Glossary of B terms

Expand your property management knowledge starting with the letter B.

An image of the letter B, representing this glossary category

B

Break Clause

Discover the definition and importance of a break clause in lease agreements, offering flexibility and protection for both tenants and landlords in property management.

Broker

A person or company licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services.

Building Permit

A legal document issued by a government authority that allows the construction, renovation, or major alteration of a building.

Building Code

Local government regulations detailing construction and maintenance standards for buildings to ensure safety and health.

Base Rent

The minimum rent under a lease, not including percentage rent, escalations, or other charges.

Balance Sheet

A financial overview of assets, liabilities, and equity for a business or property, capturing its financial state at a specific time.

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