Unsecured loanAny loan that is not backed by collateral.
UsuryA reference to illegally excessive interest charged on any loan. Interest-only loanThe pays only the interest that accrues on the loan balance each month. PointFees charged by lenders at the time a loan is originated. WetlandsWatery areas such as swamps, marshes and floodplains. CaulkAn acrylic or silicon sealant used to fill cracks, crevices and holes in a home. MantelThe facing of stone, marble or other material around a fireplace. Can lightsCylindrical chambers with bulbs recessed into the ceiling. Real propertyLand and any permanent fixtures on it, including buildings, trees and minerals.
GrantorThe person who conveys an interest in a piece of property to another person. English Tudor styleAn architectural design that features stone or brick exterior walls and exposed beams. FasciaA board that connects the ends of the roof rafters and provides a surface to support gutters. Flood plainFlat, flood-prone areas located along waterways.
CommuteThe distance and time it takes a person to reach the workplace. SoffitAn external area under the overhang of a roof. Planned communitiesThe concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals. AlleyA lane behind a row of buildings or between two rows of buildings.
SecurityApiece of property designated as collateral. Income propertyProperty that is not occupied by the owner but is used to generate income. Department of Agriculture agency that provides credit to farmers and rural residents. ExecutorA person appointed to carry out the instructions in a will. Home ruleThe power of a local government to adopt its own land-use regulations. EllAn extension or wing of a house that is at right angles to the main structure. Stone and stucco walls with half timbers are most common. Corrective workNecessary or desired repairs to remedy problems uncovered by a home or specialized inspection.
BalustradeRailing held up by a set of posts on a porch or stairway. ComparablesProperties used as comparisons to determine the value of a certain property. Acre footThe volume of material needed to cover an acre of land one foot deep. FootingsConcrete foundations that support a structure. CorniceA horizontal molding that projects from the top of a structure or wall. Principle of progressionAn appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties.