A building permit is an official authorization granted by a local government entity that allows for the construction, expansion, modification, or renovation of a building or structure. This legal requirement ensures that construction complies with building codes, zoning laws, and safety standards.
A California bungalow is a single-story, compact house that became popular in the early twentieth century. Characterized by its low profile, simplicity, and affordability, it often includes a front porch, wide eaves, and built-in cabinetry.
A conventional home refers to a dwelling constructed on-site from the ground up as opposed to mobile homes or modular housing, which are typically prefabricated elsewhere.
A corner lot is a land parcel that is bounded on at least two sides by the intersection of two roads. Corner lots are valued both for their accessibility and visibility in commercial real estate and may present unique benefits and challenges for residential development.
Depreciation (Tax) refers to an annual tax deduction for wear and tear and loss of utility of property. It allows property owners to account for the decrease in value of their real estate assets over time.
In real estate terms, a Flat can refer either to a single-level apartment or a type of mortgage or lease with level payments.
A Granny Flat is a self-contained living area located on the same property as a larger, primary residence. Often named for its common use as a living space for elderly family members, such as grandparents, it is also known as an Accessory Apartment or Mother-in-Law Suite.
A Guesthouse, also known as an accessory apartment, is a secondary housing unit on a single-family residential lot. These units provide additional living space and can serve a variety of purposes, including housing for guests, rental income, or living space for extended family.
A half bath, also known as a guest or powder bath, is a room in a residence that contains a toilet and a washbasin (sink) but lacks bathing facilities such as a bathtub or shower stall.
A high-rise is a building that generally exceeds six stories in height and is equipped with elevators. High-rises are commonly used for residential, commercial, or mixed-use purposes.
Housing refers to structures intended for residential use. It encompasses various types of dwellings from single-family detached houses to multi-unit apartments.
"The Housing Code is a set of local government ordinances that establish minimum standards for safety and sanitation in existing residential buildings. These regulations ensure that living conditions in older buildings remain safe and habitable for tenants. Housing Codes typically address structural soundness, pest control, and basic living necessities like running water and heating, contrasting with Building Codes, which apply to new construction."
Impact fees are charges levied by a city or county on developers as a condition for granting permission for development projects, typically to cover the costs of expanding public services to accommodate the new development.
Income Property refers to real estate that is specifically utilized to generate rental income. It encompasses a variety of property types that can provide steady income streams to the owner.
In multifamily residential properties, a 'unit' refers to a self-contained suite of rooms designed to be occupied by one tenant or family. Each unit typically features a private entrance and may be personalized to maintain a level of individuality separate from other units in the same building or complex.
An early-American-style house that is simple and box-shaped. The traditional material for the exterior siding is white clapboard. A steep pitched roof is used to shed heavy snow.
An owner occupant is a resident of a property who also owns the property. This term differentiates from absentee owners and rental tenants and has significant implications for real estate, including financing and tax benefits.
Rent control refers to a set of laws and regulations that limit the rate at which rents can increase over time.
Residential refers to properties intended for people to live in, which includes housing projects such as single-family homes, condominiums, apartments, and townhouses.
Residential properties are real estate intended for housing purposes. This term encompasses owner-occupied homes and rental properties provided they are used as dwellings, excluding transient accommodations like hotels and motels.
Savings and Loan Associations (S&Ls) are depository institutions that specialize in originating, servicing, and holding mortgage loans, primarily on owner-occupied residential property.
A site-built home is a type of residential structure that is constructed primarily on its assigned site using stock materials. Although some components may be prefabricated off-site, the home is erected, framed, and finished by workers on location.
A 'spec house' refers to a single-family dwelling constructed by a developer before having an identified buyer, based on the anticipation that the finished home will meet local market demand and sell within a reasonable period.
A split-level home, also known as a tri-level, is a residential property style where the floor levels are staggered. These homes typically have at least two sets of stairs, leading to different story levels.
Square footage is a measure of the area of a piece of real estate, typically measured in square feet. It represents the total floor area within a property's boundaries.
Substandard housing refers to residential properties that do not meet the basic standards of safety, sanitation, and habitability as defined by local building or housing codes. This can include issues related to structural integrity, plumbing, electrical systems, and overall livability.
Tax Exemption is a full or partial retraction of property from the tax base, resulting in a lower AD VALOREM tax for the property owner.
A tri-level home, also known as a split-level home, is a type of house that separates living spaces on different levels, typically with short flights of stairs connecting each set of rooms.
The Uniform Residential Appraisal Report (URAR) is a standardized form used by appraisers to provide a comprehensive valuation of residential properties. It is required by major secondary mortgage purchasers.
Urban property real estate involves properties situated in urban regions known for high-density development and easy access to city amenities and services.
A Variable-Rate Mortgage (VRM) is a long-term mortgage loan applied to residential properties, under which the interest rate adjusts on a scheduled basis, typically every six months. Rate increases are restricted to no more than ½ point per year and a total of 2½ points over the Term. The term Adjustable-Rate Mortgage (ARM) is now more commonly used.
