Real Estate Glossary

The process by which private property is taken by a governmental agency for public use without the consent of the owner, but only upon payment of just compensation. See Also: Eminent Domain

Construction supervision by a qualified manager.

A federal government index that measures the change in the cost of a variety of goods and services. Used in loans, purchase agreements and leases as a measure by which to adjust future payments to reflect inflation. Also called "Cost of Living Index."

Adjoining office space.

The design plans and specifications for construction of a facility. Working drawings that detail for the contractor the exact manner in which a project should be built. See Also: Working Drawings

Rent paid under a lease. Thc actual rent as opposed to the market rental value of the property.

Most commonly refers to the transfer of title to land between parties. The term may also include most of the instruments by which an interest in real estate is created, mortgaged or assigned.

The percentage of common areas in a building (rest rooms, hallways) that, when added to the net usable square footage equals the net rentable square footage. May be computed for a building or floor of a building. A "Loss Factor" or "Load Factor" is calculated by dividing the rentable square footage by the usable square footage.

A method of appraising real property whereby the replacement cost of a structure is calculated using current costs of construction.

A private, legal restriction on thc use of land, recorded in the land records.

Usually inserted in leases or conveyances whereby landlord or grantor promises that the tenant or grantee shall enjoy possession of the premises in peace and quiet without disturbance.

Certified Property Manager.

Counselor of Real Estate.

A discount factor applied to the rental rate that takes into effect all landlord lease concessions expressed as a percentage of base rent.