Glossary of Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

ACCESSORY BUILDING Back to top
A building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage. Also referred to as a detached structure.

ACCRETION Back to top
The natural growth of a piece of land resulting from forces of nature.

ACRE Back to top
43,560 square feet. A measurement of area.

ACTUAL AGE Back to top
The amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGE

ADDENDUM Back to top
A supplement to any document that contains additional information pertinent to the subject. Inspectors use an addendum to identify areas and components examined during a re-inspection of a property after repairs and corrections have been completed.

AFFIRMATION Back to top
A declaration that a certain set of facts are truthful.

AMENITY Back to top
Any feature of a property that increases its value or desirability. These might include natural amenities such as location or proximity to mountains, or man-made amenities like swimming pools, parks or other recreation.

ASHI-AMERICAN SOCIETY OF HOME INSPECTORS Back to top
An international organization of professional home inspectors and others interested in the inspection profession.

ASSESSOR Back to top
The jurisdictional official who performs the assessment and assigns the value of a property.

ATTACHED HOUSING Back to top
Any number of houses or other dwellings which are physically attached to one another, but are occupied by a number of different people. The individual houses may or may not be owned by separate people as well.

BUILDING CODE Back to top
Regulations that ensure the safety and material compliance of new construction within a municipality. Building codes are localized to ensure they are adequate to meet the risk of common hazards.

BUILDING LINE OR SETBACK Back to top
The statutory distance between buildings and the property line, imposed by municipalities, home associations, or other agreements.

BUILT-INS Back to top
Specific items of personal property which are installed in a real estate improvement such that they become part of the building. Built-in microwave ovens and dishwashers are common examples.

CALL OPTION Back to top
A clause in a mortgage which allows the lender to demand payment of the outstanding balance at a specific time.

CAVEAT EMPTOR Back to top
Literally translated: ''Let the buyer beware.'' A common business tenet whereby the buyer is responsible for verifying any and all claims by the seller of property.

CERTIFICATE OF OCCUPANCY Back to top
Issued by an appropriate jurisdictional entity, this document certifies that a building complies with all building codes and is safe for use or habitation.

CERTIFIED GENERAL INSPECTOR OF STRUCTURES Back to top
The Certification issued by the State of Nevada to an Inspector with the experience and education required under the Nevada Administrative Code to inspect any residential or commercial building and to provide training to and evaluation of Residential Inspectors, and has passed the appropriate State Examinations.

CERTIFIED RESIDENTIAL INSPECTOR OF STRUCTURES Back to top
The Certification issued by the State of Nevada to an Inspector with the experience and education required under the Nevada Administrative Code to inspect any residential complex with four or less units or any commercial building measuring 10,000 square feet or less, and has passed the appropriate State Examinations.

CERTIFIED MASTER INSPECTOR OF STRUCTURES Back to top
The Certification issued by the State of Nevada to an Inspector with the experience and education required under the Nevada Administrative Code to inspect any residential or commercial building and to provide training to and evaluation of Residential and General Inspectors, and has passed the appropriate State Examinations.

COMMON LAW Back to top
As opposed to statute law. Laws that have been established by custom, usage and courts over many years.

COMMON AREA ASSESSMENTS Back to top
Fees which are charged to the tenets or owners of properties to cover the costs of maintaining areas shared with other tenets or owners. Commonly found in condominium, PUD or office spaces.

COMMON AREAS Back to top
Any areas, such as entryways, foyers, pools, recreational facilities or the like, which are shared by the tenets or owners of property near by. Commonly found in condominium, PUD or office spaces.

COMPONENT Back to top
A part of a system.

CONDOMINIUM Back to top
A development where individual units are owned, but common areas and amenities are shared equally by all owners.

CONDOMINIUM CONVERSION Back to top
Commonly, the conversion of a rental property such as an apartment complex into a CONDOMINIUM-style complex where each unit is owned rather than leased.

CONSTRUCTION DRAW INSPECTION Back to top
An inspection to identify and/or confirm the progress and status of a building under construction; usually completed as part of the evaluation procedure when additional funds have been requested from the lender.

CONSTRUCTION LOAN Back to top
A loan made to a builder or homeowner that finances the initial construction of a property, but is replaced by a traditional mortgage one the property is completed.

CONTIGUOUS Back to top
Connected to or touching along an unbroken boundary

CONTINGENCY Back to top
Something that must occur before something else happens. Often used in real estate sales when a buyer must sell a current home before purchasing a new one. Or, when a buyer makes an offer the requires a complete home inspection before it becomes official.

CONTRACT Back to top
A legally binding agreement, oral or written, between two parties.

COOPERATIVE (CO-OP) Back to top
A form of ownership where each resident of a multiunit property owns a share in a cooperative corporation that owns the building. With each resident having rights to a specific unit within the building.

CORPORATE RELOCATION Back to top
A situation where a person's employer pays all or some of the expenses associated with moving from one location to another, usually over a substantial distance. Relocation expenses often include the amounts, such as brokerage fees, incurred in the selling and buying of the employee's primary residence.

CUL-DE-SAC Back to top
A dead-end street. One with only one entrance/exit.

DESCRIBE Back to top
To report on a system or component by its type or other observed, significant characteristics to distinguish if from other systems or components.

DETACHED SINGLE-FAMILY HOME Back to top
A single building improvement intended to serve as a home for one family.

DETACHED STRUCTURE Back to top
See ACCESSORY BUILDING.

DISMANTLE Back to top
To take apart or remove any component, device, or piece of equipment that would not be taken apart or removed by a homeowner in the course of normal and routine homeowner maintenance.

DUPLEX Back to top
A single-building improvement which is divided and provides two units which serve as homes to two families.

DWELLING Back to top
A house or other building which serves as a home.

EASEMENT Back to top
The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines.

ENCROACHMENT Back to top
A building or other improvement on one property which invades another property or restricts its usage.

ENCUMBRANCE Back to top
A claim against a property. Examples are mortgages, liens and easements.

ERRORS AND OMISSIONS INSURANCE Back to top
An insurance policy taken out by inspectors to cover their liability for mistakes made during the inspection process.

ESCROW Back to top
An amount retained by a third party in a trust to meet a future obligation. An escrow is almost always established with a title company immediately after both the buyer and seller have agreed to the terms of an offer and acceptance agreement in a real estate purchase transaction. An escrow may also be established to pay property taxes, insurance, and/or other expenses.

ESCROW ACCOUNT Back to top
An account setup to hold an escrow.

ESCROW ANALYSIS Back to top
An analysis performed by the lender usually once each year to see that the amount of money going into the escrow account each month is correct for the forecasted expenses.

ESCROW DISBURSEMENTS Back to top
The payout of funds from an escrow account to pay property expenses such as taxes and insurance.

EXAMINATION OF TITLE Back to top
The report on the title of a property from the public records or an abstract of the title.

FACADE Back to top
The front exposure of any building. Often used to describe an artificial or false front which is not consistent with the construction of the rest of the building.

FEDERAL HOUSING ADMINISTRATION (FHA) Back to top
A sub-agency of the U.S. Department of Housing and Urban Development created in the 1930's to facilitate the purchase of homes by low-income, first-time home buyers. It currently provides federally-subsidized mortgage insurance for private lenders.

FHA MORTGAGE Back to top
A mortgage that is insured by the Federal Housing Administration (FHA).

FIXTURE Back to top
Any piece of personal property which becomes permanently affixed to a piece of real property.

FLOOR PLAN Back to top
The representation of a building which shows the basic outline of the structure, as well as detailed information about the positioning of rooms, hallways, doors, stairs and other features. Often includes detailed information about other fixtures and amenities.

FRONTAGE Back to top
The segment of a property that runs along a point of access, such as a street or water front.

GABLE ROOF Back to top
A steeply angled, triangular roof.

GAMBREL ROOF Back to top
A ''barn-like'' roof, where the upper portion of the roof is less-steeply angled than the lower part.

GEORGIAN Back to top
A classic, English-style hose characterized by simple rectangular shape and multiple stories.

GRADE Back to top
The slope of land around a building.

GROSS AREA Back to top
The sum total of all floor space, including areas such as stairways and closet space. Often measured based on external wall lengths.

HALF-SECTION Back to top
320 acres

HEIGHT ZONING Back to top
A municipal restriction on the maximum height of any building or other structure.

HIDDEN AMENITIES Back to top
Assets of a property which contribute to its value, but are not readily apparent. Examples might include upgraded or premium building materials.

HOME INSPECTION Back to top
A complete visual examination of a building and major systems to determine its structural integrity and uncover any defects in materials or workmanship which may adversely affect the property.
HOMEOWNER'S ASSOCIATION Back to top
An organization of home owners in a particular neighborhood or development formed to facilitate the maintenance of common areas and to enforce any building restrictions or covenants.

HOMEOWNERS WARRANTY Back to top
An insurance policy covering the repair of systems and appliances within the home for the coverage period.

IMPROVED LAND Back to top
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.

IMPROVEMENTS Back to top
Any item added to vacant land with the intent of increasing its value or usability.

INCOME PROPERTY Back to top
A piece of property whose highest and best use is the generation of income through rents or other sources.

INSPECTION Back to top
The examination of a piece of property, its buildings or other amenities.

INVESTMENT PROPERTY Back to top
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.

LENDER Back to top
The person or entity who loans funds to a buyer. In return, the lender will receive periodic payments, including principal and interest amounts.

LIEN Back to top
Any claim against a piece of property resulting from a debt or other obligation.

MANUFACTURED HOUSING Back to top
Once known as ''mobile homes,'' manufactured housing is any building which has been constructed off site, then moved onto a piece of real property.

MASTER ASSOCIATION Back to top
An umbrella organization that is made up of multiple, smaller homeowner's associations. Often found in very large developments or condominium projects.

METES AND BOUNDS Back to top
A traditional way of describing property, generally expressed in terms of distance from a known landmark or intersection, and then following the boundaries of the property back to its origin.

METROPOLITAN AREA Back to top
The accumulated land in and around a city or other municipality which falls under the political and economic influence of that entity.

MINERAL RIGHTS Back to top
The legal right to exploit and enjoy the benefits of any minerals located below the surface of a parcel of land.

MISREPRESENTATION Back to top
A statement by one party in a transaction that is incorrect or misleading. Most misrepresentations are deemed to be intentional and thus may constitute fraud. Others, however, some are rendered through simple mistakes, oversights or negligence.

MULTI-FAMILY PROPERTIES Back to top
Any collection of buildings that are designed and built to support the habitation of more than four families.

NEIGHBORHOOD Back to top
A subsection of a municipality that has been designated by a developer, economic forces or physical formations.

NET LEASABLE AREA Back to top
The space in a development, outside of the common areas, that can be rented to tenants.

NACREI-NEVADA ASSOCIATION OF CERTIFIED REAL ESTATE INSPECTORS Back to top
A statewide organization of professional home inspectors and others interested in the inspection profession.

NEW ENGLAND COLONIAL Back to top
An architectural style dating from early American history typified by a two-story building with clapboard siding.

NON-CONFORMING USE Back to top
The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.

OBSOLESCENCE Back to top
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.

OCCUPANCY Back to top
A physical presence within and control of a property.

OFF-SITE IMPROVEMENTS Back to top
Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.

OFF-STREET PARKING Back to top
Designated parking spaces associated with a particular building or other structure which are not located on public streets.

ON-SITE IMPROVEMENTS Back to top
Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.

OPEN SPACE Back to top
Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.

OWNER OCCUPIED Back to top
The state of property wherein the owner occupies at least some portion of the property.

PERSONAL PROPERTY Back to top
Owned items which are not permanently affixed to the land.

PERSONAL RESIDENCE Back to top
The primary domicile of a person or family.

PLANNED UNIT DEVELOPMENT (PUD) Back to top
A coordinated, real estate development where common areas are shared and maintained by an owner's association or other entity.

PLAT Back to top
A plan or chart of a piece of land which lays out existing or planned streets, lots or other improvements.

PREFABRICATED Back to top
Any building or portion thereof which is manufactured and assembled off site, then erected on a property.

PROPERTY Back to top
Any item which is owned or possessed.

QUADRAPLEX Back to top
Any building designed to accommodate four families. 

RANCH STYLE HOUSE Back to top
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.

RAW LAND Back to top
Any land which has not been developed.

READILY ACCESSIBLE Back to top
Available for visual inspection without requiring moving personal property, dismantling, destructive measures, or any action which will likely involve risk to persons or property.

READILY OPENABLE ACCESS PANEL Back to top
A panel provided for homeowner inspection and maintenance that is within normal reach, can be removed by one person, and is not sealed in place.

REAL ESTATE Back to top
A piece of land and any improvements or fixtures located on that land.

REAL ESTATE AGENT Back to top
A licensed professional who facilitates the buying and selling of real estate.

REAL PROPERTY Back to top
Land, improvements and appurtenances, and the interest and benefits thereof.

REALTOR Back to top
A real estate agent or broker who is a member of the National Association of Realtors.

RELOCATION SERVICE Back to top
Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.

REMAINING BALANCE Back to top
The amount of principal, interest and other costs that has not yet been repaid.

REMODEL Back to top
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

REPRESENTATIVE NUMBER Back to top
One component per room for multiple similar interior components such as windows and electrical outlets; one component on each side of the building for multiple similar exterior components.

RESIDENTIAL PROPERTY Back to top
A piece of property whose highest and best use is the maintenance of a residence.

RURAL Back to top
An area outside of an established urban area or metropolitan district.

SEMIDETACHED HOUSING Back to top
Two residences which share a common wall.

SINGLE-FAMILY PROPERTY Back to top
A property designed and built to support the habitation of one family.

SUBDIVISION Back to top
A residential development that is created from a piece of land which has been subdivided into individual lots.

SURVEY Back to top
A specific map of a piece of property which includes the legal boundaries and any improvements or features of the land. Surveys also depict any rights-of-way, encroachments or easements.

SWEAT EQUITY Back to top
The method whereby a homeowner develops equity in a property, either during the purchase or throughout its life, by personally constructing improvements rather than paying to have them built.

TITLE COMPANY Back to top
An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.

TUDOR Back to top
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.

UNDER IMPROVED LAND Back to top
A piece of land which has been improved, but not to the full extent of its potential.

USEFUL LIFE Back to top
The span of time over which a property can be used or can provide benefits to its owner.

VARIANCE Back to top
An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.

VETERANS AFFAIRS, DEPARTMENT OF (VA) Back to top
The successor to the Veteran's Administration, this government agency is responsible for ensuring the rights and welfare of our nation's veterans and their dependents. Among other duties, the VA insures home loans made to veterans.

WALK-THROUGH INSPECTION Back to top
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

WARRANTY Back to top
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.

WEAR AND TEAR Back to top
A term used to indicate the normal damage inflicted on a property through every-day use.

ZERO LOT LINE Back to top
A municipal zoning category wherein a building or other fixture may abut the property line.

ZONE Back to top
A specific area within a municipality or other jurisdiction which conforms to certain guidelines regarding the use of property in the zone. Typical zones include single-family, multi-family, industrial, commercial and mixed-use.