See: Real Estate Owned.

See: Residential Accredited Appraiser.

A method of joining or fitting together wood by cutting a deep groove in one piece to allow the other to be fitted against it.

A pipe carrying electrical wiring, having outlets at close intervals.

A heating system using electrical coils, or pipes in the ceilings, walls, or floors, which heat with steam, hot water, or hot air.

An old fashioned, cast iron, ribbed heating fixture using hot water. Most modern systems use air for heating, because water or steam systems are more expensive.

Load-bearing timbers of a roof. Flat roof rafters are usually called joists.

(1) A horizontal bar, such as the cross member of a fence. (2) Tracks on which a train runs.

Sloping members, such as a cornice, which run parallel to the inclination of a roof.

See: Reverse Mortgage.

(1) An inclined, concrete or wooden path, used instead of steps. (2) A roadway used as an entrance or exit to a limited access highway.

Traditionally, a place for raising horses or cattle, which feed on a grazing range. More modernly, the term has been applied to the raising of other animals under controlled conditions, such as mink, chickens, etc.

Modernly, any one story house is called a ranch style. A true ranch style house is rambling, with low pitched gable roofs, and an interior of open design.

The ranch itself plus public lands used as part of the ranch operation, under permits.

Roof or siding shingles of different sizes.

(1) A division of land in the government survey, being a six mile wide row of townships, running North and South, and used in legal descriptions. (2) Land used for grazing livestock.

A wall only a few inches above ground, but to a specified depth (according to local code) below ground, around a house to prevent rats from going under the house. Not used in all parts of the country, and only necessary where there is not a full basement or slab construction.

Property capable of being rated (assessed, taxed).

The limit (cap) of the amount of interest increase or decrease of an adjustable rate loan.

An index used to adjust the interest rate of an adjustable mortgage loan. For example: the change in U.S. Treasury securities (T-Bills) with a 1 year maturity. The weekly average yield on said securities, adjusted to a constant maturity of one year, which is the result of weekly sales, may be obtained weekly from the Federal Reserve Statistical Release H.15 (519). This change in interest rates is the “index” for the change in the specific Adjustable Mortgage Loan.