Savings and Loan. Financial institution that specializes in originating, servicing and holding mortgage loans, primarily on owner-occupied, residential property. S & L's also make home-improvement loans and loans to investors for apartments, industrial property and commercial real estate. Approximately 40% of the S & L's are federally chartered, the rest are state chartered. Federal charters are members of the Federal Home Loan Bank System (FHLBS). All federally chartered S& L's are owned by depositors and the word "federal" must appear in their title. State chartered S & L's can be either mutually owed or stock associations. They have optional membership in both the FHLBS and the FSLIC.

A plumbing trap that takes the shape of the letter S and is used where a waste pipe feeds into the floor instead of the wall, which uses a P Trap. Disallowed in many parts of the country, they can create a siphoning situation, pulling water out of the trap.

Portable power saw with a narrow blade that moves back and forth to make cuts. The blades which are held by a vertical collar with an attached metal shoe that rest on the work in progress, can be changed to suit the various materials to be cut. The blades of 5/16 of an inch or less are suited to cut around curves and corners and the vertical collar can hold the blade at different angles to the work, allowing flexibility to turn the blade in a different direction from the saw body.

The unit for absorption of sound equal to the absorption provided by one square foot of a completely absorbing material, which is used to measure the ability of materials to absorb sound.

Rubbing a mixture of cement and sand, with a coarse material, into a finished concrete surface to repair any minor blemishes.

Metal rod inserted into a water heater for the purpose of extending the life of the tank.

Also called a cricket, this peaked structure diverts water at the juncture of a roof slope and a chimney or two roof slopes.

Method used to tap into main piping systems where lines walls are too thin for drilling or tapping. Even with a line under pressure, a service clamp is fastened around the main line with the corporation stop threaded into the clamp. When a corporation stop is in place, a service line can be attached and the stop opened to activate the line.

Sleeve type clamp that is used to repair a split pipe by having the clamp slipped around the pipe and tightening bolts to make the clamp tight around the pipe. For use with a branch connection fitting, there is a hole in the sleeve to slip it over.

Also called a pillar file, it has no cutting teeth on either one or both edges, allowing it to file work that is against other surfaces.

An interest rate provided by relatively low-risk investments such as high-grade bonds or well-secured first mortgages.

Also called a Discharging Arch or Safety Arch, this arch is built or another arch or a lintel for the distribution of the weight of the load over the opening.

The ratio of the maximum strength of a piece of material or a part to the probably maximum load to be applied to it. If a maximum of 2,000 pounds can be tolerated, a load of 500 pounds will have a 4 to one factor of safety.

Glass which is prevented from fragmenting and injuring people, due to the fact that the two panes of glass have a strong plastic film between them so that, if the glass breaks, the fragments will adhere to the plastic.

Safety glass or impact rated plastic, protective eye covering, which is intended to protect workers from eye injuries or athletes from injuries during play.

Sealed lamp, used in areas of explosive atmosphere, where the sealing prevents it from igniting when flammable or explosive gases are present.

Emergency electrical shutoff switch, which is the first device in the circuit, so that no power will go to anything, once it is activated and are often used in factories.

Valve which limits pressure to a safe level by opening fully when it opens rather than opening to an amount proportional to the flow and pressure. Pressure that is high enough to raise the primary disc off of the valve seat, then reaches the larger second disc, forcing it fully open, relieving pressure through the larger opening. Reseating of the vale is at a predetermined value.

Brick which is laid in an upright position with the length and widest face showing.

Real estate transaction where the purchaser rents the property back to the seller for a specific period of time.

Selling price of a property divided by its appraisal value. If real estate has a selling price of $400,000 but its assessed value is $380,000, the ratio is 1.053.

The percentage of the selling price that is paid to a real estate broker for his or her services in obtaining a purchaser.

Method of appraising real estate based on a market comparison of neighboring properties having similar characteristics to ascertain what it could cost to substitute a similar property for the current one.

Instance where the seller will paid a cost that is normally paid by the buyer. Usually done to insure that the sale will go through.

Agreement, outlining the terms of a purchase, which is signed by the buyer and the seller.

Receipt given for a partial payment made on the sale of the property, which is a down payment.

Cost incurred during the sale of real estate, such as real estate commission, attorney fees, etc.

Extra compensation given to a real estate broker who has surpassed his sales quota, which may be a flat fee or a percentage of the extra sales dollars over the quota.

Literature, sample and other useful information used by brokers or agents for demonstration purposes to prospective purchasers.

Individual employed in selling a product or service.

The amount of money that is paid by a purchase to a seller for an object that is bought.

Written list of the prices being asked for homes or office buildings which are for sale.

Evaluation of the cause of the difference between the desired selling price of a property and it's appraisal value. Reasons could include unexpected deterioration of conditions in the area, quick sale needed, poor appraisal, etc.

Price a property would bring on the open market.

Device used to measure the salt content of a liquid, which is used for measuring the quality of fresh water produced, on a sampling basis or continually.

Brick, which is under-fired and, therefore, relatively soft and salmon in color. Since kilns now produce a better quality brick, these bricks, which cannot be used structurally, are usually found in old salvaged brick.

Glossy finish for masonry, after it is fired with salt, caused by a thermochemical reaction of salt with the silicates in the masonry clay, and produces a smooth and almost impenetrable surface finish. Bricks of this type are easy to clean and are often used where the environment is harsh or where there is a chance for exposure to chemical or gases.

Early-American, 2 or 2-½ story style from the Colonial period. The house is square or rectangular with a steep gable roof that extends down to the first floor in the rear of the building.

Estimated value that an asset will have at the end of its useful life.

see Shared Appreciation Mortgage.