Real Estate Glossary

Letter B

BackfillTo replace ground removed by excavation for construction. Used to brace a structure (especially a foundation or footings).

Back PointsPoints paid to a mortgage broker by a lender which exceed the points paid by the borrower.

Back Title LetterIn states where attorneys examine title for title insurance purposes, this letter is given by a title insurance company to an attorney, giving to said attorney the condition of title as of a certain date. The attorney then begins his examination as of that date. Also called a starter or back title certificate. See also: Starter.

Backup OfferA secondary offer to buy property, used in case the first (primary) offer fails. A backup offer is especially useful when the primary offer contains difficult contingencies.

BackwaterWater in a stream or river which, because of a dam or other obstruction, is stopped in its course or flows back toward its source.

Backwater ValveA valve set in a lateral sewer line which automatically prevents sewage from flowing back to its source (a building).

BalanceAn appraisal term meaning that value of real property is best sustained when opposite influences (e.g. supply and demand) are equal.

Balanced ExchangeA tax free exchange of properties under Section 1031 of the Internal Revenue code. To be tax free the taxpayer must invest all of the profit from the relinquished property into the replacement property. See also: Boot.

Balance Due DateSee: Installment Note, Balance Due Date.

Balance SheetA statement of the assets and liabilities of a company to determine its net worth (equity).

Balcony(1) A balustrade, railed, elevated platform projecting from the face of a building. (2) An upper floor seating area in a theater.

Balloon(1) The final payment of a balloon note (see which). (2) A landlocked parcel of land.

Balloon ConstructionType of framing with long studs going up the entire length of the house, from the foundation to the roof. No longer permitted as a construction method by most building codes. Also called: Balloon Framing.

Balloon Frame ConstructionA term describing the framing used in a two story wood construction where the studs extend from the sill (ground level) to the ceiling of the second floor. See: Platform Frame Construction; Post and Beam Frame Construction.

Balloon NoteA note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity.

Baltimore RuleAn appraisal method for setting a value on a corner lot. The lot is appraised as an inside lot for its front footage on both streets. The two values are then added to find the value of the corner lot. For example: Lot 1 fronts 100' on street A and 100' on street B. The value of a 100' inside lot on street A is added to the value of a 100' inside lot on street B to find the value of lot 1. Also called the Bernard Rule.

BalusterThe supporting posts of a handrail in a staircase.

BalustradeA row of balusters supporting a handrail.

Bank(1) The elevated land on each side of a river or stream which keeps the water in its natural channel. (2) See: Commercial Bank.

BankruptOne who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).

Bargain And Sale DeedA deed that carries with it no warranties against liens or other encumbrances but that does imply the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion.

Barge-BoardA board (often carved or ornamented) which hangs from the projecting edge of a sloping roof. Also called a vergeboard.

Barge CoupleEither of the two rafters supporting the part of a gable roof which extends beyond the supporting wall.

Barge CourseTiling on a gable roof projecting beyond the supporting wall.

BarnA farm building used to store hay, grain, farm equipment, and to house livestock.

BarrelA unit of solid or liquid measure, varying with each trade. For example: A barrel of water if 31 1/2 gallons, oil 42 gallons.

BaseThe lowest part of a construction member. That which bears the load. See also: Base Title.

Base And MeridianSee: Base Line; Meridian.

BaseboardGenerally, any board or molding covering an interior wall where it meets the floor.

Baseboard HeatingA system of perimeter heating in which the baseboard is replaced by the heating units. May also be panels rather than baseboard units.

Base FeeA determinable fee estate that may be inherited.

Base LineOne of a set of imaginary lines running east and west and crossing a principal meridian at a definite point. Base lines are used by surveyors for reference in locating and describing land under the rectangular survey system (or government survey method) of property description.

Base MapA map having background information, such as state, county, or city boundaries, upon which more detailed data is plotted.

BasementGenerally, the story of a building below ground level.

Base MoldingMolding installed along the top of the baseboard.

Base PropertyPrivate property owned by a cattle owner, required before a permit will be issued to allow the cattle to graze on public land.

Base RentA specific amount used as a minimum rent in a lease which uses a percentage or overage for additional rent.

Base Shoe MoldingMolding installed along the bottom of a baseboard (junction with floor). Also called carpet molding or carpet strip.

Base TitleThe result of an examination of title for the internal use of a title insurance company. Usually covers a large area and is done in anticipation of future sales or subdividing of the area.

Base YearThe year upon which a direct expense escalation of rent is based. See also: Escalation Clause (3).

Basic CapacityIn connection with highway use, the greatest number of cars per hour which can pass a given point under ideal driving conditions will give the basic capacity of a lane or road.

Basic CropsCrops usually subject to government price supports and considered the basis of our agricultural economy, such as wheat, corn, oats, rice, and similar crops.

BasisThe purchase price of a property, including all expenses related to the purchase.

Basis For DepreciationThe value of property for purposes of depreciation. For example: A purchased asset The basis is cost, whether fully paid for or not. The method for determining the basis is different for gifts, inheritances, etc.

Basis PointA finance term meaning a yield of 1/100th of 1%.

BathroomA room containing a toilet, sink, and bathtub or bathtub-shower combination. In appraisal for federally insured mortgages, a toilet and sink (no bathtub or shower) equal a half bathroom; a toilet, sink and stall shower equal a three quarter bathroom.

BattA strip of insulation fitting closely between the studs of a wall.

BattenA narrow strip (usually of wood), used to cover seams between siding boards.

BatterThe slope of a structure, such as a wall or bank; expressed in terms of the vertical rise per horizontal distance, such as 3 inches (vertical) per 10 feet (horizontal).

Batture LandThe land between a river bank and the water's edge when the water level is lower than normal.

Bauhaus(1919-1933) A school of design (most noted for its architecture) founded by Walter Gropius in Germany.

Bay(1) The opening between two columns, walls, etc., which forms a room-like space. May be industrial space, parking space, barn space, or other use. (2) A bending or curving of the shoreline so as to form a partially enclosed body of water.

Bay WindowA window which projects in a curve out from a wall, giving a bay-like effect to the interior.

BeachThat portion of the shore between ordinary low and high water marks. Commonly used to describe any sandy area adjacent to a body of water.

BeamA vertical or horizontal member of a structure; may be of wood, steel, concrete, or other strong material, and, unless decorative only, is a load-bearing part of the structure.

Beamed CeilingA ceiling having one or more of its beams exposed. See: Beam.

BearerOne holding commercial paper.

Bearer InstrumentsChecks, notes, drafts, bonds, etc., payable to whomever has possession of the instruments: i.e. the bearer.

Bearing(1) Relative position or direction of one object to another or to a compass point. (2) Supporting a load, such as a bearing wall.

Bearing ValueIn construction, the ability of soil to bear the weight of the structure to be built.

Bearing WallA wall which supports the weight of a part of a structure in addition to its own weight.

Bed A TreePreparing a path (bed) on which a tree is to fall so that it will not be damaged.

BedrockSolid rock beneath the soil, as distinguished from rocks or boulders.

Bedroom CommunityAn area primarily residential. The people living there commute to work.

Before And After MethodAn appraisal method used in both condemnation and modernization. In condemnation the method is used in a partial taking. The value of the total land owned by A, for example, is $1.00 per sq. ft. After a partial taking, the remaining land of A is worth $.75 per sq. ft. A should receive $1.00 per sq. ft. for the property taken plus $.25 per sq. ft. for the remaining parcel. In the event the remaining property is worth $1.25 after the taking (increased value), the payment to A could be less than the value of the property taken. In modernization, an appraiser may take the value of property before and after remodeling to determine if the value increased more than modernization costs.

Before Tax Cash FlowGross amount of income available before considering taxes.

Belt HighwayA limited access highway carrying traffic around an urban area, with entrances and exits to principal streets. Also called a by- pass.

BelvedereSee: Gazebo.

BenchmarkA permanent reference mark or point established for use by surveyors when measuring differences in elevation.

Bench MarkSurveying mark made in some object which is permanently fixed in the ground, showing the height of that point in relation to sea level. Used in topographic surveys and tidal observations.

Beneficial EstateAn estate, the right to possession of which has been postponed, such as a devise under a will. More commonly, an estate, the legal ownership of which has not yet vested, as under a land contract. An equitable estate.

Beneficial InterestThe equitable, rather than legal ownership of property, such as under a land contract.

Beneficial UseThe doctrine, applicable in some areas, pertains to water rights, giving priority to those who would use the water most beneficially.

Beneficiary1. The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. 2. A lender who lends money of real estate and takes back a note and deed of trust from the borrower.

Beneficiary's DemandWritten instructions by a beneficiary under a deed of trust stating and demanding the amount necessary for issuance of a reconveyance, whether a full or partial amount.

Beneficiary's StatementA statement by a lender under a deed of trust, setting forth the pertinent information necessary to assume said deed of trust, such as the unpaid balance, monthly payment, and interest rate.

Benefit Of The BargainA rule of damages under which a defrauded purchaser may recover the difference between the actual and misrepresented value of the property purchased, even though greater than the actual loss suffered.

BenefitsA term used in eminent domain, referring to the increase in value to land not taken, which is produced by the taking. See also: General Benefits; Special Benefits.

Benevolent AssociationsNon-profit groups having a philanthropic or charitable purpose.

BentA transverse frame of a building or bridge, designed to support horizontal or vertical loads.

BequeathTo give personal property by will.

BequestA provision in a will providing for the distribution of personal property.

Berm(1) A bench, ledge, or other resting place part way up a hill or slope. (2) A mound used to control drainage by diverting all or part of the flow.

Bernard RuleSee: Baltimore Rule.

BettermentAn improvement to a structure which is not a repair, restoration, or enlargement. For example: the addition of aluminum siding over a frame wall; paving a street adjoining the structure; adding a fireplace or some similar improvement which increases the value of the property.

Between SidewallsSee: Balloon Frame Construction; Platform Frame Construction.

Beveled SidingSee: Clapboard.

B HorizonThe horizon (layer of soil) beneath the top layer. The composition of the B horizon is changed by the action of percolating water.

BiA prefix meaning both "every two" or "twice in". Biannual, for example, is twice in one year. Biennial is once every two years.

BiannualTwice per year. Semiannual.

Bid(1) An offer, usually in competition with others, such as at auction. A builder may bid for the right to do construction (especially for a government contract). (2) Used in some states to describe an offer to purchase real estate.

BiennialEvery two years.

Bilateral ContractA contract in which each party promises to perform an act in exchange for the other party's promise to perform.

Bilateral (reciprocal) ContractA contract formed by an exchange of promises. Performance of the contract takes place at a later time. The standard real estate sale's agreement or lease is a bilateral contract. See also: Unilateral Contract.

Bi-LevelTwo levels. Commonly refers to construction of a house. Also called "split" level.

BillA proposed law, formally submitted to a legislature for consideration.

BillboardA Structure annexed to land for the purpose of posting advertising.

Bill DiscountedA promissory note from which the interest is deducted in advance.

BinderAn agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intent to complete the transaction.

Binding PrecedentA precedent that a particular court is required to follow because it was decided by a higher court in the same jurisdiction.

Bird DoggingObtaining the initial lead regarding property, buyers, investors, potential home improvement customers, etc. The lead is then followed up by one empowered to make the deal.

Birth RateThe number of births in a given area during a given period of time, based on per thousand population.

Biweekly Accelerated MortgageA mortgage repaid by biweekly payments. A biweekly payment is equal to one-half the regular monthly payment. This reduced payment is then paid biweekly or 26 times per year. Under this accelerated plan, the borrower pays off more principal than a borrower making monthly payments. Example: A $100,000.00, 30 year loan at 12% interest would have a monthly payment of $1,028.62. Making biweekly payments of $514.31 pays off the 30 year loan in 19 years and 2 weeks and saves $115,975.18 in interest.

Bi-Weekly MortgageA fixed rate mortgage, similar to a standard mortgage, but with payments due every two weeks instead of every month.

Black AcreFictitious name used by legal writers to describe a specific property without a more complete description.

BlacktopA black paving surface composed of a coal or asphalt material.

Blanket Deed Of TrustSee: Blanket Mortgage.

Blanket Insurance PolicyA policy covering more than one property. Commonly used by the builders of a tract.

Blanket MortgageA mortgage that covers more than one parcel of real estate and provides for each parcel's partial release from the mortgage lien on repayment of a definite portion of the debt.

Blended RateAn interest rate used in refinancing that is higher than the original loan but less than the current market rate.

BlightTo wither and decay. Applied both to diseased plants and to neighborhoods where normal real estate maintenance has stopped.

Blighted AreaA term popular in urban renewal, referring to a run-down area.

Blind AdAn ad (usually in a newspaper or magazine) which does not identify the party placing the ad. Often used in an ad for a job, asking that a resume be sent to a post office box.

Blind CornerA corner where building or vegetation (trees, shrubs, etc.) extends to the property line and so obstructs the vision of motorists to right angle traffic.

Blind NailingNailing so that the nails are sunk into the wall and covered with putty so the nail heads do not show.

Block(1) In a city, a square or rectangular area enclosed by streets. (2) In some states, a part of a subdivision legal description, such as Lot 1, Block 1, Tract 1. (3) A pulley in a frame. (4) An auctioneer's platform.

BlockbustingThe illegal practice of inducing homeowners to sell their properties by making representations regarding the entry, or prospective entry, of minority persons into the neighborhood.

Block BustingAn illegal method of obtaining houses at below fair market value by telling the inhabitants that people of a different race or religion, moving into the area, will cause property values to fall.

Blue LawsActually, laws adopted in some New England colonies regarding religious and personal conduct. Later came to mean any laws regarding the conducting of business on Sunday. Do not confuse with Blue Sky Laws.

BlueprintA plan of a building in such detail as to enable workmen to construct it from the print. The name comes from the photographic process which produces the plan in white on a blue background.

Blue Sky LawsLaws to regulate the sale of securities to avoid investment in fraudulent companies or high risk investments without disclosure of the risks to the investor.

Blue-Sky LawsThe common name for state and federal laws that regulate the registration and sale of investment securities.

Board(1) A term which, in the lumber trade, refers to a piece of lumber less than 2 inches thick, and 8 or more inches wide. (2) A group of persons authorized by law to exercise management and control, either of a public function, such as a board of supervisors, board of health, etc., or a private corporation, as a board of directors.

Board And BattenA siding constructed of wide boards (usually one foot wide) placed 1/2 inch apart; the seams are covered by 3 inch wide battens.

BoardfootA unit of measurement for lumber. One boardfoot equals 144 cubic inches or 12" X 12" X 1".

Boarding HouseA house where one can rent a room and receive board (meals), the cost of which is included in the rent. Not common today.

Board Of AldermenThe governing body of a municipal corporation. Equivalent to a city council.

Board Of EqualizationState board charged with the duty to bring equitable uniformity to the various local property tax assessments.

Board PackageA package presented to the co-op (or sometimes condominium) board of managers /directors by a potential shareholder or buyer. It often includes financial qualifications, employment verification, letters of reference, and other material requested by the board.

BoatelA name given to a hotel or motel adjacent to a marina and catering to boat travelers.

Boiler PlateThe form language (generally printed) which is contained in deeds, deeds of trust, CC&R's, and other documents and contracts. The specifics for each instance are then filled in.

Boiler PlatingUsing form language for a contract, CC&R's (restrictions), etc.

BoleA tree trunk.

BomaSee: Building Owners And Managers Association.

Bona FideA legal term which refers to any actions, situations, or persons that are honest, in good faith, and without fraud.

Bona Fide PurchaserA purchaser in good faith, for valuable consideration, without notice or knowledge of adverse claims of others. Sometimes abbreviated to B.F.P.

Bond(1) An insurance agreement by which one is insured against loss by acts or defaults of a third party. In construction, a performance bond insures that the builder will finish his project. The insured could be a lender, purchaser, or other interested party. (2) A method of financing long term debt, issued by a government or private corporation, which bears interest and has priority over stock in terms of security.

Bond For DeedSee: Land Contract.

Bond For TitleSee: Land Contract.

Bond-Type SecuritiesMortgage-backed securities issued by Ginnie Mae, which are long term, pay interest semi-annually, and provide for repayment at a specified date.

Bonus ClauseSee: "No Bonus" Clause.

Book CostThe actual cost as carried in the account ledger.

Book DepreciationDepreciation reserved (on the books) by an owner for future replacement or retirement of an asset.

Book ValueThe value of a property as a capital asset (cost plus additions to value, less depreciation).

Boom(1) A barrier forming an enclosure for logs or timber. (2) A beam of a crane or derrick , used for guiding whatever it lifts.

BootSomething given in addition to. Generally used in exchange to refer to something given other than the major properties to be exchanged, in order to equalize value.

Boring TestStudy of soil by boring holes and removing samples.

BoroughA part of a city, having authority over certain local matters. The best known boroughs are the five boroughs of New York City.

BorrowMaterial such as sand or gravel used for grading, which is brought from another location.

Borrow BankThe place from which borrow material is taken.

Borrower1. The party receiving funds that must be repaid, usually with interest. 2. One who uses anything belonging to another with the agreement to return it.

Borrow PitThe pit left after the removal of borrow material. The pit is sometimes filled as a lake and even stocked by some states for fishing.

Bottom LandLow land along a river formed by alluvial deposits. Also low lying ground such as a valley or dale.

BoulevardA wide street, usually having a median or promenade, and lined with trees.

BoundaryA separation, natural or artificial, which marks the division of two contiguous properties.

BoundsBoundaries.

BournA brook. Also called a bourne or burn.

BourneSee: Bourn.

Bowstring TrussA structural truss with a top member which curves at each end to meet the bottom member, thus resembling a bow.

BoycottingTwo or more businesses conspire against other businesses to reduce competition.

Braced FramingFraming reinforced with post and braces, forming a frame more rigid than balloon framing.

Bradley FountainSee: Bradley Sink.

Bradley SinkA circular lavatory, usually found in industrial buildings, capable of use by several persons at the same time by utilization of a center column containing multiple water jets operated by foot pedals. Also called a Bradley Fountain.

Branch OfficeA secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office generally must be run by a licensed real estate broker, broker salesperson, or associate broker working on behalf of the broker operating the principal office.

BreachViolation of a contract obligation, duty, or law.

Breach Of ContractThe failure, without legal excuse, of one of the parties to a contract to perform according to the contract.

Breach Of CovenantThe failure to do or to refrain from doing that which was covenanted. See also: Covenant; Condition; Restriction.

Breach Of WarrantyIn real property, the failure of the seller to pass title as either expressed or implied (by law) in the conveyancing document. See also: Warranty Deed; Grant Deed; Quitclaim Deed.

Breakdown MethodEstimating accrued depreciation by using all three reasons (physical deterioration, functional obsolescence, economic obsolescence) for loss in value.

Break Even PointIn income property, where there is neither a positive nor a negative cash flow.

Breast-HeightThe height at which the diameter of a tree is measured. A height of 4 1/2 feet above the ground level. The abbreviation D.B.H. (diameter-breast-height) is usually used.

Breather RoofA storage tank roof which rises or lowers depending on the level of the stored gas or liquid.

Breezeway(1) In construction of a house with no garage, a canopy which extends from the house over the driveway as a protection from the weather for an automobile and for those people going between the house and the automobile. (2) A covering over a porch or patio, connecting two sections of a house or a house and garage. Open on two sides, allowing air circulation (breeze).

BrickA building material made from clay, which is molded and heated. The effect of the heat on the iron in the clay gives a red color. Addition of lime or magnesia produces a yellow color.

BridgeA structure over a waterway, highway, or other obstruction, to facilitate passage and for the benefit of travelers.

Bridge FinancingA form of interim loan, generally made between a short term loan and a permanent (long term) loan, when the borrower needs to have more time before taking the long term financing.

BridgingFloor joist bracing, usually of wood or metal.

Bridle Path (Road)Technically a private road designated as a bridle road without specific use. More modernly, a road designated for equestrian use.

British Thermal Unit (B.T.U.)Unit of heat required to raise one pound of water one degree Fahrenheit. Used to express the capacity of heating and cooling systems.

British Thermal Unit (BTU)Amount of heat needed to raise the temperature of one pound of water by one degree Fahrenheit. Used as a measure of furnace or air conditioner capacity.

BrokerageThe business of buying and selling for another for a commission.

Brokerage CommissionSee: Commission.

Broker Protection ClauseProvides the broker is still entitled to commission if the property is sold during a certain time under certain circumstances.

Broker, Real EstateOne who is licensed by the state to carry on the business of dealing in real estate. A broker may receive a commission for his or her part in bringing together a buyer and seller, landlord and tenant, or parties to an exchange.

Broker’s AgentEngaged and works directly for the broker—a broker’s agent is not a subagent of the seller or buyer. Still owes the same fiduciary duty to the broker’s seller or buyer the broker does.

Broker/salespersonA person who has passed the broker's licensing examination but it is licensed to work only on behalf of a licensed broker and who may be allowed to manage an office. In many states, known as (and licensed as) associate broker or broker/associate.

Broom CleanA term used to describe the condition of a building, delivered to a buyer or tenant. As the term indicates, the floors are swept and free of debris.

BrownfieldsDeserted, defunct, and derelict toxic industrial sites in need of renewal. Federal legislation has diminished the innocent landowner's liability exposure and provided the landowner the opportunity to expense cleanup costs rather than capitalize them.

B.T.U.See: British Thermal Unit.

BuckedA tree, cut into logs.

BudgetAs the word is applied to condominiums and planned developments, the common expenses shared by the unit owners. This will determine the amount each unit will be charged (usually monthly) for expenses of the common area (taxes, insurance, maintenance, etc.).

Budget LoanA loan in which the monthly payments made by the borrower cover not only interest and a payment on the principal, but also 1/12 of such expenses as taxes, insurance assessments, private mortgage insurance premiums, and similar charges.

Budget MortgageA mortgage agreement where payments include principal and interest on the loan, plus 1/12 of the year's property taxes and hazard insurance premiums.

Buffer Strip (Buffer Zone)A parcel of land separating two other parcels or areas, such as a strip of land between an industrial and residential area.

Buffer ZoneA strip of land that separates one land use from another.

BuilderOne whose occupation is the construction of structures (buildings).

Builder BondSee: Performance Bond.

BuildingA structure built to shelter people, animals, or goods. May be a residence, business, or meeting place, such as a church.

Building And Loan AssociationAn organization for the purpose of accumulating a fund by subscription and savings of its members, to assist them with loans for building or purchasing real estate.

Building CodeAn ordinance specifying minimum standards of construction of buildings for the protection of public safety and health.

Building ContractA contract setting forth the terms under which construction is to be undertaken. Price may be set, or based on the builder's cost plus a profit.

Building DepartmentProtects a municipality's residents by seeing that code restrictions are followed and construction and renovation are done by licensed professionals.

Building EnvelopeSometimes called a building shell, the building envelope refers to the exterior elements—walls, windows, floor, roof, etc.—which enclose the interior.

Building InspectionThe process whereby government authorities, usually state or local, are charged with ensuring compliance with prevailing building codes.

Building LineA line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project; a setback line used to ensure a degree of uniformity in the appearance of buildings and unobstructed light, air, and view.

Building ManagerOversees the management of one building for a property owner.

Building OrientationSee: Orientation.

Building Owners And Managers Association (BOMA)An association of owners and managers of commercial (mainly office) buildings. The association shares information on management techniques as well as setting standards for things such as floor measurement of office buildings.

Building PaperAn insulation. A waterproof, heavy paper used in the construction of a roof or wall.

Building PermitA permit given by a local government to construct a building, or make improvements.

Building Residual TechniqueAn appraisal technique by which building value is determined by first determining the net return attributable to the land only, and deducting it from the total return to the property (may be estimated). The residual amount is capitalized to find the building value. Best used when land value is easy to estimate and building value difficult to estimate. See: Land Residual Technique; Property Residual Technique.

Building RestrictionsThe limitations on the size or type of property improvements established by zoning acts or by deed or lease restrictions. Building restrictions are considered encumbrances and violations render the title unmarketable.

Building SiteSee: Site (2).

Build To SuitA method of leasing property whereby the lessor builds to suit the tenant (according to the tenant's specifications). The cost of construction is figured into the rental amount of the lease, which is usually for a long term.

Built-In'sCommonly stoves, ovens, dishwashers, and other appliances, framed into the building construction and not movable.

Built-Up RoofA level roof composed of layers of roofing materials (tars and waterproof paper), covered with fine gravel.

Bulkhead(1) A partition in a ship. (2) A retaining wall to hold back water and thereby extend the shoreline.

Bulkhead LineA line established in navigable waters beyond which no solid fill can be used. The Army Corps of Engineers establishes the bulkhead line and also the pier line, beyond which no pier can be constructed.

Bulk SaleA transfer in bulk, not in the ordinary course of business, of all or substantially all of the inventory and fixtures of a business.

Bulk Sales ActLaws to protect creditors against secret sale of all or substantially all of the merchant's goods. Requires certain notice before sale, and sets forth methods of voiding improper sales. See also: Uniform Commercial Code.

Bulk ZoningSee: Area Zoning.

Bump ClauseProvision in a purchase agreement that allows the seller to keep the property on the market until a condition in the contract is fulfilled.

Bundle Of Legal RightsThe theory that land ownership involves ownership of all legal rights to the land, such as possession, control within the law, and enjoyment, rather than ownership of the land itself.

Bundle Of RightsA theory comparing property rights to a bundle of sticks. Each of the usual property rights (possession, alienation, etc.) is represented by a stick and is, therefore, considered separately.

Burden Of ProofResponsibility for proving or disproving a particular issue in a lawsuit. The plaintiff usually has the burden of proof.

BurnSee: Bourn.

BusA copper bar through which electrical current flows.

Bus DuctA metal clad enclosure containing a bus.

BusinessUnqualified, the word has no definite meaning, but has come to be understood to be any activity by which people earn money.

Business CycleThe economic cycle of prosperity, followed by a decline, and then a return to prosperity.

Business CyclesGeneral swings in business activity, resulting in expanding and contracting activity during different phases of the cycle.

Business Name CertificatePartnership document listing the names and addresses of all partners, which must be filed in the county where the partnership office is located before property can be held in a partnership's name.

Business OpportunityThe sale of a business (may or may not include the sale of real estate). Some states require a real estate license for these sales even when real estate is not involved. The Uniform Commercial Code, state statutes, and special laws for alcoholic beverage licenses (when applicable) should be studied by the business opportunities broker.

Business PlanA three to five year blueprint for an organization or individual real estate practitioner.

ButteA steep hill, usually standing alone.

Butterfly RoofA roof formed by two gable roofs concave to a center ridge. The roof resembles the shape of a butterfly's wings.

Butt JointThe meeting end to end (butting) of two members to form a connection (joint).

Butt LogThe log immediately above the stump of a tree.

Butt LotSee: Key Lot 2.

ButtressA support for a wall. A prop. If the buttress projects from the wall and supports by lateral pressure, it is called a "flying buttress".

Butts And BoundsSee: Metes and Bounds.

Buydown AccountThe account holding funds to be used to pay additional amounts during the buydown period. See: Buydown.

BuyerAGENCY AGREEMENT - An agreement by a real estate broker to represent a buyer of property. A broker's agreement to represent a seller is commonly called a listing agreement. See: Agency.

Buyer Broker ContractA written agency contract between a buyer and a real estate broker stipulating the broker will be paid a commission when the buyer purchases real estate.

Buyer’s AgentRepresents and owes all loyalty to the buyer in a real estate transaction.

Buyer’s BrokerWhen an agency relationship with a buyer is exclusive.

Buyers BrokerA real estate agent representing the interests of the buyer. Rules of confidentially between buyer and agent are stricter than if the agent represented both buyer and seller.

Buyer's MarketA situation in the housing market giving buyers a large selection of properties at favorable prices from which to choose. Compare: Seller's Market.

Buyer’s MarketA situation in the housing market giving buyers a large selection of properties at favorable prices from which to choose. Compare: Seller’s Market.

Buy-Sell OfferAn offer by one owner of a business or real estate to buy out the interest of another owner of the same business or real estate (a partner or other shareholder), or to sell the offeror's interest at the same price or proportionate price if unequal ownership. Example: A and B each own a 1/2 interest in lot 1. A offers to buy B's interest for $10,000, or to sell A's interest to B for $10,000. Theoretically, very fair, since B has the option to buy or sell. However, B's interest may be worth $12,000, but B is financially unable to buy A's interest (also worth $12,000).

Bx CableThe main conduits coming into a home. Electrical wiring run through metal conduits.

BylawsRules and regulations that govern the activities of condominium and cooperative associations, including the purpose of the building, rules for elections and voting, and frequency of board of directors or shareholders meetings.

By-LawsRules and regulations, adopted by an association or corporation, which govern its activities.

By-PassA road designed to avoid or pass by a high density area, such as a business section of a city, in order to ease traffic congestion. Also called a belt highway.