Area of a rectangle

width x depth / length

Area of a triangle

base x height / 2

Area of a trapezoid

(L + L / 2) x H

1 Acre = ? SQFT

43,560

Width of the lot and the expanse of road exposure that a lot offers

front footage

Heated and cooled square footage of a structure that is measured using the outside dimensions

Gross Living Area

GLA excludes what areas?

garage, carports, decks, patios

Amount of space local zoning regulations require between the property line and any improvements

setbacks

Type of legal description that describes a parcel of land using a set of fractions and the corresponding section, township and range numbers

rectangular/ government survey

Square tract of land used in the rectangular survey method

section

1 section measurements

1 mile wide and 1 mile deep (contains 640 acres)

Volume

H (or D) x W x L

Tool agents use to determine listing amount on a home

Comparative Market Analysis

Appraisal method for single family or duplexes based on the gross monthly rent

Gross Rent Multiplier

Method of appraising income producing properties based on the annual gross income

gross income multiplier

Value method based on the principle of substitution

cost approach formula

Decrease in value due to physical deterioration, functional, or economic obsolescence

depreciation

Determines the rate of return considered to be a reasonable return on investments - given the risk

income capitalization approach

approach to calculating value which is the gross income less all operating expense

NOI

annual amount of money someone pays to borrow money

annual interest

Debt paid off over a period of time with periodic payments

amortized loan

Loan that pays down the interest owed, none of the principal

interest only loan

number expressed as a percentage or decimal that calculates a mortgage payment which would retire the loan in the expressed time allotted or term of the loan

loan constants

shows the relationship b between the amount borrowed and the appraised, market, or assessed value of the property

LTV ratio

Increase in value over time

appreciation

percentage relationship between the investment price and the returns on that investment

rate of return

value of real estate - any liens against the real property

equity

gross potential income - vacancy and collections and other income - all operating expenses

NOI