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Glossary terms starting with the Letter B

TermDefinition
Balloon payment
The final lump sum payment that is due at the termination of a balloon mortgage.

Basis
A figure used in calculating gain on the sale of real estate for income tax purposes. Initially the bases are the amount the owner originally paid is the amount for the property, but the figure is adjusted to reflect improvements, cost recovery deductions, and other factors.

BATNA
Best alternative to a negotiated agreement.

Bankruptcy
By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts.

Bench Mark
A metal disk set in a stable position at a known elevation, used as a reference point in calculating the elevation of land and other objects in a surveyed area.

Beneficiary
* 1) A one for whom a trust is created and on whose behalf the trustee administers the trust. 2) The lender in a deed of trust transaction. 3) One entitled to receive real or personal property under a will: a legatee or devisee.

Beneficiary Statement
A statement of the amount necessary to pay off a loan.

Bill of sale
A written document that transfers title to personal property from on person to another.

Binding Arbitration
The decision of the arbitrator is final and review able by the courts.

Biweekly mortgage
A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage

Blanket mortgage
A mortgage secured by the pledging of more than one property as collateral.

Blended rate
Adjusted rate of interest on loan assumption.

Block
In reference to platted property, a group of lots surrounded by streets or unimproved land.

Blue-sky provision
Requiring full disclosure of all risks in a limited partnership solicitation under the Uniform Partnership Act

Bona Fide
In Good faith; without make-believe or fraud: genuine

Bonds
Securities issued to raise funds by a corporation or a governing body, backed by a promise to pay a certain sum of money on a specific date, plus interest payable in installments during the term of the bond.

Bond market
Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well.

Book value
Acquisition costs less any accrued depreciation.

Boot
In an exchange, any property that isn’t treated as like-kind for income tax purposes; for example, if a building is traded for vacant land and a yacht, the yacht is boot.

Boundary
The perimeter or border of a parcel of land; the dividing line between one piece of property and another.

Breach
Violation of an obligation, duty, Contract or law

Breach Material
A breach of contract important enough so that it excuses the non-breaching party from performing his or her contractual obligations

Breach of Contract
An unexcused fail to perform according to the terms of a contract.

Bridge loan
An equity loan made for a short time to raise money for a special purpose. Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment.

Broker
Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.

Bump Clause
A provision in a deposit receipt that allows the seller to keep the property on the market until a condition in the contract is fulfilled.

Budget loan
Loan payments include a portion for taxes and insurance, as well as principal and interest.

Bundle of rights
All of the ownership rights in real estate.

Buydown
Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment.

Bilateral Contract
A contract in which each party promises to do something.

Backfill</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Earth or earthen material used to fill the excavation around a foundation; the act of filling around a foundation.

Backup, Backup wall</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style>
A vertical plane of masonry, concrete, or framing used to support a thin facing such as a single wythe of brickwork.

Backup bar</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A small rectangular strip of steel applied beneath a joint to provide a solid base for beginning a weld between two steel structural members.

Backup rod</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A flexible, compressible strip of plastic foam inserted into a joint to limit the depth to which sealant can penetrate.

Ballast</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A heavy material installed over a roof membrane to prevent wind uplift and shield the membrance from sunlight.

Balloon frame</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A wooden building frame composed of closely spaced members nominally 2 inches (51 mm) in thickness, in which the wall members are single pieces running from the sill to the top plates at the eave.

Baluster</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A small, vertical member that serves to fill the opening between a handrail and a stair or floor.

Band joist</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A wooden joist running perpendicular to the primary direction of the joists in a floor and closing off the floor platform at the outside face of the building.

Bar</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
A small rolled steel shape, usually round or rectangular in cross section; a rolled steel shape used for reinforcing concrete.

Barrel shell</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A scalloped roof structure of reinforced concrete that spans in one direction as a barrel vault and in the other as a folded plate.

Barrel vault</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A segment of a cylinder that spans as an arch.

Baseboard</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A strip of finish material placed at the junction of a floor and a wall to create a neat intersection and protect the wall against damage from feet, furniture, and floor-cleaning equipment.

Baseplate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A steel plate inserted between a column and a foundation to spread the concentrated load of the column across a larger area of the foundation.

Batten</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
A strip of wood or metal used to cover the crack between two adjoining boards or panels.

Batten seam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A seam in a sheet metal roof that encloses a wood batten.

Bay</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
A rectangular area of a building defined by four adjacent columns; a portion of a building that projects from a facade.

Bead</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A narrow line of weld metal or sealant; a strip of metal or wood used to hold a sheet of glass in place; a narrow, convex molding profile; a metal edge or corner accessory for plaster.

Beam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A straight structural member that acts primarily to resist non-axial loads.

Bearing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A point at which one building element rests upon another.

Bearing block</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A piece of wood fastened to a column to provide support for a beam or girder.

Bearing pad</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A block of plastic or synthetic rubber used to cushion the point at which one precast concrete element rests upon another.

Bearing wall</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A wall that supports floors or roofs.

Bed</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See casting bed.

Bed joint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
The horizontal layer of mortar beneath a masonry unit.

Bedrock</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A solid stratum of rock.

Bending moment</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
The moment that causes a beam or other structural member to bend.

Bending stress</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A compressive or tensile stress resulting from the application of a nonaxial force to a structural member.

Bent</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A plane of framing consisting of beams and columns joined together, often with rigid joints.

Bentonite clay</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
An absorptive, colloidal clay that swells to several times its dry volume when saturated with water.

Bevel</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
An end or edge cut at an angle other than a right angle.

Bevel siding</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Wood cladding boards that taper in cross section.

Billet</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
A large cylinder or rectangular solid of metal produced from an ingot as an intermediate step in converting it into rolled or extruded metal products.

Bite</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
The depth to which the edge of a piece of glass is held by its frame.

Bitumen</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A tarry mixture of hydrocarbons, such as asphalt or coal tar.

Blast furnace slag</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A byproduct of iron manufacture used as a concrete admixture.

Blind nailing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
Attaching boards to a frame or sheathing with toe nails driven through the edge of each piece so as to be completely concealed by the adjoing piece.

Blocking</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Pieces of wood inserted tightly between joits, studs, or rafters in a building frame to stabilize the structure, inhibit the passage of fire, provide a nailing surface for finish materials, or retain insulation.

Bloom</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A rectangular solid of steel formed from an ingot as an intermediate step in creating rolled steel structural shapes.

Blooming mill</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A set of rollers used to transform an ingot into a bloom.

Bluestone</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A sandstone that is gray to blue-gray in color and splits readily into thin slabs.

Board foot</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A unit of lumber volume, a rectangular solid nominally 12 square inches in cross-sectional area and 1 foot long.

Board siding</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Wood cladding made up of boards, as differentiated from shingles or manufactured wood panels.

BOCA</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
Building Officials and Code Administrators Internationa, Inc., an organization that publishes a model building code.

Bolster</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A long chair used to support reinforcing bars in a concrete slab.

Bolt</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A fastener consisting of a cylindrical metal body with a head at one end and a helical thread at the other, intended to be inserted through holes in adjoining pieces of material and closed with a threaded nut.

Bond</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
In masonry, the adhesive force between mortar and masonry units, or the pattern in which masonry units are laid to the two or more wythes together into a structural unit. In reinforced concrete, the adhesion between the surface of a reinforcing bar and the surrounding concrete.

Bond breaker</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A strip of material to which sealant does not adhere.

Bonded posttensioning</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
A system of prestressing in which the tendons are grouted after stressing so as to bond them to the surrounding concrete.

Bonded terrazzo</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
Terrazzo flooring whose underbed is poured directly upon the structural floor.

Bottom bars</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
The reinforcing bars that lie close to the bottom of a beam or slab.

Box beam</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A bending member of metal or plywood whose cross section resembles a closed rectangular box.

Box girder</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A major spanning member of concrete or steel whose cross section is a hollow rectangle or trapezoid.

Bracing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
Diagonal members, either temporary or permanent, installed to stablize a structure against lateral loads.

Bead</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A small finish nail.

Bridging</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Bracing or blocking installed between steel or wood joists at midspan to stabilize them against buckling and, in some cases, to permit adjacent joists to share loads.

British thermal unit (BTU)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}<
The quantity of heat required to raise 1 pound of water 1 degree Fahrenheit.

Broom finish</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A skid-resistant texture imparted to an uncured concrete surface by dragging a stiff-bristled broom across it.

Brown coat</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
The second coat of plaster in a three-coat apllication.

Brownstone</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
A brownish or reddish sandstone.

BTU</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See British thermal unit.

Buckling</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Structural failure by gross lateral deflection of a slender element under compressive stress, such as the sideward buckling of a long, slender column or the upper edge of a long, thin floor joist.

Building code</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A set of legal restrictions intended to assure a minimum standard of health and safety in buildings.

Building separation joint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</
A plane along which a building is divided into separate structures that may move independintly of one another.

Built-up roof (BUR)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style>
A roof membrane laminated from layers of asphalt-saturated felt or other fabric, bonded together with bitumen or pitch.

Buoyant uplift</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
The force of water or liquefied soil that tends to raise a building foundation our of the ground.

BUR See built-up roof</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</sty


Butt</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
The thicker end, as the lower edge of a wood shingle or the lower end of a tree trunk; a joint between square-edge pieces; a weld between square-edged pieces of metal that lie in the same plane; a type of door hinge that attaches to the edge of the door.

Butt-joint glazing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A type of glass installtion in which the vertical joints between lights of glass do not meet at a mullion, but are made weathertight with a sealant.

Button head</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A smooth, convex bolt head with no provision for engaging a wrench.

Buttress</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A structural device of masonry or concrete that resists the diagonal forces from an arch or vault.

Butyl rubber</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A synthetic rubber compound.

land development glossary