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Definition of 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.
The exterior view of a home design that shows the position of the house relative to the grade of the land.
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.
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.
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.
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.
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.
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.
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.
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.
Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.
A premium that remains unchanged throughout the life of a policy
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.
The difference between the price for which a home could be sold (market value) and the total debts registered against it.
The money the buyer has left over after the down payment and all those closing costs.
One of a group of homes in a two-story building, with own garage and entrance.
A home with a courtyard as its main entrance.
Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.
Small, single-family home with a patio.
A point equals 1 percent of a mortgage loan. Lenders charge points as a way to make a profit.
A detached house.
One of a row of houses connected with common side 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.
any board or molding found at the bottom of an interior wall.
A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.
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.
A system of large tubes, pipes or channels (ducts) designed to deliver air to and from a furnace or other air-handling unit.
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
aterial used to cover the interior framed areas of walls and ceilings
A wall-like structure that supports roof rafters.
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.
A point where a bearing or structural weight is concentrated and transferred to the foundation.
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.
A wall supporting no load other than its own weight.
Part of the roof that hangs over the wall.
Treatment of joints in masonry by filling with mortar to improve appearance or protect against weather.
A house built without prefabricated parts. also called conventional building.
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.
A final inspection of a home before "closing" to look for and document problems that need to be corrected.
When a painter spray paints the interior of a home.
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