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D HORIZON - Limestone deposits under the C horizon.

DADO - (1) To secure by setting in a groove. (2) To make a rectangular groove in a board or plank.

DALE - valley between hills or other high ground.

DAM - earthen, metal, masonry, or wooden wall or barrier across a flow of water, which is used to restrict or prevent the water from flowing.

DAMAGES - (1) Money recoverable by one suffering a loss or injury. (2) The loss of value to property adjoining a property taken in condemnation proceedings, rather than the value of the property taken.

DAMPER - adjustable plate in the flue of a fireplace or furnace, which is used to control the draft from the flames.

DARK STORE CLAUSE - clause usually found in a retail store percentage lease stating that the tenant must stay open for business at the site for the full term of the lease, and limits the tenant's right to open a competitive business.

DATA PLANT - Information on real property, filed and held by an appraiser, lender, etc.

DATED DATE - Indicates the date a document was executed (signed), rather than the date of recording (recording date).

DATUM - position from which distances are measured.

DATUM LINE - horizontal line from which heights and depths are measured. Varies with the area but is usually set forth in the local building code.

DBA (DOING BUSINESS AS) - identification of the owner or owners of a business and the business name. Not a partnership or corporation.

DE - Latin for of; by; from; concerning.

DEAD LOAD - (1) Most commonly, the weight of a truck, exclusive of cargo. (2) The weight of a building or other structure, including furnaces, air conditioning units, elevators, and other permanent machinery, but not furniture, people, or inventory of a business in the structure.

DEAD RENT - term used in mining to indicate the fixed annual rent, exclusive of royalties. In commercial percentage leases, usually called minimum rent or base rent.

DEAD-END STREET - street having ingress and egress at one end only. Differs from a cul de sac in that the dead-end street does not have an enlarged area at the closed end for U turns.

DEALER - One who buys and sells real estate as a business, as opposed to an investor. The importance of the term is for tax purposes. If IRS determines that a taxpayer is a dealer, said taxpayer will not be allowed the capital gains benefits of an investor, but will be taxed at ordinary income rates. The term applies to the transactions more than the person. One may be a dealer in certain transactions and an investor in others.

DEAMORTIZATION - term used to describe a loan with payments that begin at less than interest only.

DEATH RATE - Number of deaths in a given area in a given time. Based on a per 100 or per 1000 population.

DEBENTURE - Unsecured indebtedness, usually long-term. Most common debentures are in the form of bonds.

DEBENTURE BOND - Also See: Debenture.

DEBENTURE STOCK - Also See: Debenture .

DEBIT - accounting term used to designate a payment or owing, as opposed to a credit which is a receiving or being owed.

DEBT - Money owing from one person to another.

DEBT EQUITY RATIO - ratio of the mortgage balance to the owner's equity.

DEBT FINANCING - Borrowing money rather than selling ownership interests (equity financing). For example: A corporation would get a loan or issue bonds as a means of debt financing. The corporation would issue stock or use retained earnings as a means of equity financing.

DEBT RATIO - ratio, expressed as a percentage, of a borrower's monthly expenses to gross monthly income. There are two ratios. The first is the expense of the property to income. This includes the mortgage payment, taxes and insurance. The second is the total expense to income. This includes car payments, credit card payments, etc. Acceptable numbers for almost any loan would be 25% property expense to income and 35% total expense to income. The percentages may be much higher, especially for a hard money mortgage.

DEBT SERVICE - (1) periodic payment of mortgages or trust deeds on a specific property. (2) The interest payments of said mortgages or trust deeds. (3) Sometimes loosely used for the total amount owing on said mortgages or trust deeds.

DEBT-TO-INCOME RATIO - Also See: Debt Ratio.

DEBTOR - One who owes a debt.

DEBTOR'S POSITION - Value of property over the amount of mortgages. Commonly called the equity.

DECEDENT - Originally, one who was dying. Modernly, one who is dead.

DECENTRALIZATION - movement of people and businesses from a central area (a city or downtown area) to more scattered positions (surrounding suburbs).

DECIBEL - unit of measurement for sound or noise levels. Some states require a builder to make a purchaser aware of the noise level in given areas (usually near airports).

DECIDUOUS TREES - Those which shed their leaves or fruit at seasonal intervals.

DECK - Any flat surface which resembles the deck of a ship, and is not enclosed. A flat area on a roof, roof of a porch, etc.

DECK PAINT - exterior paint having a high resistance to wear, and used in areas of heavy use, such as a porch.

DECK ROOF - flat roof without parapets.

DECLARATION - Also See: Declaration of Restrictions; Restriction; Condo-minium Map.


DECLARATION OF RESTRICTIONS - set of restrictions filed by a subdivider to cover an entire tract or subdivision.

DECLARATION OF TRUST - written acknowledgement by one holding legal title to property that the property is held in trust for the benefit of another.

DECLARATORY JUDGMENT - determination by a court as to the legal rights of the plaintiff, with no order for relief. The judgement is binding on future litigation.

DECLINING BALANCE METHOD OF DEPRECIATION - Depreciation by a fixed annual percentage of the balance after deducting each yearly depreciation amount.

DECORATE - To adorn or add to the beauty of something. Connotes only superficial changes, but in some areas, is used to indicate major repair.

DECREE - judgment of a court.

DECREE OF DISTRIBUTION - final determination of the rights of heirs to receive the property of an estate.

DEDICATED - Property given by an owner for public use.

DEDICATION - giving by an owner of private property for public use, and the acceptance by the proper public authority. Most commonly the dedication by a builder of the streets in a subdivision.

DEED - legal written document by which title to property is transferred.

DEED BOOK - Also See: Liber.

DEED IN LIEU - Also See: Deed in Lieu of Foreclosure.

DEED IN LIEU OF FORECLOSURE - deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered.

DEED OF RECONVEYANCE - Also See: Reconveyance.

DEED OF TRUST - instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full.

DEED POLL - common form of deed executed by the grantor(s) only. When the grantee(s) also execute the deed (perhaps to accept certain restrictions or liens), it is an indenture deed (see which).

DEED RESTRICTIONS - Limitations on the use of property placed in the conveyancing deed by the grantor, which bind all future owners.

DEFAULT - Failure to fulfill the terms as agreed to in the mortgage of note.

DEFAULT JUDGMENT - judgment entered against a party who fails to appear in court at the scheduled time.

DEFAULT RATIO - point at which income producing property fails to carry itself (pay operating expenses and mortgage payments). It is determined by the ratio of occupied units to total units.

DEFEASANCE DEED - deed, made collaterally with a conveyancing deed, which imposes conditions which, if met, will defeat the conveyance.

DEFEASIBLE TITLE - Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A's title may be good (doesn't marry) or may be defeated (marries before 30).

DEFECTIVE TITLE - (1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.

DEFENDANT - person against whom a civil or criminal action is brought.

DEFERRED EXCHANGE - process whereby the taxpayer sells the relinquished property and purchases the replacement property at a later date. The process must conform to the rules of IRS code section 1031 in order to gain the tax benefits. See also: Concurrent Exchange; Reverse Exchange.

DEFERRED INTEREST - Interest that is postponed (deferred) until a later date. This would occur if a borrower was paying less than interest only on a loan.

DEFERRED MAINTENANCE - Repairs necessary to put a property in good condition. A concern of a purchaser. An owner may have an account for such maintenance.

DEFERRED PAYMENT LOANS (DPLS) - Reverse mortgages that give the borrower a lump sum of cash to repair or improve a home; usually offered by state or local governments.

DEFERRED PAYMENTS - (1) Payments to begin at a future time. (2) Installment payments.

DEFICIENCY JUDGMENT - Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.

DEFLATION - decrease in the supply of money and credit. The value of money is increased in relation to what it will buy (price drop). Opposite of inflation.

DEGREE - (1) geometric measure. 360 degrees makes a circle; 180 degrees a straight line; 90 degrees a right angle, etc. Used in metes and bounds descriptions to show the direction the boundaries follow. A degree is itself divided by minutes and seconds, 60 minutes making 1 degree, and 60 seconds making 1 minute. (2) A term used in inheritance to show the closeness of blood relationships. (3) Extent, such as 1st degree murder. (4) That which is received upon graduation from school, such as a law degree.

DELAYED RECONVEYANCE - reconveyance of a deed of trust which is issued and recorded after transfer of title and issuance of title insurance (not showing the deed of trust). Usually occurs when the lender is in another state and will not issue the reconveyance until paid in full.

DELEGATE (DELEGATEE) - One to whom a duty under a contract is transferred.

DELEGATION - transfer of a duty under a contract. The opposite of assignment, which is the transfer of a right.

DELEGATOR - One who transfers a duty under a contract.

DELINQUENCY - overdue amount owing on a loan.

DELIVERY - In conveyancing, the placing of the property in the actual or constructive possession of the grantee. Usually accomplished by delivery of a deed to the buyer or agent of the buyer, or by recording said deed.

DELTA - (1) Greek letter used to symbolize a change in percentage. When capitalizing yield for valuation of income property, it represents the anticipated percentage change in the value of the property over the period projected. (2) The land formed at the mouth of a river where it meets tidal water.

DEMAND - (1) quantity of goods which can be sold at a specified price, in a given market, at a particular time. (2) A letter from a lender showing the amount due in order to pay off a mortgage or trust deed.

DEMAND DEPOSIT - Any deposit which may be withdrawn upon demand. For trust funds, non interest bearing deposits.

DEMAND NOTE - note having no date for repayment, but due on demand of the lender.

DEMINIMIS PUD - planned unit development having very limited common area.

DEMISE - lease or conveyance for life or years. Loosely used to describe any conveyance, whether in fee, for life, or for years.

DEMISING WALL - wall separating tenants in the same building.

DEMOGRAPHICS - Statistics. Commonly refers to statistical information required by certain businesses (especially chain stores) regarding a possible new location.

DEMURRER - legal term whereby one party states that even if the other party's facts or allegations are true, there is still no cause of action.

DENSITY - (1) degree of crowding together of people or buildings. (2) Weight or thickness.

DEPARTMENT OF REAL ESTATE - That department of the state government responsible for the licensing and regulation of persons engaged in the real estate business. The person heading the department is usually called The Real Estate Commissioner. Other names for the department are The Division of Real Estate and The Real Estate Commission.

DEPARTMENT OF VETERANS AFFAIRS - Formerly the Veterans Administration.

DEPLETION - reduction or exhaustion of an asset, such as a wasting asset, and its corresponding loss of value.

DEPLETION RATE - Percentage of the total amount of a wasting asset (oil, minerals, etc.) to be mined, drilled or otherwise used yearly.

DEPONENT - One who makes a sworn written statement (deposition). If the statement is an affidavit, the maker is called and affiant.

DEPOSIT - (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

DEPOSIT RECEIPT - Also See: Purchase Agreement.

DEPOSITION - Testimony of a witness taken under oath outside of court.

DEPOT - (1) railroad or bus station. (2) Any place used for the storage and protection of goods.

DEPRECIABLE LIFE - tax term meaning the number of years used to determine depreciation of an asset (generally a building). The time used is determined by the local IRS office under general guide lines.

DEPRECIABLE PROPERTY - Property on which a useful life can be determined for depreciation. For example: A building is depreciable (has a lifetime) but the land under it is not (lasts forever).

DEPRECIATION - (1) Decrease in value to real property improvements caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes. (See specific types of depreciation).

DEPRECIATION METHODS - Accounting methods to compute the decrease in value of an improvement.

DEPRECIATION RESERVE - account for the amount needed for depreciation caused by time and use of equipment, buildings, etc. Common in accounting of public utilities.

DEPRESSION - bottom of a business cycle, when production, prices, and purchasing, are usually low, and unemployment is high.

DEPTH CURVE - appraisal graph showing the increase or decrease in value of lots of equal front footage, as the depth increases or decreases (depth factor).

DEPTH FACTOR - increase or decrease of the value of a lot as the depth increases or decreases; the frontage remains the same.

DERAIGN - To displace, as by proving something to be false.

DERELICT - Dry land that is exposed by a change in the water line.

DERELICTION - changing of the water line that exposes dry land.

DEROG - slang shortening of the word derogatory. Used in reference to information on a credit report.

DESCENT - Technically, to pass by succession (operation of law). Modernly, the term includes passing by will.

DESCRIPTION - Also See: Legal Description.

DESIGN - plan of a structure, encompassing all phases of its appearance and function.

DESIST AND REFRAIN - To stop doing what one is doing, and not to start doing it again in the future. The real estate commissioner in some states has the power to issue a desist and refrain order when real estate laws are violated.

DESKTOP APPRAISAL - appraisal done from the appraiser's desk without a physical inspection of the property. The appraiser uses comparables to estimate value. Usually used for loan rather than sale transactions. The appraisal may sometimes be labeled as a desktop appraisal even if the appraiser has physically inspected the property.

DETACHED - Not connected to. A house with a detached garage, for example, would have no direct access from one to the other.

DETERIORATION - gradual wearing away of a structure through use or exposure to the elements, rather than a sudden destruction. Also called physical deterioration.

DEVELOPER - (1) builder. (2) One who prepares the raw land for construction and then sells lots to a builder.

DEVELOPMENT - planned construction project, rather than simply the building of unrelated buildings.

DEVELOPMENT COST - Also See: Off-Site Improvements.

DEVELOPMENT LOAN - loan for the purchase of land or off-site improvements, rather than building costs. The land involved is used to secure the loan.

DEVEST - Also See: Divest.

DEVISE - Traditionally, a gift by will of real property. Modernly, a gift of either real or personal property. See also: Bequest.

DEVISEE - One to whom real estate is given by will.

DEVISOR - testator who leaves real estate.

DIAGRAM RULES - method of determining the boards to be produced from a log by drawing a cross section of the log, and cross sections on it of the boards to be produced, leaving between each board the width of a saw kerf.

DIKE - (1) barrier erected to restrain the flow of water. A levee. (2) a ditch or channel for water.

DILUVIUM - deposit of land produced by a flood.

DIMENSION LUMBER - Lumber cut to commonly used sizes or cut to a custom order.

DIMINISHING ASSETS - Also See: Wasting Assets.

DIMINISHING RETURNS - Also See: Increasing and Diminishing Returns.

DIRECT COMPENSATION - Also See: Compensation.

DIRECT COSTS - Construction costs not including overhead.

DIRECT DEEDING - process whereby the parties to a 1031 exchange deed directly to each other rather than to the accommodator. The process must conform to the rules of IRS section 1031 in order to obtain the tax advantages.

DIRECT ENDORSEMENT - program allowing private lenders to process and endorse FHA loans. The lender must first be approved by FHA.

DIRECT EXPENSE ESCALATION - Also See: Escalation Clause(3).

DIRECT REDUCTION MORTGAGE - amortized mortgage. One on which principal and interest payments are paid at the same time (usually monthly) with interest being computed on the remaining balance.

DIRECT STEAM SYSTEM - radiator system fed from a steam boiler.

DIRECTIONAL GROWTH - path of growth of an urban area. Used to determine where future development will be most profitable.

DISBURSEMENTS - Payments made during the course of an escrow or at closing.

DISCHARGE - Also See: Release.

DISCHARGE OR RELEASE FROM THE MILITARY - To be eligible for a V.A. loan, a person must receive a discharge which is not a dishonorable discharge or have been eligible for such a discharge or release but not received one because of reenlistment.

DISCLAIMER - (1) Statement on a publication attempting to limit liability in the event the information is inaccurate. (2) Renunciation of a claim or right of another. (3) Refusal to accept an estate, either as trustee or as owner.

DISCLOSURE - form filled out by the owner of a home describing to a potential buyer any defects in the property of which the owner is aware but are not obvious to the buyer. Courts have held that owners may be liable for undisclosed defects of which they "should be aware", even if they have no actual knowledge of them.

DISCOUNT - difference between face value of an installment note and mortgage or deed of trust, and the present cash value.

DISCOUNT BROKER - real estate broker charging a lower than the usual commission. The broker will have the seller take on some of the tasks normally performed by the broker, such as showing the property to prospective purchasers.

DISCOUNT FEE - Also See: Discount Points.

DISCOUNT POINT - Also See: Point (1).

DISCOUNT POINTS - amount paid to increase the yield. Example: A borrower receives a loan with an interest rate of seven percent but pays the lender three points in advance. The points raise the annual percentage rate of the loan. The lender may then sell the loan at less than face value and still make a profit. Each point equals one percent of the face value of the loan.

DISCOUNTED CASH FLOW - present value of future cash flow, determined by a given discount rate.

DISCRIMINATION - Refusal to sell or rent property or make a loan based on reasons forbidden by federal or state law. This can include race, gender, pregnancy, color, religion, national origin, age, disability or sexual orientation. Discrimination extends beyond real estate to areas such as hiring and firing and refusing admittance to private schools and other organizations. All the reasons above do not apply to all areas.

DISINTERESTED APPRAISAL - estimate of value of real estate by one having no personal interest in the property.

DISPOSABLE INCOME - Also See: Spendable Income.

DISPOSAL FIELD - system of clay tiles and gravel used to dispose of the waste draining from a septic tank. The percolating qualities of the soil determine the extent of the field needed. (Also, called a tile field).

DISPOSITION - giving up or alienating of property.

DISPOSITION OF REAL ESTATE STATEMENT - statement that the buyer will occupy the property being purchased even though the buyer owns other property. The buyer states that the other property will be sold or rented. Particulars must be given as to any loan on the property and the equity or rent to payment amounts.

DISPOSSESS PROCEEDINGS - Eviction proceedings by a landlord to remove a tenant from possession because of nonpayment of rent or other breach of the rental agreement. The term is not widely used.

DISSEISIN - wrongful dispossession of someone seised (in rightful possession) of real property.

DISSOLUTION - cancellation or annulment of a contract or business association, such as a partnership or corporation.

DISTEMPER - mixing of paint with egg whites or size, to use as background decoration for a painting on a wall or ceiling.

DISTRAINT - To take (legally or illegally) personal property and keep it until its owner performs an obligation. Commonly, a landlord taking personal property (furniture, etc.) of a tenant until rent is paid.

DISTRESS SALE - sale of property when the seller is under extreme pressure to sell. Generally the property is sold for less than market value.

DISTRIBUTED LOAD - Weight distributed over a surface, such as a floor, or along a beam or other support member, and measured in pounds or tons per square foot of area.

DISTRIBUTION BOX - (1) Also See: Fuse Box. (2) An underground box which receives the waste from a septic tank and distributes it laterally to a disposal field.

DISTRIBUTION PANEL - board containing electrical circuits which distribute the main load to branch circuits.

DISTRIBUTION TILE - Tile, usually clay or cement, used in a disposal field.

DISTRICT - area geographically set apart for a specific purpose, such as a congressional district or drainage district. The boundaries of one may overlap the other.

DITCH - trench, natural or man made, especially when used for drainage or irrigation.

DIVEST - To take away. The opposite of invest.

DIVIDED INTEREST - Different estates in the same property, such as the interest of owner, lessee, mortgagee, etc.

DIVIDED RATE - Also See: Split Rate.

DIVIDEND - dividing into shares of a fund of money or property for distribution, as among shareholders of a corporation. The money or property distributed is the dividend.

DIVIDEND YIELD - Ratio of cash flow to cash invested, expressed as a percentage.

DIVISA - boundary, commonly of a farm. Seldom used.

DIVISION FENCE - term used in ranching to describe the fence separating pastures.

DIVISION OF REAL ESTATE - Also See: Department of Real Estate.

DIVISION WALL - (1)A wall between two buildings, but not a part of either. (2) A wall which divides a building into rooms. Differs from a partition in that it is load-bearing.

DIVORCE - legal dissolution of a marriage, leaving the parties with the results of the marriage (includes alimony, child support, property settlements, etc.) rather than an annulment which puts the parties in the position they were before the marriage.

DOCK - (1) platform used for loading and unloading ships, trucks, or railroad cars. (2) A landing pier for boats. (3) The part of a courtroom where a prisoner is kept.

DOCTRINE OF ADVANCEMENTS - Also See: Advancements.

DOCUMENT - Also See: Instrumen).

DOCUMENT PREPARATION FEE - charge by an escrow agent, attorney or other person for preparing the documents for a sale or loan.

DOCUMENTARY TAX STAMPS - Stamps, similar to postage stamps, affixed to a deed, showing the amount of transfer tax paid. Most states now "stamp" the deed rather than actually affixing a stamp.

DOCUMENTARY TRANSFER TAX - state tax on the sale of real property, based on the sale price or equity transferred, being $ .55 for each $500 of the taxable amount in most states. Some states use $1.10 per $1000; $ .50 per $500; $1.00 per $1000.

DOG - mechanical device for holding logs together in a logging operation; usually has some type of claw which penetrates the wood.

DOLPHIN - (1) bumper around a boat to prevent damage. (2) A buoy with a ring for mooring.

DOMESTIC CORPORATION - (1) Refers to a state rather than a county. For example: In Delaware, a corporation organized under Delaware law would be a domestic corporation. In New York, a corporation organized under Delaware law would be a foreign corporation (foreign to New York). See also: Corporation. (2) In international terms, refers to the country in which the corporation is based. In the U.S., for example, U.S. based corporations are domestic.

DOMICILE - (1) legal term signifying a place where a person has his permanent home. The most accurate meaning is the layman's understanding of the place where a person "lives", since this takes into consideration the intent of the person to make a particular property his "home". (2) The state or country in which a corporation is chartered (organized), such as a corporation "domiciled" in the U.S.

DOMINANT TENEMENT - parcel of land which benefits from an easement. For example: An easement exists over parcel A for access to parcel B. Parcel B is the dominant tenement; parcel A is the servient tenement.

DONEE - One who receives a gift.

DONOR - One who gives a gift.

DOOR - sliding or hinged structure, covering an opening to a cupboard, closet, room, building, etc. May be used as an entrance or exit. Usually constructed of wood, glass, or metal, depending on its service.

DOOR BUCK - Also See: Door Jamb.

DOOR JAMB - members surrounding a door or door opening.

DORMER WINDOW - (1) window which rises vertically above the roof line of a sloping roof. (2) Originally any bedroom window.

DOUBLE DECLINING BALANCE METHOD OF DEPRECIATION - use of the declining balance method, but with double the depreciation allowable by straight line. An accelerated method.

DOUBLE ESCROW - Two concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: Escrow 1-A buys from B. Escrow 2-A sells the same property to C. A is using C's money to buy B's property. The process is illegal in many states unless full disclosure is made.

DOUBLE FLOOR - floor and subfloor, both of wood.

DOUBLE FRAMING - method of adding strength to framing by doubling the amount of structural supports.


DOUBLE GLAZING - Also See: Thermal Window.

DOUBLE HOUSE - Also See: Duplex.

DOUBLE PITCH - most common roof for houses, coming to a crest at the center and sloping away in two directions.

DOUBLE-HUNG WINDOW - window which opens vertically from the top and bottom, containing two separate sashes with a locking device, usually at the center where the top of the lower sash meets the bottom of the upper sash.

DOVETAIL JOINT - joint which interlocks in a zigzag pattern, similar to the tail of a dove.

DOWEL - cylindrical piece of wood used to join members together by fitting the ends into corresponding holes of the members.

DOWER - common law interest of a wife in the property of her deceased husband. Being changed in many states by statute to give more equality between men and women in property rights.

DOWN PAYMENT - difference between the sale price of a property and the mortgage amount.

DOWNSPOUT - pipe leading from the gutters of a roof to the ground and into a sewer or away from the building.

DOWNSTROKE - Slang for down payment.

DOWNTOWN - (1) In a small city or town, the business area. (2) In a larger city, a business section reference to distinguish the area from midtown or uptown.

DOWNZONING - change in the allowable use of land by the appropriate zoning authority to a lesser (usually less valuable) use. Example: Eight units per acre to four units per acre.

DRAFT CURTAINS - Fire retardant partitions (usually of sheet metal or dry wall) which attach to the interior of a roof, to divide a building in order to prevent the spread of fire within the building.

DRAGNET CLAUSE - clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.

DRAINAGE - (1) gradual flowing of liquid off a surface. (2) Any system to remove liquid waste or rainwater by having it flow to a designated area.

DRAINAGE DISTRICT - (1) geographical area under the authority of a single unit of local government which controls the construction and operation of the drainage systems of the area. (2) The governmental body having control over the area drainage systems.

DRAINAGE DITCH - Any open water channel, natural or man made, used for drainage.

DRAW - (1) Portions of a construction loan, given after certain stages of completion. (2) An advance against future income.

DREDGE - (1) machine which drags over the bottom of a waterway, to excavate or gather. (2) To excavate or gather by using a dredge.

DRESS - To finish or ornament, such as lumber, masonry, a facing of a building, etc.

DRESSER DRAWER TITLE - failure to record evidence of title; instead, placing it in a "dresser drawer". Also called: Trunk Title.

DRIFT - stress or thrust of an arch in a horizontal direction.

DRIFT FENCE - barrier to prevent cattle from "drifting" into an area as they graze. The fence does not form an enclosure.

DRIP - (1) small pipe, used to drain larger pipes of condensation. (2) A projection from a roof edge or sill to throw off rainwater. See also: Drip Cap.

DRIP CAP - molding which projects from over the exterior of a door or window, forcing rainwater to drip away from the building.

DRIVEWAY - (1) Commonly, a private roadway, paved or unpaved, leading from a public street to a garage or other shelter for an automobile. (2) An entrance to private land for any purpose, to be used by a motor vehicle.

DROP SIDING - siding applied to the exterior of a frame structure by tongue and groove method.

DROUGHT - Lack of water due to insufficient rainfall over an extended period of time.

DRUMLIN - long narrow hill of glacial deposit, sometimes trapping water and so forming a swamp at its foot.

DRY MORTGAGE - lien which places no personal liability on the mortgagor, looking only to the property for security.

DRY ROT - fungal decay of seasoned wood.

DRY-WALL CONSTRUCTION - Type of construction by which the interior wall is attached in a dry condition, generally as sheet materials, as contrasted to wet plaster application.

DUAL AGENCY - representation of opposing principals (buyer and seller) at the same time. In brokerage many states get around this by saying that the agent aids the buyer but is the agent of the seller only. A problem arises if both buyer and seller pay the broker. Then full disclosure must be made. An escrow agent is the agent of buyer and seller and usually paid by both. This is why an escrow agent must be neutral.

DUCES TACUM - (Latin: Bring With You) An order, usually a subpoena, to bring records, documents, etc. for court examination.

DUCTS - Any conduit holding gas, water, electrical wiring, etc., as a means of carrying said gas, water, or electricity from one place to another.

DUE-ON-SALE-CLAUSE - clause in a mortgage which gives the lender the right to require immediate repayment of a mortgage balance if the property changes hands.Also See: Alienation Clause.

DUE-ON-TRANSFER PROVISION - Also See: Alienation Clause.

DUFF - Organic matter, mostly leaves, in various stages of decomposition on the floor of a forest.

DUPLEX - (1) Any building containing exactly two dwelling units. Most commonly refers to the units which are side by side, with a common wall and roof. (2) An apartment on two floors or levels.

DURESS - Forcing one to do that which he would not voluntarily do.

DUTCH DOOR - door divided horizontally into halves, each opening and closing independent of the other, or latched together to act as one door.

DWELLING UNIT (DWELLING HOUSE) - apartment, building, or group of buildings, occupied by a person as a residence.


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Wall Street Journal
Commercial News

5/28/22 US Business

Big Lots, Hibbett Become Latest Retailers to Show Inflation Pain
Big-box chain Big Lots and sporting-goods retailer Hibbett saw double-digit sales declines as higher prices across the spectrum dent shopper spending power.

SEC Confirms Probe Into Elon Musk's Disclosure of Twitter Stake
The agency is asking the Tesla CEO why he didn?t make the required filing within 10 days after his Twitter stake crossed the 5% threshold.

Shoppers Are Fretting. Stores Are Listening.
Consumers are growing cautious, and companies from Walmart to Procter & Gamble are altering course to reflect changing budgets.

Flight Cancellations Pile Up Ahead of Holiday Weekend
Airlines are facing weather-related disruptions and grappling with staffing shortages as the Memorial Day holiday presents carriers with a first test in the run-up to an expected summer travel boom.

China Smartphone Demand Weakens Amid Covid Resurgence
From Apple to chip makers, companies warn of fewer shipments and weaker consumer spending in the world?s biggest smartphone market.

Household Spending Rise Leans on Savings
U.S. households boosted spending for a fourth straight month in April, but the savings rate fell to the lowest in 14 years, suggesting many Americans are tapping savings to offset cost increases from inflation.

Inflation Eased Slightly in April, According to Fed's Preferred Measure
Consumer prices rose 6.3% in April from a year earlier, down from 6.6% in March, as measured by the Commerce Department?s personal-consumption expenditures price index, but remained near a four-decade high.

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Charles A. Elfsten
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