Definition of Grade

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.

Elevations

The exterior view of a home design that shows the position of the house relative to the grade of the land.

Parging

A rough coat of mortar applied over a masonry wall as protection or finish; may also serve as a base for an asphaltic waterproofing compound below grade.

Rebar

Ribbed steel bars installed in foundation concrete walls, footers, and poured in place concrete structures designed to strengthen concrete. Comes in various thickness' and strength grade.

Compound Interest

Interest earned on an investment at periodic intervals and added to principal and previous interest earned. Each time new interest earned is calculated it is on a combined total of principal and previous interest earned. Essentially, interest is paid on top of interest.

Creditor Proof Protection

The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
The provincial insurance acts protect life insurance products which have a family class beneficiary. Family class beneficiaries include the spouse, parent, child or grandchild of the life insured, except in Quebec, where creditor protection rules apply to spouse, ascendants and descendants of the insured. Investments sold by other financial institutions do not offer the same security should the holder go bankrupt. There are also circumstances under which the creditor proof protections do not hold for life insurance products. Federal bankruptcy law disallows the protection for any transfers made within one year of bankruptcy. In addition, should it be found that a person shifted money to an insurance company fund in bad faith for the specific purpose of avoiding creditors, these funds will not be creditor proof.

Deemed Disposition

Under certain circumstances, taxation rules assume that a transfer of property has occurred, even though there has not been an actual purchase or sale. This could happen upon death or transfer of ownership.

First To Die Coverage

This means that there are two or more life insured on the same policy but the death benefit is paid out on the first death only. If two or more persons at the same address are purchasing life insurance at the same time, it is wise to compare the cost of this kind of coverage with individual policies having a multiple policy discount.

Last To Die Coverage

This means that there are two or more life insured on the same policy but the death benefit is paid out on the last person to die. The cost of this type of coverage is much less than a first to die policy and it is generally used to protect estate value for children where there might be substantial capital gains taxes due upon the death of the last parent. This kind of policy is also valuable when one of two people covered has health problems which would prohibit obtaining individual coverage.

Level Premium Life Insurance

This is a type of insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year and is more than actual cost of protection in the earlier years of the policy and less than the actual cost of protection in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.

Equity-based insurance

Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.

Level Premium

A premium that remains unchanged throughout the life of a policy

Gross Household Income

Gross household income is the total salary, wages, commissions and other assured income, before deductions, by all household members who are co-applicants for the mortgage.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Cash reserves

The money the buyer has left over after the down payment and all those closing costs.

Coach home

One of a group of homes in a two-story building, with own garage and entrance.

Courtyard home

A home with a courtyard as its main entrance.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Patio home

Small, single-family home with a patio.

Point

A point equals 1 percent of a mortgage loan. Lenders charge points as a way to make a profit.

Single-family home

A detached house.

Townhouse

One of a row of houses connected with common side walls.

Area Walls

Corrugated metal or concrete barrier walls installed around a basement window to hold back the earth.

Balloon Framed Wall

Framed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.

Baseboard

any board or molding found at the bottom of an interior wall.

Basement Foundation

A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.

Bi-Level

A home that has two levels. Typically, a garage or storage area is situated in the lower level and the home in the upper section.

Bull Nose Drywall

Rounded drywall corners.

Ductwork

A system of large tubes, pipes or channels (ducts) designed to deliver air to and from a furnace or other air-handling unit.

Electrical Rough

work performed by the Electrical Contractor after the plumber and heating contractor are complete with their phase of work. Normally all electrical wires, and outlet, switch, and fixture boxes are installed (before insulation).

Gable End Wall

The triangular end of an exterior wall above the eaves formed under a gable roof.

GFI -See Ground Fault Current Interrupter

Ground Fault Current Interrupter

An electrical device used to prevent injury from contact with faulty electrical appliances and faulty wiring
electrical shocks. GFIs should not be confused with AFIs, the later are designed to prevent electrical fires. GFIs are required in new home bathrooms, kitchen, garage, out of doors and in other locations where one might be in contact with a Grounded surface or body of water and an electrical appliance. Most GFI's are located in the receptacle itself or a curcuit breaker and can be identified by the presence of a 'test' and a 'reset' button.

Interior Finish

aterial used to cover the interior framed areas of walls and ceilings

Knee Wall

A wall-like structure that supports roof rafters.

Landing

A platform between flights of stairs or at the termination of a flight of stairs. Often used when stairs change direction. Normally no less than 3 ft. X 3 ft. square.

Load-Bearing Point

A point where a bearing or structural weight is concentrated and transferred to the foundation.

Load-Bearing Wall

Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate.

Nonbearing Wall

A wall supporting no load other than its own weight.

Overhang

Part of the roof that hangs over the wall.

Pointing

Treatment of joints in masonry by filling with mortar to improve appearance or protect against weather.

Stick-Built Home

A house built without prefabricated parts. also called conventional building.

Trombe Wall

A passive solar wall, usually masonry or concrete, used for passing heat from one room (like a sun room or solar garden room) to another.

Walk Through

A final inspection of a home before "closing" to look for and document problems that need to be corrected.

Wall Out

When a painter spray paints the interior of a home.

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