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TermDefinition
- Gross IncomeIncome before taxes are deducted.
- BidA legally binding contract that lays out specific work that a contractor must fulfill as part of a construction project.
- Bid BondA bond issued by a surety on behalf of a contractor that provides assurance to the recipient of the contractor's bid that, if the bid is accepted, the contractor will execute a contract and provide a performance bond. Under the bond, the surety is obligated to pay the recipient of the bid the difference between the contractor's bid and the bid of the next lowest responsible bidder if the bid is accepted and the contractor fails to execute a contract or to provide a performance bond.
- Bid SecurityFunds or a bid bond submitted with a bid as a guarantee to the recipient of the bid that the contractor, if awarded the contract, will execute the contract in accordance with the bidding requirements of the contract documents.
- Bid ShoppingA practice by which contractors, both before and after their bids are submitted, attempt to obtain prices from potential subcontractors and material suppliers that are lower than the contractors' original estimates on which their bids are based, or after a contract is awarded, seek to induce subcontractors to reduce the subcontract price included in the bid.
- Bidding RequirementsThe procedures and conditions for the submission of bids. The requirements are included ion documents, such as the notice to bidders, advertisements for bids, instructions to bidders, invitations to bid, and sample bid forms.
- BidetA bathroom fixture with hot and cold running water, which is used mainly for cleansing the posterior parts of the body. Bidets originated in France.
- Bifold DoorDoors that are hinged in the middle for opening in a smaller area than standard swing doors. Often used for closet doors.
- BinderA receipt for a deposit to secure the right to purchase a home at an agreed terms by a buyer and seller.
- Bipass DoorsDoors that slide by each other and commonly used as closet doors.
- Bird DogBird Dog is a real estate investing term that refers to a type of broker or agent who spends their time trying to locate properties with substantial investment potential.
- BirdsmouthA notch that is cut out of a rafter where it rests on a bearing wall.
- Biweekly Payment MortgageA mortgage with payments due every two weeks (instead of monthly).
- BlanketFiberglass or rock-wool insulation that comes in a roll.
- Blanket MortgageA mortgage that covers more than one parcel of real estate.
- Blind Corner CabinetA blind corner cabinet is designed so that wall or base cabinets from a 90 degree intersecting wall can butt up against part of their face. Blind corner cabinets normally have a deep interior space that can only be accessed from the section that is exposed.
- Blind OfferWhen a potential buyer makes an offer on a property they haven’t seen, in an attempt to be first and have an offer accepted. Most common in a highly competitive market and/or circumstance.
- BlisteringBubbling that can form on a newly painted surface. Blistering is sometimes caused by excessive heat, early application of a second coat of paint (before the first coat is dry), or moisture in the painted surface.
- Block OutTo install a box or barrier within a foundation wall to prevent the concrete from entering an area. For example, foundation walls are sometimes "blocked" in order for mechanical pipes to pass through the wall, to install a crawl space door, and to depress the concrete at a garage door location.
- BlockingSmall wood pieces to brace framing members, prevent wood members from twisting , or provide a support to adjacent structure.
- Blow InsulationFiber insulation in loose form and used to insulate attics and existing walls where framing members are not exposed.
- Blue StakeAnother phrase for Utility Notification. This is when a utility company (telephone, gas, electric, cable TV, sewer and water, etc.) comes to the job site and locates and spray paints the ground and/or installs little flags to show where their service is located underground.
- BlueprintsThe architect- or engineer-produced two-dimensional technical drawings that provide specifications of materials and measurements to be used for a construction project or remodel. Named for early form of duplicating large format documents known as a cyanotype.
- BlushingOccurs on painted surfaces and is caused by the presence of moisture during drying. Blushing can occur with any type of paint but most notably distorts gloss coats or clear lacquer.
- Board FootA unit of measure for lumber equal to 1 inch thick by 12 inches wide by 12 inches long. Examples: 1" x 12" x 16' = 16 board feet, 2" x 12" x 16' = 32 board feet
- Bona fideIn good faith, without fraud.
- BondA bond is an amount of money which secures a contractor’s license with a certified governmental agency. A bond can be used to pay unpaid bills held by the contractor, or as a guarantee or contingency that a project will be completed as planned.
- BondingA bond is an amount of money which secures a contractor’s license with a certified governmental agency. A bond can be used to pay unpaid bills held by the contractor, or as a guarantee or contingency that a project will be completed as planned.
- Borrower (Mortgagor)An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.
- Bottom ChordThe lower or bottom horizontal member of a truss.
- Bottom PlateThe horizontal members on the subfloor upon which the vertical studs are installed.
- Sole PlateThe horizontal members on the subfloor upon which the vertical studs are installed.
- Sill PlateThe horizontal members on the subfloor upon which the vertical studs are installed.
- Bow WindowSimilar to a bay window, a window unit composed of several window panels that form a bow shape projecting outward.
- BraceAn inclined piece of framing lumber applied to wall or floor to strengthen the structure. Often used on walls as temporary bracing until framing has been completed.
- Breaker PanelThe electrical box that distributes electric power entering the home to each branch circuit (each plug and switch) and composed of circuit breakers.
- Breakfast BarA breakfast bar can be created by placing a kitchen island or prep station against a framed knee wall and adding a second countertop at a higher level. The second countertop should extend out far enough to provide room for bar stools and knees.
- Brick LedgePart of the foundation wall where brick (veneer) will rest.
- Brick LintelThe metal angle iron that brick rests on, especially above a window, door, or other opening.
- Brick MoldTrim used around an exterior door jamb that siding butts to.