Real Estate Glossary

Covenants conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.

A program administered by the State Department of Veterans Affairs for the direct financing of farms and homes for veterans who qualify.

Assets of a permanent nature used in the production of income. Examples would include land buildings and equipment.

The gain recognized for federal and state income tax purposes when a taxpayer disposes of a capital asset.

In appraising a method of determining value of property by considering net income and a reasonable percentage of return on the investment.

The percentage rate or rate of interest considered a reasonable return on the investment. It is used in the capitalization method of determining value based upon net return.

Molding used at junction of baseboard and floor sometimes called a carpet strip.

Windows set in frames of wood or metal that swing outward.

A legal right; facts giving rise to an enforceable claim.