Archives: Glossary Terms

A plan drawn to scale indicating wall-to-wall dimensions, room sizes and exposures and the placements of windows, doors, partitions, etc.

An accounting method used primarily by the Federal Reserve to describe the sources and uses of the nation’s funds in a given period of time.

(FSBO) A term referring to properties on the market that are not listed with a real estate broker because the owner desires to sell the property his or her self without paying a commission. Example: The Mathers are attempting to find a buyer for their home by placing an ad in the paper and putting up a sign in the yard. Such activities indicate the existence of a FSBO..

Definition goes hereA tolerant action by a creditor against a borrower who has not received payment once the debt has become due.

A clause is often inserted in a construction contract to protect the contractor from unavoidable delays or of failure to perform the contractual obligations in a timely manner due to a force(s) beyond control such as weather, labor disputes or strikes or other unavoidable events.

The act of selling property under a compulsion as to time and frequently the result of legal proceedings ordering the sale.

The loss of money or something of value resulting from the failure to perform.

See Uniform Residential Appraisal. Report (URAR).

A building containing four dwelling units in comparison to a duplex with two. Many FHA loan programs are available for 1-to-4-unit housing.

An appraisal rule for computing value based on the depth factors of lots primarily in retail environments.