A term commonly used to describe the money that goes to the seller of property after costs of the sale and payoffs. The net cash to the seller.

The direct or proximate cause. In an open listing to sell real property, for example, the broker would only receive a commission if she procured the buyer.

The difference of income less expenses. Further broken down into net profit and gross profit, (see which).

A right to take from the soil, such as by logging, mining, drilling, etc. The taking (profit) is the distinguishing characteristic from an easement, although easement is frequently used as a synonym.

A statement showing the income and expenses of a business over a stated time, the difference being the profit or loss for a period.

Billing by a contractor as an agreed to amount of work is completed. This can be based on a percentage of work completed or stages of work completed.

Payments based on Progress Billing. See: Progress Billing.

The gaining of value from surroundings. Better properties cause lesser properties in the immediate area to be worth more than if the better properties were not as good. The opposite is regression.

Any development built with HUD financial assistance at any phase.

One who makes a promise. The borrower under a promissory note.

A promise in writing, and executed by the maker, to pay a specified amount during a limited time, or on demand, or at sight, to a named person, or on order, or to bearer.

Anything which is owned by someone. See also: Real Estate.

An expression, not nationally used, meaning a description of a property for sale, which is submitted to a prospective purchaser.

The boundary line of a parcel of land.

The branch of the real estate business dealing with the management of property. The property may be a rented house or a large office or industrial complex. The duties may range form merely collecting rents to complete management of all maintenance and may also include being leasing agent or sales agent.

The contract between an owner and property manager (or management company), setting forth the duties of and payment for said manager.

See: Homeowners’ Association.

An appraisal technique whereby land and building are valued as a single unit. The income (net operating income) is capitalized (divided) by an overall capitalization rate to reach estimated value. See: Building Residual Technique: Land Residual Technique.

Generally, a tax levied on both real and personal property; the amount of the tax is dependent on the value of the property.

Reverse mortgages that pay annual property taxes; usually offered by state or local governments