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Glossary of Terms
From 'Abstract of Title' to 'Triple-Mint', the arcana of real estate explained.Browse alphabetically by choosing a letter from the list below. |
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| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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| Term |
Description |
| Recessed Lighting: |
This term refers to lighting that is located above the ceiling and does not have alight fixture hanging from the ceilings. This type of lighting provides a very clean and contemporary look to an apartment. |
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| Rental Building: |
These buildings are owned by an individual or a company and the apartments are available on a rental basis only. |
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| Rental Commission: |
A broker earns a rental commission on the rental of an apartment. The prospective tenant typically pays this commission which can range from ten to fifteen percent of a year's aggregate rent. In a hot rental market, these fees will tend to be in the neighborhood of fifteen percent. In a soft market, one may induce a real estate agent to reduce his/her fee in order to conclude a transaction. |
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| Rental Sublet: |
When a tenant in a rental building decides that he/she must rent out their apartment for a short period of time because they are leaving New York, they have an opportunity to assign their lease to another tenant for the period of time that they will be out of town. These types of sublets are usually furnished and last for less than a year in duration. |
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| Reserve Fund: |
Each co-operative and condominium maintains a reserve fund. The objective of the board of directors or the board of managers is to grow this reserve fund so that the building has the ability to pay for the monthly expenses involved in the upkeep of the building as well as for those expenses that are out of the ordinary (such as elevator, repairs, roof repairs, new boilers, etc.). |
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| Room Count: |
Every apartment has a room count. Straight Studio, Petite Kitchen: One room. Straight Studio, Full Kitchen: Two rooms. Alcove Studio, Full Kitchen: 2.5 Rooms. Junior-One, Full Kitchen, No Wall: 2.5 Rooms. Junior-One, Full Kitchen, Wall: 3.0 Rooms. One Bedroom, Living Room, Kitchen: 3 Rooms. Junior-Four, Living Rooms, Kitchen, Dining Alcove: 3.5 Rooms. Convertible-2, Living Rooms, Kitchen, Dining Alcove, No Wall: 3.5 Rooms. |
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