12/2/2023 0 Comments Aim property rentalsUsing this account ensures that the buyer has enough money for finalizing the transaction after the approval.Įthics/Professionalism: A system of applied moral ideas that guide professional behavior and decisions on a daily basis.Įviction: A legal process for the removal of a person from their current home. Equity is the amount the owner of the property would receive after paying back the mortgage.Įscrow Account: An account opened by the broker for holding the real estate transaction funds until a successful completion or cancellation. For example, when one family lives on the upper floor and the other one downstairs, then it’s a duplex.Įqual Housing Opportunity: All American citizens can have the opportunity to live in different housing communities regardless of their age, disability, gender, familial status, nationality, race, or sexual orientation.Įquity: A difference between the home’s market value and the monetary amount owed to the lender who holds the mortgage. The common areas and amenities are equally owned by all the dwellers within the condominium.Ĭonventional Housing: A type of housing that stays within the area’s housing standards or the market rate limits.Ĭo-Signer: A secondary signer on a lease or mortgage who verifies the principle signer’s identity and/or provides additional assurance to the lender or landlord.Ĭurb Appeal: A concept expressing the attractiveness of the house’s visual look as viewed from the street level.ĭepreciation: Loss of value resulting from the loss of functionality, economic obsolescence, or physical wear.ĭuplex (House): A house built to include two separate individuals or families within the same structure. Brokers need a license and proper eligibility to practice in their state of residence.ĬAP Rate: The capitalization rate (CAP rate) expresses the anticipated rate of return from a real estate investment property with an aim to assess the investment’s potential and profitability.Ĭomparables (Comps): A part of a valuation technique that determines the value of a current asset by using a recently sold asset similar enough for indicating the expected sale price.Ĭondo/Condominium: A building with multiple units that can be owned by the people living inside. Sometimes defined as a rented living space, effectively excluding condominiums and analogous residential units.īroker: A professional in the real estate sector who buys and sells property on behalf of others while receiving a commission in the process. The repayment of loan principal over time.Īnnual depreciation: The depreciation of the asset in the recently finished fiscal year in dollar amount.Īffordable housing: Housing governed by a federal or state agency with an aim to help people and control their rent when they meet certain criteria.Īgent: Individuals who have a legal basis to act on behalf of another person.Īmenities: Material and immaterial features of a given property that increase its value or make it more desirable.Īpartment: A residential unit inside a structure built for housing. Abandonment: The surrender or relinquishment of a real estate property, including a piece of land or a housing unit.Īccumulated Depreciation: The asset’s depreciation from the acquisition phase to the latest depreciation results in dollar amount.ĪDA: Abbreviation for The Americans with Disability Act, a federal legislation that prohibits any form of discrimination against people with disabilities.Īmortization: The equalization of the regular mortgage payment over the life of the loan by lowering the interest payments and raising the principal payments.
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