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LIQUIDITY
The ability to sell an asset and convert it into cash at a price close to its true value.

CAPITALIZATION
A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

BILATERAL CONTRACT
A contract in which each party promises to perform an act in exchange for the other party's promise to perform.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

OPEN HOUSE
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.

SETTLEMENT (OR CLOSING)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

PREMISES
The subject property, such as the property which is deeded or the unit that is leased.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

GROSS INCOME
Total income before taxes or expenses are deducted.

LETTER OF INTENT
An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

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