Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
 
Sa - San - Sav - Sc - Scre - Se - Secu - Sem
Set - Sh - Shel - Si - Sim - Sl - Sm - Sol - Sp - Spi
Spr - St - Stap - Step - Str - Stri - Su - Sup
Seal
Identifier used as a mark of genuineness and authenticity.
Seal Bond
Pressure tight bonding at nonmetallic pipe joint surfaces.
Sealant
Caulking compound which forms a waterproof, airtight bond while keeping a joint flexible.
Sealer
Coating which is used on a surface to close off pores so that penetration of liquid is prevented. There are different types of sealer for wood, masonry, asphalt, concrete, etc.
Seal-off Fitting
Fitting which prevents gas leakage, etc. from moving from one section of conduit to another.
Seal Weld
Welding that is done to present a leak such as when a weld bead is laid where a pipe is screwed into a fitting.
Seam
A line formed by the joining together of any separate pieces. The place where those pieces are attached.
Seam Weld
Welding done along the seam of joining or overlapping pieces.
Season
To improve quality by aging, drying, etc. To cure.
Seasoned Wood
Lumber that has been allowed to dry outside.
Seasoned Loan
Loan where the borrower has proven his credit worthiness by having consistently made payments.
Seat Angle
  1. Angle of a valve seat.
  2. The part of an angle iron that holds a beam.
Seat Cut
A horizontal cut which, along with the plumb cut, forms the cutout that allows the rafter to sit against the top plate.
Seawall
Barrier that prevents erosion and water damage when erected at a shoreline.
Second Deed of Trust
Deed of trust or mortgage in which the lender subordinates her loan to another lender whose priority is first if there is non-payment by the borrower.
Second Home
A residence that is not one's primary residence. Under current tax law, a taxpayer may deduct interest on two personal residences.
Second Lien
A lien which is in addition to a first lien and subordinate to that first lien. It can be satisfied only after the first lien has been satisfied.
Second Mortgage
A second loan that uses an already mortgaged house as collateral. The first mortgage has priority over the second loan.
Secondary Financing
Loan that is subordinate to the primary loan and cannot be satisfied until the primary loan is paid.
Secondary Mortgage Market
Trading of packaged home loans that are resold as securities to investors, most often Freddie Mac and Fannie Mae.
Seconds
A grade of material which has a slight defect or does not meet the standard set for the product. They are usable where a lessening of standard or appearance is not a problem.
Section
Measure of land representing one square mile in the government rectangular survey; 640 acres. There are 36 sections in a 6-mile square township.
Section, Aligned
View of a building or object how it would appear if a section of the interior was removed, as it is shown on a drawing and lined up with the full view from which is was taken.
Section, Assembly
Sectional view to showcase how parts will fit together when completed. The parts are shown in an exploded view, having dashed lines from the parts to their respective locations.
Section, Broken Out
View of a small portion of a whole object, enlarged to show details.
Section, Full
View of an entire object, which appears as though the viewer, is looking through it.
Section, Half
Section view, which is a view that looks into the interior of a building or object as though the exterior has been cut away and removed, exposing the interior, taken halfway through the object being shown. The other half is shown from the exterior. Half is cut away to show the inside.
Section Line
Dashed line on a plan or elevation, which shows where an enlarged section view is taken.
Section Modulus
Value which shows how much bending stress can be exerted on a structural member. The more resistance, the higher the modulus. Section modulus differs with the size and shape of a structural member. The same type of member will have a higher section modulus if it is heavier than the same type of member which is lighter because the heavier one will be stiffer.
Section, Offset
View which is cut through two or more planes of an object, showing special inside features at different depths with relation to each other.
Section, Revolved or Rotated
View section that is shown 90 degrees rotated from the original object from which it was taken.
Section View
View that looks into the interior of a building or object as though the exterior has been cut away and removed, exposing the interior.
Section 8 Housing
Created by the 1974 amendments to Section 8 of the 1937 Housing Act, it is a federal program in which the government subsidizes much of the rent, in privately owned apartments, on behalf of qualified low-income tenants.
Section 167
Section of the Internal Revenue Code that deals with depreciation. Capital improvements made to real property are depreciable.
Section 1031 (Tax Free Exchange)
This section of the Internal Revenue Code deals with tax-deferred exchanges of certain property. General rules for tax-deferred exchange of real estate state that the properties must be like-kind property (real estate for real estate), exchanged and held for use in a trade or business or held as an investment.
Section 1034
The section of the Internal Revenue Code that applied to the sale of a principal residence before May 7, 1997. It allowed the deferment of gain on a house when a more expensive house was purchased. Section 1034 was replaced by Section 121 for sales after May 6, 1997.
Section 1221
Section of the Internal Revenue Code explaining what a capital asset is and is not. Capital assets include real estate such as buildings and raw land. It excludes from the definition receivables, inventory and intangibles.
Section 1231
Section of the Internal Revenue Code that deals with assets used in a trade or business. Generally, gains on Section 1231 assets are taxed at capital gains rates (except for depreciation recapture) and losses are tax deductible as ordinary income.
Section 1245
Section of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at capital gains tax rate limited to the amount of accumulated depreciation taken.
Section 1250
Section of the Internal Revenue Code that applies to capital gains from selling real estate that has been depreciated for tax purposes. Most buildings must be depreciated using the straight-line method.
Section I and II (Homeowner's Policy)
Section I relates to the home, contents and accompanying structures. Section II provides comprehensive coverage for personal liability and the medical payments and property damage incurred by those other than the insured.
Section View
View that looks into the interior of a building or object as though the exterior has been cut away and removed, exposing the interior.
Sectional Switch Boxes
Electrical boxes which can be joined and screwed together because of their removable sides.
Sectionalized Brick Masonry
Reinforced and size limited brick masonry sections that are assembled at a different location from the use location. The use of these sections, which are also called Panelized Brick Masonry or Pre-fabricated Brick Masonry, lower onsite labor costs.

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Landmark Realty
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929-2586
       
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346-0630
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landmarkrealty@casco.net

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Philomath OR 97370

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