| A | B |
|---|
| back-end ratio | a loan qualifying ration based on total living expenses |
| balance | the principal that implies a balance between net return on investment and expenses of labor, capital, management, and land |
| balloon payment | a note's final installment payment which is greater than the preceding payments and pays the note in full |
| bankruptcy | insolvency; a legal process wherein one is declared bankrupt |
| bare legal title | the trustee has the power of sale if the borrower defaults |
| bargain and sale deed | a dee that contains no covenants, but does imply that the grantor owns the property being conveyed |
| base lines | imaginary lines that are east-west lines parallel to the latitudinal lines |
| bench mark | brass marker embedded in a road or permanently attached to a tree or iron post to give the elevation based on the official datum |
| beneficiary | one for whose benefit a trust is created; the lender in a deed of trust arrangement |
| bequest | the transfer of personal property through a will |
| bilateral contract | two-sided contract, with each side making a promise of performance that is binding upon both parties. Most real estate contracts are bilateral contracts. |
| blanket mortgage | mortgagor pledges more than one property to secure the note |
| blind ad | advertising property in a manner that implies that no salesperson or broker is taking part in the offer for sale, lease, or exchange |
| blind trust | a trust in which the beneficiary is not disclosed |
| blockbusting | illegal practice of inducing panic selling in a neighborhood for profit, based on the introduction of minority homewowners into a neighborhood |
| book value | an accounting term for the cost of real estate less depreciation recorded for accounting and tax purposes |
| boot | unlike property paid in a tax deferred exchange |
| breach of contract | occurs when either party defaults on the contract |
| Broker Management Clinic | required 3 hour continuing education course that new AZ broker licensees must complete prior to license issuance and that designated brokers must complete every 2 years |
| brokerage | the business of bringing buyers and sellers together in the marketplace for a fee called a commission |
| Brown v Board of Education | U.S. Supreme Court decision in this case outlawed segregation in schools and marked the beginning of the end of the era of legalized segregation |
| brownfields | a property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant |
| budget loan | when the borrower is forced to put away money in trust for the payment of the property taxes and insurance |
| budget mortgage | features loan payments that include principal, interest, taxes and insurance |
| buffer zone | strip of land that separates one land use from another |
| bundle of rights | property rights that include the rights of control, possession, quiet & peaceful enjoyment, disposition, and encumberance |
