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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
Buyer’s agent
This is the agent who represents the buyer in the home-buying process. On the other side is the listing agent who represents the seller.
Back on market (BOM)
When a property or listing is placed back on the market after being removed from the market recently.
Back-up agent
A licensed agent who works with clients when their agent is unavailable.
Balloon mortgage
A type of mortgage that is generally paid over a short period of time but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term the entire unpaid balance must be repaid.
Back-up offer
When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.
Bill of sale
Transfers title to personal property in a transaction.
Board of REALTORS® (local)
An association of REALTORS® in a specific geographic area.
Broker
A state licensed individual who acts as the agent for the seller or buyer.
Broker of record
The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.
Broker’s market analysis (BMA)
The real estate broker’s opinion of the expected final net sale price determined after acquisition of the property by the third-party company.
Broker’s price opinion (BPO)
The real estate broker’s opinion of the expected final net sale price determined prior to the acquisition of the property.
Broker’s tour
A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.
Buyer
The purchaser of a property.
Buyer agency
A real estate broker retained by the buyer who has a fiduciary duty to the buyer.
Buyer agent
The agent who shows the buyer’s property negotiates the contract or offer for the buyer and works with the buyer to close the transaction.
Buydown
A payment made, often by the seller, to help the buyer qualify for the loan. Real estate terms that begin with C
Balloon payment
The final payment of a mortgage loan that is considerably larger than the required periodic payments, because the loan amount was not fully amortized.
Bargain and sale deed
A deed that carries with it no warranties against liens or other encumbrances but that does imply the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion.
Base fee
A determinable fee estate that may be inherited.
Base line
One of a set of imaginary lines running east and west and crossing a principal meridian at a definite point. Base lines are used by surveyors for reference in locating and describing land under the rectangular survey system (or government survey method) of property description.
Benchmark
A permanent reference mark or point established for use by surveyors when measuring differences in elevation.
Beneficiary
The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. 2. A lender who lends money of real estate and takes back a note and deed of trust from the borrower.
Bequest
A provision in a will providing for the distribution of personal property.
Bilateral contract
A contract in which each party promises to perform an act in exchange for the other party’s promise to perform.
Bill of sale
A written instrument given to pass title to personal property.
Binder
An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction.
Blanket mortgage
A mortgage that covers more than one parcel of real estate and provides for each parcel’s partial release from the mortgage lien on repayment of a definite portion of the debt.
Blockbusting
The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry, or prospective entry, of minority persons into the neighborhood.
Blue-sky laws
The common name for state and federal laws that regulate the registration and sale of investment securities.
Boycotting
Two or more businesses conspire against other businesses to reduce competition.
Branch office
A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office generally must be run by a licensed real estate broker, broker salesperson, or associate broker working on behalf of the broker operating the principal office.
Breach of contract
The failure, without legal excuse, of one of the parties to a contract to perform according to the contract.
Bridge loan
A loan that bridges the sale of property.
Broker
One who buys and sells for another for a commission.
Brokerage
The business of buying and selling for another for a commission.
Broker/Salesperson
A person who has passed the broker’s licensing examination but it is licensed to work only on behalf of a licensed broker and who may be allowed to manage an office. In many states, known as (and licensed as) associate broker or broker/associate.
Brownfields
Deserted, defunct, and derelict toxic industrial sites in need of renewal. Federal legislation has diminished the innocent landowner’s liability exposure and provided the landowner the opportunity to expense cleanup costs rather than capitalize them.
Budget loan
A loan in which the monthly payments made by the borrower cover not only interest and a payment on the principal, but also 1⁄12 of such expenses as taxes, insurance assessments, private mortgage insurance premiums, and similar charges.
Buffer zone
A strip of land that separates one land use from another.
Building code
An ordinance specifying minimum standards of construction of buildings for the protection of public safety and health.
Building line
A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project; a setback line used to ensure a degree of uniformity in the appearance of buildings and unobstructed light, air, and view.
Building restrictions
The limitations on the size or type of property improvements established by zoning acts or by deed or lease restrictions. Building restrictions are considered encumbrances and violations render the title unmarketable.
Bundle of legal rights
The theory that land ownership involves ownership of all legal rights to the land, such as possession, control within the law, and enjoyment, rather than ownership of the land itself.
Business plan
A three to five year blueprint for an organization or individual real estate practitioner.