There seems to be no common science or particular standard in real estate. Some people would argue that most definitions in real estate are subject to interpretation as there are many laws, guidelines and regulations in different areas and jurisdictions.

Please use this glossary as a guide only. If you need an exact definition or standard that would apply to your situation please consult with an attorney, engineer or any other licensed professional. Zaglist.com does not guarantee any of the information provided on our site.

# of Rooms – Living areas other than bathrooms. To calculate the number of rooms in a house or an apartment you must exclude the number of bathrooms. For example a two-bedroom apartment with a den and a dining room would have 6 rooms: 2 bedrooms + 1 den + 1 dining room + 1 living room + 1 kitchen.

Bedroom – Typically a room to be considered as a bedroom would require a closet and a window.

Full Bath – A room commonly containing a toilet and a shower or tub.

Half Bath – A room with a toilet that does not contain a bathing area such as a shower or tub.

Common Charges – In CONDOs – Fee for use of and access to common facilities such as hallways, heating system, elevators, and exterior areas. This fee typically does not include real estate taxes.

Maintenance – In Co-ops – Fee for use of and access to common facilities such as hallways, heating system, elevators, and exterior areas. This fee typically includes real estate taxes. A portion of the maintenance may be tax deductible for owners.

Allowed Financing – Part of the purchase price that can be financed by a mortgage. In general, this is a requirement when purchasing a Co-op but it is not unusual to see the same requirement for CONDOs. The Co-op or CONDO association often requires that there is a limit on the amount of money that can be financed by a mortgage. This amount is expressed as a percentage of a purchase price. For example: If Allowed Financing is 80% in a $500,000 purchase, the buyer can finance the maximum of $400,000.

CONDO – Condominium – Property where individuals own a piece of real estate while use and have access to common facilitates such as hallways, elevators, exterior areas, etc. Unlike Co-ops, CONDOs are regarded as real property. Condominium is defined as a form of ownership where owners hold a deed to the property.

Co-op – Cooperative – Property where individuals do NOT own real state but instead own shares (stock) in a corporation and have a proprietary lease for the corresponding property. Co-ops are NOT real estate. Co-ops are personal property similar to for example a car or clothes. Co-op owners are subject to stricter rules under the Co-op Board Rules and Regulations, which often require higher down payment for purchases, background checks, lower flexibility with sub-leasing, limited options for property improvements.

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