Real Estate Glossary

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Highest and best use
Use of land that is most logical and productive. Refers to the greatest income it can bring the owner, as well as factors such aesthetics and benefits to the surrounding community.

Historic structures
Buildings of historical or architectural significance, perhaps landmarks, that are designated by federal, state, or local historical commissions.

Homeowner’s insurance policy
Packaged insurance policy for homeowners and tenants that cover property damage and public liability, such as fire, theft, and personal liability.

Homestead protection
State and federal laws that protect against the forced sale of a person’s home by creditors. Also, upon the death of one spouse, provides the other with a home for life.

Housing codes
Local regulations that set minimum conditions under which dwellings are considered fit for human habitation. It guards against unsanitary or unsafe conditions and overcrowding.

Acronym for the Department of Housing and Urban Development, an agency from which almost all of the federal government’s housing programs flow.

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