Archives: Glossary Terms

An organized group of homeowners whose members regulate and enforce the rules and standards of their community.

A standardized insurance policy package that covers residential real estate owner against financial loss from fire, theft, public liability and other common risks.

A federal agency that refinanced mortgages in default in the early 1930s.

(HUD) A department of the federal government created in 1965 which is responsible for the implementation and administration of the U.S. government housing and urban development programs which include FNMA, FHA, Public Housing Urban Renewal and Community Facilities.

A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings. See Building codes. Example: Because of violations of the housing code, including a badly leaking roof and rat infestation, the old apartment building was condemned.

See Housing and Urban Development.

See Uniform settlement statement.

An abbreviation for Heat, Ventilation, and Air-Conditioning and refers to the climate control system in a building.

A thing that is deceptive; deceiving by false appearances or an illusion and not real.

An agency relationship that is concluded from the actions of the parties by which a third party might reasonably conclude that an agency relationship has been formed.