B

Bylaws

Definition: The rules that govern the administration of a condominium. Pronunciation: \ˈbī-ˌlȯ\ Used in a Sentence:   The condos bylaws prohibit dogs over 50lbs.
B

Buyer’s Market

Definition: The inventory of available properties exceeds the demand. Pronunciation: Used in a Sentence:   We were able to get a better price on the house due to the buyer’s market.
B

Buyer Brokerage Agreement

Definition: An employment contract with a buyer. Pronunciation: \ˈbī(-ə)r\ \ˈbrō-k(ə-)rij\ \ə-ˈgrē-mənt\ Used in a Sentence:   The prospective buyer signed a buyer’s brokerage agreement with the agent.
B

Business Trust (syndicate)

Definition: A business entity formed by any number of persons who make an investment at a stipulated amount per unit.  The monies collected in this manner are then used to buy, develop and/or sell real estate. Pronunciation: \ˈbiz-nəs, -nəz,\ Used in a Sentence:   The large apartment complex was bought by a business trust.
B

Bundle Of Legal Rights

Definition: An ownership theory describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession and control. Pronunciation: \ˈbən-dəl\  \ˈlē-gəl\ Used in a Sentence:   The right to sell our property is covered by the bundle of legal rights.
B

Building Codes

Definition: Government regulations controlling construction practices and materials. Pronunciation: \ˈbil-diŋ\ Used in a Sentence:   The inspector checked to make sure the construction conformed to the building codes.
B

Buffer Zone

Definition: A strip of land that separates one land use from another. Pronunciation: \ˈbə-fər\ Used in a Sentence:   There was a large buffer zone separating the two houses.
B

Broker Associate

Definition: A person who is qualified to be issued a broker’s license but who operates as a sales associate in the employ of another. Pronunciation: \ˈbrō-kər\\ə-ˈsō-shē-ˌāt, -sē-\ Used in a Sentence:   The broker associate helped us to sell our house.
B

Broker

Definition: A person or business entity licensed by the DBPR to perform services of real estate for others for compensation. Pronunciation: \ˈbrō-kər\ Used in a Sentence:  The broker provided excellent information about the area we were looking to purchase in.