A layer or fold. Commonly used to describe the thickness of any built-up surface, such as plywood, veneers, tires, etc.

A wood sheet made of layers (plies) of thin sheets, glued to a center sheet of thicker wood, the grain running at right angles.

See: Private Mortgage Insurance.

Mortgage-backed securities of conventional mortgages insured by private mortgage insurance (PMI) companies. See: Mortgage Backed Securities.

See: Point of Beginning.

A card issued by a state showing that an individual is licensed as a real estate broker or salesperson.

(1) One percent of the amount of the loan. (2) A commission paid for arranging a loan.

A letter from a lender which guarantees the number of points on a loan for a given time.

A term used in metes and bounds descriptions. The description will start with the words “Beginning at a point” and end with “to the point of beginning”.

The power of the state which abridges individual rights for the safety, health, and general welfare of society.

A general term used to describe all contracts of insurance.

See: Mortgage Pool.

An extension from a structure, usually serving as part of the entrance. May be large enough for relaxation, and most often has its own roof, rather than a part of the structure roof.

A lender who makes and holds loans rather than making loans and selling them in the secondary market.

A colonnade at the front of a building.

Borrowing against mortgages at a lower rate than the mortgage yield. See: Warehousing.

See: Cash Flow; Negative Cash Flow.

Using borrowed money to increase the return on an investment. Example: Property is purchased for $100,000 cash and sold one year later for $150,000. The investment produced a return of 50%, less the cost of sale. Another property is purchased for $100,000 with $10,000 down and a $90,000 mortgage and sold one year later for $150,000. The investment produced a return of 500%, less the cost of sale and cost of the mortgage, still a much higher return than the cash purchase.

See: Positive Carry.

Being in physical control of land or personal property, whether the owner or not. Possession may be lawful or wrongful.

A lien allowing the creditor to hold the property until paid.