Glossary of Terms in Real Estate

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Key lot

A lot that has added value because of its location.

Key money

Payment that is made to secure a leasehold interest.

Kiosk

A small structure, usually constructed of wood, with one or more open sides and typically seen in shopping malls by seasonal merchants. Such an enterprise usually pays rent on a percentage lease basis.

Kit home

A structure that contains prefabricated components and is put together by a contractor.

Kitchenette

Space, less than 60 square feet, used for cooking and food preparation .

Knee wall

A wall-like structure that supports roof rafters.

Knob-and-tube wiring

An old-fashioned wiring system that has been replaced by fuses and circuit breakers.

Knockdown

Prepared construction materials that are delivered to the building site unassembled but complete and ready to be assembled and installed.