BACKFILL
The replacement of excavated earth into a hole or against a structure.

BALANCE SHEET
A statement of the financial condition of a business at a certain time showing assets, liabilities, and capital.

BALLOON PAYMENT
An installment payment on a promissory note - usually the final one for discharging the debt - which is significantly larger than the other installment payments provided under the terms of the promissory note.

BARGAIN AND SALE DEED
Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

BASE AND MERIDIAN
Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries.

BASIS
(1) Cost Basis. The dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the income tax to be paid upon the sale or exchange of the property. (2) Adjusted Cost Basis. The cost basis after the application of certain additions for improvements, etc., and deductions for depreciation, etc.

BEARING WALL
A wall or partition which supports a part of a building, usually a roof or floor above.

BENCH MARK
A monument used to establish the elevation of the point, usually relative to Mean Sea Level, but often to some local datum.

BENEFICIARY
(1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title of which is vested in a trustee; (3) The lender on the security of a note and deed of trust.

BEQUEATH
To give or hand down by will; to leave by will.

BEQUEST
Personal property given by the terms of a will.

BETTERMENT
An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.

BILL OF SALE
A written instrument given to pass title of personal property from vendor to the vendee.

BINDER
An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also, a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy.

BLANKET MORTGAGE
A single mortgage which covers more than one piece of real property.

BLIGHTED AREA
A district affected by detrimental influences of such extent or quantity that real property values have seriously declined as a result of adverse land use and/or destructive economic forces; characterized by rapidly depreciating buildings, retrogression and no recognizable prospects for improvement. However, renewal programs and changes in use may lead to resurgence of such areas.

BLOCKBUSTING
The practice on the part of unscrupulous speculators, or real estate agents of, inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing.

BONA FIDE
In good faith; without fraud or deceit; authentic.

BOND
Written evidence of an obligation given by a corporation or government entity. A surety instrument.

BOOK VALUE
The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.

BREACH
The breaking of a law, or failure of duty, either by omission or commission.

BROKER
A person employed for a fee by another to carry on any of the activities listed in the license law definition of a broker.

BROKER-SALESPERSON RELATIONSHIP AGREEMENT
A written agreement required by the regulations of the Real Estate Commissioner setting forth the material aspects of the relationship between a real estate broker and each salesperson and broker performing licensed activities in the name of the supervising broker.

B.T.U.
British thermal unit. The quantity of heat required to raise the temperature of one pound of water one degree Fahrenheit.

BUILDING CODE
A systematic regulation of construction of buildings within a municipality established by ordinance or law.

BUILDING LINE
A line set by law a certain distance from a street line in front of which an owner cannot build on owner's lot. A setback line.

BUILDING, MARKET VALUE OF
The sum of money which the presence of that structure adds to or subtracts from the value of the land it occupies. Land valued on the basis of highest and best use.

BUILDING RESTRICTIONS
Zoning, regulatory requirements or provisions in a deed limiting the type, size and use of a building.

BUNDLE OF RIGHTS
All of the legal rights incident to ownership of property including rights of use, possession, encumbering and disposition.

BUREAU OF LAND MANAGEMENT
A federal bureau within the Department of the Interior which manages and controls certain lands owned by the United States.

BUSINESS OPPORTUNITY
The assets for an existing business enterprise including its goodwill. As used in the Real Estate Law, the term includes "the sale or lease of the business and goodwill of an existing business enterprise or opportunity".

BUYDOWN
See SUBSlDY BUYDOWN.

BUYER'S MARKET
The condition which exists when a buyer is in a more commanding position as to price and terms because real property offered for sale is in plentiful supply in relation to demand.

BYLAWS
Rules for the conduct of the internal affairs of corporations and other organizations.