause:
A provision in some adjustable-rate mortgages (ARMs) that allows the borrower to change the ARM to a fixed-rate mortgage at specified timeframes after loan origination.

Corporate Owned:
Owned by a corporation, as opposed by owner by one or more private citizens.

Cork Flooring:
Flooring made of cork material. Cork flooring is durable, acoustical and an insulator. It comes from harvesting the outer bark of the cork oak tree found in the Mediterranean region. It is considered a green product because the same tree can be harvested numerous times.

Corporate Relocation:
Arrangements under which an employer moves an employee to another area as part of the employer's normal course of business or under which it transfers a substantial part of all of its operations and employees to another area because it is relocating its headquarters or expanding its office capacity.

Cost Estimates:
Determine the total costs of labor, materials, capital, and professional fees required for a proposed product.

Cost of Funds Index (COFI)
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It represents the weighted-average cost of savings, borrowings, and advances of the 11th District members of the Federal Home Loan Bank of San Francisco.

Covenant:
Promise written into deeds and other instruments agreeing to performance or nonperformance of certain acts, or requiring or preventing certain uses of the property.

CRE:
Commercial Real Estate - Commercial zoned property for sale.

Credit History:
A record of an individual's open and fully repaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner.

Credit Report:
A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. See merged credit report.

Credit Repository:
An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

Cul-de-sac:
The terminus of a street or alley. Usually laid out by modern engineers to provide a circular turn around for vehicles. A passage way with one outlet. Streets in newer subdivisions are sometimes built in cul-de-sac fashion.

Debt:
An amount owed to another

Deed:
The legal document conveying title to a property.

Deed-in-lieu:
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.

Deed of Trust:
The document used in some states instead of a mortgage; title is conveyed to a trustee.

Deed Restrictions:
A clause in a deed that limits the use of land.

Default:
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

Delinquency:
Failure to make mortgage payments when mortgage payments are due.

Deposit:
A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.

Depreciation:
A decline in the value of property; the opposite of appreciation.

Display for IDX:
Is this listing allowed to be displayed on another agent's personal web site to be a potential buyer's agent?

Diving Pool:
Diving pools are generally about 8-1/2 feet deep with a diving board or platform. Diving pools can be a real safety hazard, and should only be built to NSPI and ANSI standards.

Dock Grade:
The level of the terrain around the dock entrance.

Documents Available:
Any additional documentation available for the property.

Double Pane Window:
Two panes of glass sealed at the edges to create dead air space. The sealed air acts as an insulator.

Double Vanity:
Two places in a bathroom cabinet in which a sink is mounted.

Down Payment:
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Duplex:
Two dwelling units under one roof.

Due-on-sale Provision:
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

Earnest Money Deposit:
A deposit made by the potential home buyer to show that he or she is serious about buying the house.

Easement:
A right of way giving persons other than the owner access to or over a property.

Easement/R.O.W. Restriction:
A right of way giving persons other than the owner access to or over a property.

Easements:
The right, privilege, or interest that one party has in the land of another.

Effective Age:
An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.

Effective Gross Income:
Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.

Efficiency:
A dwelling with no closed off bedroom.

Electrostatic Air Filter:
An air filter that uses electric charge to collect debris in the air vents.

Enclosed Acres:
The part of the land that in enclosed by some type of fencing.

Enclosed Fence:
The percentage of the property where a fence encircles a portion of the property, e.g. around the house.

Encumbrance:
Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.

Endorses:
A person who signs ownership interest over to another party. Contrast with co-maker

Energy Audit:
An analysis by trained personnel of the efficiency of heating, cooling, ventilating and other energy systems within a building.

Energy Star Home:
A new construction program based on energy efficiency standard developed by the Environmental Protection Agency (EPA).

Enterprise Zone:
A designated area within which businesses enjoy very favorable tax credits and other advantages, such as planning exceptions.

Environmental Restriction:
A restriction placed on a property due to the affect changes may have on the environment on or around the property.

Environmental Study:
A study of land to determine any unique environmental attributes, considering everything from endangered species to existing hazardous waste to historical significance.

Environments for Living:
The only national turn-key program for homebuilders that offers a comprehensive set of energy and building science solutions – from plan reviews and training to field testing and certification – plus marketing tools.

Equal Credit Opportunity Act (ECOA:)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equity:
A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage.

Escalation:
A provision in a lease that requires the tenant to pay more rent based on an increase in costs.

Escrow:
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Escrow Account:
The account in which a mortgage service holds the borrower's escrow payments prior to paying property expenses.

Escrow Analysis:
The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.

Escrow Collections:
Funds collected by the service and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance and hazard insurance.

Escrow Payment:
The portion of a mortgagor's monthly payment that is held by the service to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states.

Estate:
All if the property, real or personal, that one owns and leaves at death.

Estimated Taxes:
The total amount of taxes paid shown without exemptions.

ETJ:
Extra Territorial Jurisdiction - An area outside of the legal jurisdiction of a city or other governmental unit over which that government has limited control. The extent of the territory and the specific controls are granted and determined by state law.

Eviction:
The lawful expulsion of an occupant from real property.

Examination of Title:
The report on the title of a property from the public records or an abstract of the title.

Exclusions:
A provision in an insurance policy that indicates what is denied in coverage.

Exclusive Agency:
An Employment Contract giving only one brokerage firm, for a specified time, the right to sell the property. It also allows the owner to sell the property without paying a commission.

Exclusive Right to Lease:
Employment contract giving the broker the right to collect commission if the property is leased by anyone, including the owner, during the term of the agreement.

Exclusive Right to Sell:
Employment contract giving the broker the right to collect commission if the property is sold by anyone, including the owner, during the term of the agreement.

Exemptions:
An amount provided by low that reduces taxable income or taxable value.

Expired (X):
The listing agreement has expired. The computer automatically changes the status at midnight of the expiration date.

Exotic Types Allowed:
An exhaust pipe is usually tubing used to guide waste exhaust gases away from a controlled combustion inside an engine or stove.

Exterior Features:
Special features around the house that convey with the sale.

Exterior Steps:
Any number of steps, up or down, on the outside of the dwelling.

Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.

Fair Market Value:
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Familiar Relationship:
The owner of the property has some type of familiar relationship with the Listing Agent.

Family Room:
An informal living area usually located adjacent to the kitchen. In many modern homes, the family room is where family and guests usually gather for television watching, informal dining, conversation, and other family activities. Often the family room has doors leading to outdoor living areas (garden, terrace).

Fannie Mae:
A congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.

Fannie Mae's Community Home Buyer's Program:
An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase homebuyer education sessions.

Feasibility:
Determination of the likelihood that a proposed development will fulfill the objectives of a particular investor.

Feasibility Study:
A determination of the likelihood that a proposed development will fulfill the objectives of a particular investor.

Federal Housing Administration (FHA):
An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

Fee Simple:
The greatest possible interest a person can have in real estate.

FEMA 100 Yr Flood Plain:
A level land area subject to periodic flooding forms a contiguous body of water.

FHMA (Fannie Mae):
A corporation that specializes in buying mortgage loans, mostly from mortgage bankers. It adds liquidity to the mortgage market.

FHA:
(Federal Housing Administration) An agency within the U.S. Department of Housing and Urban Development, that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make more housing available.

FHA Mortgage:
A mortgage that is insures by the Federal Housing Administration *FHA). Also known as a government mortgage.

Financial Statement:
One that shows income and expenses for an accounting period, or assets, liabilities, and equity as of a point in time.

Financing:
Borrowing money to buy property.

Finder's Fee:
A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.

Finish Allowance:
A provision in a lease for an office or retail space that provides a certain sum or amount per square foot to the tenant to customize the space provided.

First Mortgage:
A mortgage that is primary lien against a property.

Fixed-Rate:
A loan secured by real property featuring an interest rate that is constant for the term of the loan.

Fixed-Rate Mortgage (FRM):
A mortgage in which the interest rate does not change during the entire term of the loan.

Flag Lot:
A method of subdividing land into individual parcels in such a way that compliance with local subdivision regulations is avoided.

Foreclosure:
The legal process in which a borrower is in default under a mortgage. And is deprived of his/her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

Formal Dining:
In homes that also have a breakfast area. Usually has a chandelier.

Formal Living:
In homes that also have a den or other living area.

Foundation:
The substructure, which supports a building or other structure.

Four-plex:
A building containing four dwelling units.

Foyer:
An area just inside the main exterior door for the removal of wraps, overshoes, etc.

Frame:
A house constructed with a wooden frame over which is placed some form of siding or veneer.

FRM:
Farm/Ranch/Acreage Property Type - An area of land that is 10 acres or more, with or without a livable dwelling on it.

Fuel Tank:
A storage compartment for propane or natural gas.

Full Bath:
A bathroom consisting of a toilet, sink and bathing area, either tub and/or shower.

Fully Amortized ARM:
An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.

Galley Type Kitchen:
A kitchen where appliances and cabinets sit against a single wall.

Game Room:
A large room with no closet and space for games such as pool, ping-pong, etc.

Garage Apartment:
An apartment built on top of the garage of a house. If the garage is attached, it will have a separate entrance and may or may not have a communicating door to the main house.

Garage Spaces:
The number of usable garage spaces to be parked in.

Garden Home:
A housing complex whereby some or all owners have access to a lawn area.

Garden Tub:
An oversized tub that may be oval in shape.

Gated Community:
A fenced housing development, typically having a security guard.

Gas Water Heater:
An automatically controlled vessel designed for heating water and storing heated water, heated by gas.

Geothermal:
Energy derived from naturally occurring underground heat, usually recovered by use of a heat pump or by tapping heated water.

Glass Fiber Insulation:
Glass in a strand form.

Go:
The Buyer's Agent has permission to go directly to the property. No need to call prior.

Golf Cart Garage:
A separate section of a garage intended to park a golf cart in.

Good Faith Estimate:
An estimate of charges which a borrower is likely to incur in connection with a settlement.

Grade:
Ground level at the foundation.

Great Room:
Kitchen, breakfast nook, and family room combined in one area.

Greenbelt:
An area of undeveloped land around a residential area often enforced by covenant, deed restriction, or city zoning. This would not include an area of railroad tracks, construction, etc.

Green Building Rating:
The entity that evaluates and certifies a dwelling or business as environmentally friendly.

Green/Garden Roof:
Roof covered by a low and lightweight vegetation and under a low maintenance regime

Greenhouse:
A building with glass walls and roof; for the cultivation and exhibition of plants under controlled conditions

Gross Building SQFT:
The total floor area of a building, usually measured from the outside walls.

Gross Lease:
A lease of property whereby the landlord (lessor) is responsible for paying all property expenses, such as taxes, insurance, utilities, and repairs.

Gross Operating Income:
Total income from property before any expenses are deducted.

Guarantor:
One who guaranties, endorses, or provides indemnity agreements with respect to debts owed to others. Any losses are to deductible when sustained.

Guest Accommodations:
Usually a separate building or part of the house with accommodations for guests.

Half Bath:
A bathroom consisting of only a toilet and sink.

Handicap Amenities:
Features in the dwelling and/or building, that assist persons with disabilities.

Hazard Insurance:
Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

High Rise:
A building with 10 (ten) or more floors with elevator service.

Historical Designation:
A property registered by the National Historical Society, and which has a plate conspicuously posted evidencing the designation.

Historical Tax Exemption:
A property registered by the National Historical Society, and which has a plate conspicuously posted evidencing the designation.

HOA:
Home Owners Association - An organization of the homeowners in a particular subdivision, planned unit development, or condominium; generally for the purpose of enforcing deed restrictions or managing the common elements of the development.

HOA Approval Req'd:
The Home Owner's Association must approve transaction before it is carried out.

HOA Name:
The name of the Home Owner's Association the property falls within the jurisdiction.

Home Protection Plan:
From builder of new home to protect against faulty materials, workmanship; on used home, first-year protection against unexpected major repair expense, breakdowns.

Homestead Tax Exemption:
In some jurisdictions, a reduction in the assessed value allowed for one's principal residence.

Home Theater Room:
Television and video equipment designed to reproduce in the home the experience of being in a movie theater

Horse Farm:
A farm designed with barns, stables, stalls, pens and fencing for use in raising or training horses.

Horses:
Horses allowed on the property per the zoning codes and restrictions per the city and county.

HUD/VA/REO:
A property owned either by the Housing and Urban Development Department, the Veterans Administration or Real Estate Owned (banks).

HUD:
The U.S. Department of Housing and Urban Development.

Hunting Lease Potential:
Usually a large tract of land, inhabited by deer, turkey, or other animals for sport hunting, and not suitable for running cattle, farming or other productive use.

Improvements:
Any permanent, fixed development of land or buildings through expenditure of money or labor that more than merely replaces, repairs or restores to original condition and tends to increase the value of the property. Improvements are not deductible for tax purposes, but are capitalized and, if made to depreciable property, are depreciable over the same life as the asset that was improved.

In Golf Course Community:
The property falls inside a community with a golf course for the residence.

Index:
A published interest rate to which the interest rate on an Adjustable-rate Mortgage (ARM) is tied. Some commonly used indexes include the 1 Years Treasury Bill, 6 Month LIBOR, and the 11th District Cost of Finds (COFI).

Instant Hot Water:
A type of water heater that heats water as it flows through a heat exchanger coil.

Insulation:
The type of material used to slow the transfer of heat through walls so as to reduce energy costs and helps maintain a uniform temperature.

Insulation Rating:
The system used to determine the quality of the insulation in a building.

Intercom Entry:
The system used to determine the quality of the insulation in a building.

Interior/Ceiling Height:
Features of the home that are located inside the house.

Interior Features:
Features of the home that are located inside the house.

Interior Lot:
A parcel of land that is surrounded by other parcels on all three sides.

Interior Steps:
Any number of steps, up or down, on the inside of the dwelling.

Intermediary:
Anyone who serves as a go-between, including an executive recruiter or broker.

Jetted Tub:
A bath or garden tub with water jets built in.

Key w/Gate Guard:
the Listing Agent is holding the key to the property.

Key w/Listing Agent:
The key to the property is being held by the Listing Agent.

Key w/Listing Office:
The key to the property is being held by the Listing Office.

Key w/Occupant:
The key to the property is being held by the current Occupant of the property.

Kitchen:
A facility with receiving, storage, preparation, cooking, ware washing, and serving areas.

Kitchenette:
Tiny kitchen area that is often built into the end of another room such as a room in an efficiency apartment.

Label:
Any type of addendum or additional information added onto the contract.

Land Assessment:
The amount of tax or special payment due to a municipality or association for the land.

Landline Phone:
A telephone line which travels through a solid medium, either metal wire or optical fiber.

Land SQFT:
The total measurement of the land in square footage.

Lap Pool:
These types of pools are typically narrow and long, usually over 50', to facilitate exercise and swimming for health and fitness.

Largest Available Space:
The largest area available to lease by the tenant.

Laundry Facilities:
The type of laundry connections available in the property, if any.

Laundry Location:
The location in the dwelling where clothing can be washed and/or dried.

Lease Back:
The simultaneous purchase of a property and lease back to the seller. The lease portion of the transaction is generally long-term. The seller-lessee in the transaction is converted from an owner to a tenant.

Lead Based Paint Addendum:
Considered a hazardous material. It is potentially poisonous and its existence in property is to be disclosed to a buyer. Its presence is often difficult to determine because applications of lead-based paint may have been covered by more recent paint applications that are free of lead.

Lease Expiration Date:
If the current occupant is a tenant, this is when the Lease agreement expires.

Lease Frequency:
The time frame the List Price for a Commercial Lease listing is calculated.

Lease Measurement:
The area measurement the List Price for a Commercial Lease listing is calculated.

Lease Purchase:
A lease that gives the lessee (tenant) the right to purchase the property at an agreed-upon price under certain conditions.

Lease Requirements:
Certain aspects must be completed before the lease is accepted.

Lease Term:
The length of lease allowed or accepted by the owner.

Lease Type:
The type of leased signed between the lessee and the landlord/owner.

Leased (L):
The listing has been leased.

LEED-H:
A voluntary initiative to promote the transformation of the mainstream home building industry towards more sustainable practices.

Legal:
Legally acceptable identification of real estate by one of the following: The government rectangular survey, Metes and Bounds, or recorded plat (lot and block number)

Limited Services:
Plan offered by some real estate brokers that allows the buyer to contract for less than the full array of brokerage services at reduced commission rates.

Limited # Vehicles:
Plan offered by some real estate brokers that allows the buyer to contract for less than the full array of brokerage services at reduced commission rates.

Limited Weight Allowed:
Total weight limit for the animal(s) in or on the property.

Lien:
An encumbrance against property for money due, either voluntary or involuntary.

Lifetime Cap:
A provision of an ARM that limits the highest rate that can occur over the life of a loan.

Lis Pendens:
Latin: "suit pending" Recorded notice of the filing of a suit, the outcome of which may affect title to a certain land.

List Price:
The asking price for the property.

Listing Agreement Document:
The origin of Listing Agreement used between the Listing Agent and the Owner of the property.

Listing Agreement Type:
The type of Listing Agreement used between the Listing Agent and the Owner of the property.

Livestock:
According to the zoning codes and deed restrictions, is livestock allowed?

Livestock Farm:
A farm that raises cattle, sheep, pigs and other animals, but usually not horses. With horses, it is more commonly called a horse ranch.

Livestock Fence:
A fence, commonly wire, either barbed or wire net, or a combination to hold farm animals. Could be wood, but that is more commonly called a corral.

Livestock Restrictions:
A limitation placed upon the use of property concerning livestock on the property.

Living/Den Room:
A room in a private house or establishment that is comfortable and secluded where people can sit and talk and relax.

Loan Amount:
The amount the borrower promises to repay, as set forth in the mortgage contract.

Loan to Value Ratio (LTV):
The ration of the amount of your loan to the appraised value of the home. The LTV will affect programs available to the borrower and generally, the lower the LTV the more favorable the terms of the programs offered by lenders.

Lockbox:
An inferred box purchased from ABOR, that is used with the Keypad.

Lockbox Location:
The location of the lockbox/combo box at the property.

Loft:
Unpartitioned living space (one large room) or a space built just below the roof, above a larger room. Upper floor of a factory or warehouse.

LOT:
Lot Property Type - Unimproved area of land, or improvements hold no value, 9.9 acres or less.

Lot Size:
The frontage and depth of a property.

Lock-In:
A written agreement guaranteeing the homebuyer a specified interest rate provided the loan is closed within a set period of time. The lock-in also usually specifies the number of points to be paid at closing.

LSE:
Lease Property Type - Single Family dwellings or units for Lease.

Market Value:
The theoretical highest price a buyer, willing but not compelled to buy, would pay, and the lowest price a seller, willing but not compelled to sell, would accept.

Margin:
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A representative margin would be 2.75%.

Market Value:
The theoretical highest price a buyer, willing but not compelled to buy, would pay, and the lowest price a seller, willing but not compelled to sell, would accept.

Masonry:
Construction made from brick, cement block or stone.

Master Main:
The master bedroom of the house on the main level.

Maximum Lease:
This is the largest time frame a lease offer will be accepted.

Media Room:
Another term for a game room with home theater, snack bar, seating area, billiards table, etc.

Mid Rise:
A four to ten floor building with elevator service.

Mineral:
The privilege of gaining income from the sale of oil, gas, and other valuable resources found on land.

MLS#:
The number automatically assigned by the MLS system to the particular listing.

Mobile Home:
A factory-assembled residence consisting of one or more modules, in which a chassis and wheels are an integral part of the structure, and can be readied for occupancy without removing the chassis and/or wheels.

Modular:
A modular home is
factory constructed and delivered to the home site in modules where it is assembled on foundation walls, which have been constructed on the site.

Month-to-Month:
If the current occupant is a tenant, this describes the Lease is on a monthly basis.

Monthly Payment:
The current monthly payment on the loan.

Mortgage:
A legal document that pledges a property to the lender as security for payment of a debt.

Mortgage Disability Insurance:
A disability insurance policy, which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.

Mortgage Insurance (MI):
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.

Mortgagee:
The person or company who received the mortgage as a pledge for repayment of the loan. The mortgage lender.

Mortgagor:
The mortgage borrower who give the mortgage as a pledge to repay.

Mortgage Disability Insurance:
A disability insurance policy, which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.

MUD:
Municipality Utility District - A utility that serves a limited geographic area, formed as a municipality rather than a private corporation to take advantage of lower interest rates available to municipal bonds. Allows development in an area that might otherwise not have utility services.

MUL:
Multi-Family Property Type - Duplex, Triplex or Fourplex dwelling.

Multi-level:
The property has more than two stories.

Multiple Lots (Adjacent):
Multiple Parcels being sold as a package.

Multi-Pid:
If the property listed has multiple Parcel IDs with one or more counties that are being sold as a package.

Multi-Plex:
A multiple family dwelling with 5-9 units.

Multi-Zoning:
If the property listed has multiple zoning codes from the county and/or city.

NAHB:
National Organization of Home Builders green building certification.

Net Lease:
A lease whereby, in addition to the rent stipulated, the lessee (tenant) pays such expenses as taxes, insurance, and maintenance.

Net Operating Income:
Income from property or business after operating expenses have been deducted, but before deducting income taxes and financing expenses (interest and principal payments).

Net Rentable Area:
In a building or project, floor space that may be rented to tenants. The area upon which rental payments are based. Generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.

New Construction:
The property has not been lived in.

New Year Built:
The year the dwelling was constructed, not lived in.

Non-Conforming Loan:
Also called a jumbo loan. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium. The current non-conforming loan limit is, 601 and above.

Note:
A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.

Notice of Trustee's Sale:
Sale of property in foreclosure by the trustee, rather than through a judicial sale.

Occupancy:
Percentage of currently rented units in a building, city, neighborhood, or complex.

Occupant:
The current occupant of the property.

Occupant Phone:
The phone number of the person(s) currently occupying the property.

Office/Condo:
A building with both offices and condos mixed.

Office/Study:
A room in a house which is used for paperwork, computer work, or reading.

Offices:
A structure used primarily for the conduct of business, such as administration, clerical services, and consultation with clients and associates.

On Golf Course:
The property line backs up to a golf course.

Operating Date Year:
The fiscal year the information is gathered from.

Operating Expenses:
Amounts paid to maintain property, such as property taxes, utilities, hazard insurance. Excludes financing expenses and depreciation.

Operation:
Type of business the land is mainly used for

Option Period:
A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy.

Option Period Date:
The Date in which the Option Period will end.

Origination Fee:
A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned, such as one percent.

Out of Area County:
The name of the County, if it falls outside of ACTRIS boundaries.

Out of Area School District:
The name of the School District, if it falls outside of ACTRIS boundaries.

Outbuildings:
A term used to refer to all nonresidential structures on a site. These include animal pens, storage buildings, sheds, barns, etc.

Out of Area City:
If the property does not fall within the Areas covered by the ACTRIS MLS, the Area and County are Other. This allows you to manually type in the City name where the property is located.

Over 65 Tax Exemption:
A full or partial retraction of property from the tax base, based on the age of the owner.

Overhead Utilities:
Utility lines are hung from power lines.

Owned by Lender:
a bank or lending company owns the property.

Owner Financing:
A debt instrument taken back by the seller as part of the purchase price for a property. Such financing is used as an inducement to a sale when normal third party financing is expensive or unavailable and in situations where the buyer but the difference between the existing debts may assume the existing, first-lien loan and sales price exceeds the cash resources of the buyer.

Owner/Agent:
The owner of the property is the Listing Agent.

Owner/Occupied:
Describing if the owner of the property is currently occupying all or part of the property.

PAR:
Property Archive Report - The history of changes made on a listing e.g. Price Change, Status Change, Listing Agent Change, etc.

Parcel ID:
The identification of a piece of property under one ownership; a lot in a subdivision.

Park:
A large area of land preserved in its natural state as public property

Parking Garage:
A multi-story building with the sole purpose to park multiple vehicles in a confined space.

Parking Fee:
The fee that is paid to park in the parking lot, garage or space.

Parking Ratio:
Number of parking spaces per 1,000 square feet of gross leasable area.

Parking Spaces:
The description of the parking in and around the property.

Partially Cultivated:
Partial alteration to physical or chemical properties of the soil or vegetation by former agricultural use.

Pending (P):
Contract Pending - An offer has been accepted on the property.

Pending Date:
The date the status of the listing was changed to Pending or Pending Taking Back-Ups.

Pending Over 4 Months (PO):
The computer automatically changes that status to PO from P or PB after 4 months.

Pending Taking Backups (PB):
An offer has been accepted on the property; however, the owner would like to continue taking additional offers. This status needs to be used when there is an Option Period.

Perimeter Fence:
The percentage of the property where a fence encircles the entire property as a whole.

Plans & Specs:
The arrangement of rooms in a building; built without a tenant or buyer/user.

Points:
Prepaid interest assessed at closing by the lender. Each point equals 1 percent of the loan amount. (2 points on a $100,000 mortgage would cost $2,000)

Pool on Property:
A water-filled tank or depression, used as an ornamental feature in a garden or, when large enough, for swimming on the property.

Possession:
The holding, control, or custody or property for one's use, either as owner or person with another right.

Post Fence:
Long poles, either whole or split, are erected horizontally joining sections to form a zigzag pattern fence-line. May also be called a split rail fence.

Pre-paids:
Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.

Prepayment Penalty:
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.

Principal:
Amount of debt, not including interest. The face value of a note or mortgage.

Private Mortgage Insurance (PMI):
Insurance provided by nongovernmental insurers that protect lenders against loss if a borrower defaults. Fannie Mae generally required private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.

Private Golf Course:
A Private Golf Courses is a facility where play is restricted to members and their guests.

Probate:
To establish the validity of the will of a deceased person.

Profit & Loss Statement:
Summary of the revenues, costs, and expenses of a company during an accounting period.

Propane Available:
The property is set up for propane.

Property Address on Internet:
Is the physical address of the property allowed to be displayed on the web sites to the general public?

Property Type:
Determined by the Land Use Code in the County tax records.

Public Golf Course:
A Public Access Golf Course is a facility that provides at least limited access and which may or may not offer memberships.

Public Water System:
A government owned water system not from the city or water district.

Qualifying Ratios:
The ratio of your fixed monthly expenses to your gross monthly income, used to determine how much you can afford to borrow. The fixed monthly expenses would include PITI along with other obligations such as student loans, car loans, or credit card payments.

Radiant Heat:
The method of heating the walls, floors or ceilings in order to transfer heat to the occupants of a room.

Radiator:
Apparatus for heating of a room, which gives off heat to the space by radiation and convection.

Ramps:
An inclined plane installed in addition to or instead of stairs.

Rate Cap:
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

Rate Lock-In:
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

Rating Year:
The year a Green Building Rating was given.

Rebate:
Compensation received from a wholesale lender, which can be used to cover closing costs, or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points" (see above).

Refinancing:
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Region:
Section of the city or county for public use.

Relo Addendum Required:
An addendum prepared by a Relo company indicating their specific requirements.

Renovation Description:
The restoration of the primary residence. Generally, this includes repairs, improvements and additions to the permanent structure of the primary residence.

Renovation Year:
The year in major renovations were done.

REO:
Property acquired by a lender through foreclosure and held in inventory.

RES:
Residential Property Type - Single-family dwelling.

Residential:
A Single-Family dwelling determined by the Land Use Code in the County tax records.

Residential Mortgage Credit Report (RMCR):
A report requested by your lender that utilizes information from at least two of the three nations credit bureaus and information provided on your loan application.

Resort:
A resort is a place used for relaxation or recreation. As a result, people tend to seek out a resort for holidays or vacations. Generally, a resort is distinguished by a large selection of activities, such as food, drink, lodging, sports, entertainment, and shopping.

Restriction Description:
Description of the type of restrictions on the property.

Rilled Lot:
A small channel created by soil erosion and small enough to be obliterated by plowing.

Road Frontage Description:
Land bordering a street.

Road Surface:
The construction of the street in and around the property.

SBA Type Loan:
(Small Business Administration) A federal government agency in Washington, D.C., that encourages small business.

Scheduled Gross Income:
The rental rate of a property multiplied by the total rentable space.

Section 8:
Privately owned rental dwelling units participating in the low-income rental assistance program created by 1974 amendments to Section 8 of the 1937 Housing Act. Under the program, landlords receive rent subsidies on behalf of qualified low-income tenants, allowing the tenants to pay a limited proportion of their incomes toward the rent.

Security Deposit:
A cash payment required by a landlord, to be held during the term of a lease to offset damages incurred due to actions of the tenant. Such damages may include physical damage to the property, theft of property, failure to pay back rent and breaking the lease. Forfeiture of the deposit does not absolve the tenant of further financial liability.

See Disclosure:
The buyer and Buyer's Agent need to read the Seller's Disclosure for comments.

Seller Carry Back:
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.

Seller Name Search:
Searches the most recent seller of the property.

Seller Type:
The person or entity that is selling the property.

Seller's Disclosure:
A statement required by law, in which sellers of particular kinds of property, or under certain circumstances, must reveal specified information to potential buyers.

Short Sale Approved:
A short sale is the sale of real property where the fair market sale price is less than the loan balance.

Short Sale Potential:
A property where the lending company will consider a short sale.

Show Instruction:
Special instructions to the Buyer's Agent on how to show the property; if they need to make an appointment or just go.

Site Plan:
A document that describes how a parcel of land is to be improved. It includes the outlines of all structures and site improvements, such as driveways, parking lots, landscaping, and utility connections.

Sitting Room:
A room in a private house or establishment where people can sit and talk and relax.

Situs Address:
The physical location of a property from the county appraisal district.

Smart Building:
Building with computer and electrical systems that sense the areas to heat and cool for maximum efficiency and then transfer air with the appropriate temperature from one place to another.

Sold (S):
The listing has closed and/or funded.

Sold As-Is:
Without guarantees as to condition, as in a sale. A buyer or tenant accepts premises as they are, including physical defects except latent defects.

Special Assessment:
The amount of tax or special payment due to a municipality or association.

Special Assessment District:
An area where a special assessment is imposed because of a public project that benefits the owners in the defined area.

Special Showing Instructions:
If the buyer's agent needs special instructions to view the unit.

Sprinkler System:
An integrated system of piping and sprinklers installed in an area to water the ground.

SQFT:
Square Footage - The area, measured in square feet, of a piece of real estate. Generally measured by exterior walls but does not include basement, garage or carport, patio, or atrium.

SQFT Source:
The Source of the SQFT data.

Standard Industrial Classification:
Federally designed standard numbering system identifying companies by industry and providing other information.

State:
If the property listed is outside the state of Texas.

State Land Use Code:
Some states maintain a land use coding system that designates the primary use of each property.

Street Surface:
The construction of the street in and around the property.

Street Traffic Count:
The recording of the vehicles and pedestrians passing a given point, usually in a day.

Structure - No Value:
A structure, such as a barn or shed, that has no improvement value placed upon it.

Sub-Agent:
The relationship under which a sales agent tries to sell a property listed with another agent. This situation is common under a MLS. A listing contract is taken by a listing broker and entered into the MLS, from which any member broker may sell the property. The listing broker and the selling broker split the commission.

Subdivision:
A tract of land divided into lots suitable for home-building purposes. Some states and localities require that a subdivision plat be recorded.

Surface Water:
Water above the surface of the land, including lakes, rivers, streams, ponds, floodwater, and runoff.

Survey:
The plan showing the measurements, boundaries, area, and contours.

TAR:
The Texas Association of REALTORS©

Tankless Water Heater:
Provide hot water at a preset temperature when needed without storage, thereby reducing or eliminating standby losses.

Tar/Gravel Roof:
Roof constructed primarily or solely of tar and/or gravel material.

Tax Record:
Information taken straight from the County Appraisal District tax record.

Tax Billing Address:
The mailing address for the owner of the property. May be different than the address of the property.

Tax Escalation:
Tax increases

Temp Date:
The date the status of the listing was changed to Temporarily Off the Market.

Temporarily Off Market (TOM):
Currently not available.

Tenant:
The current occupant of the unit.

Tenant House(s):
Additional building on the property for the leasor to occupy.

Tenants-in-Common:
An undivided interest in property taken by two or more persons. The interest need not be equal. Upon death of one or more persons, there is no right of survivorship.

Timeshare:
Ownership that involves the acquisition of a specific period of time or percentage of interest in a vacation home or resort.

Title:
The evidence one has of right to possession of land.

Title Insurance:
Insurance against loss resulting from defects of title to a specifically described parcel of real property.

Title Search:
An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.

To Be Built:
Shall be listed as Residential properties only if a plan has been selected, selling price established, and the database entry labeled in the Year Built Description field.

Total Annual Expenses:
All expenses for the year added together.

Total Appx. Net Rentable Space:
In a building or project, floor space that may be rented to tenants; area upon which rental payments are based.

Total Assessment Value:
The assessed values for the land and building added together.

Total Available Space:
The whole area available to lease by the tenant.

Total Debt Ratio:
Monthly debt and housing payments divided by gross monthly income. Also know as Obligations-to-Income Ratio or Back-End Ratio.

Town House:
A dwelling unit, generally having 2 or more floors and attached to other similar units via party walls. Town houses are often used in planned unit developments and condominium developments, which provide for clustered or attached housing and common open space.

Triple Net (NNN):
Lease under which the tenant pays all operating expenses of the property. The landlord receives a net rent.

Triplex:
A building with three apartment or town house units.

Truth-in-Lending Act:
A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.

Turbines:
Device that converts the flow of a fluid (air, steam, water, or hot gases) into mechanical motion for generating electricity.

Type of Home Allowed:
The type of dwelling allowed by deed and/or land restrictions.

Under Construction:
A property where the construction has begun on the dwelling but is not complete.

Underground Utilities:
Utility lines are dug and buried underground.

Updated/Remodeled:
To change the appearance and functional utility of a building. This may include painting, repairing, and replacing of fixtures and equipment.

Urethane:
A synthetic chemical structure formed by one of three specific chemical reactions. See Polyurethane.

Utility Easement:
Use of another's property for the purpose of laying gas, electric, water, and sewer lines.

Vacancy Amount:
The amount of the property that is not currently leased by tenants.

Variable Rate Commission:
The commission being paid to the Buyer's Agent has a variance. This could go higher or lower than the commission being offered.

Vaulted Ceiling:
A ceiling formed in any variety of curved shape, which arches above the floor within a home.

Veterans Administration (VA):
A government agency guaranteeing mortgage loans with no down payment to qualified veterans.

Water District:
Any district, including any multipurpose district, created by the private and special laws of the State to perform the functions of a water utility.

Waterfront:
A waterfront yard is the yard adjacent to public waterways. Waterfront yards front bays, bayous, wetlands, lakes, canals, aquatic conservation areas, aquatic preservation areas and similar waterways.

Withdrawn (W):
The listing is no longer available. The contract was terminated before the expiration date.

Withdrawn Date:
The date the status of the listing was changed to Withdrawn.

Xeriscape:
Creative landscaping for water and energy efficiency and lower maintenance. The seven xeriscape principles are: good planning and design; practical lawn areas; efficient irrigation; soil improvement; use of mulches; low water demand plants; good maintenance.

Year Built:
The actual date in time when real property improvements were placed into service, or when construction of the improvements was completed.

Year Built Description:
Where the information comes from or any designations pertaining to the year built.

Years Established:
How long as the property/business existed?

Years on Lease:
The amount of years left on the current lease of the property.

Zero Down:
General term referring to real estate acquisition strategies based on seller-provided financing and/or existing loan assumption and minimal use of cash down payments. It is a method of achieving maximum profits from real estate investments.

Zoned Air/Heat:
Divide your central air/heat system into up to multiple zones for independent temperatures in various areas of your home.

Zoned:
An area set off by local ordinance for specific use, subject to certain restrictions or conditions

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