Tokyo, Japan

Tokyo, Japan consistently earns the distinction of being the world's most expensive city in which to live. According to the most recent economic survey, a luxury two-bedroom unfurnished apartment in Tokyo rents for about $4,595 a month. A cup of coffee in a Tokyo café costs a little over $4.
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Islamic mortgages

Sharia law prohibits the payment or receipt of interest. This means that practicing Muslims are not able to borrow money for a home purchase through conventional mortgages. To work within these parameters, banks have developed the "Islamic" mortgage where the bank buys the property and the buyer rents it at a slightly higher price under a lease-to-own assumption.
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Cul de sac

Cul de sac is a French phrase that literally translates into "bottom of the bag." A cul de sac is a street or alley that is closed at one end, usually with a circle or turnaround area at its end. The phrase has replaced the less subtle "no outlet" or "dead end" street designations.
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Caveat emptor

Caveat emptor is the legal principle derived from Latin that means "let the buyer beware." The opposite of caveat emptor is caveat venditor or caveat vendor, meaning "let the seller beware."
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Andrew Carnegie

"Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate." - Andrew Carnegie
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Electricity

According to data collected by NUS Consulting, the average price of electricity in the U.S. spiked by 5.2% from April 2004 to April 2005, one of highest increases ever recorded in the United States. Customers in California, New York and New Jersey pay the highest electric prices, while those in Ohio, Virginia, and North Carolina pay the lowest prices.
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First impressions

Homebuyers and real estate agents are heavily influenced by first impressions. To this end, real estate experts recommend doing the necessary work to improve the home's curb appeal before putting the home on the market. Clean up the property, paint the siding and upgrade the landscaping.
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Real Estate Buyers Agent Council

The Real Estate Buyers Agent Council (REBAC) is a professional organization that promotes buyer representation skills and services in the real estate industry. REBAC offers the "Accredited Buyers Representative" designation and the "Accredited Buyers Representative Manager" designation. REBAC was established in 1988 and has 40,000 members.
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Mortgage101.com

Mortgage101.com is a leading online mortgage data and education service. The website offers a vast array of data and article information regarding mortgage interest rates, lenders, and loans. It also offers several useful loan calculators, resource directories, real estate news, and commentary. Mortgage101 was established in 1996 and registers about 750,000 monthly visitors.
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New home sales

According to several studies, in a given year, roughly 20% of homebuyers will purchase newly constructed homes while the remainder will purchase existing homes. New home sales vary by region. Newer, faster growing areas usually experience higher proportions of new home sales than larger, established areas.
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American brick building

The Dutch West India Company built the first brick building in the United States in New Amsterdam (Manhattan) in 1633. The brick residence for the fifth Dutch governor Wouter Van Twiller was erected with Holland brick, made in nearby kilns.
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Mail order homes

The Aladdin company sold pre-cut, mail order homes out of a catalog from 1906 until 1982. Brothers William and Otto Sovereign started Aladdin with a small, one-time ad in the Saturday Evening Post. In addition to catalog homes, Aladdin also sold whole towns complete with schools, churches, firehouses, sidewalks and roads. Hopewell, Virginia was created by Aladdin in 1914.
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Monopoly

The real estate board game Monopoly was invented in 1934 by Charles B. Darrow. His first version of the game was rejected by Parker Brothers due to design flaws. After Darrow sold 5,000 handmade sets of the game to a Philadelphia department store, Parker Brothers agreed to sell the game. Since then, over 200 million Monopoly games have been sold worldwide.
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Bridge loan

A bridge loan is a short-term loan that is used until a borrower secures permanent financing or removes an existing obligation. A bridge loan is usually used to finance a buyer's new residence if the buyer is unable to sell his current residence. The interest rate is higher than conventional mortgage rates and the loan is backed by some form of collateral such as real estate.
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Dollar Homes

HUD's Dollar Homes initiative allows local governments to purchase qualified FHA-owned homes for one dollar. These are foreclosed, single-family homes that FHA has been unable to sell for six months. Local governments can partner with non-profit homeownership organizations to create housing for families in need and to benefit neighborhoods.
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Condominium cruise ships

The first condominium cruise ship was launched in Oslo in March 2002 by Norwegian Cruise Lines. Passengers paid outright for their condo cabins aboard the 644-foot vessel named "The World." The cruise ship was launched to sail the world for the fifty-year term of the leaseholds, visiting more than one hundred ports a year in dozens of countries.
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The Homestead Act

The Homestead Act became a law on January 1, 1863. The act allowed anyone to file for a quarter section (160 acres) of free land. The land was yours at the end of five years if you had built a house on it, dug a well, plowed ten acres, fenced a specified amount, and actually lived there. Additionally, one could claim a quarter section of land by successfully cultivating ten acres of timber.
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Real estate job turnover

The turnover rate in the real estate sales business is reported to be one of the highest in all job categories. Some estimates put the turnover rate at 50% in the first two years, and up to 98% within five years. Reasons cited for the high rate include the irregular work hours, uncertain commission-based pay structure, and unmet or unrealistic job expectations.
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Natural disasters

Every region of the U.S. is exposed to one type of natural disaster or another. Forbes Magazine and Sperling's Best Places compiled weather, hurricane, tornado, earthquake, and brushfire data to find the safest locations in the U.S. According to the study, Honolulu, Hawaii and Boise, Idaho are the safest places. The least safest places are Monroe, Louisiana and Jackson, Mississippi.
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Professional paint

Professional painters may take up to four days to prepare, prime and paint an average-size room. Here are some professional painter tips: take everything out of the room; do not skimp on the primer; use two coats of quality paint; use paint with built-in mildew fighters in kitchens and baths; use a painters-rod instead of a ladder to reach high areas; use high-quality brushes; and paint top-down.
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Professional paint

Professional painters may take up to four days to prepare, prime and paint an average-size room. Here are some professional painter tips: take everything out of the room; do not skimp on the primer; use two coats of quality paint; use paint with built-in mildew fighters in kitchens and baths; use a painters-rod instead of a ladder to reach high areas; use high-quality brushes; and paint top-down.
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The Federal Superfund

The residential community of Love Canal, near Niagara Falls, was built during the 1950s and 1960s on top of a chemical deposit sealed in clay. After years of odors and skin irritation among residents, New York State investigated and found toxic hazardous waste. This event led to the subsequent development of the Federal Superfund for cleaning and containing hazardous waste sites across the U.S.
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Constant Maturity Treasury

Almost half of all adjustable rate mortgages are based on the one-year Constant Maturity Treasury (CMT) index. The CMT index is based on weekly or monthly average yields of U.S. Treasury securities adjusted to constant maturities, as set by the U.S. Treasury. The CMT reflects the state of the economy and responds quickly to economic changes.
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Home landscaping

Home landscaping design and cost will vary by home and lot size as well as a homeowner's tastes and needs. As a general rule of thumb, the average cost of landscaping a new home is about 10% to 15% of the value of the home. This includes trees and driveways, which may be provided by the builder.
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Commission

A commission is a fee paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the real estate sale. Usually it is a percentage of the sale price. Generally, the commission on a home sale is six percent while the commission on land sales is ten percent.
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A good buy

As a general rule of thumb, a real estate investment is considered a good buy if it can be purchased at one hundred times the property's monthly rental value. For instance, if a property fetches a $900 monthly rent, a purchase price of $90,000 or below is considered a favorable purchase.
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The deed

A deed is a legal document that transfers ownership of a piece of property. A deed of trust is a document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.
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Fireplaces

About 400,000 gas fireplaces are sold annually in the U.S. The use of gas fireplaces has surpassed wood burning units. Fireplace industry experts reason that aging baby boomers are less likely to want to deal with firewood cutting, hauling and care. In addition, they have less time to devote to cleanup and maintenance.
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Charitable real estate donations

Charitable real estate donations are becoming increasingly popular. Donations of real estate by higher tax bracket owners can cut thousands, or millions, off their heirs' eventual tax bill. The size of the tax deduction is determined by the current market value of the property. In addition, real property donors and recipients are able to avoid paying brokers' transaction fees.
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Rate improvement mortgage

A rate improvement mortgage is a fixed-rate mortgage that includes a provision that gives the borrower a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.
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Georgia land scam

One of the most infamous land scams in the U.S. took place in Georgia in 1795. The state legislature authorized the sale of a large tract of land near the Yazoo River to four land companies in which most of the legislators held shares. Public outcry cancelled the sale after much of the land had already been resold. The U.S. Congress authorized payment of $4.3 million to settle this case in 1814.
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The early 1980s

Homebuilders, mortgage bankers, real estate agents, and homebuyers do not recall the early 1980s fondly. To reduce chronic inflation, the Federal Reserve dramatically raised interest rates causing severe economic recession in the U.S. The national unemployment rate peaked at 10.8%, the prime-lending rate hit a staggering 18.45%, and mortgage interest rates averaged 16%.
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Dutch colonial

The Dutch colonial home style peaked in the 1920s. The style was influenced by the early Dutch homes of New York and featured a barn-like gambrel roof, a ground-level front porch, and dormers. The Dutch colonial was popular because of its modern features, multiple rooms, vestibules, and its simple approach to decoration.
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America's first fire insurance company

Benjamin Franklin led the effort to create America's first fire insurance company. The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire was established in 1752 with a board of directors and seventy shareholders. The first insured property to burn was repaired for 154 pounds, nearly a third of the Society's assets.
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Real Estate Daily

"The money you get from selling land, never buys the same land back." - Anonymous.
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Private mortgage insurance

Private mortgage insurance (PMI) protects the lender in the event the borrower defaults on a mortgage. Most lenders require annual PMI premiums of one-half to one percent of the amount borrowed if a buyer's down payment is less than 20% of the purchase price. Roughly half of all current homebuyers are putting less than 20% down as rising home prices outpace wages and savings.
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Landscaping

Landscaping is one of the few home improvements that adds more value than it costs. Adding landscaping instantly improves the curb appeal of a home. Landscaping is one of the most practical and cost-effective things a home seller can do in preparing a home for sale.
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Realtors Land Institute

The Realtors Land Institute (RLI) is a professional organization that provides education, networking, and marketing resources to professionals involved with sales of farms, ranches, and undeveloped tracts of land, as well as site selection and assemblage of land parcels. The RLI offers the Accredited Land Consultant designation. RLI was founded as the Farm and Land Institute in 1944.
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Los Angeles

According to a recent National Association of Home Builders study, Los Angeles has the least affordable housing among big cities (more than 500,000 people) in the U.S. Only 2.4% of the homes sold in the Los Angeles-Long Beach-Glendale area were affordable to families making the median income of $54,500. The median home sales price was $495,000.
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Realty Times

Realty Times is a leading provider of daily online real estate news, advice, and market conditions. In addition to a searchable index of news and articles, the RealtyTimes.com website portal offers a wide array of services such as newsletter subscriptions, agent and vendor directories, event calendars, and resource directories. Realty Times also airs the weekend television show "Realty Times".
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ForSaleByOwner.com

According to Nielsen/NetRatings, ForSaleByOwner.com is registering more new web users than most other real estate websites. The National Association of Realtors estimates that about 15% of homeowners will choose to sell their home as a FSBO (for sale by owner).
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Real estate pioneer James Wilson Rouse

Real estate pioneer James Wilson Rouse was born on April 26, 1914. Rouse began his career working for the Federal Housing Administration and later introduced the term "urban renewal". Rouse's real estate company developed a large portfolio of residential and commercial real estate projects including Boston's Faneuil Hall, New York's South Street Seaport, and Baltimore's Harborplace.
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Fallingwater

Frank Lloyd Wright's "Fallingwater" was recognized by the American Institute of Architects as "the best all-time work of American architecture." Wright designed the home in 1935 for the Kaufmann family of Pittsburgh. Wright responded to the family's love for a waterfall on Bear Run by placing the house over the falls.
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Real Estate Tycoon

The "Real Estate Tycoon" video game is a challenge against other opponents, including Donald Trump, to build the biggest real estate empire. Players establish their empires by building, buying, and selling offices, condos and shopping centers throughout the world. A player wins the game by increasing their wealth while trying to sabotage the competition.
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Capital gains

Capital gains is the IRS term applied to the taxable profit earned from the sale of an asset or investment. The capital gains from a principal residence is profit over $500,000 (married filing jointly) or $250,000 (single). Before May 7, 1997, all home sale profit was considered a capital gain, unless the profit was used to purchase another higher priced home within two years.
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Landfill and hazardous waste sites

Living near a landfill or a hazardous waste site will take its toll on a home's value. Cleveland State professor Robert A. Simons recently studied the effects of environmental contamination on real estate values. Homes located within a mile of a landfill would see a 10% to 15% reduction in value, and homes located within two miles of a Superfund site would see up to a 25% reduction in value.
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Seattle houseboats

There are approximately five hundred houseboats moored on the various inlets and lakes of Seattle, Washington. The first houseboats appeared around 1895 to house fishermen, mill workers and loggers who could not afford housing. Seattle restricted residential use of waterfront areas in 1972. The remaining houseboat neighborhoods offer unique waterfront living in the heart of Seattle.
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The GI Bill

The Servicemen's Readjustment Act of 1944, also known as the GI Bill, provided returning World War II veterans with college or vocational education as well as one-year of unemployment compensation. It also provided low interest home loans for returning veterans to buy homes and start businesses. Returning veterans purchased nearly twenty percent of all new homes built after World War II.
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Colors

When choosing colors, women are generally drawn to brighter tones and more subtle shades. Men favor darker neutrals and blues. Men and women are a bit more agreeable on exterior house paint colors. According to a recent American Demographics/BuzzBack color survey, the top exterior home color choice for men was white while for women it was beige.
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Home value

According to a National Association of Home Builders study, the key attributes that dictate a home's value include such things as the home's neighborhood, the age of the home, square footage, number of complete bathrooms, number of bedrooms, presence of a garage and/or basement, central air conditioning, a fireplace, and water within three hundred feet of the home.
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RAI

The Joint Center for Housing Studies at Harvard University publishes the Remodeling Activity Indicator (RAI) each quarter. The RAI provides a reading of national home remodeling activity levels. The Center has been conducting a comprehensive study of the factors influencing the growth and changing characteristics of housing renovation and repair activity in the U.S. since 1995.
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The Great Chicago Fire

The Great Chicago fire is the most infamous fire to occur in the U.S. Fire broke out at a farm on the evening of October 8, 1871 and quickly spread to other nearby buildings. The fire killed 300 people and destroyed more than 17,000 structures in 27 hours, including the entire downtown core of Chicago and most of its North side.
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Subdivision costs

The Great Chicago fire is the most infamous fire to occur in the U.S. Fire broke out at a farm on the evening of October 8, 1871 and quickly spread to other nearby buildings. The fire killed 300 people and destroyed more than 17,000 structures in 27 hours, including the entire downtown core of Chicago and most of its North side.
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COFI

The 11th District Cost of Funds index (COFI) is a popular adjustable rate mortgage index. COFI is based on the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts, advances from the FHLB, and other sources of funds. The COFI is the slowest moving and most stable of all ARM indexes.
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The 28/36 rule

The 28/36 rule is used by lenders to qualify buyers for a mortgage. No more than 28% of a loan applicant's income should go to principal, interest, taxes and insurance. No more than 36% of income should go to payments on all debt, including mortgage.
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Liens

A lien is a claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. Consensual liens on mortgages and car loans are removed when the loan balance is paid. Non-consensual liens are imposed to collect unpaid taxes, unpaid payments for work, and unpaid non-secured loans.
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Comps

A rule of thumb for setting the price on a home for sale is to make twenty evaluations of comparable properties within a one-mile radius of the house. Collecting this information will provide a precise gauge of the home’s value and will increase the likelihood of attracting qualified buyers.
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Discount points

Discount points are fees a borrower pays toward a mortgage to lower the loan's interest rate. One point equals 1% of the total loan amount. If a borrower plans to stay in a house beyond ten years, paying a few thousand dollars in points at closing to lower the interest rate will pay off. In addition, discount points are tax deductible.
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HOAs

A homeowners' association (HOA) is a group that governs a modern subdivision or planned community. The HOA collects monthly fees from owners to pay for maintenance of common areas, handle legal and safety issues, and enforce neighborhood covenants. HOAs represent the fastest growing form of government in the U.S. over the last 15 years. About 1 in 6 Americans live in a HOA community.
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Market correction

In September 2006, the U.S. housing market recorded the steepest yearly average price decline since 1970. The Commerce Department reported that the price for a new home sold dropped by almost 10% from a year earlier. The decline reflected the correction in a five-year housing boom that saw significant home price appreciation driven by the lowest mortgage interest rates in nearly forty years.
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Realtists and Realtors

A Realtist is the designation for an agent or broker who is a member of the National Association of Real Estate Brokers. A Realtor is the designation for an agent or broker who is a member of the National Association of Realtors.
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Split estates

Split estates take place on land in which more than one person has separate and independent ownership rights. Split estate policy is causing tension across the American West where at least 50 million acres of split estate land involve energy developers who own the mineral rights beneath or lease them from the federal government. At issue is compensation, environmental impact, and land access.
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ZIP codes

ZIP codes (Zone Improvement Plan) were introduced in 1963 by the U.S. Postal service in order to speed up mail delivery. In addition to mail delivery, ZIP codes are commonly used to delineate neighborhoods, wealth and status. Beverly Hills, 90210 is considered the most famous ZIP code in the U.S.
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Renovations

According to Consumer Reports, renovations that add square footage to a house are the most likely to add value, but only if the resulting home's square footage is in line with the neighborhood. Kitchen and bathroom remodeling, long considered the most profitable improvements, recover only 50 to 75 percent at sale, but only if the home is sold within a year after the remodeling is complete.
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Eminent domain

Eminent domain is the government's right to condemn private land for public use, such as the routing of a public highway. The law of eminent domain derives from the so-called "Takings Clause" of the Fifth Amendment. The Supreme Court recently ruled in favor of local governments' ability to use eminent domain for "non-traditional" public uses such as economic development projects.
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Overpriced cities

According to Forbes magazine, Seattle, New York and San Francisco have earned the recent distinction of being the most overpriced cities in the U.S. The results were based on rankings for job growth, income growth, cost of living (housing, utilities, transportation and other expenditures), and housing affordability.
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Marshall Field

"Buying real estate is not only the best way, the quickest way, but the only way to become wealthy." - Marshall Field.
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Home square footage measurements

The American National Standards Institute (ANSI) has adopted two home square footage measurements. The base floor area measures the exterior dimensions of the building at each floor level, and includes all interior walls and voids. The finished area measures the enclosed area in a house suitable for year-round use, embodying walls, floors, and ceilings that are similar to the rest of the house.
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Urban planning

Urban planning is the process of developing long- and short-term plans for land use and community growth. Urban planners work in state or federal agencies dealing with housing, transportation, or environmental protection. They also work with local governments to promote the best use of land and resources for residential, commercial, institutional, and recreational purposes.
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The Women's Council of Realtors

The Women's Council of Realtors (WRC) was established at the National Association of Real Estate Boards annual convention in November 1938. WRC's mission is to serve its members as a community of real estate professionals by creating business opportunities and developing skills for the future. WRC has 260 nationwide chapters and 14,000 members.
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Americans move more often

Americans move more often than any other culture. The average American will reportedly move five to seven time during their lifetime. This equates to moving about every four years. Factors explaining this high rate include shifts in the economy, changing lifestyles, less formations of traditional families, and relatively high divorce rates.
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Real Estate Websites

According to recent Nielsen/NetRatings website traffic data, there were seven real estate websites that received at least a million unique visitors during a one month period. The sites are Realtor.com, HomeGain.com, AOL Real Estate, RealtyTrac.com, Rent.com, Yahoo Real Estate, and Century21.com.
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Real estate agents and brokers

Real estate agents and brokers are regulated by each U.S. state. Real estate agents must complete a required number of classes and pass an agent's exam. Real estate brokers must take additional classes and have a specified amount of real estate experience. A real estate broker has the privilege of opening and running a real estate office.
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Orange County

James Irvine established his 185 square mile southern California ranch in 1864, covering a third of what today is Orange County. The Irvine Company developed parts of the former ranch into the planned communities of Irvine, Tustin, and Newport Beach along with several commercial areas. They also donated a portion for the University of California Irvine campus.
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The Louisiana Territory

On April 30, 1803, the U.S. purchased from France the Louisiana Territory comprised of more than 800,000 square miles of land extending from the Mississippi River to the Rocky Mountains. Napoleon Bonaparte offered to sell the Louisiana Territory to the U.S. in order to raise funds for a renewed war with Great Britain. The price was about $15 million.
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Second Life

"Second Life" is an online game where players build and own a virtual 3-D world while interacting with others players. A key feature of the game is the ability to buy and sell virtual real estate with real-world market conditions such as real estate taxes. The game has grown to nearly 100,000 worldwide players since its debut in 2003.
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Commissions

A commission is a fee paid to a real estate agent or broker as compensation for finding a buyer and completing a real estate sale. The usual and customary commission for a home sale is six to seven percent. For land, the commission is usually ten percent.
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Buchanan v. Warley

The 1917 Supreme Court case of Buchanan v. Warley held Louisville, Kentucky's Jim Crow era residential segregation ordinance in conflict with the Fourteenth Amendment of the U.S. Constitution. The ordinance required separate residential blocks by race to preserve public peace and welfare. The court's decision was the beginning of the end of Jim Crow laws enacted after Civil War reconstruction ended.
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HGTV

The HGTV cable channel broadcast its first programs to 44 cable markets in December 1994. HGTV produces TV shows and publishes web content devoted to all things related to the home - design, decorating, gardening, style, landscaping, and more. HGTV is one of the fastest-growing networks in cable television history.
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Wallpaper

Flemish craftsmen introduced the use of wallpaper into England in the 15th century as a cheap substitute for tapestry. The modern use of wallpaper was revolutionized in the 1940s with the advent of plastic resins, which offered stain resistance, wash ability and durability. Wallpaper resurged as “wall coverings” with improved quality, colors, and materials, as well as ease of handling.
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The first property tax

The Massachusetts Bay Colony levied the first property tax in the colonial U.S. in 1634. Local administrators arbitrarily assessed colony property owners in order to raise revenue for local governments. The colony imposed a tax directly on estate property including buildings, livestock, and other enumerated personal property items.
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A new roof

A new roof on a typical home will cost from $5,000 to $10,000 and have an average life span of about twelve to fifteen years. The key to a roof's longevity is adequate ventilation to reduce moisture and extreme temperatures. Paying a few hundred dollars extra for additional ventilation when a new roof is installed is considered money well spent.
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Home foreclosures

The four Sunbelt states of Nevada, California, Florida and Arizona led all the U.S. states in the rate of home foreclosures as of 2008. The rankings were compiled by RealtyTrac, highlighting the worst housing market recorded in the U.S. since the late 1970s. Experts attribute the foreclosure spike to rapid home appreciation that boosted home prices beyond affordability.
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Cost to relocate

According to recent data published by the Worldwide Employee Relocation Council, the average cost to relocate a home owning employee is $70,771. The average cost to relocate a home owning new hire is $52,109. The average cost to relocate a renting employee and renting new hire is $19,129 and $14,008 respectively.
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Single-family home cost

In the case of a typical new single-family residential subdivision, the developers cost breakdown of the project goes as follows: 33% for the raw land or site development costs, 33% for construction and development costs, and 34% for profit to the developer.
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Negative amortization

Negative amortization occurs when a monthly mortgage payment does not cover all of the loan interest cost. The interest cost that is not covered is added to the unpaid principal balance, effectively increasing the amount of the loan. Negative amortization is used to reduce the mortgage payment at the beginning of the loan contract.
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Property tax assessment

Methods for real estate property tax assessment differ by state and municipality. Generally, homeowners can expect to pay 1% to 3% of the home's market value in annual property taxes. For example, a home assessed at $150,000 would generate a yearly property tax bill of between $1,500 and $4,500.
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Drywall

Up until the late 1940s, interior walls in homes were constructed of several layers of plaster over wooden strips of lath. Drywall was invented in 1916 but was not widely used until World War II, with the urgent need for quick construction of military structures. Once acclimated to drywall, post-war builders gave up on the expensive, time-consuming methods of plastered walls.
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Reverse mortgage

A reverse mortgage is a special type of mortgage available to homeowners who have paid off their mortgage or have a small balance. This mortgage allows borrowers to make tax free withdrawals against home equity as long they live. Money can be withdrawn monthly, as a lump sum, or as a line of credit. Repayment is not necessary until the borrower sells the property.
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Nothing Down

"Nothing Down" by Robert G. Allen, is reportedly the best selling book on the subject of real estate. The book details techniques and strategies to work the real estate process, obtain properties, and make money, with little or no money down. Millions of copies have been sold since its original 1980 release.
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The Truth in Lending Act

The Truth in Lending Act of 1968 is a federal law designed to protect consumers in credit transactions. Among the law's stipulations, Regulation Z requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.
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Comprehensive Loss Underwriting Exchange

A Comprehensive Loss Underwriting Exchange (CLUE) report checks claim history for a homeowner or property. Traditionally used by insurers, CLUE reports are playing an increasingly important role in real estate transactions. Many buyers now ask for a CLUE report with the real estate sales contract and some states are considering making this a requirement for all real estate transactions.
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Property title

Title companies insure real estate buyers against technical mistakes that might create questions about ownership of the property after the sale. Before the advent of title companies, buyers hired lawyers to study the legal history of a property, disclose and correct any issues concerning ownership, and write a legal opinion indicating the rightful owner of the property after closing.
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Escrow

Escrow refers to a special account set up by a lender to hold monthly installments from a borrower to cover property taxes and insurance. In the early 1930s, the federal government mandated that lenders manage escrows on all FHA insured mortgages to help ease the burden on homeowners, who had to come up with large, lump sum payments at tax time.
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National Association of Realtors Affordability Index

According to the National Association of Realtors affordability index, the San Diego area has the least affordable housing market in the U.S. San Diego's median income was nearly 30% less than the income needed to buy a median-priced home. The most affordable homes were in Peoria, Illinois, where median income was nearly three times the income needed to buy a median-priced home.
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Hetty Green on real estate

"I advise women to invest in real estate. It is the collateral to be preferred above all others, and the safest means of investing money." - Hetty Green
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Septic systems

Nearly a quarter of all homes in the U.S. use a septic system to dispose of human and household waste. Septic systems are made of concrete or fiberglass and range in size from about 750 to 1,500 gallons. Septic systems are the largest producers of wastewater and are also the most common source of groundwater contamination in the U.S.
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Planned unit developments

A planned unit development combines individual home ownership with shared ownership of common facilities, such as roads, water systems, clubhouses, swimming pools, parks, and golf courses. The first planned unit development in the U.S. was developed in the late 1800s. There are over 200,000 residential planned developments nationwide, growing at the rate of 10,000 per year.
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American Society of Home Inspectors

The American Society of Home Inspectors (ASHI) was established in 1976 by a group of home inspectors. Their common goal was to build consumer awareness and enhance the professionalism of their field by establishing high standards of practice and a code of ethics. ASHI provides education, resources, and marketing to its 6,000 members in 80 local chapters.
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Housing and Economic Recovery Act of 2008

The Housing and Economic Recovery Act of 2008 was signed into law on the heels of the worst housing slump since the Great Depression. The primary focus of the far sweeping series of acts was a $300 billion bailout of troubled mortgages and increased oversight of Fannie Mae and Freddie Mac, the federal banking systems that guarantee almost half of all American mortgages.
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Online real estate resources

Real estate buyers and sellers are using a multitude of online resources to learn, research, compare, and search for real estate information and data. According to Nielsen/NetRatings, over twenty million unique visits were registered on real estate or apartment websites during a recent one-month period. This equates to nearly 15% of the active Internet population.
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Glengarry Glenross

The 1992 film "Glengarry Glenross" is based on the Broadway play about a group of real estate agents at Premiere Properties. The story is the core essence of sales as the character and emotions of each agent unfolds during a "sales contest" initiated by a corporate axe man. The film stars Allen Arkin, Alec Baldwin, Al Pacino, Kevin Spacey, Ed Harris, and Jack Lemmon.
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Glengarry Glenross

The 1992 film "Glengarry Glenross" is based on the Broadway play about a group of real estate agents at Premiere Properties. The story is the core essence of sales as the character and emotions of each agent unfolds during a "sales contest" initiated by a corporate axe man. The film stars Allen Arkin, Alec Baldwin, Al Pacino, Kevin Spacey, Ed Harris, and Jack Lemmon.
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Reston, Virginia

Robert E. Simon conceived Reston, Virginia in 1964 as one of the largest modern planned communities in the U.S. The 7,000 acre development outside of Washington D.C. was developed and financed by the Gulf Oil Company. The community incorporated higher density housing to conserve open space, as well as mixed-use areas for industry, business, recreation, education and housing.
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Alaska

With the Russian treasury short of funds, Russian minister Baron Edouard de Stoeckl offered the United States the purchase of Alaska in December 1866. The United States purchased Alaska in July 1868 for $7.2 million. Although Alaska is twice as large as Texas, it was not until the great Klondike gold rush in 1896 that Alaska came to be seen as a valuable addition.
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Bing Maps

Use Bing Maps to view homes and lots from the air in several distinct viewing modes: 2D, 3D, aerial and bird's eye. Enter an address and take a virtual fly-over to view the property and surrounding neighborhood from all angles. See this essential real estate resource at bing.com/maps.
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Real estate brokers and agents

According to the latest data compiled by the U.S. Department of Labor Bureau of Labor Statistics, there were 460,000 real estate brokers and agents in the United States. The median annual earnings of salaried real estate sales agents was $35,670. The median annual earnings of salaried real estate brokers was $58,720.
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The federal highway system

The Federal Aid Highway Act of 1925 was passed in response to the confusion created by 250 existing highways that were named and maintained by various private and public entities. The Act specified a uniform naming system for highways with a universally recognized sign shield. The most important change was that the roads would be administered by the states, not by for-profit private road clubs.
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National Housing Act of 1934

The National Housing Act of 1934 established the Federal Housing Administration to advance homeownership opportunities for all Americans. The FHA created the fixed-rate, long-term mortgage. The agency also established mortgage insurance for lenders, encouraging them to make mortgage loans to borrowers who might not qualify for conventional mortgages.
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Better Homes and Gardens

Better Homes and Gardens magazine has been publishing articles on design, decor, cooking, and gardening since its debut in 1922. The magazine was first called "Fruit, Garden, and Home" and changed to Better Homes and Gardens in 1924. Better Homes and Gardens is published by the Meredith Corporation and has a circulation of nearly eight million readers.
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Landscaping spending

According to a recent National Gardening Association study, homeowners spent $37.7 billion landscaping their property, up from $22.5 billion five years earlier. Many studies have shown that properly selected, sited and maintained landscaping can increase the value of residential and commercial property from five to as much as twenty percent.
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Trees and Landscaping

Trees increase the value of property by providing attractive landscapes as well as positive environmental benefits. They cool the air in their shade, they release oxygen while removing carbon dioxide, protect from ultraviolet sun rays, prevent soil erosion, provide wildlife habitat, provide food, and they screen sights and sounds.
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Carpeting

Wall-to-wall and room carpeting create a warm, quiet living environment. Carpet is the most popular type of flooring in the United States, covering an estimated 70 percent of the country's floors. Carpet has an average lifespan of about eight to ten years but is the least durable when compared to other flooring, such as hardwood floors and ceramic tile.
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Residential moves and the environment

The millions of residential moves that take place annually produce enormous amounts of household waste. The EPA offers the following tips to reduce move-related household waste: hold a yard sale; reuse boxes; pack clothes in suitcases or duffel bags; use old newspapers to wrap items; use environmentally preferable packing materials; dispose of hazardous materials; donate leftover items to charity.
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Employee Relocation

According to data compiled by the Worldwide Employee Relocation Council, the top two reasons that employees give when reluctant to relocate for a job in the United States are family resistance to the move and high housing costs.
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Comparable properties

Real estate professionals agree that a worthwhile new home shopping task is to compare prices of comparable properties that are for rent and for sale. If a local market has higher monthly mortgage amounts versus rents, it may be far cheaper to rent than to own, especially if a buyer expects to sell in less than five years.
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Licensed appraisers

Congress passed a bill in 1989 mandating all states to set up licensing programs for real estate appraisers. This bill was passed to help prevent the type of fraudulent and inflated loans that caused the $500 billion savings and loan debacle in the late 1980s. Licensed appraisers must adhere to a set of ethical and professional guidelines developed by the Appraisal Foundation.
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Evening shade

Homebuyers should remember to consider sunlight direction when evaluating a home purchase. Back yard activities in evening shade are best enjoyed when the home's back yard faces east. Sunlight direction also affects the brightness factor of rooms in the house as well as tree and landscape selection and location.
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Urbanism and traditional development

Some new homebuilders are adopting new urbanism and traditional neighborhood development concepts into their subdivision plans. These development approaches incorporate design elements of old urban neighborhoods with traditional features, such as prominent front porches, sidewalks, backyard garages, multi-use buildings and housing clustered near recreation and commercial service areas.
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Errors and Omissions insurance

Errors and Omissions (E&O) insurance is a type of malpractice insurance coverage for real estate professionals. Real estate agents represent parties, transact sales, and broker deals, putting them at risk to lawsuits and resulting legal expenses. E&O coverage pays any settlement or judgment up to the limits of liability stated in the policy.
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William J. Bryan

"Real estate is the best investment for small savings. More money is made from the rise in real estate values than from all other causes combined." - William J. Bryan
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Common U.S. street names

The most common street name in the U.S. is Second Street. This is followed by Third, First, Fourth, and Park. Main Street is the seventh most popular street name. In the United Kingdom, High Street is the most common street name.
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Home buyers

According to the National Association of Realtors, the typical first-home buyer is 32 years old and has a household income of fifty to sixty thousand dollars. The typical second-home buyer is 46 years old, is married, and has a household income of nearly ninety thousand dollars.
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Take out half the contents

Among the features a potential buyer looks at in a home is the amount of storage it offers. A general rule of thumb for sellers showing a home is to take out half the contents in the closets and storage areas to make them look more spacious.
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Spot survey

A spot survey is a visual guide and cursory check of a property's boundaries and its improvements. It may not disclose such matters as encroachments, overlaps, and boundary line or acreage discrepancies. A stake survey physically identifies the property corners, property lines, and the location of all improvements.
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Census tracts

A census tract is a statistical area defined by the U.S. Census that identifies population and housing statistics about a specific part of an urban area. Census tracts contain approximately 1,000-2,000 properties of a similar nature. Their boundaries are relatively permanent making them excellent units of analysis for evaluating change and trends over time.
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Dow Jones U.S. Real Estate Index

The Dow Jones U.S. Real Estate Index provides a broad measure of the U.S. real estate securities market. The index currently over 80 components, which make up the real estate portion of the Dow Jones U.S. total market index. The index consists predominately of real estate investment trust funds (REIT) and real estate operating companies (REOC).
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Habitat for Humanity

Habitat for Humanity International is a nonprofit, ecumenical Christian housing ministry. Since its founding in 1976 by Millard and Linda Fuller, Habitat for Humanity International has built or rehabilitated more than 150,000 houses for families in need, becoming a world leader in addressing the issues of poverty and housing.
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St. Augustine, Florida

Founded in 1565, St. Augustine, Florida is the earliest known settlement of European origin in the United States. Forty-two years before the English colonized Jamestown, and fifty-five years before the Pilgrims landed at Plymouth Rock, the Spanish established at St. Augustine as North America's first enduring settlement.
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Real estate tax revenue

For every dollar of tax revenue generated from a residential subdivision, as much as $1.22 goes out to provide services and infrastructure. For every dollar of tax revenue that comes in from commercial development, at most thirty-two cents is expended, mostly for roads. Agriculture requires only seven cents for every dollar it brings in.
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Condominium

Condominium is Latin in origin and means co-ownership. Condominium owners hold title to their units plus a percentage of the entire project in common with all other owners. The first condos appeared in the early 1900s as bank-owned trust apartments. Condominium sales surged after the National Housing Act of 1961 made federal mortgage insurance available to condominiums.
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Century 21

Real estate brokers Art Bartlett and Marsh Fisher established Century 21 Real Estate Corporation in Orange County, California in 1971. The company went public in 1977 as sales topped $1 billion. Century 21 was purchased by Hospitality Franchise Systems, which later merged with CUC International to form Century 21's parent the Cendent Corporation.
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Debt-to-income ratio

Debt-to-income ratio (DTI) is the first test of mortgage-worthiness. The DTI is the sum of a family's fixed monthly expenses (e.g., mortgage, car payments, minimum credit card payments, monthly child support, and student loans) divided by gross monthly income. Lenders prefer DTI be no higher than 36%.
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The Federal house style

The Federal house style was popular in the U.S. from 1780 to 1840. Derived from English architecture, Federalist homes had symmetrically arranged windows around a center doorway, narrow side windows flanking the front door, a decorative crown or roof over the front door, shutters, and decorative swags and garlands. Federalist details are often incorporated into newer American homes.
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Home foreclosures

Home foreclosures are having an impact on home value. As the rate of foreclosures climbs to historic high levels, industry experts are seeing the negative aspects of foreclosure affecting home values. A recent Woodstock Institute study found that each foreclosure within an eighth of a mile of a single-family home results in a 0.9% decline in the home's value.
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Fannie Mae

The Federal National Mortgage Association, or Fannie Mae, is a Fortune 500 company that operates as a government sponsored entity. Fannie Mae was established in the wake of the Great Depression of the late 1930s in order to provide banks with money to finance home mortgages via the secondary mortgage market, which helps maintain liquidity in the national mortgage market.
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The four Cs

Mortgage lenders consider the four Cs when making a real estate loan. Credit is the borrower’s likelihood to make regular on-time payments. Capacity is the borrower’s ability to pay based on their income and long-term debt. Collateral is the real estate that secures the loan. Capital is the down payment.
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Famous people in the real estate

Famous people who were in the real estate business: Civil War General William Tecumseh Sherman; television writer and producer David Kelley; New Hampshire Congressman Bob Smith; Three Stooges actor Moe Howard; and NFL quarterback Roger Staubach.
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Home insulation

Thomas Jefferson is reported to be the first to install thermal insulation during home construction for the specific purpose of better heating and cooling. Jefferson used a cellulose type of insulation comprised of wood, paper, and plant-base in his large Monticello estate built more than 200 years ago.
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New York housing crash

The Dow Jones Industrial Average plummeted 508 points on October 19, 1987, losing 22.6% of its total value. Black Monday hit New York City's financial industry and housing market hard. New York City's average home prices peaked at $183,000 in 1988, not hitting this mark again until 1997.
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Real Estate Investment Trusts

Real Estate Investment Trusts (REIT) are corporations that purchase, develop, manage, and sell property assets for the benefit of investors and shareholders. REITs were first created in the in the 1880s but were only available to wealthy individuals. The passage the Real Estate Investment Trust Act in 1960 opened REITs up to average American investors.
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Aging-in-place features

Home builders are including aging-in-place features in new homes in response to the emerging fifty-five plus housing market. According to a recent National Association of Home Builders survey, some of these features include at least one first floor bedroom, easy to use controls and handles, extra maneuvering space, no-step entrances, larger bathrooms with safety features, and improved lighting.
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Piggyback mortgage

A piggyback mortgage combines a standard first mortgage with a home-equity loan. Piggybacks are used as a way around paying private mortgage insurance, which is required when borrowers take out a mortgage that exceeds 80% of the home purchase price. Piggybacks are also used to avoid paying higher rates charged for jumbo mortgage loans.
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U.S. Housing

The housing sector of the U.S. accounts for about 15 to 20 percent of the U.S. Gross Domestic Product. U.S. households spend about 30 to 40 percent of their disposable income on housing-related expenses, generating hundreds of billions of dollars of economic output each year.
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Commissions on home

Commissions on home sales have declined over the past decade and now average 5.1%, according to estimates from Real Trends. Industry experts attribute the decline to more competition: more home owners are selling their homes; more companies are assisting homeowners in selling their homes; and websites such as CraigsList and Trulia are offering a range of services that ease the home selling process.
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Housing Act of 1961

President John F. Kennedy signed the Housing Act of 1961. The act specifically focused on urban renewal and building or renovating inner city public housing projects. The act also attempted to stimulate the lagging national economy by extending the FHA mortgage insurance program to cover condominiums.
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First modern skyscraper

The Home Insurance Building in Chicago, Illinois was the world's tallest building from 1885 to 1905. The building is considered to be the first modern skyscraper due to its steel frame construction versus stone material. The original ten-story building rose to a height of 138 feet. Two additional floors were added in 1890.
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"Smart" home

A "smart" home integrates electronic networking technology plus building environment systems so that the entire home can be controlled centrally or remotely as a single machine. Smart home technology offers a range of benefits, such as safety and security features, centralized control of the home, and remote access and convenience.
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Largest town in the U.S.

The Long Island, New York town of Hempstead is the largest township in the U.S. Hempstead dwarfs many central cities with its population of nearly 725,000 people and landmass of 142 square miles. The township has 51 unincorporated areas, 22 incorporated villages, 65 parks and marinas, and includes the world-renowned Jones Beach.
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Home heating

According to data compiled by the Department of Energy, natural gas is used by over half of all U.S. households for home heating, making it the most popular method for home heating. The use of electricity for home heating has doubled over the past twenty-five years while the percentage of households using oil or kerosene for heat decreased by fifty percent.
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Renters

According to the latest American Housing Survey, there were about 119 million housing units in the U.S. Approximately 32% of the occupied units were renters. The median monthly housing cost (rent, utilities, and garbage and trash collection) for renter occupied homes was $633, about 29% of renters' median income.
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High transaction costs

Real estate has relatively high transaction costs when compared to other investments such as stocks. A real estate buyer will typically spend 3% of the loan amount to buy a residential property and a seller up to 6% to sell one. Under normal market conditions, it takes about three to five years to earn back these transaction costs.
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Burglaries

A burglary with an average loss of $1,300 worth of property is committed every ten seconds in the United States. This equates to nearly 13 million homes, or one in every twenty, on an annual basis. Several studies have shown that a home without a security system is three times as likely to be burglarized as compared to one equipped with a security system.
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Settlement costs

Total home sale settlement costs range from 3 to 5 percent of the price of a home. Negotiable settlement costs include fees for courier, express mail and administrative tasks, processing and documentation fees, underwriting fees, and application fees. Buyers should obtain estimated closing costs while shopping for the best mortgage loan.
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The front porch

The front porch is an American icon. The covered area at the front of the house was born in the revolution era and became popular in the decades leading up to the Civil War. Porches were a place for family and friends to talk and pass the time. The advent of automobiles, television and the suburbs led to the decline of the front porch.
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Converted trails

Since 1939, more than 10,000 miles of abandon railroad corridors in the U.S. have been converted into trails. The converted trails provide for bicycling, walking, and other activities, as well as direct access between homes, work places, and other destinations. Some notable trails include the Burke Gilman Trail (Seattle), the Monon Trail (Indianapolis), and Boston's Minuteman Trail.
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Jumbo mortgages

Jumbo mortgages carry loan amounts that exceed loan limits set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Currently, this limit is $417,000. The jumbo interest rate is usually about a half percent higher than conventional loan rates.
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National Association of Home Builders Research Center

The National Association of Home Builders Research Center was founded in 1964. The center's mission is to keep America’s builders on the leading edge of technology while enhancing the quality and affordability of housing for all Americans. The center's staff includes scientists, engineers, social scientists, architects, planners, analysts, computer and marketing specialists, laboratory technicians, and builders.
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The Brady house

The Brady house from the 1970s TV series may be the most famous split-level home in America. The split-level home, and its cousin the raised ranch, were mass produced in U.S. suburbs during the 1960s and 1970s. Split-levels have 3 to 5 levels with two full levels above ground. The raised ranch is a two level home with a finished upper level and a finished or unfinished lower level.
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Urban geography

Urban geography is the study of cities, urban structure, city spatial patterns, as well as urban economics and policies. Urban geography forms the theoretical basis for a number of professions, including urban planning, retail store site selection, real estate development, crime pattern analysis, and logistical analysis.
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Closing costs

Home sale closing costs paid across the U.S. averaged a little over $3,000, according to a Bankrate.com survey. Closing costs include lender application fees, document processing fees, title search, and appraisal costs. The city with the highest closing costs was Buffalo, New York at $3,887. Cheyenne, Wyoming recorded the lowest closing costs at $2,772.
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Coldwell Banker

Colbert Coldwell established Coldwell Banker in 1906 following the disastrous San Francisco earthquake. In 1914, Benjamin Arthur Banker joined Coldwell as a full partner. After several decades of growth, Coldwell Banker became part of Sears. In 1996, Coldwell Banker was acquired by Hospitality Franchise Systems, later renamed the Cendant Corporation.
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Radon

Radon gas is formed as underground deposits of radium slowly decay and decompose. Released radon gas can enter into houses through cracks and holes in the foundations. If ventilation is inadequate, radon can build up to very unhealthy levels, increasing the risk of lung cancer. Nearly every U.S. state has dwellings with measured radon levels above acceptable limits.
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First zoning laws

New York City passed the first zoning laws in the United States in 1916. By the late 1920s, most localities in the nation were developing and passing zoning regulations. Remarkably, the city of Houston, Texas has no zoning ordinance. Voters there have rejected efforts to implement zoning in 1948, 1962 and 1993.
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Healthy home survey

According to a recent study by the National Center for Healthy Housing, one in three homes in U.S. metro areas has at least one problem that could harm residents' health or safety. The highest rates of healthy homes were recorded in Charlotte, Anaheim and Atlanta. At the bottom of the healthy home survey were Oakland, San Francisco and New York.
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Council of Real Estate Brokerage Managers

The Council of Real Estate Brokerage Managers (CRB) is a professional organization that provides education, resources and networking opportunities to real estate professionals. CRB offers the Certified Real Estate Brokerage Manager designation and publishes Real Estate Business Magazine. CRB was created in 1968 and has nearly 7,000 members nationwide.
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Credit scoring

Credit scoring was invented in the 1950s by Stanford University researchers Bill Fair and Earl Isaac. The two established Fair Isaac and Co. in 1956 to provide credit-scoring services. Their FICO credit score uses several factors to predict the likelihood of repaying a loan and is the most widely used credit bureau score in the world.
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RESPA

The Real Estate Settlement Procedures Act (RESPA) is a federal law passed in 1974 designed to make sellers and buyers aware of settlement fees and other transaction-related costs associated with a home sale. Due to its legal complexity and the evolving nature of home sales, RESPA has been revised several times in the past three decades.
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Redlining

Redlining is the practice of discrimination against racial groups by real estate lenders and insurance companies. The term originated from the red color used to distinguish failing grade neighborhoods on maps compiled for the 1930s FHA guaranteed mortgage program. The Community Reinvestment Act of 1977 made all redlining practices illegal.
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Hartford home bubble

The average home price in Hartford, Connecticut increased by 92% during a housing bubble in the late 1980s. Home prices peaked in 1988 and began retreating as the city's insurance industry started laying off or moving out. A Hartford home buyer who purchased a home in 1988 would have to wait until 2000 to receive their original purchase value.
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Largest residential real estate brokerage

NRT, a subsidiary of Cendant Corporation, is the largest residential real estate brokerage company in the United States. NRT does business under the Coldwell Banker, ERA, and Sotheby's International Realty brands. The company operates in more than 35 of the nation’s largest metropolitan markets, and has more than 8,000 employees and 62,000 sales associates.
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Senior population

According to a report by the Joint Center for Housing Studies at Harvard University, by 2025, every U.S. state will see at least 10% of its population over age 65. California, Florida and Texas are expected to account for 29% of the total increase in the senior population. The smallest increases will occur in the northeast and upper midwest states.
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VA home loans

The Veterans Administration (VA) home loan program is a government-sponsored mortgage assistance program created under the Servicemen's Readjustment Act of 1944. The program allows eligible veterans and widows or widowers of veterans who died in service to obtain partially guaranteed loans for the purchase or construction of a house or to refinance existing mortgage debt.
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1,000 single-family homes

According to a National Association of Home Builders study, the construction of 1,000 single-family homes generates 2,448 full-time construction and construction-related jobs, $79.4 million in wages, and $42.5 million in combined federal, state and local revenues and fees.
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Company towns

Company towns are developed around one industry or company. These isolated communities have historically been associated with mining, dam building, defense, lumber, steel and automobile manufacturing. Two modern company towns include Bagdad, Arizona, serving Phelps Dodge Corporation, and Scotia, California, largely owned by the Pacific Lumber Company.
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Fair Housing Act

President Lyndon Baines Johnson signed the Civil Rights Act of 1968 into law two days after Martin Luther King's April 9 funeral. This act is often referred to as the Fair Housing Act of 1968. Among other things, the act prohibited discrimination concerning the sale, rental and financing of housing based on race, religion, national origin and gender.
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Small House Society

The Small House Society is for people interested in small houses. Living in smaller spaces is gaining favor as a result of economic conditions and the desire for simple more effective living. Advocates for less, the Small House Society touts the environmental, economic, and efficient benefits of the small house movement and the trend toward living in smaller spaces.
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Homeowner insurance premiums

Homeowner insurance premiums are affected by many factors inside and outside the home. The main factors are: the age and condition of the home, the home's replacement cost, the construction materials used in the home, neighborhood, availability of local fire protection, the homeowner's claims history, and the homeowner's credit score.
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Private islands

There are currently several hundred personal islands on the market for sale. Like most real estate, location, proximity and demand are the most important factors in determining an island's price. A tropical South Pacific island is far more expensive than a northern island with evergreens. Islands may also be rented. Learn more about island real estate from PrivateIslandsOnline.com.
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Department of the Treasury auctions

The U.S. Department of the Treasury holds weekly auctions of properties that have been seized due to illegal activity or for duties/taxes that were not paid. The properties for auction include such items as vehicles, boats, aircraft, jewelry, apparel, electronics, as well as homes and land. All auction items are sold "as-is" and all sales are final.
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Condos and Co-ops

A condominium owner legally owns a unit in a multi-unit building and also has a share and a right to use common property inside and outside the building. A cooperative resident does not own his or her specific unit but rather owns stock in the corporation that owns the building and all the apartments, and leases his or her apartment from the corporation.
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Property, real estate, and community association managers

According to the U.S. Department of Labor, property, real estate, and community association managers hold about 360,000 jobs. More than one-third work for real estate agents and brokers, lessors of real estate, or property management firms. More than half of property, real estate, and community association managers are self-employed.
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Title insurance re-issue rate

A title insurance policy re-issue rate offers a discounted premium on title insurance. A re-issue rate can be requested from the title insurance company if another policy from the title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy.
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Title insurance policy re-issue rate

A title insurance policy re-issue rate offers a discounted premium on title insurance. A re-issue rate can be requested from the title insurance company if another policy from the title company was issued on the same property within the last few years. The rate is lower because any claims that arise from events before the previous owner are covered by the previous policy.
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Real estate career

A real estate career is like any other business, requiring individual discipline, motivation and a business plan. It normally takes up to six-months before commission income begins due to the time required to get established and begin listing and selling real estate. A sufficient reserve is necessary to pay normal living expenses before sales income begins.
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Basis point

A basis point is one one-hundredth of one percentage point. For instance, the difference between a loan at 8.5 percent and a mortgage at 8.75 percent is 25 basis points.
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Good fences make good neighbors

"Good fences make good neighbors", so goes the old saying. The first fences served farms and ranches to separate and contain animals and live stock. Later, fences were used to post property boundaries and for security. The most celebrated fence of the American landscape is the classic white picket fence.
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Real estate closing

Some states mandate that a lawyer shall prepare all home purchase documents and be present at the real estate transaction closing. Other states allow real estate agents or buyers and sellers to perform these tasks. Hiring a real estate attorney is beneficial if legal issues arise during the process. Real estate attorneys typically charge hourly rates ranging from $150 to $350.
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Encyclopedia of Real Estate Terms

"The Encyclopedia of Real Estate Terms" by Damien Abbott is a comprehensive reference book for real estate. The 1,472-page book provides the legal and practical explanation of over 9,000 terms, covering every aspect of real estate. Damien Abbott also offers "The Shorter Encyclopedia of Real Estate Terms", a dictionary, thesaurus and encyclopedia for real estate.
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Nantucket

Looking to preserve its quaint, small-town atmosphere, Nantucket, Massachusetts joined a growing list of historic municipalities by enacting a ban on national chain stores in the downtown area. According to an AP news report, Nantucket's ban bars any new chains with more than 14 outlets, have standardized menus, trademarks, uniforms, or homogenous décor.
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The journey to work

The journey to work for many Americans is increasing in time and distance as they pursue affordable housing, especially in larger metro areas. Studies show that commuters are generally less satisfied than non-commuters. Commuters usually overestimate the tradeoff of more money, housing or prestige versus less social time, hobbies, and health.
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Mortgage

A mortgage is a lien on a property that secures a promise to repay a loan. The word mortgage is Latin in origin. "Mort" is from the word death and "gage" is from the word meaning a pledge. Mortgage literally translates into "death pledge."
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Bungalow

The Bungalow home style was popular in the U.S. from 1905 to 1930. Bungalows featured a low-pitched roof, wide eaves with exposed roof rafters, decorative braces, and a porch with square columns. The name Bungalow is derived from Bengal, India where houses were called bangla or bangala. The Bungalow has made a recent comeback to some new home neighborhoods.
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Multiple Listing Service

The Multiple Listing Service dates back to the 19th century. On designated days, local real estate board members gathered at "real estate exchanges" to exchange and compile information about their listings. By the early twentieth century, the term "multiple listing" was in use. By the 1920s, hundreds of local multiple listing services were established throughout the country.
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The ranch home

The first ranch style home was designed by Cliff May and built in San Diego, California in 1932. The ranch style typically has a long single story layout with a low-pitched roof. Ranch homes were mass-produced in America's growing suburbs in the 1950s and 1960s. The ranch home is also known as the American Ranch, Western Ranch or California Rambler.
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High U.S. foreclosure rates

Economists have attributed historically high U.S. foreclosure rates to several factors. There are more occurrences of variable rate mortgages, less lender due diligence in underwriting new mortgages, more occurrences of "no document" mortgages, and more occurrences of interest-only mortgages that allow buyers to purchase homes they otherwise could not afford.
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Cost effective improvements

According to most real estate experts, the most cost effective improvements to undertake when selling a home include: new paint, landscaping, a professional cleaning job, and new carpets and appliances.
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Council of Residential Specialists

The Council of Residential Specialists (CRS) is a professional organization that provides knowledge, tools and relationship-building opportunities for residential real estate professionals. CRS offers the Certified Residential Specialist professional designation. CRS was created in 1976 and has over 45,000 members.
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Highest and best use

The highest and best use of a property is the critical factor in determining its value. Highest and best use is defined as land use that is legally permissible, physically possible, financially feasible, and maximally productive. Relatively few properties are ever developed to their highest and best use.
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Timesharing

Timesharing is ownership that involves the acquisition of a specific period of time, or percentage of interest, in a vacation home or condominium. The timeshare concept was started in the French Alps in the late 1960s. In the U.S. it was started in Florida in the early 1970s. Today, it is estimated there are over four million timeshare owners worldwide.
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Home loan history

The typical home loan during the 1930s in the U.S. was for a term of five to seven years at 6 to 8 percent interest requiring a 50% down payment. The buyer paid accumulated interest at the end of the loan period in a single payment. Buyers often had to take out a second mortgage, at rates of up to 18%, just to cover this final payment.
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AIMCO

The Apartment Investment and Management Company (AIMCO) is the nation’s largest owner and operator of apartment communities in the U.S. The Denver, Colorado-based company serves nearly one million residents living in 250,000 units and controls about two percent of the entire U.S. apartment market.
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New York

Dutch traders purchased the island of "Man-a-hatt-a" from the Algonquin Indians in 1621 for $24 worth of beads and other trinkets, marking one of history's most famous real estate sales. Originally called Nieuw Amsterdam by the Dutch settlers, the settlement was renamed New York, in honor of the Duke of York, after the English took control of the island in 1664.
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Paying more for housing

Americans are paying more for housing. According to the Joint Center for Housing Studies at Harvard University, almost one-third of American households spend over 30% of their income on housing and slightly more than one-eighth spend over 50%. In addition, homeowners are paying higher commuting costs as they move to distant suburbs in order to pay affordable prices for their homes.
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Assessed value

The assessed value of a home is the dollar value assigned by a public tax assessor for the purposes of taxation. The value reflects a property's worth, which is used to compute a tax dollar obligation by multiplying it by a local tax rate. Assessment rates and valuations are not uniform across the U.S. and differ by locality.
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