The bottom of a business cycle, when production, prices, and purchasing, are usually low, and unemployment is high.

An appraisal graph showing the increase or decrease in value of lots of equal front footage, as the depth increases or decreases (depth factor).

The increase or decrease of the value of a lot as the depth increases or decreases; the frontage remains the same.

To displace, as by proving something to be false.

Dry land that is exposed by a change in the water line.

The changing of the water line that exposes dry land.

A slang shortening of the word derogatory. Used in reference to information on a credit report.

Technically, to pass by succession (operation of law). Modernly, the term includes passing by will.

See: Legal Description.

A plan of a structure, encompassing all phases of its appearance and function.

To stop doing what one is doing, and not to start doing it again in the future. The real estate commissioner in some states has the power to issue a desist and refrain order when real estate laws are violated.

An appraisal done from the appraiser’s desk without a physical inspection of the property. The appraiser uses comparables to estimate value. Usually used for loan rather than sale transactions. The appraisal may sometimes be labeled as a desktop appraisal even if the appraiser has physically inspected the property.

Not connected to. A house with a detached garage, for example, would have no direct access from one to the other.

A gradual wearing away of a structure through use or exposure to the elements, rather than a sudden destruction. Also called physical deterioration.

Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A’s title may be good (doesn’t marry) or may be defeated (marries before 30).

A planned construction project, rather than simply the building of unrelated buildings.

See: Off-Site Improvements.

A loan for the purchase of land or off-site improvements, rather than building costs. The land involved is used to secure the loan.

See: Divest.

Traditionally, a gift by will of real property. Modernly, a gift of either real or personal property. See also: Bequest.