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- BACKFILL
- The replacement of excavated earth in a hole or against the side of a structure.
- BALANCE SHEET
- A financial statement showing a person's assets, liabilities, and net worth.
- BALLOON PAYMENT
- When the final payment on a note is greater than the preceding normal installments, the final installment is termed a balloon payment. An installment promissory note providing for the last payment to be much larger than any previous payment. By statute, any payment more than twice the smallest payment is a balloon payment, although in practice generally the term refers only to the last payment.
- BANKRUPTCY
- Will not eliminate all loans secured by real property.
- BASE AND MERIDIAN
- Imaginary lines used by surveyors from which they find, measure, and describe the location of lands.
- BASE MOLDING
- Molding used at the top of the baseboard.
- BASE SHOW
- Molding used at junction of baseboard and floor, sometimes called a carpet strip.
- BASEBOARD
- A board that goes around the room against the wall and next to the floor.
- BATTEN
- Narrow strips of wood or metal used to cover joints on the interior or exterior of a building; they are also used for decorative effect.
- BLOCKBUSTING
- The illegal practice of trying to lower property values.
- BEAM
- A horizontal structural member supporting a load.
- BEARING WALL OR PARTITION
- A wall or partition that supports any vertical load, in addition to its own weight.
- BENCH MARKS
- A location indicated on a permanent marker by surveyors.
- BENEFICIARY
- One entitled to benefit from a trust.
- The lender on the security of a note and deed of trust. The creditor (lender) under a deed of trust
- BENEFICIARY STATEMENT
- (See Offset Statement.)
- BEQUEATH
- To leave by will.
- BEQUEST
- Personal property that is given by the terms of a will. A gift of personal property by will.
- BETTERMENT
- An improvement on real property that increases the value and is considered a capital asset.
- BILATERAL CONTRACT
- A contract in which the consideration given by each party is a promise: that is , a promise for a promise.
- BILL OF SALE
- A written instrument given by the seller to the buyer to pass title to personal property.
- BINDER
- A written statement that binds the parties to an agreement until formal contracts can be drawn; an agreement to cover a down payment as evidence of good faith.
- BLACKTOP
- Asphalt paving used in streets and driveways.
- BLANKET DEED OF TRUST
- A deed of trust binding more than one parcel of property as security. It is frequently encountered in subdivisions, where every lot in the subdivision is bound by the same deed of trust. As the lots are sold, they are released from the deed of trust by a partial release provision.
- BLANKET MORTGAGE
- One mortgage or deed of trust that covers more than one piece?of real property.
- BLIGHTED AREA
- An area in which real property is declining in value because of destructive economic forces.
- BOARD FOOT
- A unit of measurement for lumber: one foot wide, one foot long, one inch thick (144 cubic inches).
- BONA FIDE
- Good faith.
- BONA FIDE PURCHASER (BFP)
- A purchaser who pays fair value for property in good faith, and without notice of adverse claims.
- BOND
- An obligation under seal. Real estate bonds are isssued on the security of a mortgage or deed of trust. A certificate representing a contract for the payment of money, often used to repay certain loans or held as security to ensure the performance of a stated act.
- BOOK VALUE
- An accounting term which is the difference between cost and the total amount of depreciation that has been taken.
- BRACING
- Frame lumber nailed at an angle in order to provide stability to the structure.
- BREACH
- The breaking of or failure of duty, either by an act or omission. The violation of or failure to perform an obligation.
- BREEZEWAY
- A covered porch or passage, open on two ends, that connects the house and garage, or two parts of the house.
- BRIDGING
- Wood or metal pieces used to brace floor joists.
- BROKER
- An agent who earns income by arranging sales and other contracts. A real estate broker is an individual licensed by the state of California to arrange the sale or transfer of interests in real property for compensation.
- BROKER'S TRUST FUND ACCOUNT
- Withdrawals from this account may be made only by the broker.
- BTU
- British Thermal Unit; the quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.
- BUILDING LINE
- Often called a setback line, a building line is a line running a certain distance from the street, in front of which an owner cannot build. These lines are set by law.
- BUILDING PAPER
- A heavy waterproofed paper used as sheathing in exterior walls, or in roof construction as insulation and protection against moisture.
- BUILT-INS
- Cabinets and other features built in as a part of the house.
- BUSINESS AND PROFESSIONS CODE
- One of the 25 California codes containing the laws passed by the state legislature. It contains the statutes regulating the conduct of real estate brokers and establishes the Department of Real Estate.
- BUSINESS OPPORTUNITY
- A term used to describe a business including its stock-in-trade, fixtures, and goodwill.
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