Over Age 55 Home Sale Exemption
Internal Revenue Code (IRC Sections 1034 and 121) provides that a person over age 55 can sell a principal residence at a gain and exclude up to $125,000 of the gain from taxation, provided the person has used that home as a primary residence for three of the last five years. This is allowed regardless of the purchase of another home.
In leases for retail sales, amounts to be paid, based on gross sales, over the base rent. Alternately, a selling price received for property in excess of the expected price. An excessive amount; surplus.
Rental based on a percent of sales or profit that is in addition to the constant rental amount.
Overall Capitalization Rate
see Overall Rate of Return.
Overall Rate of Return (OAR)
Net operating income (NOI) of property relative to its market value, net operating income divided by the purchase price of the property. NOI compared to the initial cost of the property as distinguished from its market price.
A situation in a given area where there has been more real estate construction than the market can absorb within a reasonable time.
Earth that must be removed to reach a deposit of rock or other material to be quarried.
A finish coat of paint.
Electrical current that exceeds the maximum limit of a circuit.
A device that interrupts the flow of electricity when the current reaches a set level.
Excess fluid flowing from or spilling out of a container.
Brick laying from the inside of a wall done by workers who are standing on a scaffold or inside the wall.
A projection of one part of a structure over another part of that structure. Also a length of rafter that extends beyond a building’s exterior wall.
A construct to extend a roof beyond the gable end.
To repair or to perform maintenance on a device.
The fixed costs of doing business, not directly related to a specific job or project. Overhead includes items such as senior management salaries, office rent, and administrative costs.
A door that is lifted upward and overhead to open. Garage doors are the most common overhead doors.
Position for welding where the actual weld is overhead and applied from beneath the joint.
Use of above ground wire to deliver electricity to buildings.
An increase in heat beyond the tolerance level of a device or system.
The portion of one surface that is installed over, and covering, a portion of another. Roof shingles are an example of a material that is applied in this way. Also refers to the act of installing a material in this manner.
A joint used in rail fences where the ends of the rails overlap where fastened to the posts.
Property whose sale price is not high enough to recoup the costs of its improvements
Land improvement that is more extensive than the surrounding neighborhood justifies or that can be economically warranted.
A thin layer of material applied over a surface, often to provide protection.
1. Weight or stress placed on a structural member that exceeds the maximum the member can safely carry.
2. Electrical demand in excess of a circuit’s maximum. Devices such as fuses and circuit breakers are used to cut the power upon an overload, eliminating the risk of melting or fire.
Percentage of a commission or a fee paid to someone higher in the organization or above a certain amount.
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of all operating expenses.
A roof on an addition where the ridge height exceeds that on the original structure.
Paint sprayed beyond the area intended to be painted.
A molding with a profile of a quarter of a circle. Also called quarter round.
The person (or entity) to whom a piece of property belongs. In real estate, the person or entity with title to the property.
Transaction where the seller agrees to finance all or part of the purchase.
A tenant of a residence who also owns the property.
Owner of Record
The person or persons who, according to the public records, own a particular property.
Person or entity that has title or a right to something which is typically being held.
Methods of owning real estate. Ownership form has important consequences for income tax, estate tax, corporate income tax, and survivorship. Real estate may be owned by one or more persons. Methods of ownership include tenancy in common, joint tenancy, a tenancy by the entirety, tenancy in severalty, partnership, limited partnership and corporation.
Ownership in Severalty
Ownership of property by one person or one legal entity (corporate ownership).
Ownership Rights to Realty
The right to possess, exclusively occupy, enjoy, control, and dispose of real estate. Ownership rights to realty are granted by the ownership of a title to real property.
The chemical combining of oxygen with another material. Oxidation can have a variety of effects on the material in question – unprotected steel rusts, copper turns green, etc.
Welding using acetylene and oxygen as fuel to generate the heat.
An element with the atomic symbol O and atomic number of 8. Oxygen freely combines with numerous other elements to create various common substances. Oxygen is required for combustion to occur.
Welding using hydrogen and oxygen to generate the required heat.