Business / Real Estate Glossary

Budget Loan: A loan with payments set up to cover taxes and insurance in addition to interest and principal reductions.

Build-Up Rate: The discount or interest rate used in the selection of the capitalization rate for an investment property.

Building Code: An ordinance that specifies minimum standards of construction for buildings to protect public safety and health.

Building Inspection: An overall inspection of a home or building performed by a qualified contractor or inspector. The inspection usually covers all major systems including foundation, plumbing, electrical, roof . . . View Full Definition

Building Owners And Managers Association (BOMA): A national organization of more than 4,000 professionals in the highrise/office building industry, with 80 local BOMA associations. The Building Owners and Managers Institute (BOMI) is the r . . . View Full Definition

Building Permit: Written governmental permission for the construction, alteration or demolition of an improvement, showing compliance with building codes and zoning ordinances.

Bulk Sales Act: An act that requires the recording and publication of a sale that is not in the normal course of business. The act is intended to give notice to the creditors of the seller so they can prote . . . View Full Definition

Bulk Sales Transfer: Any transfer in bulk (and not a transfer in the ordinary course of the sellers business) of a major part of the materials, inventory or supplies of an enterprise. The Uniform Commercial Code . . . View Full Definition

Bulk Transfer Of Goods: Any transfer in bulk of a substantial part of the materials, supplies, merchandise, equipment or other inventory of an applicable enterprise that is not in the ordinary course of the transfe . . . View Full Definition

Bulk Zoning: Zoning for density. Regulates height restrictions, open-space requirements, parking and setback.

Bullet Loan: A loan that includes a call date earlier than its normal amortization period, also called a renegotiable rate loan or a rollover loan.

Bundle Of Legal Rights: The concept of land ownership that includes ownership of all legal rights to the land. For example, possession, control within the law and enjoyment.

Burden Of Proof: The obligation to prove the truth or falsity of a fact.

Business Cycle: The wavelike movement of increasing and decreasing economic prosperity consisting of four phases: expansion, recession, contraction and revival.

Business Opportunity: Any type of business that is for sale (also called business brokerage). The sale or lease of the business and goodwill of an existing business, enterprise or opportunity, including a sale of . . . View Full Definition

Buydown: A financing technique used to reduce the monthly payments for the first few years ofa loan. Funds in the form of discount points are given to the lender by the builder or seller to buy down . . . View Full Definition

Buyer Listing: An agreement where a buyer agrees to pay a commission if a broker locates a property that the buyer purchases.

Buyer-Agency Agreement: A principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.

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