Definition of the term Mortgage Origination Fee
A charge for work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
Definition of the term Scrap Out
The removal of all drywall material and debris after the home is "hung out" (installed) with drywall.
Definition of the term Void
A cardboard rectangular box that is installed between the earth (between caissons) and the concrete foundation wall. Used when expansive soils are present.
Definition of the term Areaway
An open subsurface space adjacent to a building used to admit light/air or as a means of access to a basement.
Definition of the term Continuing Education
Ongoing education, often a requirement for membership in a home inspection association. For example, NACHI's continuing Education Policy.
Definition of the term Flush Valve
The valve separating the water in the tank from the bowl.
Definition of the term Mortgagee
The lender who makes the mortgage loan.
Definition of the term Scratch Coat
The first coat of plaster, which is scratched to form a bond for the second coat.
Definition of the term Volatile Thinner
A liquid that evaporates readily and is used to thin or reduce the consistency of finishes without altering the relative volumes of pigment and non-volatile vehicles.
Definition of the term Asbestos
A common form of magnesium silicate which was used in various construction products due to its stability and resistance to fire. Asbestos exposure (caused by inhaling loose asbestos fibers) is…