The area contained by boundaries of 1 yard long and 1 yard wide. There are 9 square feet in 1 square yard.

One who lives on another’s land without authority or claim of a right to possession. The land may either be private or public.

Commonly confused with adverse possession. A squatter has no ownership rights and cannot, under the definition of a squatter, acquire any since he claims no interest adverse to the owner.

A designation conferred by the Appraisal institute upon member appraisers qualified to appraise one to four residential units, including townhouses. See also: MAI; RM; SREA; SRPA.

A designation conferred by the Appraisal Institute upon members qualified in real estate appraisal and analysis, as well as giving investment advice. See also: MAI; RM; SRA; SRPA.

A designation conferred by the Appraisal Institute upon member appraisers who are qualified to appraise all types of real estate. See also: MAI; RM; SRA; SREA.

An oil paint used to coat wood, which has little thickness or gloss.

See: Cruise.

A title insurance policy used in several states, not having as broad a coverage as the nationally recognized American Land Title Association (A.L.T.A.) policies.

Depth of a lot considered to be the normal depth for appraisal purposes. Traditionally, one hundred feet for a residential lot.

East-West survey lines, establishing township boundaries at twenty- four mile intervals, and correcting inaccuracies in the government survey, due to the curvature of the Earth.

A commitment to issue a loan, usually for a term of one to five years, after completion of construction, in the event a permanent loan cannot be obtained. The standby loan is usually at a higher interest rate than a permanent loan, and a standby fee is charged.

A loan requiring interest payments only, the principal being paid in full at maturity.

Timber still uncut. Trees.

A file card used as a record of the opening of an escrow. It lists the date the escrow opened, escrow number, name of escrow officer, names of parties to the escrow, lender, title company, legal description of property, consideration, and type of transaction (sale, loan, etc.).

The beginning interest rate on an adjustable rate loan. It may be much lower than the actual interest rate and only last for a few months. Also called the Teaser Rate.

A copy of the last policy issued by a title insurer, which describes the condition of title to land upon which a new policy is to be written. In some states this is furnished to an attorney for his opinion as to the condition of title, and is called a back title letter or back title certificate.

1. The first home purchased by that buyer. 2. A discrete description of a home that is small and not in good condition or without desirable amenities.

Units on which construction has begun.

A highway under the control of the state, which may eliminate it if desired, as opposed to a federal (interstate) highway.

See: Statement of Information.