Repairs necessary to keep a property in good condition, against ordinary wear and tear, decay, etc.

A point along the vertical axis of a curve. When in conjunction with a point on the horizontal axis (abscissas), the point is called the “co-ordinates”.

A window projecting outward, similar to a bay window. However, an oriel window is supported by brackets or a cantilever, as opposed to a bay window which is supported by the foundation.

The purchase price of property, paid by the present owner. The present owner may or may not be the first owner.

The principal amount of a note or mortgage before any payments or default.

The person or entity to which a check or promissory note is originally payable.

The amount, not including interest, that the borrower owes on a new loan.

A fee made by a lender for making a real estate loan. Usually a percentage of the amount loaned, such as one percent.

An agency created by law when a principal acts (intentionally or negligently) as if one is an agent who in fact is not. See also: Apparent Authority.

See: Apparent Authority.

See: Office of Thrift Supervision.

A freestanding structure that is not the main building on the property. An example would be a barn or storage shed.

An improvement, excessive in cost or size in relation to land value or value of surrounding improvements.

Rental which exceed the base rate. May be from a percentage of the tenant’s income (see: percentage) or some other formula (e.g. for a gasoline service station, a common overage would be x cents per gallon over x gallons per month, but nothing on repairs and the sale of other products such as oil, tires, etc.).

See: Overage Income.

The rate (expressed as a percentage) which is used to show the relationship between annual net operating income (N.O.I.) and estimated value (v). N.O.I. ÷ R0 = v. The overall capitalization rate includes both the rate of return of investment and rate of return on investment. See: Return of Investment; Return on Investment.

Construction of an excessive number of similar properties (houses, apartments, etc.) so as to cause a surplus of supply over demands.

An extension of a roof beyond the exterior walls, used as a shading or protection from rain, for a walkway.

The expenses of a business or property. Commonly referred to as the “nut”.

A bridge or road elevated to avoid intersecting with a roadway, railway, or other traffic carrier.