A share of ownership in a corporation.

See: Party Wall.

A form of common interest development under which title to the entire development is shared, with an exclusive right to occupy each unit given to the various title holders.

See: Home Owner’s Association.

A loan for low to moderate income buyers to borrow more than the usual 80% loan to value when a portion of the funds will be used to improve or make repairs on the property. The theory is that improvement of individual properties will benefit the whole community.

Property owned in common by a husband and wife, which is not separate property. A classification of property peculiar to certain states.

Federal legislation of 1977 (and subsequent amendments) for the purpose of encouraging banks and thrifts (savings and loans) to make more loans in their local areas. The act created the National Consumer Cooperative Bank to make loans to local banks and thrifts for community investment (loans) and also to guarantee certain loans made in the local community.

A junior mortgage subsidized by a state or local government agency or nonprofit organization enabling low to moderate income buyers to purchase a home with less of a down payment. The mortgage will have a below market interest rate and the principal may not have to be repaid if the buyer stays in the home for a certain period. The details of this type of loan vary by location.

An intermediate size shopping center. May contain a small department store and coordinated small shops. Larger than a neighborhood center and smaller than a regional center.

The pressing together and joining of sedimentary layers of ground by the pressure of the weight of overlying layers. A report showing the density of the soil and its make-up is required in some areas before permits for construction will be issued.

Properties used as comparisons to determine the value of a specific property.

See: Market Value Approach.

See: Market Data Approach.

A method of estimating replacement construction cost by comparing the property to be built with the cost per square foot or cost per cubic foot of a similar building.

See: Market Data Approach.

Funds deposited into a bank, savings and loan association, or other lending institution, to induce the lender to make a specific loan or establish a line of credit. The deposit may be made by the party desiring the loan, or a third party.

A payment to make amends for the abridgement of rights or an injury. In condemnation, the payment for the taking of a person’s property without the owner’s consent.

Damages to cover a loss or injury and nothing more. See also: Exemplary Damages.

Legally fit. Having the necessary age, ability, and authority to accomplish any given acts or duties.

The appraisal principle that states that excess profits generate competition.

See: Market Data Approach.