Acre - a unit of land that contains 43,560 square feet

Appraisal - an estimate of value

"As is" - property offered for sale in its present condition with no guaranty or warranty of quality provided by the seller

Assessed value - a value placed on a property by a municipality for the purpose of taxation

Broker - a natural person or legal entity licensed to act independently in conducting a real estate brokerage business.

Building codes - local and state laws that set minimum construction standards.

Buyer's market - one with a few buyers and many sellers.

Certificate of occupancy - a government-issues document that states a structure

Closing - the act of finalizing a transaction

Community Preservation Fund (CPF) - a tax paid by a Purchaser in the five East End towns of Long Island on all real estate transactions. The proceeds of the tax are used to pay for the purchase of public open space. For the Towns of East Hampton, Southampton and Shelter Island the tax will be computed as follows: 2% on the value of all improved residential property over $250,000 and 2% on the value of all residential land over $150,000

Comparables - the prices paid for properties similar to the subject properties that are used to estimate the value of the subject property.

Contract - a legally enforceable agreement to do (or not do) a particular thing.

Deed - a written document hat conveys title to land when properly executed and delivered

Deed restrictions - provisions placed in deeds to control how future landowners may or may not use the property. (Often called "C & Rs" or "Covenants and Restrictions")

Earnest Money Deposit - Money that accompanies an offer to purchase as evidence of good faith.

Easement - the right or privilege one party has to use land belonging to another for a special purpose not inconsistent with the owner's use of the land.

Encroachment - the unauthorized intrusion of a building or other improvement onto another person's land.

Encumbrance - any impediment to a clear title, such as a lien, lease, easement, judgment or mortgage.

Exclusive agency listing - a listing wherein the owner reserves the right to sell his property himself, but agrees to list with no other broker during the listing period.

Fixture - an object that has been attached to land so as to become part of the real estate.

Grantee - the person named in a deed who acquires ownership.

Grantor - the person named in a deed who conveys ownership

Homeowners' association - an administrative association comprised of each owner of property within a real estate

Homeowner policy - an insurance policy designed for homeowners or tenants, including property damage and public liability coverage

Mansion tax - a tax paid by all purchasers on improved residential property where the purchase price is $1 million or more.

Open Listing - a listing that gives a broker a non-exclusive right to find a buyer.

Option - The right at some future time to purchase or lease a property at a predetermined price

Real Estate - Land and all physical improvements in a physical sense as well as the rights to own or use them

Real estate commission - the fee paid to a broker for his/her services

Realtor-Associate - a membership designation for salespersons working for a Realtor

Tax map - maps used by the county clerk's office that show the location and boundaries of individual properties within a given area, available for public inspection at the clerk's office

Tax map number - An identification number assigned to a parcel of land by the county taxing authority. The county is divided into map books and each book is given a number. On each page of the map books are area maps, each with its own number. Each parcel of land on the area map is assigned a parcel number. These numbers make up the district (i.e., the township) section, block, and lot number of a tax map number

"Time is of the essence" a phrase that means that the time limits a contract must be faithfully observed or the party violating the time limit may be held in default under the contract.

Title - the right to or ownership of something, also the evidence of ownership such as a deed or bill of sale.

Title insurance - an insurance policy against defects in the title that is not listed in the title report or abstract

Title report - a statement of the current condition of title for a parcel of land based on a title search

Transaction, settlement, or closing costs - may include application fees, title insurance, and property survey fees, fees for preparing deeds, mortgages and settlement documents, attorney's fees, recording fees, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application for a loan or within three days of application. The good-faith estimate lists each expected cost either as an amount or a range.