| Appraisal | An estimate of the value of a building and/or property, make by a qualified professional called an appraiser. |
| Appraisal Fee | What someone charges to deliver a professional opinion about how much a property is worth. |
| ARM | See Adjustable Rate Mortgage. |
| Assumable Loans | Loans that can be transferred to a new owner if a property is sold. |
| Average Annual Return | Average Annual Return is used to compare returns over different periods on a consistent basis with the unit being years, hence per annum. Normally only returns over periods greater than one year are annualized. The average annual return is the rate that an investor would have earned in each year to achieve the total cumulative return over the period. |
| Balance Sheet | A report of financial condition, including assets, liabilities and net worth. |
| Balloon (Payment) Mortgage | Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining principal balance, due at a time specified in the contract. |
| Basis Points (BP) | 1/100th of 1% expressed as margin over index rate. |
| BC & D Lender or Loan | The term BC & D is a rating of the loan. |
| Bond Financing | A type of financing that is a promise to repay the principal along with interest on a specified date. |
