One who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together a buyer and seller, landlord and tenant, or parties to an exchange.

The act of bringing together principals (buyer-seller; landlord- tenant; etc.) for a fee or commission, rather than acting as a principal.

See: Commission.

A term used to describe the condition of a building, delivered to a buyer or tenant. As the term indicates, the floors are swept and free of debris.

A tree, cut into logs.

As the word is applied to condominiums and planned developments, the common expenses shared by the unit owners. This will determine the amount each unit will be charged (usually monthly) for expenses of the common area (taxes, insurance, maintenance, etc.).

A parcel of land separating two other parcels or areas, such as a strip of land between an industrial and residential area.

A method of leasing property whereby the lessor builds to suit the tenant (according to the tenant’s specifications). The cost of construction is figured into the rental amount of the lease, which is usually for a long term.

One whose occupation is the construction of structures (buildings).

See: Performance Bond.

A structure built to shelter people, animals, or goods. May be a residence, business, or meeting place, such as a church.

An organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.

A comprehensive set of laws which control the construction of buildings, including design, materials used, construction, use, repair, remodeling, and other similar factors.

A contract setting forth the terms under which construction is to be undertaken. Price may be set, or based on the builder’s cost plus a profit.

A line beyond which there can be no construction. Set by law, the purpose of such a line is to keep buildings from being built too close to the street, both for safety and aesthetic reasons.

See: Orientation.

An association of owners and managers of commercial (mainly office) buildings. The association shares information on management techniques as well as setting standards for things such as floor measurement of office buildings.

An insulation. A waterproof, heavy paper used in the construction of a roof or wall.

A permit given by a local government to construct a building, or make improvements.

An appraisal technique by which building value is determined by first determining the net return attributable to the land only, and deducting it from the total return to the property (may be estimated). The residual amount is capitalized to find the building value. Best used when land value is easy to estimate and building value difficult to estimate. See: Land Residual Technique; Property Residual Technique.

Prohibition by a governmental body (zoning restriction) or a private party (a former owner) against construction of certain structures on a property.