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Glossary
Table of Contents
- 1031 exchange
- 1035 exchange
- Absorption rate
- Abstract of title
- Acceleration clause
- Ad valorem tax
- Adaptive reuse
- Adjustable-rate mortgage (ARM)
- Adjusted basis
- All-inclusive rent
- All-inclusive trust deed (AITD)
- Amortization
- Amortization schedule
- Anchor tenant
- Appraisal
- Appraisal contingency
- Assessed value
- Asset management
- Average daily rate (ADR)
- Balloon mortgage
- Bidding war
- Blanket mortgage
- Booking window
- Boutique hotel
- Break-even analysis
- Bridge loan
- Brownfield site
- Build-to-suit
- Building code
- Building permit
- Bulk sale
- Buydown
- Buyer's agent
- Buyers' market
- Cancellation policy
- Cap rate
- Capital gains
- Capital improvement
- Capital stack
- Capitalization rate (cap rate)
- Capitalization rate (Cap rate)
- Carrying costs
- Cash flow
- Cash-on-cash return
- Cash-out refinance
- Certificate of occupancy (CO)
- Channel manager
- Cleaning fee
- Clear title
- Closing costs
- Co-hosting
- Co-living arrangement
- Co-op (cooperative)
- Cold shell
- Commercial mortgage-backed security (CMBS)
- Commercial property appraisal
- Commission
- Common area maintenance (CAM)
- Comparative Market Analysis (CMA)
- Concessions
- Condominium
- Conforming loan
- Consecutive assignment discount
- Construction loan
- Contingency
- Contingency clause
- Convertible ARM
- Core property
- Corporate housing
- Cost approach
- Cost basis
- Cost segregation study
- Counteroffer
- Covenant of quiet enjoyment
- Credential storage
- Damage waiver
- Debt service
- Debt service coverage ratio (DSCR)
- Debt-to-income ratio (DTI)
- Delinquency
- Demising wall
- Density bonus
- Depreciation
- Depreciation recapture
- Developer's fee
- Development agreement
- Development budget
- Distressed hotel sale
- Distressed property
- Down payment
- Dual agency
- Due diligence period
- Due-on-sale clause
- Dynamic pricing
- Earnest money
- Earnest money deposit
- Easement by necessity
- EBITDA (Earnings Before Interest
- Economic vacancy
- Effective gross income (EGI)
- Eminent domain
- Encumbrance
- Environmental impact assessment (EIA)
- Equity
- Equity financing
- Equity sharing
- Equity yield rate
- Escalation clause
- Escrow
- Estoppel certificate
- Exclusive listing
- Extended-stay discount
- Extended-stay lease
- FHA loan
- FICO score
- Fixed-income security
- Fixed-rate mortgage
- Flag
- Flex space
- Floor area ratio (FAR)
- Food and beverage revenue
- Forced appreciation
- Foreclosure
- Franchise agreement
- FSBO (For Sale By Owner)
- Full service lease
- Furnished housing
- Going concern value
- Good faith estimate (GFE)
- Government-sponsored enterprise (GSE)
- Graduated payment mortgage (GPM)
- Greenfield site
- Gross income multiplier (GIM)
- Gross leasable area (GLA)
- Gross lease
- Gross operating income (GOI)
- Gross operating profit (GOP)
- Gross potential rent (GPR)
- Gross rent multiplier (GRM)
- Gross yield
- Ground lease
- Ground-up development
- Group sales
- Growing-equity mortgage (GEM)
- Guest review
- Hard money loan
- Highest and best use
- Home equity conversion mortgage (HECM)
- Home equity line of credit (HELOC)
- Home equity loan
- Home inspection
- Home warranty
- Homeowners association fee (HOA fee)
- Homeowners' association (HOA)
- Homeowners association (HOA) fee
- Homeowners insurance
- Host guarantee
- Host response rate
- Hotel acquisition
- Hotel cap rate
- Hotel class
- Hotel development pipeline
- Hotel disposition
- Hotel feasibility study
- Hotel investment thesis
- Hotel management agreement
- Hotel market analysis
- Hotel purchase and sale agreement (PSA)
- Hotel real estate investment trust (REIT)
- Hotel valuation
- House manual
- Housing coordinator
- Housing stipend
- Impact fees
- Inclusionary zoning
- Income approach
- Index
- Industrial park
- Inflation
- Infrastructure improvements
- Inspection contingency
- Instant booking
- Interest-only mortgage
- Interest rate
- Internal rate of return (IRR)
- Joint tenancy
- Joint tenancy with right of survivorship
- Joint venture
- Judicial foreclosure
- Jumbo mortgage
- Key money
- Keyless entry system
- Kick-out clause
- Kicker
- Kicker clause
- Land assembly
- Land contract
- Land entitlements
- Land lease option
- Landlord representation
- Late check-out fee
- Lease audit
- Lease break clause
- Lease option
- Lease-option
- Lease-option agreement
- Lease-purchase agreement
- Leasehold estate
- Leasehold improvements
- Letter of credit
- Letter of intent (LOI)
- Leverage
- Lien release
- Listing agent
- Load factor
- Loan commitment
- Loan modification
- Loan-to-value ratio (LTV)
- Local lodging tax
- Lodging tax registration
- Management contract termination
- Market penetration index (MPI)
- Master lease
- Master lease agreement
- Minimum stay requirement
- Mixed-use property
- Modified adjusted gross income (MAGI)
- Mortgage
- Mortgage acceleration
- Mortgage assignment
- Mortgage-backed security (MBS)
- Mortgage insurance
- Mortgage insurance premium (MIP)
- Mortgage recasting
- Multi-tenant property
- Multichannel distribution
- Multiple Listing Service (MLS)
- Negative amortization
- Negative equity
- Negative gearing
- Net operating income (NOI)
- Net present value (NPV)
- No-doc loan
- Noise monitoring
- Non-recourse debt
- Non-recourse loan
- Nonconforming loan
- Notary public
- Occupancy cost
- Occupancy limit
- Occupancy rate
- Occupancy tax
- Off-plan property
- Office building classification
- Open house
- Open listing
- Operating expense ratio
- Opportunity fund
- Opportunity zone
- Option agreement
- Option ARM
- Option fee
- Origination fee
- Overbooking
- Owner financing
- Owner's title insurance
- Parking ratio
- Participation mortgage
- Partnership agreement
- Passive income
- Payment shock
- Per diem rate
- Percentage rent
- Pet fee
- Phased development
- Piggyback loan
- PITI
- Pocket listing
- Point
- Portfolio loan
- Pre-approval
- Prepayment penalty
- Principal
- Principal Broker
- Private mortgage insurance (PMI)
- Private placement
- Pro forma financial statement
- Proforma
- Property caretaker
- Property improvement plan (PIP)
- Property management fee
- Property management software (PMS)
- Qualified mortgage
- Qualified opportunity zone
- Real estate bubble
- Real estate development partnership
- Real estate investment trust (REIT)
- Real estate owned (REO)
- Real estate syndication
- Refinancing
- Relocation assistance
- Rent abatement
- Rent credit
- Rentable square footage
- Rental arbitrage
- Renters insurance for short-term rentals
- Resort fee
- Retail pad
- Return on development cost (RODC)
- Revenue per available room (RevPAR)
- Reverse 1031 exchange
- Reverse mortgage
- Rezoning
- Right of first refusal
- Right of redemption
- Right of rescission
- ROI (Return on Investment)
- Sale-leaseback
- Sales comparison approach
- Seasonality
- Seasoned mortgage
- Security deposit
- Security deposit waiver
- Self-check-in
- Seller carryback
- Seller concession
- Seller financing
- Seller's concession
- Seller's disclosure statement
- Sellers' market
- Shared equity mortgage
- Short sale
- Short-term rental
- Short-term rental license
- Short-term rental restrictions
- Silent second mortgage
- Site plan
- Split mortgage
- Stabilized occupancy
- Step-up lease
- Subject to purchase
- Subject-to purchase
- Sublease
- Sublease agreement
- Subordination clause
- Subprime mortgage
- Superhost
- Sweat equity
- Tax assessment
- Tax-deferred account
- Tax-deferred exchange
- Tax increment financing (TIF)
- Tax lien
- Tax lien certificate
- Tax shelter
- Temporary housing insurance
- Tenancy in common
- Tenant improvement allowance (TIA)
- Tenant mix
- Tenant representation
- Time is of the essence clause
- Timeshare
- Title insurance
- Title search
- Trade area
- Travel nurse housing agency
- Triple net lease (NNN)
- Turnkey hotel
- Turnkey property
- Turnover service
- Underperforming asset
- Underwater
- Underwater mortgage
- Underwriting
- Usable square footage
- Utilities package
- VA loan
- Vacancy and credit loss (VCL)
- Vacancy rate
- Vacate
- Vacation home
- Vacation rental
- Vacation rental insurance
- Value-add strategy
- Value engineering
- Vendor take-back mortgage
- Vertical construction
- Walk-through
- Warehouse
- Welcome package
- Whisper listing
- Wholesaling
- Workforce housing
- Wrap around mortgage
- Wrap-around mortgage
- Wraparound mortgage
- X-factor
- Yield
- Yield maintenance
- Yield spread premium (YSP)
- Zero-down mortgage
- Zero-lot-line
- Zoning
- Zoning variance