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What is a Party Wall?
A party wall is a wall that is shared by two or more properties. For example, the common wall between two adjacent condominium units...
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professor566
- 3 days ago
- 1 min
What is Roof Pitch?
The pitch or slope of a roof is the angle from the lowest point to the peak. It's expressed as a faction of the number of inches of...
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professor566
- 4 days ago
- 1 min
What is a Percolation Test?
A percolation test (perc test) is used to determine the suitability of a piece of land for a septic tank. The percolation rate indicates...
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professor566
- 4 days ago
- 1 min
What is a Point of Beginning?
A point of beginning, or POB, is the starting point for a property boundary description. A metes and bounds description starts at the POB...
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professor566
- 6 days ago
- 1 min
What is a Plat Map?
A plat is a map that shows the boundaries of a property. For example, a plat of a subdivision will show the entire subdivision, its legal...
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professor566
- 7 days ago
- 1 min
What is a Porte-Cochère?
A porte-cochère is a covered entrance to a building, like a porch, where vehicles stop to discharge passengers. Would you like to learn...
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professor566
- Nov 17
- 1 min
What is An Option?
An option contract gives a buyer the right, but not the obligation, to purchase a property at a specified price within a specified...
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professor566
- Nov 17
- 1 min
What is An Open House?
An open house is a scheduled event where a property for sale is open for viewing by potential buyers without requiring an appointment....
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professor566
- Nov 17
- 1 min
What is An Offer?
An offer is a formal proposal made usually by a buyer to a seller to purchase a property. Would you like to learn more about Real Estate?...
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professor566
- Nov 16
- 1 min
What is a Novation?
A novation is new agreement that replaces an existing agreement. In real estate, novation is often used to modify the terms of a...
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professor566
- Nov 15
- 1 min
What is Net Operating Income?
Net operating income (NOI) is the income a property generates after deducting operating expenses such as property taxes, insurance, and...
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professor566
- Nov 14
- 1 min
What is a Net Lease?
A net lease is a type of rental agreement in which the tenant is responsible for paying some or all of the property taxes, insurance, and...
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professor566
- Nov 10
- 1 min
What is Market Value?
Market value is the estimated price at which a property would sell in a competitive, open market after a reasonable amount of time of...
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professor566
- Nov 10
- 1 min
What is a Mixed-Use Development?
A mixed-use development includes residential, commercial, and office space uses all within one building or development. By co-locating...
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professor566
- Nov 10
- 1 min
What is a Mansard Roof?
A mansard roof has a double slope, frequently used on Victorian-era homes or modern homes trying to replicate the look. This style can...
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professor566
- Nov 9
- 1 min
What is Marketable Title?
Marketable title is title to a property that is free and clear of any liens, encumbrances or rights of others except those the buyer is...
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professor566
- Nov 8
- 1 min
What is a Mechanic's Lien?
A mechanics lien or sometimes called a contractor's lien is a lien that a contractor or other worker can place on a property to ensure...
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professor566
- Nov 7
- 1 min
What are Maintenance Fees?
A maintenance fee is a monthly, quarterly or annual fee paid by the owner of a condominium or other type of common-interest development...
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professor566
- Oct 30
- 1 min
What is a Land Contract?
A land contract, also called a contract for deed, is a type of financing agreement in which the seller of a property agrees to sell the...
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professor566
- Oct 30
- 1 min
What is a Land Grant?
A land grant is a transfer of land from the government to an individual or organization. Want to learn more about Real Estate? Please...
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