Flashcards in RE - Set 04 Deck (25)
The real age of a building.
Sometimes known as net operating income. The remaining income after operating expenses have been subtracted from the gross income of a property.
The estimated period over which an improved property may be profitably used to yield a return.
The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream.
The initial cost of the property plus the capital improvements and minus the total accrued depreciation.
Lost income because of a vacant unit.
Negligent care of a building.
Any permanent improvement made to real estate for the purpose of increasing the useful life of the property or increasing the property's value.
The years or age shown by the condition and utility of a structure, rather than its actual or chronological age.
A term sometimes used to refer to capitalization rate.
An exception granted to existing zoning regulations for special reasons.
ENVIRONMENTAL IMPACT REPORT
A study of how a development will affect the ecology of its surroundings.
CHAIN OF TITLE
A chronological history of a property's ownership.
A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California.
The transfer of title by the government to a private individual.
A deed given to a buyer when property is sold through court action in order to satisfy a judgement for money or foreclosure of a mortgage.
The person conveying, or transferring, the property.
AFTER ACQUIRED TITLE
Any benefits that come to a property after a sale must follow the sale and accrue to the new owner.
Anything of value; one of the essentials of a valid contract.
Used to make a gift of property to a grantee who is usually a close friend or relative.
Using unfair advantage to get agreement in accepting a contract.
MULTIPLE LISTING SERVICE
A cooperative listing service conducted by a group of brokers for the purpose of marketing listings.
The enclosed ground space surrounding a dwelling, such as the lawns or patio.
Transfer less than the entire leasehold, with the original lessee being primarily liable.