A loan broker operating under a special license to broker personal property loans. The loan broker may be paid in a lump sum or from the monthly interest payment.

A loan which is secured by both real and personal property. The minimum ratio of personal to real property is set by law. The credit of the borrower is a major consideration in making the loan. See also: Equity Loan.

See: Public Housing Agency.

An assessment of the environmental condition of a site (both land and improvements), often performed by an engineering consulting company. It would include: (1) A review of historical documents showing past ownership and use of the site. (2) Interviews with those who may have knowledge of past use. (3) A physical inspection of the site and adjoining properties. (4) A report which summarizes the findings and recommends any necessary action or recommends further investigation. Phase I may, but usually does not, involve sampling.

A further assessment after “Phase I” to verify the presence (or absence) of contaminants in the water or soil at the site. Samples are taken.

An assessment after “phase I” and “phase II” to determine the extent of contaminants in the water and/or soil at the site, both as to the depth and breath of the contamination. Samples are taken.

See: Age-Life Method of Depreciation.

See: Physical Deterioration.

A type of depreciation (loss in value) to improvements caused by wear and tear or lack of maintenance. When economically feasible to correct, it is called “curable”; when not “incurable”.

The normal life of an improvement, if properly maintained.

Used to indicate what is included in a monthly payment on real property. If the payment includes only principal and interest, property taxes and hazard insurance would make the total payment higher. (See: PITI).

A large window used to let in light and a view, but not air.

(1) A structure extending from the solid land out into the water of a river, lake, harbor, etc., to afford convenient passage for persons and property to and from vessels along its sides. (2) A heavy, vertical support member, of masonry, wood, or metal.

A foundation using columns (piers) which extend from footings below ground to the slab above ground. The area between the ground and the slab is called the crawl space and may contain plumbing, heating ducts, and electrical wiring.

A loan made jointly by two or more lenders on the same property under one mortgage or trust deed. A 90% loan, for example, may have one lender loaning 80% and another (subordinate) lender loaning the top 10% (high risk portion).

A pier or column, which partly protrudes from a wall, or is attached to a wall as a decoration. If not strictly decorative, it may be a support member.

A vertical support member, driven into the ground (or bottom, if in water). May be of concrete, metal, or wood.

A vertical support member, usually the main support. Is not attached at its sides.

An extended connection of pipes for transporting liquids or gases, such as oil or natural gas.

(1) A mixture of resins; a black tar substance. (2) To incline, such as a sloping roof. The rate of incline is the pitch.

Used to indicate what is included in a monthly payment on real property. Principal, interest, taxes and insurance are the four major portions of a usual monthly payment.