Real Estate Glossary

Real Estate Glossary


Building in such poor condition that it cannot be repaired and must be completely rebuilt.

Sprayed on finish that is allowed to dry with a pebbly finish.

An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. In general, the interest rate reverts to the fully indexed rate at the first adjustment date.

A plumbing fitting in the shape of the letter "T," used to connect three sections of pipe.

A pole installed in offices to bring electrical power to areas that are not adjacent to a wall. The pole runs from floor to ceiling, with wiring connecting to the power at the top.

A T-shaped device used to measure the diameter of a hole. The device is inserted into the hole and expanded until it reaches the edges. This distance is then measured.

1. To strengthen a metal through heating.
2. To add water to mortar to improve its consistency.

Egg-yolk based paint.

Glass that is strengthened by being heated almost to the melting point.

A guide or pattern used in drawing or manufacturing.

Various forms of bracing used to provide support to structures during construction.

The right of possession of real estate whether by ownership or rental. The period for which a tenant has the right of possession.

Tenancy established when a person who had been a lawful tenant wrongfully remains in possession of property after expiration of a lease.


Ownership by a husband and wife where they hold title together and where the surviving spouse becomes the owner of the entire property.

A freehold equity in an estate, restricted to the duration of the life of the grantee or other stipulated individual.

Created by a lease for a fixed term.


Ownership of realty by two or more persons, each of whom has an undivided interest, without the right of survivorship. Upon the death of one of the owners, the ownership share of the decedent is inherited by the party or parties designated in the decedent's will.

Ownership of property by one person or on legal entity (corporate ownership).

Individual or corporation renting a residential or office unit.

Changes made by a lessee to property during the term of the lease.

Fixtures added to leased real estate by a lessee that, by contract or by law, may be removed by the lessee upon expiration of the lease.

Changes, typically to office, retail or industrial property, to accommodate specific needs of a tenant. Include moving interior walls or partitions, carpeting or other floor covering, shelves, windows, toilets, etc. The cost is negotiated in the lease.

Group of rental occupants acting together.

To present something of value for another's acceptance. An offer to perform an obligation, together with actual performance or evidence of present ability to perform. To pay or deliver. To perform under a contract.

In law, possession that are permanent and fixed; structures attached to land or a building. Alternately, city apartment building that is over-crowded, poorly constructed or maintained, and generally part of a slum.

A projection on a beam or other member that fits into a mortise in another member to forma mortise and tenon joint.

A manual saw used to cut out a tenon on a beam or other member.

A material's ability to resist stretching without breaking or permanent damage.

Stress pulling on a material or structure.

A gauge used to measure the tension on a wire fence during installation.

The length of time or condition under which something, such as a piece of property, is held. The nature of an occupant's ownership rights; an indication of whether one is an owner or a tenant.

The length of time or condition under which something, such as a piece of property, is held. Classification of one's ownership rights in land. One may either buy the land and own all rights to it or lease it where one's rights are described in and limited by the lease agreement.

The right and duties of using and holding property.

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