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Flashcards in RE - Set 11 Deck (26)
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1

REPLACEMENT COST

The cost of replacing improvements with modern materials and techniques.

2

IMPROVEMENTS

Any buildings or structures on a lot.

3

INTERIOR 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.

4

MARKET COMPARISON APPROACH

An appraisal method using the principles of substitution to compare similar properties.

5

DEPTH TABLE

A statistical table that may be used to estimate the value of the added depth of a lot.

6

SUBDIVISION MAP ACT

Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development.

7

GROSS RENT

Income (figured annually) received from rental units before any expenses are deducted.

8

CALENDAR YEAR

This starts on January 1 and continues through December 31 of the same year.

9

TAX DEED

A deed given to a successful bidder at a tax auction.

10

FORECLOSURE SALE

A sale during which property is sold to satisfy a debt.

11

INTEREST

The charge for use of money.

12

VARIABLE INTEREST RATE

Related to an adjustable-rate loan; the lender may alter the interest rate of a loan based on an agreed index.

13

CONTRACTUAL INTENT

Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts.

14

RESCISSION

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.

15

COUNTEROFFER

The rejection of an original offer that becomes a new offer.

16

EXECUTION

Completion of an act or process.

17

CLTA

California Land Title Association

18

MARKET RENT

The rent a property should bring in the open market.

19

VETERAN'S EXEMPTION

A tax exemption for eligible residents who have been in the military during wartime.

20

BOOK SALE

A sale, in name only, of real property to the state when a taxpayer is delinquent in paying his property tax.

21

AD VALOREM

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.

22

FISCAL YEAR

A year as reckoned for taxing, or accounting purposes.

23

CONTRACT RENT

The amount of rental income due from the tenant as agreed in the lease agreement.

24

SUBDIVISION

A plot of land divided into smaller portions for the purpose fo building.

25

HOMEOWNER'S EXEMPTION

A tax exemption available to all owner-occupied dwellings.

26

CONSTRUCTIVE NOTICE

Public notice given by recording a document with the county recorder.