Glossary

Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.

Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.

A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

A nonprofit association made up of homeowners in a subdivision responsible for enforcing the subdivision’s CC&Rs and manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

The Department of Housing and Urban Development

Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

A heavy-duty lifting device that uses a tower-mounted horizontal boom that may rotate only in a horizontal plane.

A very dense panel product, usually with at least one smooth face, made of highly compressed wood fibers.

A low-emissivity coating that is applied to glass during manufacture, before the glass has hardened.

A metal square with a handle below, used by a plasterer to hold a small quantity of wet plaster and transfer it to a trowel for application to a wall or ceiling.

Lintel; band joist; a joist that supports other joists; in steel construction, a beam that spans between girders; a brick or other masonry unit that is laid across two wythes with its end exposed in the face of the wall.

The vertical layer of mortar between ends of masonry units.

The noncombustible floor area outside a fireplace opening.

The dead wood cells nearer the center of a tree trunk.

To join by softening or melting the edges with heat and pressing them together.

The thermal energy given off by concrete or gypsum as it cures.

Glass that has been strengthened by heat treatment, though not to as great an extent as tempered glass.

The forcing upward of ground or buildings by the action of frost or pile driving.

See mill construction.

A method of constructing a reinforced masonry wall in which the reinforcing bars are grouted into the wall in storyhigh increments.

A sealant that is capable of a high degree of elongation without rupture.

A bolt designed to connect steel members by clamping them together with sufficient force that the load is transferred between them by friction.

The diagonal intersection of planes in a hip roof.

A roof consisting of four sloping planes that intersect to form a pyramidal or elongated pyramid shape.

Concrete masonry units that are manufacured with open cores, such as ordinary concrete blocks.

A door consisting of two face veneers separated by an airspace, with solid wood spacers around the four edges. The face veneers are connected by a grid of thin spacers running through the airspace.

A precast concrete slab element that has internal longitudinal cavities to reduce its self-weight.

A semicircular bend in the end of a reinforcing bar, made for the purpose of anchoring the end of the bar securely into the surrounding concrete.

A window whose sash pivots on an axis along or near the sill, and that opens by tilting toward the interior of the building.

A force whose direction of action is horizontal or nearly horizontal; see also lateral force.

A standard laboratory test to determine the relative ability of an interior building assembly to stand up to water from a fire hose during a fire.

Steel formed into its final shape by passing it between rollers while it is very hot.

Calcium hydroxide produced by burning calcium carbonate to form calcium oxide (quicklime), then allowing the calcium oxide to combine chemically with water.

A process of combining chemically with water to form molecules or crysals that include hydroxide radicals or water of crystallization.

A system that circulates warm water through convectors to heat a building.

Pressure exerted by standing water.

Readily absorbing and retaining moisture.

A concrete roof structure with a saddle shape.