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Frequently
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Glossary
of Real Estate Terms
Glossary for "B" (Continued)
Borrow
pit
The hole at a site that has been excavated.
Boulevard
A street lined with trees or constructed with a landscaped median.
Boundary
The dividing line between two adjacent properties.
Braced
framing
A construction method in two-story homes in which the frame is reinforced
with posts and braces.
Breach
of contract
The failure to perform provisions of a contract without a legal
excuse.
Breach
of covenant
The failure to obey a legal agreement.
Breach
of warranty
A seller's inability to pass clear title to a buyer.
Break-even
point
The point in which the owner's rental income matches expenses and
debt.
Breast
height
The height at which the diameter of a tree is measured: four feet,
six inches above the ground.
Breezeway
A roofed passageway with open sides.
Brick
Building material made from clay molded into oblong blocks and fired
in a kiln.
Bridge
loan
A short-term loan for borrowers who need more time to find permanent
financing.
Brokerage
The act of bringing together two or more parties in exchange for
a fee or commission.
Broker
A person licensed by the state to deal in real estate.
Broom
clean
The ideal condition of a building when it is turned over to an owner
or tenant.
Brownstone
A vintage row house constructed of red sandstone.
Buffer
strip
A parcel of land that separates two or more properties.
Building
and loan association
An organization that raises money to helps its members purchase
real estate or construct a building.
Building
code
A comprehensive set of laws that controls the construction or remodeling
of a home or other structure.
Building
inspector
A city or county employee who enforces the building code and ensures
that work is correctly performed.
Building moratorium
A halt on home construction to slow the rate of development.
Building
paper
A thick, water-resistant paper that serves as insulation.
Building
permit
A permit issued by a local government agency that allows the construction
of home or renovation of a house.
Builder
upgrades
Extra house features or better finishing materials that a builder
offers.
Building
line or setback
Guidelines that limit how close an owner can build to the street
or an adjacent property.
Building
restrictions
Regulations that limit the manner in which property can be used.
Built-ins
Appliances or other items that are framed into a home or permanently
attached.
Bulkhead
A retaining wall designed to hold back water from the ocean or another
body of water.
Bundle
of rights
The various interests or rights an owner has in a property.
Bungalow
A small one-story house or cottage.
Butterfly
roof
A roof formed by two gables that dip in the middle to resemble a
butterfly's wings.
Buy-down
mortgage
A home loan in which the lender receives a premium as an inducement
to reduce the interest rate during the early years of the mortgage.
Buyer
broker
A real estate broker who exclusively represents the buyer's interests
in a transaction and whose commission is paid by the buyer rather
than the seller.
Buyer's
market
A slow real estate market in which buyers have the advantage.
Buyer's
remorse
An emotion felt by first-time home buyers after signing a sales contract
or closing the purchase of a house.
Bylaws
The rules and regulations that a homeowners association or corporation
adopts to govern activities.
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