Glossary

A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.

An expression of amount of electrical power. Volt times amps equals watts.

A term used to indicate the normal damage inflicted on a property through every-day use.

Material used around windows and doors to prevent drafts.

Drainage hole that allows water to escape.