One to whom real estate is given by will.

A testator who leaves real estate.

A method of determining the boards to be produced from a log by drawing a cross section of the log, and cross sections on it of the boards to be produced, leaving between each board the width of a saw kerf.

A deposit of land produced by a flood.

Lumber cut to commonly used sizes or cut to a custom order.

See: Wasting Assets.

See: Increasing and Diminishing Returns.

See: Compensation.

Construction costs not including overhead.

A process whereby the parties to a 1031 exchange deed directly to each other rather than to the accommodator. The process must conform to the rules of IRS section 1031 in order to obtain the tax advantages.

A program allowing private lenders to process and endorse FHA loans. The lender must first be approved by FHA.

An amortized mortgage. One on which principal and interest payments are paid at the same time (usually monthly) with interest being computed on the remaining balance.

A radiator system fed from a steam boiler.

The path of growth of an urban area. Used to determine where future development will be most profitable.

Payments made during the course of an escrow or at closing.

See: Release.

To be eligible for a V.A. loan, a person must receive a discharge which is not a dishonorable discharge or have been eligible for such a discharge or release but not received one because of reenlistment.

(1) Statement on a publication attempting to limit liability in the event the information is inaccurate. (2) Renunciation of a claim or right of another. (3) Refusal to accept an estate, either as trustee or as owner.

A form filled out by the owner of a home describing to a potential buyer any defects in the property of which the owner is aware but are not obvious to the buyer. Courts have held that owners may be liable for undisclosed defects of which they “should be aware”, even if they have no actual knowledge of them.