The tide during the first and third quarters of the moon; not as high as in the second and fourth quarters.

A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases.

When the income from an investment property does not equal expenses. The owner must come up with cash each month to meet these expenses.See also: Cash Flow.

The servient estate or tenement. See: Easement Appurtenant.

See: Title One Loan; Title One Look Alike Loan.

A loss that occurs when the cost of borrowing exceeds the return on the investment. Example: A building with a six percent return if debt free would return less if a seven percent mortgage were placed on the property.

Capable of being transferred by negotiation (e.g. A negotiable instrument) rather than being assigned. A Transferee by negotiation may acquire greater rights than an assignee. (See: Holder In Due Course).

As defined by the Uniform Commercial Code, article 3 – 104: “(1) Any writing to be a negotiable instrument within this article must (A) Be signed by the maker or drawer; and (B) Contain an unconditional promise or order to pay a sum certain in money and no other promise, order, obligation or power given by the maker or drawer except as authorized by this article; and (C) Be payable on demand or at a definite time; and (D) Be payable to order or to bearer”. Instruments which may be negotiable are: a draft (bill of exchange); a check: a certificate of deposit; a note.

An interest bearing checking account which limits the amounts which may be withdrawn over a given period.

A general term describing a contiguous area of similar properties. Since the development of tract housing, the term is not as significant.

A group of retail stores, usually limited to food and convenience service stores (dry cleaner, barber, etc.) serving a limited area (neighborhood), and having common parking and ownership or management.

An acre which may be used for building of structures. For example: A builder buys ten acres of raw land on which to build houses. Three acres are used for streets, sidewalks, and other off-site improvements. The remaining seven acres are the net acres of the ten acre site.

The net income from property after income tax is paid. See also: Net Before Taxes; Net Income.

Net income before payment of income tax, but after payment of property taxes. See also: Net After Taxes; Net Income.

The amount of money an investor pockets after paying all expenses of a property, including operating and mortgage costs. See also: Net Income; Net Operating Income (NOI).

See: Net Income.

A net lease of unimproved land.

The difference between adjusted gross income and operating expenses. May or may not include depreciation.

The number which, when multiplied by the net income, gives the selling price. Found by dividing the sales price by the net income. Usually, a gross income multiplier is used.

See: Rentable Area

A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net, and other such repetitions are used. See also: Gross Lease.