A licensed real estate broker specializing in the sale of residential property, such as single family homes, PUDs and condominiums.

The rate of residential construction in a given area. Determined by housing starts per 1,000 population.

Land designated by zoning ordinances as “residential”. May be vacant or improved.

Amount remaining. Example: The income remaining after deducting for vacancies and operating expenses of apartment units. The amount can then be divided by the market capitalization rate to estimate the present value of the property.

That property of a deceased after expenses of administration, and after all bequests and devises.

Generally, any property where people would go for purposes of fun and vacations. In some states the term may have legal significance, and regulations may exist regarding advertising and selling property as resort property.

A federal statute effective June 20, 1975, requiring disclosure of certain costs in the sale of residential (one to four family) improved property which is to be financed by a federally insured lender.

Doctrine of responsibility of a principal for the wrongful acts of an agent arising from the authorized acts of said agent. In real estate, one of the reasons for the status of independent contractor.

Restrictions placed against the transfer (vesting) or sale of property. Certain restrictions are allowed but must conform to the rule against perpetuities and free right of an owner to sell. For example: Selling on the condition that the grantee could resell only to members of a certain family would be too restrictive and not valid.

Most commonly used to describe a use or uses prohibited to the owner of land. Restrictions are set forth by former owners in deeds or in the case of a subdivision, a declaration of restrictions is recorded by the developer. A limitation on use of the property by law (zoning ordinances) may also be termed a restriction.

See: Restriction.

Subdividing an existing subdivision. (1) Frequently done when the wishes to change the size or shape of the lots. (2) Some states have held that one who buys several properties in the same subdivision (even if already with buildings) must resubdivide before selling. This has been carried to the point of including one who buys two condominiums in the same subdivision. However, a simpler and less costly procedure has been provided in such cases.

See: Constructive Trust.

A wall used to contain or hold back dirt, water, or other materials of a similar nature.

Forcing a tenant to vacate as revenge for complaints filed by the tenant against the landlord for failure to adequately maintain the property. Laws prevent retaliatory eviction by forbidding eviction without cause for a specified time period after the complaint.

The recovery of invested capital.

The profit from invested capital.

See: Reassessment.

A clause in a lease calling for a periodic revaluation (appraisal) of the leased property, and subsequent adjustment of rent.

Formerly federal tax on sale of real property. Canceled and replaced by state tax stamps. The stamps (similar to postage stamps) are affixed to the conveyancing instrument (deed), or a rubber stamp is used to show the amount of the tax.