Projecting pieces of wood on the sides of cabinets, which allow the cabinet to be trimmed to completely fill a space. Alternately, the metal ear-like tabs on electrical boxes, which keep the box from falling through the wall opening. Also called plaster ears.
Money that is earned for work that has already been finished as opposed to unearned income, which is money on work uncompleted.
Type of home prominent in Williamsburg in the 1700’s and were two to three stories with double hung windows and a simple exterior.
Occupation of the property, by the buyer, before the sale is completed.
Dirt. Soil. Earth Pigments Minerals, naturally occurring colors from the earth that can be used to color concrete.
Measurement of how much stress a building can stand during an earthquake. Also referred to as a seismic load.
The moving and shaping of dirt via excavation, backfill, etc. based on surveying and staking out of the contours.
Tapered edges on pieces of wallboard, which when fit together, form a shallow indentation along the joint, which is then filled by applying joint compound and joint tape to seal it and make it flush.
Rights given, to another party, to use a portion of a property that belongs to someone else, for certain reasons, such as power lines or walkways.
Burdens one parcel of land (servient estate) for the benefit of another parcel (dominant estate).
Easement in Gross
A personal right to use the land of another but not attached to any one parcel of land.
Easement by Necessity
A legal right to travel to a landlocked parcel of land.
Easement by Prescription
Acquired by adverse land use for a statutory period of time.
Nineteenth-century style of architecture with houses featuring three-dimensional ornamentation, made by hand with a chisel and gouge.
When very few prospective buyers of real estate are rejected by lenders, usually due to an ample money supply and lower interest rates, which create relaxed credit standards.
Increase in the amount of money available for use because of lower interest rates, which stimulates spending on investments such as housing.
Lower section of the roof forming an overhang and comprised of a fascia, soffit and soffit molding. The word eave comes from the Old English word “off”, meaning over. see Cornice.
Initial course of shingles installed along the eave line.
Laying roofing material along the eave line and stretching up the roof under the shingles.
Distance measured at the eave line from the ground to the eave. Eave Line Overhanging edge of the roof eave.
Roof opening or opening in an eave that allows for passage of air so that condensation does not form in a tightly insulated house.
Hard, dark and dense wood used for its resistance to wear, as well as its beauty.
Not exactly circular in shape, elliptical or oval. Alternately, a disc set off center on a shaft and revolving inside a strap attached to one end of a rod, thereby converting the circular motion of the shaft into back and forth motion of the rod.
The complex of relations between a specific organism and its environment.
Economic Base Analysis
Appraisal method of deriving property values where the current and future economic conditions are measured in a particular area.
Economic Capacity of Land
The ability of the size of the property to accommodate the desired economic purpose.
Ability of economic factors to influence the real estate market.
Measures that look to the past, current and future direction of the economy and may have an impact on the real estate market. Each month government bodies, including the Federal Reserve System and several economic institutions publish economic indicators, such as the following:
(1) Measures of general economic performance, including gross domestic product (GDP), personal income, capital expenditures, corporate earnings, and inventories.
(2) Price indices measure the inflation rate. The Consumer Price Index (CPI), a well-known inflation measure, is used as the cost-of-living index, which is related to employment contracts and social security. The producer Price Index (PPI) monitors raw materials and semi-finished goods and measures prices at the early stage of the distribution cycle. It reflects changes in the general price level, or the CPI, before they actually occur. The GDP Implicit Deflator is another index of inflation that is used to isolate price changes in GNP calculations from real changes in economic activity.
(3) Measures labor market conditions and signals conditions in employment such as the unemployment rate, average workweek in manufacturing, applications for initial jobless claims, and hourly salary rates.
(4) Money and credit market indicators include the money supply, consumer credit, the Dow Jones Industrial Average (DJIA), and the Treasury bill rate.
(5) Index of leading indicators consists of 11 data series comprising the money supply, business formation, stock prices, vendor performance, average work week, new orders, contracts, building permits, inventory change, layoff rate and change in prices. Business activities are examined as an indication of a change in the economy.
(6) Measures for major product markets that apply to segments of the economy such as housing, retail sales, steel, and automobile, such as housing starts, construction permits, auto and retail sales. Economic indicators show a homebuyer or a real estate investor something about national and local economic conditions. Industry trends are also revealed.
Expected period that property will provide benefits and is typically less than the physical life of the property. Depreciation is usually based on the economic life.
Loss of property value due to external forces or events.
The amount of rent a property commands in the open market.
Worth of property based on the relevant economic factors.
Economies of Scale
Situation by which the average per square foot cost of construction declines as building size and volume expands.
Brick 4 x 4 x 8 inch sized brick.