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6/18/2012

Glossary B

Blue Pot for Letter B

Base and Meridian
Imaginary lines used by surveyors ti find and describe the location of private or public lands
Bench Marks
A location indicated on a durable marker by surveyors
Bequeath
To give or hand down by will
Bequest
That property given by will
Binder
Agreement to consider a down payment for the purchase of real estate as good faith. OR a notation of coverage in an insurance policy
Blanket Mortgage – Cross Collateralization
Single mortgage covering more than one piece of real estate
Board Foot
Unit of measurement of lumber that is one foot wide, one foot long and 1 inch thick, 144 cubic inches
Bona Fide
In good faith
Boot
Cash notes personal property unlike property received in an exchange that creates tax liability
Broker
A person employed by another for a fee to carry on any of the activities listed in the license law
BTU
British Thermal Unit quality of heat to raise the temperature of one pound of water one degree Fahrenheit
Building Line
A line set by law a certain distance from a street line in front of which and owner cannot build his or her own lot. In Orange County this also applies to views and setbacks from the ocean. An owner can not push the footprint of their home out past this imaginary line and block other’s access.
Bundle of Rights
Beneficial interest or rights

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