Glossary

Sections:

ACHA (Allegheny County Housing Authority)
Affordable Housing
Amenities
Apartment
Broker
Condo / Condominium
Conventional Housing
Co-signer
Duplex (house)
Equal Housing Opportunity
Escrow Account
Ethics / Professionalism
Eviction
Fair Housing Act
HAP (Housing Assistance Payments) contract
House
HUD (Housing and Urban Development)
Income Levels
Lead Based Paint Disclosure
Lease
Lease Option
Lease Renewal
Lease Term
Leasing Agent
Lessee
Lessor
LITC (Low Income Tax Credit) Properties
Maintenance
Market Rate
Persons with Disabilities Act
PHFA (Pennsylvania Housing Finance Agency)
Property
Property Management Agreement
Property Manager
Proration
Real Estate
Real Estate Agent
Realtor®
Rent
Rent Schedule
Rent to Own
Rental Discount
Repairs
Sales Agent / Salesperson
Section 8
Security Deposit
SFH (Single Family House)
Subsidy / Subsidized
Tenant Damages
Townhouse
Voucher(s) (Section 8)
Sources

ACHA (Allegheny County Housing Authority)
The mission of the Allegheny County Housing Authority (ACHA) is to provide decent, safe and sanitary housing for eligible low-income families and senior citizens in Allegheny County.

Affordable Housing
Housing that is governed by a state or federal agency to control the rents and offer assistance to persons meeting certain criteria.

Amenities
Features both tangible and intangible, that enhance the value or desirability of real estate.

Apartment
A room or a group of related rooms, among similar sets in one building, designed for use as a dwelling.

Broker
One who buys and sells for another for a commission. In real estate, a broker must be properly licensed to perform certain activities specified in the real estate license laws and collect compensation.

Condo / Condominium
The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

Conventional Housing
Conforming or adhering to the acceptable standards or market rate of housing in an area (see Market Rate)

Co-signer
A signer in addition to the principal signer (to verify the authenticity of the principal signature or to provide surety)?

Duplex (house)
A house having separate apartments for two families, esp. a two-story house having a complete apartment on each floor and two separate entrances.

Equal Housing Opportunity
To create equal housing opportunities for all persons living in America by administering laws that prohibit discrimination in housing on the basis of race, color, religion, sex, national origin, age, disability, and familial status.

Escrow Account
The trust account established by a broker under the provisions of the license law for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction

Ethics / Professionalism
The system of moral principles and rules that becomes the standards for professional conduct.

Eviction
A legal process to oust a person from possession of real estate

Fair Housing Act
The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin

HAP (Housing Assistance Payments) contract
This form of Housing Assistance Payments Contract (HAP contract) is used to provide Section 8 tenant-based assistance under the housing choice voucher program (voucher program) of the U.S. Department of Housing and Urban Development (HUD). The main regulation for this program is 24 Code of Federal Regulations Part 982.

House
A building in which people live; residence for human beings.

HUD (Housing and Urban Development)
HUD's (US Department of Housing and Urban Development) mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management, and accountability and forge new partnerships--particularly with faith-based and community organizations--that leverage resources and improve HUD's ability to be effective on the community level.

Income Levels
These are income limits based on the median household income of the government agency used to provide limits on tax credit and other affordable housing.

Lead Based Paint Disclosure
Recognizing that families have a right to know about lead-based paint and potential lead hazards in their homes, Congress directed EPA and HUD to work together to develop disclosure requirements for sales and leases of older housing. These requirements became effective in 1996.? EPA has established hazard standards for paint, dust, and soil in most pre-1978 housing and child-occupied facilities. These requirements became effective in 2001.

Lease
A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and the use of the landlord's real property to the lessee for a specified period of time and for a stated consideration (rent). By state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable.

Lease Option
A lease under which the tenant has the right to purchase the property either during the lease term or at its end. (See Rent to Own)

Lease Renewal
A renewal of the lease for a period of time generally under its original conditions unless otherwise stated in the renewal.

Lease Term
The term or duration of the lease that the landlord (lessor) and tenant (lessee) agree that that tenant will occupy, or have possession of the real property.

Leasing Agent
A real estate agent employed by a licensed real estate broker who leases (rents) property owned by a landlord (lessor) to a tenant (lessee) and has the authority to sign on that lessor's behalf.

Lessee
The tenant that has the possession of the real property for the lease term for a specified consideration (rent).

Lessor
The landlord that has given possession of their real property for the lease term for a specified consideration (rent).

LITC (Low Income Tax Credit) Properties
These are properties that have been given a designation from the IRS, HUD, and the Justice department that govern the rents, criteria for eligible tenants, and landlords about property in exchange for tax credits paid to the owner.

Maintenance
The care or upkeep of a property or unit. This usually does not increase the value but keeps the property in good working order (i.e. grass cutting, minor plumbing, etc.)

Market Rate
These are properties that are leased at the current rates of the market (what the market will bear, or pay for a said property).

Persons with Disabilities Act
The Americans with Disabilities Act gives civil rights protections to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, State and local government services, and telecommunications.

PHFA (Pennsylvania Housing Finance Agency)
The Pennsylvania Housing Finance Agency is the Commonwealth's leading provider of capital for affordable homes and apartments. Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities. The Agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort.

Property
A piece of land or real estate, including any permanent fixtures attached thereto.

Property Management Agreement
An agreement between a landlord (lessor) and a real estate broker (management company) about the details of how a property will be managed, the compensation paid to the broker, and any other criteria deemed to be necessary between the two parties.

Property Manager
Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting.

Proration
Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing or landlord and tenant at the signing of the lease.

Real Estate
Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.

Real Estate Agent
An agent with a licensed real estate broker engaged in the sale or lease of real estate.

Realtor®
A registered trademark term reserved for the sole use of active members of the local REALTOR® boards affiliated with the National Association of REALTORS®.

Rent
A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.

Rent Schedule
A statement of proposed rental rates, determined by the owner or the property manager or both, based on a building's estimated expenses, market supply and demand, and the owner's long-range goals for the property.

Rent to Own
Typically, this is a lease where you would have the option to buy, and part of your rent may go towards the purchase of the house. (See Lease Option)

Rental Discount
The discount provided by the landlord (lessor) or management company to the tenant if the tenant will pay the consideration (rent) by a certain day.

Repairs
Improvements made on properties that enhance the value or fix something outdated or broken.

Sales Agent / Salesperson
A person who performs real estate activities while employed by or associated with a licensed real estate broker.

Section 8
The Section 8 Rental Voucher Program increases affordable housing choices for very low-income households by allowing families to choose privately owned rental housing. The public housing authority (PHA) generally pays the landlord the difference between 30 percent of household income and the PHA-determined payment standard-about 80 to 100 percent of the fair market rent (FMR). The rent must be reasonable. The household may choose a unit with a higher rent than the FMR and pay the landlord the difference or choose a lower cost unit and keep the difference.

Security Deposit
A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or destruction of the premises by the tenant

SFH (Single Family House)
A detached dwelling on a piece of land (real estate) that typically is for one family's use.

Subsidy / Subsidized
Monetary assistance granted by a government to a person or group in support of an enterprise regarded as being in the public interest.

Tenant Damages
Damages done by the tenant or guest of the tenant during the tenants lease term that are outside the normal wear and tear of that unit.

Townhouse
One of a row of houses joined by common sidewalls.

Voucher(s) (Section 8)
Through the Section 8 Rental Voucher Program, the administering housing authority issues a voucher to an income-qualified household, which then finds a unit to rent. If the unit meets the Section 8 quality standards, the PHA then pays the landlord the amount equal to the difference between 30 percent of the tenant's adjusted income (or 10 percent of the gross income or the portion of welfare assistance designated for housing) and the PHA-determined payment standard for the area. The rent must be reasonable compared with similar unassisted units.

Sources
http://www.achsng.com/about.htm; Modern Real Estate Practice in Pennsylvania Tenth Addition, Copyright © 2006; Dictionary.com Unabridged (v 1.1) Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006.; http://www.hud.gov/offices/fheo/aboutfheo/aboutfheo.cfm; http://www.hud.gov/library/bookshelf12/hudmission.cfm; http://www.epa.gov/lead/pubs/leadbase.htm; http://www.usdoj.gov/crt/ada/q%26aeng02.htm; http://www.phfa.org/about/default.aspx; WordNet® 3.0, © 2006 by Princeton University.; http://www.hud.gov/progdesc/voucher.cfm; The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2006 by Houghton Mifflin Company. Published by Houghton Mifflin Company.;