Bracketing to Building Department

 

Bracketing

A property valuation approach that selects an appraised value or asking price at a point between the recent sale prices of two comparable properties.

Bragger

Also called a tassel, the bragger is a timber beam or joist that protrudes from the external wall of a building to support an extending structure, such as a balcony or ledge. When made of stone, it is called a corbel.

Breach of Contract

The failure to satisfy a contract provision. Most contracts include options for the offended party to either collect a penalty (from the party committing the breach) or force the breaching party to fulfill the terms of the contract. For example, if the seller does not perform repairs specified in the contract, the buyer can pull out of the deal or sue the seller to force him or her to perform the repairs.

Breach of Covenant

The failure to satisfy a legal agreement.

Breach of Warranty

In the real estate market, it is technically the seller’s inability to convey clear title to the buyer.

Breaker

Commonly called circuit breakers, these are heat-sensitive switches that automatically trip when excessive current causes a temperature rise in the circuit. After the problem has been corrected, the circuit breaker switch can be returned to the ON position to restore power flow. Unlike fuses, they are immediately reusable and do not have to be replaced each time the circuit is broken.

Breaker Panel

See the Circuit Breaker Panel entry.

Break-Even Point

The level at which a property’s revenue is equal to its operating expenses and debt servicing costs.

Breakpoint

With percentage leases, which are commonly used on retail properties, the breakpoint is the specified amount of gross sales that the tenant must reach before that tenant must begin paying a percentage lease payment. The percentage of gross sales that the tenant must pay is called the overage percentage. Until that breakpoint, the retail tenant must only pay the base rent.

Breast Height

When measuring the width of a tree trunk, the measurement is taken at the breast height, which is traditionally 4.5 feet above the ground.

Breezeway

A corridor or passageway with open sides (but typically roof-covered).

Bridge Loan

A temporary loan used to cover the period between the termination of one loan and the beginning of another. A homeowner building her new home, may use a bridge loan to payoff her high-cost construction loan while she waits for her long-term permanent financing.

Bridging

Any small pieces of wood or metal used that are attached diagonally between floor joists, strengthening those joists in the process.

Broker (Loan)

A financing professional who arranges loans between borrowers and lenders.

Broker (Real Estate)

See the Real Estate Broker entry.

Broker Fee Premium

Compensation provided to the mortgage broker by the lender, usually based on the interest rate of the selected loan program. Also see the Yield Spread Premium entry.

Broker Protection Clause

Also called carryover and holdover provision, an element of exclusive listing agreements that entitles the broker to compensation for a buyer brought by the broker the seller?even after the listing agreement has expired. For example, if Billy the Broker has found a buyer for Paul’s property but Paul rejects the buyer, Billy may still be eligible for a commission if Paul later accepts the buyer’s offer-even if the listing agreement has expired.

Brokerage Agreement (Mortgage)

The basic service contract between the mortgage broker and the loan applicant.

Brokerage Fee

Compensation paid to a real estate broker or mortgage broker.

Broom Clean

A term often used in the residential rental market, describing the condition of the apartment unit or building that is being transferred to the tenant or back to the landlord.

Brown Coat

After the basecoat, the second coat of plaster is often called the brown coat.

Brown Field

A widely used real estate terminology applying to properties identified by the EPA as contaminated but not hazardous (Superfund) sites. Industrial and commercial usage are still permitted with certain conditions.

Brownstone

A brownstone is a two- or three-story home with a narrow face and long depth, made with red sandstone. Today, most people apply the term to any similarly designed building that uses red bricks.

BTU

The British Thermal Unit is a common method used to measure heat.

Budget Loan

A loan in which the monthly payments include real estate tax and insurance payments, along with the loan’s principal and interest payments.

Buffer Zone

Space or parcel of land that separates two other parcels.

Building And Loan Association

Similar to a savings and loan association, it is an organization that was originally created to help its members build or acquire homes.

Building Block Zoning

See the Euclidean Zoning entry.

Building Classification

Commercial properties, primarily office buildings, are classified into three classes depending on the building’s location, age, quality and appeal.

Building Code

Construction, improvement and maintenance requirements established by the local government to ensure minimum safety conditions.

Building Cooling Load

The hourly amount of heat that must be removed from a build-ing to maintain indoor comfort (measured in British thermal units (Btus).

Building Core

The central backbone of a building that integrates functions and service needs for the building and its occupants. These less attractive (to potential renters) areas, are effectively used for bathroom facilities, elevator banks, janitorial areas, utility rooms, wiring conduits, smoke shafts and stairwells.

Building Department

The municipality’s department responsible for controlling, monitoring and approving building permits. In unincorporated areas, the county’s building department and zoning board will have jurisdiction.