Keller Williams Premier

Real Estate Glossary Terms

• Consumer Price Index (CPI)

  An average of the prices of goods and services commonly bought by families in urban areas. This indexes the most well-known inflation gauge and is often referred to as the cost-of-living index, which labor contracts, rents, and social security are tied to. The CPI measures the cost of buying a fix ...

• Habitable Room

  Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include facility rooms such as a bathroom, closets, or storage rooms. ...

• Tenement

  City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are real property, that is, attached to the ground, such as land and buildings. ...

• Fiduciary Aspect Of Insurance

  Status in which an insurance company holds funds of its insureds (the payment of premiums) in trust, and through an insuring agreement promises to make all benefit payments for which it has received premiums. ...

• Hospital Liability Insurance

  Form of insurance covering liability arising out of the provision or nonprovision of hospital services so as to have an action brought against the hospital for malpractice, error, or mistake; injuring of a patient by another patient; food and other items resulting in injury to the patients; injury ...

• Nonliquid Assets

  Assets that are not readily convertible into cash 'without a significant loss of principle, such as an automobile, a house, television set, a radio, etc. ...

• Renewal Commission

  Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in the business and serve as an important incentive for him or her to make every effort to keep the policies on an i ...

• Sample

  Item given or sold to a buyer that establishes a standard of quality by which later products will be judged. Since the uniform commercial code does not distinguish between a sample and a model, a sample may create an implied warranty that all goods will conform to this standard. If other goods shipp ...

• Street Clock Floater

  Endorsement to a scheduled property floater that provides all risks protection for street clocks. Clocks and signs attached to business property can be covered under the Standard Fire Policy. But a street clock floater provides broader coverage and protects the owner of the clock both in transit and ...

• Home Staging

  If “image is everything”, then home staging is the most important and effective process in a real estate sale. But what is home staging? Well, when real estate agents are hired to sell a house, they hire a professional to enhance the features of that house and make it look bigger and ...