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 

Bailment -  Giving possession of personal property to another but retaining title.  Examples include storing goods in a warehouse or renting a trailer.

Balance Sheet -  A financial statement showing assets, liabilities, and net worth as of a specific time.

Balloon Mortgage -  A mortgage with periodic installments of principal and interest that, at the end of such a period, do not fully amortize the loan.  The balance of the mortgage due is usually paid in a lump sum at a specified date, usually at the end of the term of such periodic installments.

Balloon Payment -  The unpaid, principal amount of a mortgage loan that is due on a specified date, and paid in a lump sum at the end of the term.  

Band of Investment Method - A procedure to determine the capitalization rate to be used for a particular property under the income approach. 

Banker's Interest - Interest based on a 30-day month and a 360 day year.

Bankruptcy -  Legal relief from the payment of all debts after the surrender of all assets to a court-appointed trustee.  Assets are distributed to creditors as full satisfaction of debts, with certain priorities and exemptions.  A person, firm or corporation may declare bankruptcy under one of several chapters of the US Bankruptcy code: Chapter 7 covers liquidation of the debtor’s assets; Chapter 11 covers reorganization of bankrupt businesses; chapter 13 covers payments of debts by individuals through a bankruptcy plan.  

Bargain-and-Sale Deed - A deed for consideration that uses the terms bargain and sale.  It contains no warranties other than an implied interest by the grantor. 

Baseboard - A moulding placed against the wall on the floor around a room.

Base Lines - Imaginary lines running east-west that intersect meridians to form a starting point for the survey or measurement of land. 

Base Rent - The minimum rent payable under a percentage lease.

Basis - Usually the property owner's original cost, plus capital improvements, less depreciation, and is often used to compute an owner's income tax liability.

Basis Point -  1/100 of 1% (0.01% or 0.0001).  

Batten - Wood strips used to cover joints; used in board-and-batten siding.

Beam - A horizontal structural member giving support to a structure.

Bearer Paper - A negotiable instrument made out to cash or bearer that can be transferred without endorsement.

Bearing Walls - A wall with a footing under it that bears the load of the structure.

Benchmark - A location marker used by land surveyors.

Beneficiary -  The entity or individual designated to receive the income from a trust, insurance policy, estate or trust deed.  In a deed of trust, the lender is referred to as the beneficiary.  

Beneficiary Statement - A statement of a lender of the the balance due on a loan. 

Bequeath - To give personal property by will. 

Bequest - Personal property that is given by will.

Betterments - Actual improvements (not repairs) to real estate.

Bilateral Contract - A mutual exchange of promises whereby each promise is consideration for the promise of the other.

Bill of Sale - A written document that transfers title of personal property from one person to another.

Binder - A written evidence of temporary hazard or title coverage that only runs for a limited time and must be replaced by a permanent policy.

Biweekly Mortgage - A mortgage with payments due every two weeks (or 26 payments a year). 

Blanket Mortgage - A lien on more than one parcel of land (i.e. blankets several pieces of land with one loan). 

Blind Pool - A syndicate in which the property to be purchased will be selected after the money has been raised. 

Blockbusting - The act of inducing panic selling for gain by exploiting the fear of loss in value due to minority members moving into an area.  Blockbusting is illegal under the Civil Rights Act of 1968.

Board Foot - A unit of lumber measurement equal to 144 cubic inches (1' x 1' x 1' ).

Boilerplate - Refers to items in a contract or legal agreement that are considered standard or normal provisions.

Bona Fide - In good faith, without deceit or deception.

Bond -  See Note.  

Book Value - See Basis. 

Boot - Money, personal property or debt relief given to even off a trade.  Boot is taxable to the person receiving it. 

Bracketing - Process of selecting a value that lies between the selling prices of comparable properties having more and fewer amenities; used in the market comparison method of appraisal.

Bridge Loan - A temporary loan, usually at a higher interest rate, where the borrower intends to obtain better financing. 

British Thermal Unit - The unit of heat needed to raise one pound of water one degree Fahrenheit.  The BTU is used to rate the capacity of heating and air-conditioning units.

Broker (Real Estate) - One who receives a commission or fee for bringing buyers and sellers together and assisting in the negotiation of real estate sales contracts between them.

BTU - See British Thermal Unit.

Builder -  One who assembles materials in order to fabricate, erect or construct a building’ or, one who oversees building operations.  

Building Code - Local regulations that control design, construction, and materials used in construction.  Building codes are based on safety and health standards.

Building Lines - See Setback Lines. 

Build-Up Method - A process for arriving at a capitalization rate by rating a risk-free, management-free investment and then adding for risk and management problems.

Bulk Zoning - Zoning for density with height, setback and open space requirements.

Bundle of Rights - All rights incidental to ownership, such as rights to lease, use, encumber, sell, exclude and so forth.

Buydown -  A sum on money paid to the lender at closing to reduce the borrower’s out-of-pocket monthly payment.  A buydown can be temporary or permanent.

Buyer Broker - A real estate broker that has the fiduciary responsibility to represent the buyer and only the buyer.

Buyer's Market - Conditions in a real estate market that favor the buyer.  Generally this is represented in markets where homes are sold for more favorable than normally accepted terms, lower sales prices (as dictated by the buyer), and a too large of a supply of homes for sale for the given market. 

Bylaws - The rules of how a corporation shall be governed; sets forth the authority of its officers.