Real Estate Glossary

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B

bilateral contract

A contract where all parties are legally bound to act as the contract states.

blanket loan

covers financing for multiple land lots.

Example: a builder or developer may be creating a subdivision so will use this financing and will also request a partial release clause. So as each lot is sold the entire debt is not required to be paid.

Keyword(s):

blockbusting

An illegal practice where one person gets another to enter a real estate transaction where the first person could benefit financially by showing that a change may occur in the neighborhood including race, sex, religion, color, handicap, familiar status or ancestry of the occupants, a change possibly resulting in the lowering of the property values a decline in the quality of schools, or an increase in the crime rate.

breach of contract

Violation of terms in a contract without a legal excuse. For example: not paying on time. The person who did not breach has three options:

rescission of the contract
action for money damages
an action for specific performance

Keyword(s):

break-even ratio

identifies the percentage of EGI necessary to pay for all operating expenses and debt service. It is the point where cash flow begins. It is also the occupancy necessary to pay all expenses and debt service.

Since the BER describes the occupancy necessary to break-even, it can also be used as an indicator of the risk posed by such an investment. A lower break-even ratio means that a lower occupancy will satisfy the operating expenses and debt service and that would mean lower risk. The break-even ratio is calculated by dividing the total of the operating expenses and annual debt service by the effective gross income

BRETTA

The Georgia Brokerage Relationships in Real Estate Transactions Act, Title 10, Chapter 6A of the Georgia Code. Provides laws for agency relationships.

broker

a professional who brings buyers and sellers together within a market for the purpose of exchanging goods and or services for a fee. A real estate broker who represents buyers or sellers (or landlords and tenants) usually earns a commission which is a percentage of the financial transaction.

Keyword(s):

brokerage

the bringing together of parties interested in making a real estate transaction.

brokerage engagement

a written contract in which the seller or buyer becomes the client of the broker and promises to pay the broker a valuable consideration or agrees that the broker may receive a valuable consideration from another for producing a ready, able, and willing prospective buyer or seller, or performing other brokerage services.

brownfields

Industrial properties that suffer from the presence of ecologically contaminated elements.

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