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- BACKFILL
- To replace
ground removed by excavation for construction. Used to
brace a structure (especially a foundation or footings).
- BACK TITLE LETTER - In
states where attorneys examine title for title insurance
purposes, this letter is given by a title insurance
company to an attorney, giving to said attorney the
condition of title as of a certain date. The attorney
then begins his examination as of that date. Also called
a starter or back title certificate. (See also:
Starter).
- BACKUP OFFER - A
secondary offer to buy property, used in case the first
(primary) offer fails. A backup offer is especially
useful when the primary offer contains difficult
contingencies.
- BACKWATER - Water in a
stream or river which, because of a dam or other
obstruction, is stopped in its course or flows back
toward its source.
- BACKWATER VALVE - A
valve set in a lateral sewer line which automatically
prevents sewage from flowing back to its source (a
building).
- BALANCE - An appraisal
term meaning that value of real property is best
sustained when opposite influences (e.g. supply and
demand) are equal.
- BALANCE DUE DATE - (See:
Installment Note, Balance Due Date).
- BALANCE SHEET - A
statement of the assets and liabilities of a company to
determine its net worth (equity).
- BALCONY - (1) A balustraded, railed, elevated platform projecting from
the face of a building. (2) An upper floor seating area
in a theater.
- BALLOON - (1) The final
payment of a balloon note (see which). (2) A landlocked
parcel of land.
- BALLOON FRAME
CONSTRUCTION - A term describing the framing used in a
two story wood construction where the studs extend from
the sill (ground level) to the ceiling of the second
floor. (See: Platform Frame Construction; Post and Beam
Frame Construction).
- BALLOON MORTGAGE - A
mortgage calling for periodic payments which are
insufficient to fully amortize the face amount of the
note prior to maturity, so that a principal sum known as
a "balloon" is due at maturity.
- BALLOON NOTE - A note
calling for periodic payments which are insufficient to
fully amortize the face amount of the note priof to
maturity, so that a principal sum known as a "balloon"
is due at maturity.
- BALLOON PAYMENT - The
final payment (balance due) of a balloon note.
- BALTIMORE RULE
- An
appraisal method for setting a value on a corner lot.
The lot is appraised as an inside lot for its front
footage on both streets. The two values are then added
to find the value of the corner lot. For example: Lot 1
fronts 100' on street A and 100' on street B. The value
of a 100' inside lot on street A is added to the value
of a 100' inside lot on street B to find the value of
lot 1. Also called the Bernard Rule.
- BALUSTER - The
supporting posts of a handrail in a staircase.
- BALUSTRADE - A row of
balusters supporting a handrail.
- BANK
- (1) The elevated
land on each side of a river or stream which keeps the
water in its natural channel. (2) (See: Commercial
Bank).
- BANKRUPT - One who is
adjudicated a bankrupt by a court having proper
jurisdiction. The bankruptcy may be voluntary
(petitioned by the bankrupt) or involuntary (petitioned
by the creditors of the bankrupt).
- BANKRUPTCY
- Proceedings
in federal court to relieve a debtor from insurmountable
debt.
-
BARGE-BOARD - A board
(often carved or ornamented) which hangs from the
projecting edge of a sloping roof. Also called a vergeboard.
- BARGE COUPLE - Either of
the two rafters supporting the part of a gable roof
which extends beyond the supporting wall.
- BARGE COURSE - Tiling on
a gable roof projecting beyond the supporting wall.
- BARN - A farm building
used to store hay, grain, farm equipment, and to house
livestock.
- BARREL - A unit of solid
or liquid measure, varying with each trade. For example:
A barrel of water is 31 /2 gallons, oil 42 gallons.
- BASE - The lowest part
of a construction member. That which bears the load.
(See also: Base Title).
- BASE AND MERIDIAN -
(See: Base Line; Meridian).
- BASEBOARD - Generally,
any board or molding covering an interior wall where it
meets the floor.
- BASEBOARD HEATING - A
system of perimeter heating in which the baseboard is
replaced by the heating units. May also be panels rather
than baseboard units.
- BASE LINE
- (1) A survey
line used in the government survey to establish township
lines. The base line runs East and West through a
principal meridian (line running North and South). (2) A
horizontal elevation line used as the centerline in a
survey for a highway route.
- BASE MAP - A map having
background information, such as state, county, or city
boundaries, upon which more detailed data is plotted.
- BASEMENT - Generally,
the story of a building below ground level.
- BASE MOLDING - Molding
installed along the top of the baseboard.
- BASE PROPERTY - Private
property owned by a cattle owner, required before a
permit will be issued to allow the cattle to graze on
public land.
- BASE RENT - A specific
amount used as a minimum rent in a lease which uses a
percentage or overage for additional rent.
- BASE SHOE MOLDING -
Molding installed along the bottom of a baseboard
(junction with floor). Also called carpet molding or
carpet strip.
- BASE TITLE - The result
of an examination of title for the internal use of a
title insurance company. Usually covers a large area and
is done in.
anticipation of future sales or subdividing of the area.
- BASE YEAR
- The year
upon which a direct expense escalation of rent is based.
[See also: Escalation Clause (3)].
- BASIC CAPACITY - In
connection with highway use, the greatest number of cars
per hour which can pass a given point under ideal
driving conditions will give the basic capacity of a
lane or road.
- BASIC CROPS - Crops
usually subject to government price supports and
considered the basis of our agricultural economy, such
as wheat, corn, oats, rice, and similar crops.
- BASIS FOR DEPRECIATION -
The value of property for purposes of depreciation. For
example: A purchased asset-The basis is cost, whether
fully paid for or not. The method for determining the
basis is different for gift, inheritance, etc.
- BASIS POINT - A finance
term meaning a yield of 1/100th of 1 annually.
- BATHROOM - A room
containing a toilet, sink, and bathtub or bathtub shower
combination. In appraisal for federally insured
mortgages, a
toilet and sink (no bathtub or shower) equal a half
bathroom; a toilet, sink, and stall shower equal a three
quarter bathroom.
- BATT - A strip of
insulation fitting closely between the studs of a wall.
- BATTEN - A narrow strip
(usually of wood), used to cover seams between siding
boards.
- BATTER - The slope of a
structure, such as a wall or bank; expressed in terms of
the vertical rise per horizontal distance, such as 3
inches (vertical) per 10 feet (horizontal).
- BATTURE LAND
- The land
between a river bank and the water's edge when the water
level is lower than normal.
- BAUHAUS - (1919-1933) A
school of design (most noted for its architecture)
founded by Walter Gropius in Germany.
- BAY - (1) The opening
between two columns, walls, etc., which forms a
room-like space. May be industrial space, parking space,
barn space, or other use. (2) A bending or curving of
the shoreline so as to form a partially enclosed body of
water.
BAY WINDOW - A window which projects in a curve out from
a wall, giving a bay-like effect to the interior.
- BEACH - That portion of
the shore between ordinary low and high water marks.
Commonly used to describe any sandy area adjacent to a
body of water.
- BEAM - A vertical or
horizontal member of a structure; may be of wood, steel,
concrete, or other strong material, and, unless
decorative only, is a load-bearing part of the
structure.
- BEAMED CEILING - A
ceiling having one or more of its beams exposed. (See:
Beam).
- BEARER
- One holding a
negotiable instrument.
- BEARER INSTRUMENTS -
Checks, notes, drafts, bonds, etc., payable to whomever
has possession of the instruments: i.e. the bearer.
- BEARING - Relative
position or direction of one object to another, or to
compass a point.
- BEARING VALUE - In
construction, the ability of soil to bear the weight of
the structure to be built.
- BEARING WALL
- A wall
which supports the weight of a part of a structure in
addition to its own weight.
- BED A TREE - Preparing a
path (bed) on which a tree is to fall so that it will
not be damaged.
- BEDROCK - Solid rock
beneath the soil, as distinguished from rocks or
boulders.
- BEDROOM COMMUNITY - An
area primarily residential. The people living there
commute to work.
- BEFORE AND AFTER METHOD
- An appraisal method used in both condemnation and
modernization. In condemnation the method is used in a
partial taking. The value of the total land owned by A,
for example, is $1.00 per sq. ft. After a partial
taking, the remaining land of A is worth $.75 per sq.
ft. A should receive $1.00 per sq. ft. for the property
taken plus $.25 per sq. ft. for the remaining parcel. In
the event the remaining property is worth $1.25 after
the taking (increased value), the payment to A could be
less than the value of the property taken. In
modernization, an appraiser may take the value of
property before and after remodeling to determine if the
value increased more than modernization costs.
- BELT HIGHWAY
- A limited
access highway carrying traffic around an urban area,
with entrances and exits to principal streets. Also
called a by-pass.
- BELVEDERE - (See:
Gazebo).
- BENCH MARK - Surveying
mark made in some object which is permanently fixed in
the ground, showing the height of that point in relation
to sea level. Used in topographic surveys and tidal
observations.
- BENEFICIAL ESTATE - An
estate, the right to possession of which has been
postponed, such as a devise under a will. More commonly,
an estate, the legal ownership of which has not yet
vested, as under a land contract. An equitable estate.
- BENEFICIAL INTEREST -
The equitable, rather than legal ownership of property,
such as under a land contract.
- BENEFICIAL USE - The
doctrine, applicable in some areas, pertains to water
rights, giving priority to those who would use the water
most beneficially.
- BENEFICIARY
- (1) One
for whose benefit a trust is created. (2) In states in
which deeds of trust are commonly used instead of
mortgages, the lender (mortgagee) is called the
beneficiary.
- BENEFICIARY'S DEMAND -
Written instructions by a beneficiary under a deed of
trust stating and demanding the amount necessary for
issuance of a reconveyance, whether a full or partial
amount.
- BENEFICIARY'S STATEMENT
- A statement by a lender under a deed of trust, setting
forth the pertinent information necessary to assume said
deed of trust, such as the unpaid balance, monthly
payment, and interest rate.
- BENEFIT OF THE BARGAIN -
A rule of damages under which a defrauded purchaser may
recover the difference between the actual
and misrepresented value of the property purchased, even
though greater than the actual loss suffered.
- BENEFITS - A term used
in eminent domain, referring to the increase in value to
land not taken, which is produced by the taking. (See
also: General Benefits; Special Benefits).
- BENEVOLENT ASSOCIATIONS
- Non-profit groups having a philanthropic or charitable
purpose.
- BENT - A transverse
frame of a building or bridge, designed to support
horizontal or vertical loads.
- BEQUEATH - To give
personal property by will.
- BEQUEST - Personal
property left by will.
- BERM - (1) A bench,
ledge, or other resting place part way up a hill or
slope. (2) A mound used to control drainage by diverting
all or part of the flow.
- BERNARD RULE - (See:
Baltimore Rule).
- BETTERMENT - An
improvement to a structure which is not a repair,
restoration, or enlargement. For example: the addition
of aluminum siding over a frame wall; paving a street
adjoining the structure; adding a fireplace or some
similar improvement which increases the value of the
property.
- BETWEEN SIDEWALLS -
(See: Balloon Frame Construction; Platform Frame
Construction).
-
BEVELED SIDING - (See:
Clapboard).
- B HORIZON - The horizon
(layer of soil) beneath the top layer. The composition
of the
- B horizon is changed by
the action of percolating water.
- BI - A prefix meaning
both "every two" or "twice in". Biannual, for example,
is twice in one year. Biennial is once every two years.
- BIANNUAL - Twice per
year. Semiannual.
- BID - (1) An offer,
usually in competition with others, such as at auction.
A builder may bid for the right to do construction
(especially for a government contract). (2) Used in some
states to describe an offer to purchase real estate.
- BIENNIAL - Every two
years.
- BILATERAL (RECIPROCAL)
CONTRACT - Contract under which the parties expressly
enter into mutual promises, such as sales contracts.
- BI-LEVEL - Two levels.
Commonly refers to construction of a house. Also called
"split" level.
- BILLBOARD - A structure
annexed to land for the purpose of posting advertising.
- BILL DISCOUNTED - A
promissory note from which the interest is deducted in
advance.
- BILL OF SALE - An
instrument by which one transfers personal property.
- BINDER
- (1) A report
issued by a title insurance company setting forth the
condition of title to certain property as of a certain
date, and also setting forth conditions which, if
satisfied, will cause a policy of title insurance to be
issued. Also called a commitment. (See also: Preliminary
Title Report). (2) A policy of title insurance (used
primarily by investors) calling for a reduced rate for a
future policy if the property is sold within a specified
period.
- BIRD DOGGING - Obtaining
the initial lead regarding property, buyers, investors,
potential home improvement customers, etc. The lead is
then followed up by one empowered to make the deal.
- BIRTH RATE - The number
of births in a given area during a given period of time,
based on per thousand population.
- BIWEEKLY ACCELERATED
MORTGAGE - A mortgage repaid by biweekly payments A
biweekly payment is equal to one-half the regular
monthly payment. This reduced payment is then paid
biweekly or 26 times per year. Under this accelerated
plan, the borrower pays off more principal than a
borrower making monthly payments. Example: A
$100,000.00, 30 year loan at 12% interest would have a
monthly payment of $1,028.62. Making biweekly payments
of $514.31 pays off the 30 year loan in 19 years and 2
weeks and saves $115,975.18 in interest.
- BLACK ACRE - Fictitious
name used by legal writers to describe a specific
property without a more complete description.
- BLACKTOP - A black
paving surface composed of a coal or asphalt material.
- BLANKET DEED OF TRUST -
(See: Blanket Mortgage).
- BLANKET MORTGAGE - (1) A
mortgage covering more than one property of the
mortgagor, such as a mortgage covering all the lots of a
builder in a subdivision. (2) A mortgage covering all
real property of the mortgagor, both present and future.
When used in this meaning, it is also called a "general
mortgage".
- BLIGHT - To wither and,
decay. Applied both to diseased plants and to
neighborhoods where normal real estate maintenance has
stopped.
- BLIGHTED AREA - A term
popular in urban renewal, referring to a rundown area.
- BLIND AD - An ad
(usually in a newspaper or magazine) which does not
identify the party placing the ad. Often used in an ad
for a job, asking that a resume be sent to a post office
box.
- BLIND CORNER
- A corner
where building or vegetation (trees, shrubs, etc.)
extends to the property line and so obstructs the vision
of motorists to right angle traffic.
- BLIND NAILING
- Nailing
so that the nails are sunk into the wall and covered
with putty so the nail heads do not show.
- BLM - Bureau of Land
Management - Branch of government that is in charge of
managing public land.
- BLOCK - (1) In a city, a
square or rectangular area enclosed by streets. (2) In
some states, a part of a subdivision legal description,
such as Lot 1, Block 1, Tract 1. (3) A pulley in a
frame. (4) An auctioneer's plafform.
- BLOCK BUSTING
- An
illegal method of obtaining houses at below fair market
value by telling the inhabitants that people of a
different race or religion, moving into the area, will
cause property values to fall.
- BLUE
LAWS - Actually,
laws adopted in some New England colonies regarding
religious and personal conduct. Later came to mean any
laws regarding the conducting of business on Sunday. Do
not confuse with Blue Sky Laws.
- BLUEPRINT - A plan of a
building in such detail as to enable workmen to
construct it from the print. The name comes from the
photographic process which produces the plan in white on
a blue background.
- BLUE SKY LAWS - Laws to
regulate the sale of securities to avoid investment in
fraudulent companies or high risk investments without
disclosure of the risks to the investor.
- BOARD - (1) A term
which, in the lumber trade, refers to a piece of lumber
less that 2 inches thick, and 8 or more inches wide. (2)
A group of persons authorized by law to exercise
management and control, either of a public function,
such as a board of supervisors, board of health, etc.,
or a private corporation, as a board of directors.
- BOARD AND BATTEN - A
siding constructed of wide boards (usually one foot
wide) placed '/2 inch apart; the seams are covered by 3
inch wide battens.
BOARDFOOT - A unit of measurement for lumber. One
boardfoot equals 144 cubic inches or 12" X 12" X 1 ".
- BOARDING HOUSE - A house
where one can rent a room and receive board (meals), the
cost of which is included in the rent. Not common today.
- BOARD OF ALDERMEN
- The
governing body of a municipal corporation. Equivalent to
a city council.
- BOARD OF EQUALIZATION -
State board charged with the duty to bring equitable
uniformity to the various local property tax
assessments.
- BOATEL
- A name given to
a hotel or motel adjacent to a marina and
catering to boat travelers.
- BOILER PLATE - The form
language (generally printed) which is contained in
deeds, deeds of trust, CC&R s, and other documents and
contracts. The specifics for each instance are then
filled in.
- BOILER PLATING - Using
form language for a contract, CC&R's (restrictions),
etc.
- BOLE - A tree trunk.
- BONA FIDE - A legal term
which refers to any actions, situations, or persons that
are honest, in good faith, and without fraud.
- BONA FIDE PURCHASER - A
purchaser in good faith, for valuable consideration,
without notice or knowledge of adverse claims of others.
Sometimes abbreviated to B. F. P.
- BOND - (1) An insurance
agreement by which one is insured against loss by acts
or defaults of a third party. In construction, a
performance bond insures that the builder will finish
his project. The insured could be a lender, purchaser,
or other interested party. (2) A method of financing
long term debt, issued by a government or private
corporation, which bears interest and has priority over
stock in terms of security.
- BOND FOR DEED - (See:
Land Contract).
- BOND FOR TITLE - (See:
Land Contract).
- BONUS CLAUSE - (See: "No
Bonus" Clause).
- BOOK COST - The actual
cost as carried in the account ledger.
- BOOK DEPRECIATION -
Depreciation reserved (on the books) by an owner for
future replacement or retirement of an asset.
- BOOK VALUE
- The value
of a property as a capital asset (cost plus additions to
value, less depreciation).
- BOOM - (1) A barrier
forming an enclosure for logs or timber. (2) A beam of a
crane or derrick, used for guiding whatever it lifts.
- BOOT
- Something given
in addition to. Generally used in exchange to refer to
something given other than the major properties to be
exchanged, in order to equalize value.
- BORING TEST - Study of
soil by boring holes and removing samples.
- BOROUGH - A part of a
city, having authority over certain local matters. The
best known boroughs are the five boroughs of New York
city.
- BORROW - Material such
as sand or gravel used for grading, which is brought
from another location.
- BORROW BANK - The place
from which borrow material is taken.
- BORROW PIT - The pit
left after the removal of borrow material. The pit is
sometimes filled as a lake and even stocked by some
states for fishing.
- BOTTOM LAND -Low land
along a river formed by alluvial deposits. Also low
lying ground such as a valley or dale.
- BOULEVARD
- A wide
street, usually having a median or promenade, and lined
with trees.
- BOUNDARY - A separation,
natural or artificial, which marks the
division of two contiguous properties.
- BOUNDS - Boundaries.
- BOWSTRING TRUSS - A
structural truss with a top member which curves at each
end to meet the bottom member, thus resembling a bow.
- BRACED FRAMING - Framing
reinforced with posts and braces, forming a frame more
rigid than balloon framing.
- BRADLEY FOUNTAIN - (See:
Bradley Sink).
- BRADLEY SINK - A
circular lavatory, usually found in industrial
buildings, capable of use by several persons at the same
time by utilization of a center column containing
multiple water jets operated by foot pedals. Also called
a Bradley Fountain.
- BREACH OF CONTRACT -
Failure to perform a contract, in whole or part, without
legal excuse.
- BREACH OF COVENANT - The
failure to do or to refrain from doing that which was
covenanted. (See also: Covenant; Condition;
Restriction).
- BREACH OF WARRANTY - In
real property, the failure of the seller to pass title
as either expressed or implied (by law) in the conveyancing document. (See also: Warranty Deed; Grant
Deed; Quitclaim Deed).
- BREAK EVEN POINT
- In
income property, when there is neither a positive nor a
negative cash flow.
- BREAKDOWN METHOD
-
Estimating accrued depreciation by using all three
reasons (physical deterioration, functional
obsolescence, economic obsolescence) for loss in value.
- BREAST-HEIGHT - The
height at which the diameter of a tree is measured. A
height of 4 / feet above the ground level. The
abbreviation D.B.H. (diameter-breast-height) is usually
used.
- BREATHER ROOF - A
storage tank roof which rises and lowers depending on
the level of the stored gas or liquid.
- BREEZEWAY
- (1) In
construction of a house with no garage, a canopy which
extends from the house over the driveway as a protection
from the weather for an automobile and for those people
going between the house and the automobile. (2) A
covering over a porch or patio, connecting two sections
of a house or a house and garage. Open on two sides,
allowing air circulation (breeze).
- BRICK - A building
material made from clay, which is molded and heated. The
effect of the heat on the iron in the clay gives a red
color. Addition of lime or magnesia produces a yellow
color.
- BRIDGE - A structure
over a waterway, highway, or other obstruction, to
facilitate passage and for the benefit of travelers.
- BRIDGE FINANCING - A
form of interim loan, generally made between
a short term loan and a permanent (long term) loan, when
the borrower needs to have more time before taking the
long term financing.
- BRIDGING - Floor joist
bracing, usually of wood or metal.
- BRIDLE PATH (ROAD) -
Technically a private road designated as a bridle road
without specific use. More modernly, a road designated
for equestrian use.
- BRITISH THERMAL UNIT
(B.T.U.) - Unit of heat required to raise one pound of
water one degree Fahrenheit. Used to express the
capacity of heating and cooling systems.
- BROKERAGE - The act of
bringing together principals (buyer-seller;
landlord-tenant; etc.) for a fee or commission, rather
than acting as a principal.
- BROKERAGE COMMISSION -
(See: Commission).
- BROKER, REAL ESTATE -
One who is licensed by the state to carry on the
business of dealing in real estate. A broker may receive
a commission for his or her part in bringing together a
buyer and seller, landlord and tenant, or parties to an
exchange.
- BROOM CLEAN - A term
used to describe the condition of a building, delivered
to a buyer or tenant. As the term indicates, the floors
are swept and free of debris.
- B.T.U. - (See: British
Thermal Unit).
- BUCKED - A tree, cut
into logs.
- BUDGET - As the word is
applied to condominiums and planned developments, the
common expenses shared by the unit owners. This will
determine the amount each unit will be charged (usually
monthly) for expenses of the common area (taxes,
insurance, maintenance, etc.).
- BUFFER STRIP (BUFFER
ZONE) - A parcel of land separating two other parcels or
areas, such as a strip of land between an industrial and
residential area.
- BUILDER - One whose
occupation is the construction of structures
(buildings).
- BUILDER BOND - (See:
Performance Bond).
- BUILDING - A structure
built to shelter people, animals, or goods. Maybe a
residence, business, or meeting place, such as a church.
- BUILDING AND LOAN
ASSOCIATION - An organization for the purpose of
accumulating a fund by subscription and savings of its
members, to assist them with loans for building or
purchasing real estate.
- BUILDING CODE - A
comprehensive set of laws which control the construction
of buildings, including design, materials used,
construction, use, repair, remodeling, and other similar
factors.
- BUILDING CONTRACT - A
contract setting forth the terms under which
construction is to be undertaken. Price may be set, or
based on the builder's cost plus a profit.
- BUILDING LINE - A line
beyond which there can be no construction. Set by law,
the purpose of such a line is to keep buildings from
being built too close to the street, both for safety and
aesthetic reasons.
- BUILDING ORIENTATION -
(See: Orientation).
- BUILDING PAPER - An
insulation. A waterproof, heavy paper used in the
construction of a roof or wall.
- BUILDING PERMIT - A
permit given by a local government to construct a
building, or make improvements.
- BUILDING RESIDUAL
TECHNIQUE - An appraisal technique by which building
value is determined by first determining the net return
attributable to the land only, and deducting it from the
total return to the property (may be estimated). The
residual amount is capitalized to find the building
value. Best used when land value is easy to estimate and
building value difficult to estimate. (See: Land
Residual Technique; Property Residual Technique).
- BUILDING RESTRICTIONS -
Prohibition by a governmental body (zoning restriction)
or a private party (a former owner) against construction
of certain structures on a property.
- BUILDING SITE - (See:
Site (2).
- BUILD TO SUIT - A method
of leasing property whereby the lessor builds to suit
the tenant (according to the tenant's specifications).
The cost of construction is figured into the rental
amount of the lease, which is usually for a long term.
- BUILT-IN'S - Commonly
stoves, ovens, dishwashers, and other appliances, framed
into the building construction and not movable.
BUILT-UP ROOF - A level roof composed of layers of
roofing materials (tars and waterproof paper), covered
with fine gravel.
- BULKHEAD - (1) A
partition in a ship. (2) A retaining wall to hold back
water and thereby extend the shoreline.
- BULKHEAD LINE - A line
established in navigable waters beyond which no solid
fill can be used. The Army Corps of Engineers
establishes the bulkhead line and also the pier line,
beyond which no pier can be constructed.
- BULK SALE - A transfer
in bulk, not in the ordinary course of business, of all
or substantially all of the inventory and fixtures of a
business.
- BULK SALES ACT - Laws to
protect creditors against secret sale of all or
substantially all of a merchant's goods. Requires
certain notice before sale, and sets forth methods of
voiding improper sales. (See also: Uniform Commercial
Code).
- BULK ZONING - (See: Area
Zoning).
- BUNDLE OF RIGHTS - A
theory comparing property rights to a bundle of sticks.
Each of the usual property rights (possession,
alienation, etc.) is represented by a stick and is,
therefore, considered separately.
- BUS - A copper bar
through which electrical current flows.
- BUS DUCT - A metal clad
enclosure containing a bus.
- BUSINESS - Unqualified,
the word has no definite meaning, but has come to be
understood to be any activity by which people earn
money.
- BUSINESS CYCLE - The
economic cycle of prosperity, followed by a decline, and
then a return to prosperity.
- BUSINESS OPPORTUNITY -
The sale of a business (may or may not include the sale
of real estate). Some states require a real estate
license for these sales even when real estate is not
involved. The
Uniform Commercial Code, state statutes, and special
laws for alcoholic beverage licenses (when applicable)
should be studied by the business opportunities broker.
- BUTT LOT - (See: Key Lot
2).
- BUTTE - A steep hill,
usually standing alone.
- BUTTERFLY ROOF - A roof
formed by two gable roofs concave to a center ridge. The
roof resembles the shape of a butterfly's wings.
- BUTT JOINT - The meeting
end to end (butting) of two members to form a connection
(joint).
- BUTT LOG - The log
immediately above the stump of a tree.
- BUTTRESS - A support for
a wall. A prop. If the buttress projects from the wall
and supports by lateral pressure, it is called a "flying
buttress".
- BUTTS AND BOUNDS - (See:
Metes and Bounds).
- BUYDOWN - A payment to
the lender from the seller, buyer, third party, or some
combination of these, causing the lender to reduce the
interest rate during the early years of a loan. The
buydown is usually for the first 1 to 5 years of the
loan. (See also: Certificate Backed Mortgage).
- BUYER'S MARKET - A
market condition favoring the buyer. In real estate,
when more homes are for sale than there are interested
buyers.
- BUY-SELL OFFER - An
offer by one owner of a business or real estate to buy
out the interest of another owner of the same business
or real estate (a partner or other shareholder), or to
sell the offeror's interest at the same price or
proportionate price if unequal ownership. Example: A and
B each own a /2 interest in lot 1. A offers to buy B's
interest for $10,000, or to sell A's interest to B for
$10,000. Theoretically very fair, since B has the option
to buy or sell. However, B's interest may be worth
$12,000, but B is financially unable to buy A's interest
(also worth $12,000).
OX CABLE - The main conduits coming into a home.
Electrical wiring run through metal conduits.
- BY-LAWS - Rules and
regulations, adopted by an association or corporation,
which govern its activities.
- BY-PASS - A road
designed to avoid or pass by a high density area, such
as a business section of a city, in order to ease
traffic congestion.
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