Free Real Estate Vocabulary Flashcards

(1) A balustrade, railed, elevated platform projecting from the face of a building. (2) An upper floor seating area in a theater.

(1) The final payment of a balloon note (see which). (2) A landlocked parcel of land.

Type of framing with long studs going up the entire length of the house, from the foundation to the roof. No longer permitted as a construction method by most building codes. Also called: Balloon Framing.

A term describing the framing used in a two story wood construction where the studs extend from the sill (ground level) to the ceiling of the second floor. See: Platform Frame Construction; Post and Beam Frame Construction.

A mortgage that has a final payment larger than the other payments. For example, a thirty year loan due in five years would have a payment that would amortize it (pay it off) over thirty years. However, the loan would be due in five years, making the final payment (the balloon payment) greater than the previous payments.

A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a ‘balloon’ is due at maturity.

The final payment of a mortgage loan that is considerably larger than the required periodic payments, because the loan amount was not fully amortized.

An appraisal method for setting a value on a corner lot. The lot is appraised as an inside lot for its front footage on both streets. The two values are then added to find the value of the corner lot. For example: Lot 1 fronts 100′ on street A and 100′ on street B. The value of a 100′ inside lot on street A is added to the value of a 100′ inside lot on street B to find the value of lot 1. Also called the Bernard Rule.

The supporting posts of a handrail in a staircase.

A row of balusters supporting a handrail.

(1) The elevated land on each side of a river or stream which keeps the water in its natural channel. (2) See: Commercial Bank.

One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).