Primary Residence:

A property that is non-owner occupied, owned for the purpose of financial gain either through renting and/or appreciation. Even if the property does not generate income, if the owner does not occupy the home, it is considered an investment property. Investment properties include single-family residences and multi-unit properties.

Secondary Residence / Vacation Property (2nd Home):

Vacation properties are residences typically found in recreation areas or resorts that serve as seasonal accommodation. These properties are in owned in addition to a primary residence, and can be condominiums, townhouses, or single-family residences. Vacation homes are common in ski resorts and near the beach, and may be rented out to other vacationers while not in use.

Single Family Residence (SFR):

This is the most standard property type which is designed to support just one dwelling. This type of property does not include a common area as you'd find in a condominium complex and similar developments. They do not share walls with neighboring properties, and should have land separation from all sides of the property, as well as above and below.

Multi-Family Residence (2-4 Unit):

Multi-unit properties can be primary residences or investment properties. A 2-unit property for example may be occupied by the owner in one unit, and a tenant in the other unit, defining it as a multi-unit primary residence. Or a 4-unit property may be solely occupied by tenants, defining it as a multi-unit investment property.

Investment Property:

A property that is non-owner occupied, owned for the purpose of financial gain either through renting and/or appreciation. Even if the property does not generate income, if the owner does not occupy the home, it is considered an investment property. Investment properties include single-family residences and multi-unit properties.

Condominium:

A condominium is defined as the individual ownership of a building with access to common areas owned by all residents within the complex. Association fees must be paid to maintain, repair, and improve the common areas shared by residents, which typically include a pool, spa, tennis courts, walking paths and more.

Townhome / Townhouse:

A single-family dwelling typically made up of two floors that shares side walls with nearly identical properties. It differs from a condominium in that no neighboring unit is above or below, and usually features an outdoor space in front and behind the property. It's similar to a condominium in that tenants have access to a common area such as pool, spa, tennis courts and more.

Modular Home:

Modular homes are similar to manufactured homes, though they adhere to building codes required by the specific state, county, and locality, and do not carry building or zoning regulations. They also differ from manufactured homes in that they don't have an axle or frame, and must be transported on a flat-bed truck or like vehicle.

Manufactured Home (Mobil Home):

These types of properties are constructed on a non-removable steel chassis which allows them to be transported. These homes are often located on leased land, such as in trailer parks and adhere to the Federal Construction Safety Standards Act (HUD/CODE).

Commercial:

These types of properties are office, industrial, or retail properties that can be bought or sold in a real estate market.

Commercial Residential:

These types of properties are multi-unit residential properties above 5 units.

Mixed Use:

These types of properties are both commercial and residential.

Cooperative (Co-op):

These types of properties have common ownership where each of the owners own a percentage of the property rather than owning their own units.

Farm:

These types of properties are defined if any income is derived from the property, such as harvesting or boarding.

Log Home:

These types of properties defined as a house constructed from logs that have not been milled into conventional lumber.

Land:

These types of properties are vacant and may have small improvements which are not used for living accommodations.