Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
Aa - Ac - Ad - Ae - Ak - Am - Ann - Ar - As - At
ASA
see American Society of Appraisers.
As-is Condition
Transfer of title to a property in an existing condition with no warranties or representations.
Asbestine Magnesium
Silicate trade name; used in paint as a binder to retain pigment.
Asbestos
Fire-resistant material, formerly used for insulation and some home products, which has been found to be a health hazard and is no longer used.
Asbestos Cement
Fire-resistant cement made of a combination of asbestos fibers and portland cement.
Asbestos Cement Conduit
Electrical conduit of asbestos cement.
Asbestos Runner
Roper made with asbestos and wrapped around a pipe to facilitate the pouring of molten lead. Also referred to as a pouring rope.
Asbestos Shingles
Shingles made of a composite of portland cement and asbestos fibers or asbestos and other compounds.
As-brazed
Joint with only brazing performed on it.
As-built Drawings
Drawing made to show the actual dimensions and locations of installations.
ASCII
American Standard Code for Information Interchange. Computer code used to represent letters, symbols, and use instructions.
Ash
Tree, with hard wood, that resembles oak in appearance. White or grayish residue left after something is thoroughly burned.
Ash Dump
A grate that may be opened to allow fireplace ashes to fall into an ash pit below where ashes can be can be collected for removal.
Ash Pit
Area in a fireplace where ashes fall when swept from the fireplace and are stored until removal.
ASHI (American Society of Home Inspectors)
Professional association of independent home inspectors. These members must meet the group's education and performance requirements. For a list of ASHI-certified inspectors, call (800) 743-2744.
Ashlar
Squared stone used in building facings, foundations and sidewalks, which is precisely cut and can be used with thin mortar joints.
Ashlar Brick
Rough-surface brick that is made to look like stone.
Ashlar Masonry
Masonry assembled in different sizes and in random fashion to imitate ashlar.
Askew
Awry, crooked, not lined up.
Asking Price
Seller's initial price asked for a property.
Aslope
At a slant. Sloping.
Aspect Ratio
Ratio between the height of an object and the width.
Aspen
Tree from the poplar family.
Asphalt
Black, thick, bituminous substance found in many parts of the world; smooth, hard, brittle black or brownish-black resinous mineral consisting of a mixture of hydrocarbons. Asphalt can be made from products obtained in petroleum refining. Commonly used for waterproofing and paving. The blackest asphalt is said to be the best.
Asphalt Cement
Asphalt paving. Most commonly used for driveways, the type of soil underneath is very important. If there is good drainage, 4" of well-compacted asphalt may be all that is necessary. With clay, which has little drainage, the soil must be dug out and replaced with a 4" to 7" bed of gravel before laying 4" of asphalt. Must be installed before the ground freezes.
Asphalt Felt
Asphalt Lute
Used for spreading and smoothing asphalt, this rake-like tool has a straight edge and a toothed side.
Asphalt Mastic
Asphalt-based adhesive that is normally used in roofing.
Asphalt Paint
Asphalt-based paint used for waterproofing.
Asphalt Roofing Shingles
The primary ingredient in these shingles is asphalt. The shingle is normally between 12" to 36" with cutouts on the bottom, which is the part that will be exposed to weather conditions. Exterior surface coat is made with mineral granules as protection from sunlight and weather. 80% of roofing shingles used are either asphalt or fiberglass because they wear well and are easy to install as well as being attractive in appearance.
Asphaltic Plastic Cement
Also referred to as flashing cement, this asphalt-based roofing cement remains pliable at colder temperatures.
Asphaltum
Normally used as a waterproofing agent, asphaltum is a very thin asphalt compound.
Aspirate
Removal of fluid or other matter through suction.
Aspirator
The apparatus used for removing air, fluids, etc. by suction.
ASREC
see American Society of Real Estate Counselors.
Assay
Means of determining, by analysis, quantities of metals in ore samples.
Assemblage
The combing of several adjoining lots to increase total value.
Assemble
To fit or put together parts of something.
Assembly
A fitting together of parts to make a whole.
Assembly Drawing
Diagram to facilitate the ability to assemble an item.
Assembly Line
In many factories, it is an arrangement where each worker performs his own particular specialized operation as the item passes by, often on a slowly moving track.
Assess
To estimate value. Alternately, to levy a tax or fee on property.
Assessed Value
Value placed on a home by a government tax assessor in order to calculate a tax base.
Assessment
Estimated value of a piece of property. Alternately, a levy placed on a property in addition to taxes.
Assessment Cycle
Period of time a municipality allows between valuations of property for tax purposes.
Assessment Roles
List of taxable properties as compiled by the tax assessor.
Assessor
Official who determines the assessed value of a property.
Asset
Item of value, i.e. cash, securities, investments, real estate, etc.
Asset Depreciation Range (ADR)
Used to determine class lives for property and equipment, this is a range of depreciable lives allowed by the IRS for a particular asset.
Assign
To transfer certain rights to another.
Assignment
Transfer of rights in order to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults.
Assignment of Mortgage
The transfer of a mortgage from the old owner to the new owner. This type of mortgage is an assumable mortgage.
Assignor
The person transferring rights and interests in a property.
Assize
Block of cylinder-shaped stone.
Assumable Mortgage
Mortgage which can be transferred to another qualified borrower upon the sale, to that borrower, of the home on which the mortgage exists.
Assumption Clause
Provision allowing a buyer to take over transfer of the mortgage, which is held by the seller.
Assumption Fee
Fee the lender charges to process the paperwork for the buyer assuming the existing loan.
Assumption of Mortgage (Deed of Trust)
The buyer of a property agrees to accept the existing mortgage on that property but the seller is not relieved of that obligation unless the lender agrees to release him/her from that responsibility.
Assurance
The giving of a guarantee or promise to someone to instill confidence.
ASTM
American Society for Testing Materials, a non-profit organization consisting of a variety of qualified professionals who decide the level of quality that must be used in building materials for a particular job. A standard is proposed and these professionals either approve it or suggest changes. There is a vote to decide on approval and then it is published and manufacturers are expected to comply. If they do not, they are not given an ASTM number and cannot be used for jobs that require ASTM approved products. ASTM Standard Index American Society for Testing Materials Standards Index is the list, by subject and number, of published standards that have been approved by the Society
Astragal
Molding which resembles a string of beads and is usually attached to one of a pair of door, which closes on the other. The molding covers the space between the closed doors to provide a weather seal.
Astral
Small semi-circular molding placed around the top or bottom of columns.

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Landmark Realty
Office:(541)
929-2586
       
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346-0630
Fax:  (541) 929-3548

landmarkrealty@casco.net

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Philomath OR 97370

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