Flashcards in Chapter 17: Essentials Of New Jersey Real Estate. Key Terms Part 1 Deck (11)
The cost plus improvements, minus depreciation.
The increase in value.
The initial cost of real estate.
Bill of sale
The document transferring ownership of personal property.
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.
Bulk transfer act
The law regulating sale and financing of business personal property.
The profit on the sale of an asset.
The money left from rental income after expenses are paid.
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.
The tax-deferred mutual transfers of income property.