| Term | Definition |
|---|
| brokerage | For a commission or fee, bringing together parties interested in buying, selling, exchanging, or leasing real property. |
| BTSA | Acronym - bonus to selling agent. |
| building line | A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project. See set back. |
| bundle of rights | Ownership in real property implies a group of rights, such as the right of occupancy, use and enjoyment, the right to sell in whole or in part, the right to control the use, the right to bequeath, the right to lease any or all of the rights, the right to the benefits derived by occupancy and use of the property, etc. |
| buy down | A cash payment, usually measured in points, to a lender in order to reduce the interest rate a borrower must pay. |
| buyer's broker | A licensee who has declared to represent only the buyer in a transaction, regardless of whether compensation is paid by the buyer or the listing broker through a commission split. Some brokers conduct their business by representing buyers only. |
| calendar Year | A year using the actual number of days in each month for a total of 365 days in a year (366 days in a leap year). |
| cap | The maximum allowable increase, for either payment or interest rate, for a specified amount of time on an adjustable rate mortgage. |
| capital gains | The profit on the sale of a capital asset, such as stock or real estate. If you sell your primary residence, you can exclude $250,000 in profit from capital gains tax. A couple can exclude $500,000. |
| capitalization | The estimation of the value of income producing property by dividing the annual net income by the capitalization rate. |
