Real Estate Glossary

The following is a glossary of Real Estate terminology prepared and updated by Maryann Kuhn. This is an easy reference for her ISA team when encountering unfamiliar language. We know your team will find it equally beneficial.

A,	B,	C,	D,	E,	F,	G,	H,	I,	J,
K,	L,	M,	N,	O,	P/Q	R,	S,	T	U,
V,	W,	X/Y/Z

 

RE Slang / Terminology	Definition / Terminology
A
Acreage	A larger amount of land could be developed or undeveloped.
Amortization	The word amortization simply refers to the amount of principal and interest paid each month over your loan term instead of just the interest as usually happens.
APN (Assessor Parcel Number)	Assessor Parcel Numbers (APNs) are unique identifiers designed to help the Assessor, Tax Collector, other government agencies and property owners track each parcel of land.
Appraisal	An appraisal is an unbiased professional opinion of a home's value and is used whenever a mortgage is involved in buying, refinancing, or selling that property. Most homeowners who use that term are looking for a market value of their home. They want to know what it is worth before they consider selling it.
Appraisal - Full Home Appraisal	Includes the following: A visual property inspection ( appraiser walks around the property and examines the foundation, roof, flashing, gutters, and other important areas, may take pictures) a neighborhood analysis (considers crime, safety, access to transportation, the quality of the schools, and other factors that impact a neighborhood’s value) comp analysis (looks at comparable sales near the home you want to buy, homes with the same number of bedrooms and bathrooms, similar square footage, and similar age and condition as the home they’re appraising), and an appraisal value conclusion (gives an estimate of your home’s worth, and outlines why, based on the above factors, the appraiser has reached this conclusion).
Appraiser	Licensed individuals by the state they are in. They have to complete 75 hours of initial training, and 2500 hours of experience in the field, followed by another 75 hours of coursework before they sit for the exam to be licensed.
AS IS	The property is being sold without any repairs being made.
Attorney in Fact	The person named in a power of attorney (POA) to act on your behalf is commonly referred to as your "attorney-in-fact."
Assessed Value	This is how much a home is worth according to a public tax assessor who determines how much city or state tax the owner owes.
Appraised Value vs Assessed Value	The appraised value of your home represents the home's fair market value as determined by an unbiased professional. not the Realtor, while its assessed value is used to determine property taxes.
B
Beneficiary	This is the lender/bank/ mortgage company.
Bid on a House	A buyer makes an offer on a property and puts in a bid.
BPO (CMA)	A broker price opinion, commonly known as a BPO, is a real estate professional's opinion of a property's value. Also, known as a CMA.
Broker / Real Estate Broker	A broker is a real estate professional who has taken additional education and has passed a special broker’s licensing exam. Brokers are responsible for managing real estate firms and their agents, ensuring legal compliance, and reviewing contracts.
Buyer's Agent	Buyer agents help aspiring homeowners search for properties.
C
Cash Flow Analysis	This is a method of figuring out what a rental property would generate compared to the costs of maintaining the property. Rent coming in vs expenses going out.
Cap Rate (Capitalization Rate)	Cap Rate is used to estimate the investor's potential return on their investment in the real estate market.
Clear Title / Clean Title	A clear title, also known as a “clean title,” is a document showing that the property is free from liens or additional issues that could jeopardize the selling of the property.
Closing	The closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents.
Closing Costs	Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed to the buyer. Closing costs are incurred by either the buyer or the seller. These costs are generally 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes, and more.
CMA (BPO)	A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.
Co-List / Co-Listing Agreement	A co-listing agreement involves 2 real estate brokerages both working to sell your property. For example - two owners of a property are getting divorced and both want to use their agent.
Comps	Same as a CMA. A homeowner wants to know the value of his home compared to what the others in the neighborhood have sold for in recent months.
Considering Buying / Purchasing / Selling	Not committing to doing anything at the moment because they do not want to be bothered by the realtor.
Contingencies	This term refers to conditions that have to be met for the purchase of a home to be finalized. For example, a buyer may need to sell their home first before they buy this one. Another example is that the loan needs final approval first.
Co-op (Housing Cooperative)	A housing cooperative or "co-op" is a type of residential housing option that is a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in. Here, we take a closer look at co-op living.
County	A county is a specific region of a state. While the United States is made up of 50 states, it also has 3,144 counties. In the US, a county is a separate administrative area of a state — in other words, there is a local government that manages each country.
Custom Home	A home designed and built by a home builder company, where the buyer chooses to design and finish.
D
Deed	A house deed is a legal document that transfers property ownership from a seller/grantor to a buyer/grantee. A deed contains a description of the property (including property lines) and denotes the seller/grantor and the buyer/grantee. Both parties must sign the document to make it official.
Deed - Add a person to a Deed.	The reasons most homeowners want to add someone to their deed are to avoid probate and to ensure that, upon their death, their home will go to their loved one.
Deed of Trust	A deed of trust is an agreement between a home buyer and a lender at the closing of a property. It states that the home buyer will repay the loan and that the mortgage lender will hold the legal title to the property until the loan is fully paid.
Deed -Warranty Deed	A warranty deed is a type of deed where the seller of property guarantees that they hold a clear title to a piece of real estate and has a right to sell it to the buyer. It means there are no liens on the property - the seller does not owe, for example, taxes or HOA fees.
Developed Land	A developed plot of land is often found in a subdivision or real estate community, in which the land is mostly prepared for building to take place.
Double Lot	This is two lots side by side.
Down Payment Assistance Program	Down Payment Assistance (DPA) Programs are locally supported initiatives that give away cash grants, cheap loans, and tax breaks to buyers of homes. Most programs are administered by state and local governments, and by private entities and charitable organizations. Non-federal programs may require buyers to use specific mortgage loan types such as FHA loans.
Dual Agency	Dual agency is when one agent represents both sides of the transaction - both the buyer and the seller.
E
Earnest Money	Earnest money is a deposit made to a seller that represents a buyer's good faith to purchase their home. It is held in an Escrow account by either a real estate attorney or the title company and used at closing. If the buyer backs out, the seller usually keeps the earnest money.
Equity	Equity is ownership. In homeownership, equity refers to how much of your home you own—meaning how much of the principal you’ve paid off of your loan. Put another way, equity is the difference between the fair market value of the home and the unpaid balance of the mortgage.
Escrow	Escrow is an account held by either the real estate attorney in a transaction or the title company, depending on the state the home is bought in. These accounts hold the down payment the buyer has put down to show that they are serious about buying the home.
Estate / Estate Property/ Estate Sale	An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in. When a caller mentions a home in an "Estate Sale" it means someone in the family has died and the family is selling their home.
(Having an) Estate Sale	An Estate Sale - selling the entire contents of a home (which is part of an entire person's Estate - an Estate is all of a person's property, including monies). Usually, a company is contracted to come in and offer a price for all of the contents of the home. A price is agreed upon and at this point, the company owns it all. They keep it all in the house and advertise an Estate Sale, kind of like a garage sale but more organized and folks can walk through the entire house. Items are priced by the company. The sale usually takes place over a weekend and whatever is not sold, the company takes it with them. At this point, the house would be ready to list.
F
Family Sale	Family Sale could either be someone selling a home to another family member or several members of a family have similar or equal interests.
First Time Homebuyer	Someone buying a home for the first time. This home can be any size and price.
Floor Duty	Floor Duty is an assigned time in a day for an agent in a brokerage to take all walk-ins to the office and phone calls that are not specified to a particular agent.
Foreclosure Property	A foreclosure property is a home in which the owner has received a notice of being in default—behind on their payments. If the situation continues the lender will file the foreclosure with the public records authority of the city or county. Foreclosure means the owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder. Lenders can foreclose for other reasons, but the most common reason lenders file a notice of default is when a borrower is at least two payments in arrears. If the homeowner does not bring the loan current, the lender will take the property away from the owner.
Free and Clear	The property is completely paid for. There is no mortgage. Nothing is owed on the property. There are no tax liens or HOA fees due.
FSBO	This is a property that is For Sale By the Owner. Homeowners will put their house up for sale on Zillow, realtor.com, Facebook Marketplace, eBay, etc, typically because they do not want to pay the realtor fee.
G
Guaranteed Cash Offer	Some real estate agencies make offers themselves on someone's home, then list it and make a profit.
H
HOA	An HOA, or homeowners association, is a self-governing organization in “common-interest” communities where homeowners collectively pay fees to maintain the units or neighborhood.
Home Warranty	A Home Warranty is purchased by a new home buyer. It protects the new buyer from having to pay a lot for fixing things that may go wrong in the home, things as plumbing, electricity, heating and air conditioning, appliances, etc. It can cost anywhere from $400 to $1000 + depending on what kind of policy you take. Then, if you have to have a service person come out to fix something, it will only cost $50 to $150 for the service call.
Housing Affordability Index	Measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home.
HUD (The Department of Housing and Urban Development)	The Department of Housing and Urban Development is a Federal agency. HUD Homes (REO - Bank-owned homes) A HUD home is a 1- to 4-unit residential property acquired by HUD (The Department of Housing and Urban Development) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Many times it is a rent-to-own opportunity.
I
Interest	This is the cost of borrowing money for a home. Interest is combined with the principal to determine monthly mortgage payments. Interest rates will go up and down but the buyer will lock in at a rate when they get the loan. They could refinance at some point in time to get a lower interest rate.
Inspection	Home inspections are required once a potential buyer makes an offer. Typically, they cost a few hundred dollars. The purpose is to check that the house’s plumbing, foundation, appliances, and other features are up to code. Issues that may turn up during an inspection may factor into the negotiation of a final price. Failing to do an inspection may result in surprise costly repairs down the road for the home buyer.
In the process of buying	This can mean several different things. It could mean they are just starting and need a realtor or have already contracted on a home with another Realtor or are buying an FSBO (For Sale By Owner)
Investor Group (caller says they are part of an investor group)	A real estate investor invests capital in the property. They may work alone as an individual investor, with a partner, or as part of a network (group) of investors.
J
K
KW (Caller says they are with KW)	They are an agent with the real estate office of Keller Williams. KW is a huge company with real estate offices all over the world.
Kicking the Tires	A buyer who is just thinking about buying a home, looking to see what is out there on the market. Usually, not serious buyers, but sometimes will say this because they do not want to be bothered with a lot of phone calls.
L
Land Contract	As a type of specialty home financing, a land contract is similar to a mortgage, but rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
Lease	A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment.
Lease Purchase Contract	A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the tenant to purchase the property at a later point in time.
Lien / Tax Lien	If you have a mortgage, then you have a lien on your house. A lien is a claim that gives the bank that financed your loan a legal right to your property if you ever default on your payments. You could also have a lien on your house if you have not paid your taxes. The city tax office will put the lien on the property and it has to be paid off before a clear title to the property can be given.
List, Listing, Listed	When a house is “listed,” it means that it's been listed for sale on the Multiple Listing Service (MLS), which is a nationwide database of houses for sale. While most people use a real estate agent to list their homes, it isn't mandatory to do so.
Listing Agent	Listing agents work with homeowners to sell (list) a home.
Listing Alert	Automatic emails to the buyer
LOAN - Adjustable Rate Mortgage	This is a Conventional Loan where the interest rate can change throughout a loan at five, seven, or ten-year intervals. This is risky because interest rates can go way up. But they can also drop.
LOAN - Conventional Loan	A conventional mortgage or conventional loan is any type of home buyer’s loan that is not offered or secured by a government entity. Instead, conventional mortgages are available through private lenders, such as banks, credit unions, and mortgage companies.
LOAN - Fixed Rate Mortgage	This is a Conventional Loan where the interest rate stays the same through the life of the loan.
LOAN - FHA Loan	A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the US government and issued by a bank or other lender that is approved by the agency. FHA loans require a lower minimum down payment than many conventional loans, and applicants may have lower credit scores than are usually required. This loan is assumable. All FHA loans are generally assumable, as long as the lender approves the sale. For loans originated on or after Dec. 15, 1989, the lender must approve a deal by assumption as long as the buyer is found to be creditworthy.
LOAN - Home Equity Loan	A home equity loan—also known as an equity loan, home equity installment loan, or second mortgage—is a type of consumer debt. Home equity loans allow homeowners to borrow against the equity in their homes.
LOAN - Reverse Mortgage	A reverse mortgage is a loan for a homeowner who is 62 or older and has considerable home equity. They can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment, or line of credit. The homeowner does not have to make monthly payments. Instead, the entire loan balance, up to a limit, becomes due and payable when the borrower dies, moves out permanently, or sells the home.
LOAN - USDA Loan	The U.S. Department of Agriculture (USDA) home loans program offers mortgages to low-income residents of rural areas who cannot otherwise obtain a conventional mortgage. The property they are looking to purchase has to be in a rural area designated by the county. This government loan is assumable in 2 ways: 1) New rates and terms. Most USDA loans are assumable in this manner, which transfers responsibility for the mortgage debt to the buyer but also adjusts the debt by reamortizing it with new rates and terms. 2) Same rates and terms. Available only in special circumstances, this type of assumption is usually reserved for family members who are exchanging the title of a property. In these cases, the rates and terms of the original mortgage are preserved and no review of the buyer’s creditworthiness nor appraisal of the property itself is required.
LOAN - VA Loan	A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs. With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment. ** VA Loans are assumable which means a buyer who is qualified for a VA loan can take over the VA loan the seller currently has on their property.
Lockbox / Supra	A device that typically hangs on the front door of a home for sale, containing the key to the home. A code is necessary to open and get the key. The code is given only to other real estate agents that are showing the home to potential buyers.
Lot / Land	A buyer will use a "lot" or "land" to build a home on, a commercial building, a mobile home, a modular home, or an RV (recreational vehicle). Sometimes they will buy a lot for use in the future. Lots can be developed or undeveloped.
M
Market Analysis	This is the same as a CMA (Comparative Market Analysis). A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.
Marketing	The action or business of promoting and selling products or services, including market research and advertising.
MLS	Multiple Listing Service. This is an online site, local to the realtor's area or state, where all the homes currently for sale, listed by real estate agents, are shown. There will be pictures and most details about the property. The listing agent will include room sizes and a good description of what the property has. Real Estate agents have access to this because they pay a fee to have access. They can send listings to buyers through this online service. The MLS is named according to the area/state. For example, the MLS in Houston, Texas is called HAR.
Mortgage Broker	Mortgage brokers research loan options and negotiate with lenders on behalf of their clients. A broker does not lend money. A broker finds a lender.
Mortgage Lender	A mortgage lender is a financial institution that makes loans directly to you.
Mortgage Points	Also known as discount points. They are paid directly to the lender at closing in exchange for a lower interest rate on your mortgage.
N
NFS	Notice of Foreclosure Sale
Notarized	If a document is notarized, it is signed by a notary to make it official or legal. Once it is signed by the notary and the owner of the document, it is "notarized."
Notary / Notary Public	This is a person authorized by the state they live in to witness the signing of legal documents. They have a stamp/seal they use to notarize it.
NT Trustee Sale	Foreclosure sale conducted by the trustee under a deed of trust after a default occurs
O
Offer	This is the initial price offered by a prospective buyer to the seller. A seller may accept the offer, reject it, or counter with a different offer.
Off the Grid	"Off the grid" means living without connections to public utilities like sewer, water, and electrical lines. It also usually means living a minimalist, efficient, self-reliant lifestyle
Off Market Listing	An "off-market" listing is a home that is for sale but is not yet on the MLS.
Off Market (Zillow, Realtor.com, etc.)	Off-market on these 3rd party sites means it is not for sale. It is off the market. Callers want Realtors to call homeowners to see IF they will sell their homes.
Owner Financing	The seller of the property finances the purchase of his home directly with the buyer. It is sometimes called "seller financing" or "creative financing."
P/Q
Parcel (of land)	Parcel of land means a lot, parcel, block, or another tract of land that is occupied or may be occupied by a structure or structures or other use, and that includes the yards and other open spaces required under the zoning, subdivision, or other development ordinances.
Pending	A pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn't closed (finalized) yet.
Percentage / Commission Charged By Realtor	A real estate transaction has 2 sides, the seller and the buyer. An agent usually represents one side or the other. The homeowner is charged a fee (percentage of the sale) which becomes the agent's commission (payment) for their services. It is usually a typical percentage all agents use, however some have been known to lower their percentage just to get the client.
POA (Power of Attorney)	The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to act for someone else. It is not an Attorney (Lawyer)
Price Gouging	Overpricing, swindling
Probate	Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. Probate is the analysis and transfer administration of estate assets previously owned by a deceased person. When a property owner dies, their assets are commonly reviewed by a probate court. This court provides the final ruling on the division and distribution of assets to beneficiaries. A probate proceeding will typically begin by analyzing whether or not the deceased person has provided a legalized will.
Property Management	Property manager responsibilities include setting and collecting rent, handling maintenance requests, filling vacant units, and potentially setting the budget for the property. Property managers often take care of a property that real estate investors either do not live near or do not wish to personally manage.
Pre-Approval Letter	Before buying a home, a buyer gets a pre-approval letter from their lender, mortgage company, or bank that shows how much they will lend that buyer to buy a home. Homeowners almost all the time require a buyer have one before they even come and look at their home for sale.
Principal	This is the amount of money borrowed to purchase a home. The principal is combined with the interest on the loan to determine the monthly mortgage payment. Paying toward the principal builds equity in the home.
Private Mortgage Insurance (PMI)	PMI is an insurance premium the buyer pays the lender to ensure the money they loaned to the buyer. It protects the lender should the buyer defaults on the loan. These extra insurance payments usually end when the buyer has built up a 20% equity in the home.
Punch List / Out List	This is a contractor's list showing items that still need to be completed on a project. It is made near the end of the project - could be some minor things that still need to be completed.
Quitclaim Deed	A quitclaim deed is a fast way to transfer property to a buyer. transfers the title but makes no promises at all about the owner’s title. A quitclaim deed transfers the owner’s entire interest in the property to the person receiving the property but it only transfers what he owns, so if two people jointly own the property and one of them quitclaims his interest to his brother, he can only transfer his half of the ownership.
R
Real Estate Agent	A real estate agent is a professional who assists in buying and selling properties and has obtained a real estate license to do so. Real estate agents can work with residential as well as commercial properties depending on their specialty.
Real Estate Developer	A real estate developer/development company involves buying land, building on it, and perhaps selling it or renting it out. They build property from raw land or by tearing down existing structures and building anew. A real estate development company usually has its own construction contractors and property management company. It is different from a real estate investor, as an investor usually purchases an already constructed property and rents it out to tenants.
Realtor (the word is always capitalized)	A Realtor is a real estate agent who is an active member of the National Association of Realtors (NAR). According to the NAR, about half of all real estate agents in the United States are certified, Realtors.
Realtor Asking Our Client - Open a Door For Me / One of My Clients	One realtor is asking another realtor in a different brokerage to show a property to his client. Usually, the home is in an area a bit far for him to travel so he asks a favor of a realtor that's closer to the location if he could do that for him. They will usually pay the other realtor up to $100.00 to do it.
Refinancing	Refinancing is when you restructure your home loan, replacing your old loan with an entirely new loan with different rates and payment structures. The main reason people refinance their home loans is to get a lower interest rate on their mortgage, and therefore lower not only the monthly payment but also the overall debt owed.
Rent Ready	Getting a property "rent ready" means you are taking the time to ensure that it is in proper condition to be occupied by a tenant.
REO Property (Real Estate Owned)	Real estate owned (REO) is a property owned by a lender because it failed to sell in a foreclosure auction after the borrower defaulted on their mortgage.
S
Second Home	Can be an investment property, vacation home, or both.
Section 8	The Housing Choice Voucher Program, also known as Section 8, is the federal government's program for assisting low-income families, the disabled, and the elderly to afford to house. Participants can choose housing that meets the requirements of the program and receive housing vouchers to help with their rental costs.
Short Sale Property	A short sale occurs when the sale price is less than the outstanding mortgage on the property. Short sales often happen when homeowners are in financial trouble, but not necessarily in default on their loan yet. A lender must agree to accept less than the amount that is owed on the property under a short sale.
Short Term Rental	The caller is looking for a week, 2 weeks, etc., or a couple of day stay (accommodation). These are usually done through Airbnb but leads will call Realtors in resort areas where these types of rentals are prevalent.
Sign a Divorce of Your Home	Not quite sure what this means but has nothing to do with someone getting a divorce.
Squatter	One that squats: such as. a: one that settles on the property without right or title or payment of rent. b: one that settles on public land under government regulation to acquire title.
Starter Home	The first home for a buyer is usually smaller and less expensive.
T
(Ten Thirty-One) 1031 Exchange	A 1031 exchange is a real estate investing tool that allows investors to swap out an investment property for another and defer capital gains or losses or capital gains tax that you otherwise would have to pay at the time of sale.
"Three two" (Caller is looking for a "three two.")	The caller is looking for a 3 bedroom, 2 bathroom home. It is abbreviated 3/2.
Title	A title is a legal right to ownership of a property, including the right to sell. It’s not just real estate that comes with titles – boats, cars and many other property items of value do as well.
Title Insurance	Title Insurance is purchased to protect the buyer from liens on the home they are purchasing that had never been reported. The buyer would want the title to be free and clear of any liens.
Trustee	The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
U
Undeveloped Land	Undeveloped land, often called raw land, is a vacant area without public utilities, buildings, or even driveways.
V
W
Warranty Deed	A warranty deed is a type of deed where the seller of property guarantees that they hold a clear title to a piece of real estate and has a right to sell it to the buyer. It means there are no liens on the property - the seller does not owe, for example, taxes or HOA fees.
Wholesale Group (Caller says they are with a wholesale group.)	In real estate wholesaling, a wholesaler contracts a home with a seller, then finds an interested party to buy it. The wholesaler contracts the home with a buyer at a higher price than with the seller and keeps the difference as profit. Real estate wholesalers generally find and contract distressed properties.
X/Y/Z
TYPES OF HOMES
A-Frame	A building style with steeply-angled sides that usually begin near the foundation line.
Apartment	An apartment is a unit inside of a building structure comprised of similarly styled individual units. A tenant rents an apartment from a landlord, so the tenant isn’t building any equity while paying rent. While lease agreements vary, many landlords are responsible for making repairs and upgrades to the leased unit. Some apartment communities include common area amenities like a laundry room, gym, or pool.
Beach Home	A beach house is a house on or near a beach, sometimes used as a vacation or second home or as an investment to rent out as a short-term rental like an Airbnb.
Bungalow	A bungalow-style home typically has tapered or squared columns supporting the roof, lots of main-floor living space, and a fireplace. One or one-and-a-half stories, large covered front porches. The living room is in the center of the home on the first floor.
Cabin	A small, simple home usually having only one story, usually with a screened porch. Cabins are usually around lakes or in wooded areas.
Cape Cod	Either one or one-and-a-half stories with a steep roof and a small roof overhang, constructed of wood and covered with clapboard or shingles. They have multi-paned windows, a formal floor plan, and hardwood floors.
Co-op	A co-op may look like an apartment or condominium building physically, but on paper, a co-op is very different. Co-op housing is typically owned by a cooperative corporation. A co-op owner is a shareholder of a corporation, and the corporation owns and manages the building.
Colonial	Two to three stories, rectangular-shaped homes with a gabled roof. (both sides of the roof slope at the same angle) Low ceilings. Bedrooms are on the second level and living is on the first level. They have muli-paned windows with outside shutters and have fireplaces and chimneys.
Condo / Condominium	Condominiums, or condos for short, are buildings made up of individual units that are owned. They are units within larger buildings that share at least one wall with a neighboring unit. They can look and feel like an apartment building or community. Owners own the unit but not the land the building is on.
Contemporary	Clean, simple lines, neutral colors, and eco-friendly features.
Cottage	Cottage-style homes are cozy and typically on the smaller side when it comes to square footage. They often feature wood or wood shingle siding, small porches, and a cozy fireplace.
Craftsman	These homes focus on the value of handmade, well-constructed architecture. They feature beautiful hand-worked materials, exposed beams, low-pitched gable roofs, and tapered columns on their porches. Inside you can find custom elements like built-in bookshelves, hand-laid fireplaces, and window seats.
Custom	In a home designed and built by a home builder company, the buyer can pick out specific features.
Duplex	A two-unit home where the two units are side by side and share a wall. Sometimes one unit is on top of the other unit instead of side by side.
Fourplex	A four-unit home within one complete structure, with shared walls, floors, and ceilings.
Farmhouse / Modern Farmhouse	A new home style gaining popularity is the modern farmhouse. They often feature tall ceilings, exposed beams, and a large front porch. Modern farmhouse style combines the rustic feel of a farmhouse with clean lines and modern convenience.
Fractional Ownership	Someone purchases an ownership interest in a property with others so costs can be shared. Each owner is allowed access to the home for 5 weeks or more per year so there are fewer owners than in a timeshare.
Manufactured Home	Manufactured homes are affixed to a permanent chassis with wheels. Manufactured homes can be installed in both permanent and temporary locations.
Mediterranean Style	These homes are typically built with a stucco exterior with large arched windows and red clay roof tiles. Flat or low-pitched roof, extensive outdoor seating areas.
Mobile Home	A manufactured home built in a factory.
Modern Style	The modern home design emphasizes clean lines and geometric shapes.
Multifamily Home / Duplex /Fourplex	A multifamily home is a residential property that is comprised of more than one housing unit. Each unit will likely have its main entrance, kitchen space, and bathroom.
Ranch	The single-story home, usually with an attached garage, a big picture window, and sliding glass doors that lead to a deck or backyard. Floor plans are open and have a large family room. The home is made of brick, wood, or stucco.
Rowhome / Rowhouse	Popular in Philadelphia and other large cities. Single-family units are attached to one another by common walls. They are lined up perfectly in a row along a street. They are no more than 25 feet wide and usually 2-3 stories.
Semi-Detached Home	A semi-detached home is a single-family dwelling that shares one common wall. Unlike a townhome, where you may have a neighbor on both sides of your home, semi-detached homes share only one wall, and the home design is typically a mirror of each dwelling.
Single-Family	Single-family homes are freestanding residential buildings. A single-family home doesn’t share a wall with another building. A single-family homeowner typically owns the building and the land that the building sits on.
Single Family Detached	A single-family home, which can be one or multiple stories, has a garage that is not attached to the house. You walk outside to go into the garage.
Split-Level Style	In a split-level home, living spaces are separated by short flights of stairs. Unlike a standard two- or three-story home connected with long flights of stairs.
Timeshare	Someone buys the right to use a vacation property for one to two weeks every year. They do not own the property. One unit could have up to 52 (for 52 weeks) timeshare owners.
Tiny House	Tiny homes are homes 60 – 400 square feet in size. Many are prefabricated. Agents do not handle tiny homes.
Townhouse / Townhome	Townhomes are multi-floor homes with entrances, bathrooms, and kitchen spaces. Townhomes share one or two walls with neighbors unless the townhome is located at the end of a building. In some markets, the terms “townhome” and “townhouse” are used interchangeably.
Tudor Style	Steeply pitched roofs, elaborate chimneys, and exposed wood framework on the outside filled with stucco or masonry.
Two-story Single Family	A single-family home that has 2 stories with bedrooms on the second floor.
Victorian Style (Queen Anne)	Steeply pitched roofs, irregularly shaped. Inside are high ceilings, archways between rooms, formal living, formal dining, a library, and other small rooms. They have ornate woodwork on the inside.

Updated 12/28/22 by Colleen M.