There are 51 names in this directory beginning with the letter B.
A contract to buy real estate that becomes effective if a prior contract fails to be consummated.
Bad Debt/Vacancy Factor
A percentage de_ducted from a property's potential gross income to determine the effective gross income, esti_mating the income that will probably be lost because of vacancies and tenants who don't pay.
Balance, Principle of
An appraisal principle which holds that the maximum value of real es_tate is achieved when the agents in production (labor, coordination, capital, and land) are in proper balance with each other.
The financial inability to pay one's debts when due causes the debtor to seek relief through court action.
The release of a bankrupt party from the obligation to repay debts that were or might have been proved in a bankruptcy proceeding.
In the rectangular survey system, a main east-west line from which township lines are established. Each principal meridian has one base line associated with it.
A figure used in calculating a gain on the sale of real estate for federal income tax pur_poses. Also called cost basis.
The owner's initial basis in the property, plus capital expenditures for improve_ments, and minus any allowable depreciation or cost recovery deductions.
The amount of the owner's origi_nal investment in the property; what it cost to acquire the property, which may include clos_ing costs and certain other expenses, as well as the purchase price.
1. An agreement to consider an earnest money deposit as evidence of the potential buyer's good faith when he or she makes an offer to buy a piece of real estate. 2. An instru_ment providing immediate insurance coverage until the regular policy is issued. 3. Any pay_ment or preliminary written statement intended to make an agreement legally binding until a formal contract has been drawn up.
A property advertisement placed by a real estate licensee that does not mention his or her licensed status.
Attempting to induce owners to list or sell their homes by predicting that members of another race or ethnic group, or people suffering from some disability, will be moving into the neighborhood; this violates anti-dis_crimination laws. Also called panic selling.
Blue Sky Laws
Laws that regulate the promo_tion and sale of securities in order to protect the public from fraud.
Board of Directors
The body responsible for governing a corporation on behalf of the stock_holders, which oversees the corporate manage_ment.
1. A written obligation, usually interest-bearing, to pay a certain sum at a specified time. 2. Money put up as a surety, protecting some_one against failure to perform, negligent per_formance, or fraud.
A bond posted by a con_tractor to guarantee that a project will be com_pleted satisfactorily and free of liens. Also called a performance bond.
A term used in connection with tax-free exchanges, when the properties exchanged are not equal in value, to refer to whatever is given (cash, services, etc.) to make up the difference in value; for example, in an exchange of real property, if one party gives the other cash in addition to real property, the cash is boot.
The perimeter or border of a parcel of land; the dividing line between one piece of property and another.
Violation of an obligation, duty, or law; especially an unexcused failure to perform a contractual obligation.
An individual who acts as an intermediary between two or more parties for the purpose of negotiating a transaction agreeable to all of the parties. In lending, the broker arranges and negotiates loan amounts, interest rates and loan terms between borrowers and lenders. Depending on the type of loan, the state wherein the transaction is occurring and contractual arrangements, the broker may represent the borrower, the lender or not have a fiduciary responsibility to either. (See definition of "fi
A corporate officer or gen_eral partner who is authorized to act as the bro_ker for a licensed corporation or partnership.
A real estate broker who allows another person to use his or her license to oper_ate a brokerage, in violation of the license law.
Broker, Real Estate
One who is licensed to rep_resent members of the public in real estate trans_actions for compensation.
Permission granted by a local government or agency to build a specific structure at a specific site.
Rules concerning build_ing size, placement, or type; they may be pub_lic restrictions (in a zoning ordinance, for example) or private restrictions (CC&Rs, for example).
The sale of all or a substantial part of the merchandise, equipment, or other inventory of a business, not in the ordinary course of business.
Bulk Transfer Law
A law requiring a seller who negotiates a bulk transfer (usually in connec_tion with the sale of the business itself) to fur_nish the buyer with a list of creditors and a schedule of the property being sold, and to no_tify creditors of the impending transfer.
Bundle of Rights
The rights inherent in own_ership of property, including the right to use, lease, enjoy, encumber, will, sell, or do nothing with the property.
A payment of discounts points in exchange for a lower rate of interest. It has the effect of providing the lender with a greater yield today in exchange for a lower yield in the future. (See definition of "discount points" below.).
Buyer Representation Agreement
A contract in which a real estate broker agrees to try to locate suitable property for the other party (the buyer) in exchange for a commission.