Chapter 17: Essentials Of New Jersey Real Estate. Key Terms Part 1 Flashcards Preview

Real estate license study > Chapter 17: Essentials Of New Jersey Real Estate. Key Terms Part 1 > Flashcards

Flashcards in Chapter 17: Essentials Of New Jersey Real Estate. Key Terms Part 1 Deck (11)
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1
Q

Adjusted basis

A

The cost plus improvements, minus depreciation.

2
Q

Appreciation

A

The increase in value.

3
Q

Basis

A

The initial cost of real estate.

4
Q

Bill of sale

A

The document transferring ownership of personal property.

5
Q

Boot

A

The extra money received by one party in an exchange. Money or property given to make up any difference in value or equity between two parties in an exchange.

6
Q

Bulk transfer act

A

The law regulating sale and financing of business personal property.

7
Q

Capital gain

A

The profit on the sale of an asset.

8
Q

Cash flow

A

The money left from rental income after expenses are paid.

9
Q

Depreciation

A

The yearly bookkeeping charge for part of the initial cost. Loss of value due to any cause including physical deterioration, functional obsolescence and location lots of lessons. For income tax it is the yearly write-off of a percentage of the cost of a building as an expense.

10
Q

Exchange

A

The tax-deferred mutual transfers of income property.

11
Q

Income property

A

The real estate held for rental income.

Decks in Real estate license study Class (32):