Glossary

A second or third mortgage.

A construction method used by commercial and residential builders.

A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage.

A design that is derived from the original missions established by the Spanish in the Southwest.

A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building.

The metal part of a lock that is anchored to the doorframe and holds the door closed.

The written requirements for materials, equipment, construction systems and standards.

A drain line, which is not connected to the sewer line, removes all other wastewater from a home.

A foundation built directly on soil with no basement or crawl space.

The number of square feet of livable space in a home or building.

A calculation that is used to determine the monthly payment necessary to repay the balance of a home loan in equal installments.

An external area under the overhang of a roof.

A slanted block used to divert runoff water from a downspout away from the foundation.

Specialty construction companies hired by the general contractor to perform certain tasks.

A loan that allows a gradual increase in the interest rate during the first few years of the loan.

The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring.

Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.

An unobtrusive finish trim between the floor and the baseboard designed to hide any irregularities in the seam between the floor and wall or baseboard.

The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached.

A home that has been built without a buyer.

When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.

The process in which the owner of a large piece of property divides it into smaller parcels.

Sets of windows and screens that are installed on older double-hung windows.

A firm that collects mortgage payments and manages borrowers' escrow accounts.

A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.

Any loan backed by collateral.

A contract signed by the buyer and sellerthat details the terms of a home purchase.

Another loan placed upon a piece of property.

The minimum distance a house or buildings must be from the lot line.

A hot real estate market in which sellers have the advantage and multiple offers are common.

The installation of plumbing, electrical and other mechanical systems.

Renderings of floor plans and the exterior of a house.

An agreement in which the seller provides financing for a home purchase.

An agreement in which the seller provides financing for a home purchase.

The drain line in a house that carries away food and human wastewater to a municipal sewer system or a septic system.

One of two windows in a double-hung window.

A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available.

The buyer of a semi-custom home is free to make some design changes but not to the home's structural plan.

Apiece of property designated as collateral.

A seller broker represents the interest of the seller.

A design that dates to colonial times and takes its name from the shape of saltboxes.

A self-contained sewage treatment system that distributes wastewater to an underground storage area and relies on bacterial action to decompose solid waste matter.

A transaction in which the buyer leases back the property to the seller for a specified period of time.

A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.

An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.

A vent located along the ridge board of the roof that allows moisture to escape.

A loan with a clause that entitles a borrower to a one-time cut in the interest rate without going through refinancing.

A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business.

A horizontal board that serves as the apex of the roof structure.

A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.