Home Terms Main Page

This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...

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Borrower (Credit Insurance)

A consumer who borrows money from a lender.

Deductible

A flat amount that an insured must pay before the insurance company makes any benefit payments under a health insurance policy.

Quebec Pension Plan

A plan that primarily provides retirement and long-term disability income benefits for residents of Quebec.

Appraisal

A written report by a qualified appraiser estimating the value of a property.

Allowance

A sum of money set aside in the construction contract for items which have not been selected and specified in the construction contract. For example, selection of tile as a flooring may require an allowance for an underlayment material, or an electrical allowance which sets aside an amount of money to be spent on electrical fixtures.

Bottom Plate

The lowest horizontal member of a wall which rests on the rough floor, to which the studding is nailed.

Conduit

A tube or duct for enclosing electric wires or other cables.

Eaves

The projecting overhang at the lower edge of a roof.

Electrical Service Panel

Refers to the high-voltage electrical system's first point of entry into a home beyond the meter.

Gable Vent

A louver mounted in the top of the gable to allow the passage of air through the attic.

Grade

Ground level, or the elevation at any given point. Also the work of leveling dirt. Also the designated quality of a manufactured piece of wood.

Rabbet

A groove cut in a board to receive another board.

Rake

Refers to the slope of the roof at the end of a gable, where the outside part of the overhang forms an upside down V.

Wall Out

When a painter spray paints the interior of a home.

Yard of Concrete

One cubic yard of concrete is 3' x 3' x 3' in volume, or 27 cubic feet. One cubic yard of concrete will pour 80 square feet of 3 ½" sidewalk or basement/garage floor.