I think I know that term. OK, maybe not.

Hey, not everyone is a financial or real estate expert and knows their appreciation from their assessment. Well, to make the entire process easier, we've created this comprehensive glossary of common terms.

While we've tried to be as thorough and straightforward as possible, we suggest that you direct any questions not answered to one of our leasing consultants.

Please select a section below to jump to a specific term.

A-H | I-P | R-Z

Application: A printed form used during the application process to collect information such as debt obligations, assets and employment history.
Application Fee: An amount charged by a management company to process an application.
Broom Clean: A term used to indicate the level of cleanliness an apartment should be in when a tenant moves out or a new tenant moves in.
Certified Check: A certified check is a type of check issued by your bank. It acts as a confirmation that there is enough in your bank account to remit the check.
Convertable Apartment: Refers to apartments that have extra space off the living room, which can be converted to an extra bedroom.
Credit Report: A report that details someone's history of payments and borrowing habits on previous debts.
Credit Scoring System: A statistical system that rates credit applicants based on various borrowing and payment characteristics and history.
Disclosures: Information that must be given to a consumer regarding his financial records or transactions.
Efficiency Apartment: An efficiency apartment is a small apartment with a bathroom and kitchenette, similar to studio apartments, in that both have a single room for living and a separate bathroom. Unlike a studio, the kitchen area of an efficiency apartment is smaller. However, many use the terms "studio" and "efficiency apartments" interchangeably.
Equal Credit Opportunity Act (ECOA): A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.
Fair Credit Reporting Act (FCRA): A federal law that requires that any lender rejecting an applicant based on their adverse credit information inform the applicant of the source of the information. The law also ensures that credit reporting agencies use accuracy, fairness and confidentiality in preparing and disclosing credit information.
Gross Monthly Income: The total amount the borrower earns, per month, before any expenses are deducted.
Guarantor: Guarantors are sometimes required when renting an apartment. A guarantor is a person who is legally obligated to pay the rent in case the tenant is unable to. Some landlords will ask for a guarantor when tenants do not make enough to meet the landlord's minimum salary requirements.
High-Rise: An apartment with multiple stories and an elevator.
Landlord: The owner of property, such as houses, rooms, or apartments, that is rented out to another. The landlord may be an individual who owns a spare room or second house, or she may own thousands of apartments under a property management company.
Lease: An apartment lease is a contract between a tenant and a landlord that stipulates the length of the lease, rent amount, and other terms and conditions.
Late Charge: A charge that a borrower is required to pay as a penalty for failure to make a regularly scheduled installment payment.
Money Order: A money order is an alternative to cash and much safer, because it can be replaced if the money order is lost, stolen or damaged. This is an important consideration when one needs to carry large sums of money.
Month-to-Month Lease: This term describes apartments which are rented out one month at a time. The lease lasts for one month, and if neither party has given notice to terminate or change the agreement, it automatically renews each month. How early you must notify each other should be stipulated in the rental agreement.
Net Effective Income: An amount equal to the borrower's gross annual income less their federal income tax.
Power of Attorney: A legal document authorizing one person to act on behalf of another.
Property Manager: Some owners of apartments employ a property manager who is a liaison between the owner and the tenant. They can be in charge of advertising empty units, dealing with rent issues and tenant complaints, and signing and renewing the lease.
Rental Agreement: A rental agreement is a contract between a tenant and a landlord that stipulates the length of the lease, rent amount, and other terms.
Renter's Insurance: Insurance carried by the renter that covers any damage to the residence and provides personal liability and theft coverage.
Security Deposit: A security deposit is money that the tenant pays to the landlord. It provides monetary security to the landlord, in case of damage to the apartment or failure by the tenant to comply with the agreement (such as moving out before the lease ends). The tenant receives the deposit back at the end of the lease, minus any deductions for repairs / restoration.
Studio: A studio apartment is an apartment, usually for one person, that consists of one large room, a small kitchen, and a bathroom. The single large room is meant to accommodate all living spaces: the bedroom, the dining room, and the living room.
Sublet: Subletting is when the lessee or tenant rents out all or part of the apartment to another person, while still maintaining status as the prime tenant and contractually bound to the lease agreement with the landlord.
Tenant: One who rents property owned by another.
Verification of Deposit (VOD): A document signed by the renter's financial institution verifying the status and balance of his/her financial accounts.
Verification of Employment: A document signed by the renter's employer verifying his/her position and salary.