Hampton Roads Naval Museum,

WALK-THROUGH
A final inspection of a home to check for problems that may need to be corrected before closing.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

MORTGAGE BROKER
An individual or company that arranges financing for borrowers.

MULTIPLE LISTING SERVICE (MLS)
An organization created by Realtors to facilitate the sharing of listings among member brokers.

ABANDONMENT
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.

ACCRUED INTEREST
Interest earned but not yet paid.

RECORDING
The act of entering documents concerning title to a property into the public records.

SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.

GRADUATED RENTAL LEASE
A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

DOWN PAYMENT
The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

CUL DE SAC
A street which is open at one end only, and which usually has a circular turnaround; a blind alley.

ENVIRONMENTAL IMPACT STATEMENT
A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.

LOSS PAYEE
The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

FARM AREA
A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study.

BASIS
The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.

PORTE COCHERE
A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles.

CUL DE SAC
A street which is open at one end only, and which usually has a circular turnaround; a blind alley.

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