Glossary of Rental and Property Management Terms

Moderate Housing: This type of housing is one that is supervised by a government or state office in order to help and control the rent to people who meet certain pre-established criteria.

Luxuries: Intangible and distinctive elements that are incorporated in or on a property that enhance the attractiveness or value of the property.

Floor: Multi-family complex intended to house separate people or family gatherings within the same building.

Expedite – A land expert who buys and offers property for others with the specific end goal of earning a commission. This expert must be authorized and authorized to test in the state in which he lives.

Apartment suite/Condominium: Manufacture of multiple units that consider singular units to be claimed by their inhabitants. The normal components of this type of building are in the possession of all the owners within the townhouse.

Routine Housing: This type of housing adheres to or meets the business sector rate, or satisfactory benchmarks, for housing in the territory.

Cosigner – An additional endorser on a lease or mortgage loan agreement used as part of the application to verify the identity of the policy owner or to provide a specific level of guarantee to the lender or owner.

Duplex (House): A house that was intended to house two persons or separate families within the same house. For example, a house that has an upstairs for one family and a downstairs for another family is considered a duplex.

Place with Housing Opportunity: The open door so that all subjects in America have the possibility of living in different housing groups regardless of race, sexual orientation, age, nationality, family status or disability.

Morale/Professionalism: An arrangement of standards and good rules that may become the most important factor in directing competent conduct.

Expulsion: Procedure by legitimate means whose ultimate goal is to expel a man from his home for violation of the prescription, whether the occupant has not paid the rent/contract or in the event that he has abused another type of understanding, for example, disturbing influences of concussion.

Reasonable Housing Act: This law is statewide and was put into effect to stop the separation that occurs in housing based on race, age, color, disability, sex, religion, national origin, and familial status.

Housing Assistance Payment (HAP) Contracts (PDF): The HAP contract is used for those under the voucher project to obtain area 8.

House: A living arrangement in which individuals live.

Housing and Urban Development (HUD): HUD’s mission is to construct the entrance to housing that is metered without separation; promote group improvement; and expand homeownership rates.

Pay Levels: These are management-defined confinement points that are used to set spending credit limits and other moderate accommodations.

Toxic Paint Disclosure – Requirements that became powerful starting in 1996 to ensure that families and individuals are aware of homes containing toxic paint.

Lease: An oral or compound contract created between a land owner and his occupant that grants the occupant the privilege of selecting home ownership for a specified amount of time. Generally speaking, for leases that are longer than one year, the affirmation must be in writing.

Lease Option – A statement that allows the occupant the option to purchase the property they are renting toward the end of the lease term, or at some point during the lease term.

Lease Renewal: The restoration of a lease after the lease term has ended.

Lease Term: The length of time agreed between the owner and the occupant in which the occupant will own the property.

Tenant: The occupant who has competed for the term of the lease.

Landlord: The owner who has competed for the term of the lease.

Low Income Tax Credit (LITC) Properties (PDF): These types of properties give the owner a specific measure of credits for expenses in exchange for renting to qualified occupants as allocated by the Office of Justice, HUD and the IRS.

Livelihood: The upkeep and consideration of a property.

People with Disabilities Act: A demonstration that insurance is raised to open the door for people with disabilities.

Prequalification – This is the main stage in the offer procedure where the most extreme advance sum for the candidate is worked out.

Property: A piece of land plus perpetual apparatus, eg structures, to which it is attached.