A zoning designation allowing businesses to carry on their paperwork rather than manufacturing or sale of inventory to the public on the site. Some businesses may be conducted entirely out of such space, when only paperwork is involved, such as insurance companies, law firms, accounting firms, etc.

A federal bureau formed in 1989 as a branch of the Treasury Department as part of a major reorganization of the thrift (savings and loan) industry. OTS regulates, examines, and supervises both thrifts and their holding companies. The office director coordinates with other federal bureaus which regulate the nation’s financial institutions by serving on the boards of the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, and others. The purpose of this office is to ensure a sound operation of savings institutions and compliance with federal laws.

(1) A ledge across a wall (usually brick or masonry) formed by reducing the thickness of the wall above the ledge. (2) To balance, as claims in a law suit. Commonly called set-off (when a counter- claim is made to offset damages, the counterclaim being made concerning different subject matter).

An electrical measure of resistance of the dissipating of one watt when one ampere passes through it.

A lease giving the lessee the right to extract oil and gas from land. More like a mining lease than a land lease, in that the lessee has ownership interest in a portion of the property (the oil and gas) rather than just the use of the property. The lessor is generally paid based on the oil and gas taken. See also: Slant Drilling; Profit a Prendre.

Clause in a will or decree of distribution passing all property not specifically mentioned.

A construction term referring to a measurement of distance from the center of one structural member to another, such as a stud, joist, etc. Abbreviated on construction drawings as O.C.

Refers to property (usually industrial) which is served by a railroad.

The cost of on-site improvements.

Structures erected permanently for use on a site, such as buildings, fences, etc.

A property manager who lives on the property being managed. The law in most areas requires an on-site manager for apartments over a specified number of units.

A real estate branch office specifically for a particular development, and located at said development. May be a sales or leasing office.

A fire resistant door; one which will hold back a fire for a minimum of one hour.

A fire resistant wall; one which will hold back a fire for a minimum of one hour.

The best location in the area. The term is most commonly used to describe a location in a city ideal for retail sales.

A method of “creative” financing by which the buyer (1) assumes an existing loan, (2) secures a second loan from a third party lender, (3) takes a third loan from the seller.

(See: Notorious Possession).

A design using heavy roof beams as interior finish, exposed to give a roomy, heavy, rugged appearance to a room.

A mortgage loan allowing the borrower to increase the amount borrowed during the term of the loan.

A house which is open without an appointment to prospective buyers (or tenants) for inspection, during certain hours and days of the week.