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Balance Sheet A statement of the financial condition of a business at certain time showing assets, liabilities, and capital.
Banked Elevators A Group of elevators adjacent to each other with a specific demised enclosure.
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).
Base Line Survey line running east and West, which is used in establishing township boundaries.
Base Map A map having background information, such as state, county, or city boundaries, upon which more detailed data is plotted.
Base year The year upon which a direct expense escalation of rent is based. (See also: Escalation Clause).
Basement Generally, the story of a building below ground level.
Basic Capacity In connection with highway use, the greatest number of car per hour which can pass a given point under ideal driving conditions will give the basic capacity of a lane of road.
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) equals a half bathroom, a toilet, si
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 for
Bay Window A window which projects in a curve out from a wall, giving a bay-like effect to the interior.
Bearing Wall A wall or partition which supports a part of a building, usually a roof or floor above.
Bedrock Solid rock beneath the soil, as distinguished from rocks or boulders.
Belt Highway A limited access highway carrying traffic around an urban area, with entrances and exits to principal streets. Also called a by-pass.
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 e
Beneficial Use The doctrine, applicable in some areas, pertaining to water rights, giving priority to those who would use the water most beneficially.
Beneficiary A person or entity in one of the following types of circumstances: 1. Person or entity to whom an inheritance passes as the result of being named in a will. 2. Recipient of the proceeds of a life in
Bequeath To give or hand down by will, to leave by will.
Bequest Personal property given by the terms of a will.
Betterment An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.
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
Bids A competitive system in which each bidder submits a sealed proposal to execute the work for a specified sum. The list of bidders (Bid List)is controlled by the client and the architect.
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.
Binder An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent
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 subdivision. (2) a mortgage covering all real property of the mortgagor, both
Blockbusting The Practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners i
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.
Board foot A unit of measurement for lumber. One board foot equals 144 cubic inches, i.e., 12”x12”x1”.
Bond (1) Written guaranty purchased from a surety ( usually an insurance company) to guarantee payments to a victim of financial loss due to the improper action of the insured. (2) Interest bearing securit
Book Value The current value for accounting purposes of an asset expressed as original cost plus additions minus accumulated depreciation.
Boundary A separation, natural or artificial, which marks the division of two contiguous properties.
Broker A person employed on a fee or commission basis as an agent to bring parties together and assist in negotiating contracts between them.
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,
Broker-Salesperson Relationship Agreement A written agreement required by the regulations of the Real Estate Commission setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker perfor
Brokerage The act of bringing together principals (buyer-seller, landlord-tenant, etc.) for a fee or commission, rather than acting as a principal.
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).
Building A shelter built to shelter people , animals, or goods. May be a residence, business or meeting place, such as a house of worship.
Building Codes A comprehensive set of laws which control the construction of buildings, including design, materials used, construction, use, repair, remodeling, and other similar factor.
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 Module A unit of length and with by which the planning of a building can be standardized and which facilitates the design and layout of office space. The module places constraints on the size and shape of ma
Building To-Land Ratio – Ratio of value of building to value of land.
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 offers interest at th
Buyers Market The condition which exists when a buyer is a more commanding position as to price and terms because real property offered for sales is in plentiful supply in relation to demand.
Buy-Sell Agreement (as distinguished from Right of First Refusal). Under a buy-sell agreement, if one party desires to sell, he/she must sell to the other, and the other must buy.
By-Pass A Road designed to avid or pass by a high density area, such as a business section of a city, in order to ease traffic congestion. Also called a belt highway.
BHK Bedroom, Hall and Kitchen
BA or Bath Bathroom
BR Bedroom
Balloon Payment A repayment of a loan bond, usually but not necessarily the final repayment, which is larger in amount than other installments.
Basic Rent A monthly rental net of maintenance and interest costs charged or quoted by landlords for any property. The base rent comprises of only the payment made for usage of the property under a lease agreeme
Bayana An Indian term used to denote the token money given to the landlord to informally freeze negotiations on a particular property, after the initial terms and conditions have been formalized.
Benami Ownership The title of the property is in one party’s name and the real ownership is in another party’s name.
Breach of contract Failure, without legal excuse, of one of the parties to a contract to perform according to the contract.
Broker / Dealer A person or company who acts as a medium of bringing owner and proposed buyers together with a view to complete a real estate transaction.
Brokerage 1. Commission paid to a broker. 2. The activity of a broker in bringing together two parties in a transaction.
Building Bye Laws Building standards formulated by the local authority to regulate and control the usage of land, property and areas in cities and towns.
Built Up Area Includes the carpet area, the wall thickness and the balcony.
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