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Adjustable Rate Mortgage (ARM): A mortgage loan in which the
interest rate changes throughout the life of a loan as an index changes with
the market.
Amortize: The method of paying down the principal of a loan
over a period of time. In a traditional 30 year loan the amount of the loan is
repaid, or amortized, with payments that also include interest over 30 years.
Ampere (Amps): The rate of flow of electrical charge. Current =
voltage / resistance.
Assessment: A charge levied against real property by a
governmental entity for the cost of improvements, such as streets or sewers.
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Backfill: Material brought to a site to be used around the
foundation or to fill a trench.
Balloon loan: A loan that comes due and must be paid off or
refinanced because the final payment is much higher than the monthly payments.
Base molding: Strips of wood or plaster used to cover the
joints between the floor and walls.
Batt: Fiberglass or rock wool pre-cut insulation strips.
Bearing wall: A wall that supports the floor or roof.
Brick veneer: A brick facing used for exterior siding for
decorative appearance and not for bearing the load of the building.
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Circuit: Two or more wires through which electrical power flows
from the distribution panel to one or more outlets or fixtures, then back.
Circuit breaker: A safety device that breaks the flow of
electrical current whenever a circuit becomes overloaded.
Conduit: piping made out of plastic or metal used to protect
electrical wire.
Construction loan: A short-term loan taken for the expressed
purpose of building. Installment payments are made and when the building is
complete, the loan is usually replaced by a longer-term mortgage.
Corner bead: A lightweight strip of metal, angled to reinforce
corners in drywall.
Cornice: The eave overhang of a pitched roof, consisting of
soffit and facia.
Crawl space: A shallow, enclosed space below the first floor in
a house without a basement.
Current: Term used to describe electrical flow.
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Damper: A valve installed inside an air duct to regulate
airflow.
Deed: A written document that transfers title of real property.
Distribution panel: The main box through which electrical power
is brought into the home and then distributed.
Dormer: A window structure projecting from a sloped roof.
Double-hung window: A window consisting of two sashes that can
slide up and down.
Dry well: A pipe made of stones buried below the elevation of
the footings to collect water from the drainpipe and evaporate it during hot
weather.
Duct: A tube used to transfer warm and cool air.
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Easement: Privileges a party has over the property of another.
Easements may limit the use of property one owns.
Eave: An overhang from a sloping roof that projects beyond the
walls of a house.
Equity: The market value less any loans against a property.
Escrow: An agreement in which the parties deposit money and/or
legal documents with a third party who handles the transaction.
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Flashing: A sealant device for conduit roof penetrations such
as chimneys.
Footing: A concrete base poured underneath a home to distribute
the load of the foundation walls.
Foundation: The footings, walls, and slabs that support a
house.
Framing: The studs, rafters, joists, sole plates, and roof
plates that form the skeletal structure of a house.
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Gable: A triangular shaped roof.
GFCI (Ground Fault Circuit Interrupt): A breaker or receptacle
that detects excessive electrical current flow and stops electrical flow in the
circuit. It is a required safety feature in many areas of the home where there
is an increased risk of shock.
Grade: The slope of the lot.
Grounding: The connection of an electrical system to the earth.
It is used to prevent damage and minimize the danger of electrical shock
Grout: A mortar used to fill joints between tiles.
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Header: Heavy framing on top of windows, doors, and other
openings.
Hip roof: A roof with sloping ends and sides.
Hot wire: The electrical wires (typically black or red) used to
carry current as distinguished from the neutral wires (usually white)
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Jambs: The pieces forming the sides and top of a window or
doorframe.
Joists: Horizontal beams that support a floor or ceiling.
Junction Box: An electrical box used for wire splicing.
Lien: A legal right or claim that one party has against a
property as a security for a payment obligation.
Live load: A load that is not derived from the actual
structure, but from furniture, snow, people, or other weight placed upon
surfaces.
Load: The amount of power or watts on a circuit or distribution
panel.
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Main: The principle water pipe from which other pipes branch.
Mechanic's lien: The right given to a contractor or material
supplier over a property for material supplied or work performed and not yet
paid.
Miter: A joint formed by cutting two pieces of wood at
45-degree angles. Often found in trim work.
Multiple listing service (MLS): A real estate brokerage service
organized by local brokers to share real estate listed for sale.
Neutral: The wire in an electrical system (usually white) that
carries current when there is unbalance load.
O.C.: On-center. The distance between the centers of two
framings.
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Plumb: Perfectly vertical, a term often used for the placement
of doors and windows.
Plumbing fixture: A receptacle or device from which water is
dispensed and/or drained, such as a bath, toilet, or faucet.
R-value: A measurement used to describe the resistance to
temperature changes in insulation.
Rafters: Sloping roof beams that extend from the center ridge
board to the overhang.
Rail: The horizontal framing pieces of a panel door.
Ridge board: The highest beam supporting the upper end of the
rafters.
Riser: The vertical piece between two steps on a stairs.
Rough In: The installation of all parts of the plumbing system
that can be completed prior to the installation of fixtures, including
drainage, water supply, vent piping, and the necessary fixture supports.
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Salt box roof: A side gable with one side long and extending
down to the first floor and the other side short covering the second
floor.
Setback: The minimum distance between the street and the
building line established by local ordnances.
Shakes: Roofing or siding shingles made from split wood.
Sheathing: Panels used to cover the framing of a roof and
exterior walls
Shim: Small thin pieces of wood or other material used to fill
in gaps or level surfaces.
Short circuit: An improper connection of a hot wire with
another hot wire or neutral.
Soffit: The boards covering the underside of the eave overhang.
Span: The distance between the structural supports of beams and
girders.
Stile: The vertical side pieces of a panel door.
Studs: The vertical member in wall framings used to form and
support walls.
Subflooring: Plywood nailed directly to floor joists to form a
base for a finished floor.
Sump: A pit in a basement to collect water and pump it out.
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Taping: The process of covering drywall joints with strips of
paper or mesh and coating with joint compound to produce a smooth, seamless
surface.
Term: The length of a loan.
Title: The right of ownership to real property.
Trap: A fitting or device which provides a liquid seal to
prevent smell from sewage or waste water, such as the U-shaped pipe underneath
a sink.
Underlayment: A layer of material placed under carpeting,
resilient flooring, or roof shingles.
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Vapor barrier: A waterproof membrane or plastic sheet used in
insulation. The sheathing faces the heated area to control dampness.
Veneer: A decorative or protective facing, such as stone or
brick.
Volt: A unit of electrical force. Volts = Current (amps) x
Resistance (OHMs)
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