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Glossary (click letters)

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SALES BROKER – commercial real estate broker that represents client in the sale or purchase of commercial real estate property.

SECOND MORTGAGE – a mortgage that is second in priority because of the time of recording the mortgage or of the subordination of the mortgage.

SECONDARY MORTGAGE MARKET – the buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgages. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value ("par") or above, but are usually sold at a discount. Not to be confused with a "second mortgage."

SELF–AMORTIZING MORTGAGE – one that will retire itself through regular principal and interest payments. Contrast with balloon mortgage or interest–only loan.

SELF–STORAGE – (also called Mini–Storage) provides personal storage for lease by consumers.

SENIOR HOUSING – (includes Assisted Listing, Congregate Care, Senior Apartments and Skilled Nursing Centers) multi–residential property specifically designed for care of senior citizens and/or physically disabled persons.

SHADOW ANCHORED – a unanchored shopping center located near an anchored shopping center.

SINGLE WIDE – a mobile home consisting of one unit.

SITE WORK – the location or place of a plot of ground set aside for a particular type of land use.

SKILLED NURSING – a type of senior housing which offers on–site medical care.

SOLE PROPRIETORSHIP – ownership of a business, with no formal entity as a vehicle or structure.

SPREAD – number of basis points over a base rate index.

SPRINKLER – existence of fire suppression systems in the building.

STABILIZED OPERATING PROPERTY – the income generated on an annual basis from the commercial property is stable, consistent and reliable.

STRIP CENTER – a string of stores in a commercial area, totaling less than 30,000 square feet, without central leasing, management, or theme.

STRUCTURAL/ENGINEERING REPORT – a property Condition Report that outlines the current structural stability or instability of a property. The report will outline immediate costs needed to repair the property, as well as a maintenance program to maintain the property at its current status.

SUBURBAN – describes a town or unincorporated developed area in a close proximity to a city. Suburbs, largely residential, are often dependent on the city for employment and support services; generally characterized by low–density development relative to the city.

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