Flashcards in RE - Set 11 Deck (26)
The cost of replacing improvements with modern materials and techniques.
Any buildings or structures on a lot.
A lot that is surrounded by other lots, with a frontage on the street. It is the most common type of lot and may be desirable or not, depending on the other factors.
MARKET COMPARISON APPROACH
An appraisal method using the principles of substitution to compare similar properties.
A statistical table that may be used to estimate the value of the added depth of a lot.
SUBDIVISION MAP ACT
Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development.
Income (figured annually) received from rental units before any expenses are deducted.
This starts on January 1 and continues through December 31 of the same year.
A deed given to a successful bidder at a tax auction.
A sale during which property is sold to satisfy a debt.
The charge for use of money.
VARIABLE INTEREST RATE
Related to an adjustable-rate loan; the lender may alter the interest rate of a loan based on an agreed index.
Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts.
Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract.
The rejection of an original offer that becomes a new offer.
Completion of an act or process.
California Land Title Association
The rent a property should bring in the open market.
A tax exemption for eligible residents who have been in the military during wartime.
A sale, in name only, of real property to the state when a taxpayer is delinquent in paying his property tax.
A Latin prefix meaning "according to value". Local governments levy real property tax based on the assessed value. Property taxes are known as ad valorem taxes.
A year as reckoned for taxing, or accounting purposes.
The amount of rental income due from the tenant as agreed in the lease agreement.
A plot of land divided into smaller portions for the purpose fo building.
A tax exemption available to all owner-occupied dwellings.