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15 basement
An underground or partially underground level, below the ground floor of a building.
16 basis point
One-hundredth of one percentage point.
17 beam
Long, stout piece of wood, metal or concrete that sits atop two or more pillars or walls and supports the
weight of the structure above.
18 bearer
The holder of a commercial instrument.
19 bearer instruments
Commercial instruments like bonds, checks, etc., that give the person having it (bearer) the right to
encash it.
20 bedrock
Solid rock below the earth.
21 bedroom community
A residential area outside a central city area.
22 bench mark
A standard against which other things are judged. Often used in surveys to determine the height or
distance of a structure.
23 beneficial estate
Estate or property the ownership or enjoyment of which will vest in the intended beneficiary after a
period of time, usually in terms of a will or a trust deed.
24 beneficial interest
An interest in property held by a beneficiary who is not necessarily the owner of the legal interest, eg.,
where a legal estate is owned by a trustee (trustees) under a trust entitling the beneficiary to the
financial rewards available after meeting all due obligations.
25 beneficial owner
1) A person enjoying or entitled to property for his own benefit, not, for instance, as a trustee who holds
the legal estate in land for the benefit of another. The owner of the legal estate is usually the beneficial
owner, but if the legal estate is vested in trustees, the beneficial owner has only an equitable interest.
He is then known as the beneficiary or cestui que trust. 2) The person who is the real owner of a
security, and thereby entitled to all consequential benefits, as distinct from a nominee who holds
securities on behalf of another.
26 beneficiary
Someone who receives property or offer assets in a will. Someone for whose benefit a trust is set up.
27 bequeath
To give property by way of a will.
28 bequest
Property that is given to someone by a will.
29 best rent
The highest rent which can reasonably be expected by a landlord in the circumstances of a particular
case.
30 betterment
Any improvement to a property.
31 bid
An offer to buy or construct or build something where more than one party is (usually) interested.
32 Bill of Quantities (BoQ)
A schedule of all labor and material items required to construct a facility that is priced on an itemized
basis.
33 bill of sale
A document transferring property to another.
34 billboard
A flat board affixed to land or buildings where advertisements are posted.
35 binding obligations
The rights and duties agreed upon and described in an agreement executed between two parties that
are binding upon the parties to the agreement (eg. landlord and tenant or vendor and purchaser).
36 BKPM (IDN)
Investment Coordinating Board.
37 blighted area
An area that is run-down and decrepit looking.
38 blind corner
Corner where drivers cannot see traffic coming at right angles because of the presence of some visual
obstruction.
39 block
An area in a city enclosed by roads on all sides.