See: Operating Expenses.

The costs which are attributed to the sale of real estate. They would include commission, loan points, title and escrow fees, documentary transfer tax, etc.

Testimony by one acknowledged to have special training and knowledge in a particular subject. Only testimony on the subject in which the witness is “expert” is considered expert testimony.

One acknowledged to have special training and knowledge of a particular subject, and testifying on that subject.

(1) The degree to which a property for sale, lease, etc., is made noticeable (exposed) to potential buyers, tenants, etc., through advertising, multiple listing groups, etc. (2) The direction in which a property faces. For example: Does a store depending on walk-in trade face the sun in the morning when people walk in the sun to get warm (eastern exposure), or face the sun in the afternoon when people walk in the shade to keep cool (western exposure).

Clear and definite; set forth, as opposed to implied.

A warranty given by words of the seller rather than by law or circumstances.

A highway (usually divided) with control of access, and with major streets crossing it at a different grade level. Distinguished from “toll roads” in that no fee is charged to those using the expressway.

A taking, as under eminent domain. The word has come to be used in connection with a foreign location, such as a foreign government taking an American industry located in the foreign country. The word is used instead of eminent domain in Louisiana.

With reference to insurance, coverage beyond the normal (standard) policy.

A continuing under the same conditions, as opposed to a renewal, which implies new terms or conditions.

See: Extension.

The outside surface of any structure.

The outside covering of a structure, such as wood, brick, stucco, etc.

The outer vertical surface of a structure, which encloses the entire structure, and the dimensions of which are used to find the gross area of the enclosure for appraisal purposes.

See: Economic Obsolescence.

An accounting procedure which includes the depreciated value of property from unanticipated damage not insured

See: Empowerment Zones and Enterprise Communities.

A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.

The main face or front elevation of a building.

(1) The front or facade of a structure See also: Facade. (2) The positioning of a structure, [as to front (face) the ocean]. (3) To surface or cover the front or outer surface of an object. (4) The outside or main appearance of the surface of an object.