Definition of "Audit"
Examination of the financial records of a business to uncover errors and other irregularities. Involves looking at source documents to determine the legitimacy of transactions. An evaluation of internal control is also made. A unit of the business, such as a division or department, may also be investigated to determine if there is adherence to the company's procedures and operations and to corporate policy. A compliance audit determines whether the company is complying with specified rules and regulations.
Popular Real Estate Terms
Person who dies leaving a will specifying the distribution of the estate. ...
Written enumeration of the desired selling prices associated with homes or office buildings for sale. The prospective buyer can then determine if the properties for sale are within his ...
Person providing advice for compensation about real estate. ...
Real property being offered for sale that has received a contract for sale but has not gone to a closing. Under these circumstances, it may be possible to accept a refundable binder for ...
Branch of the federal government responsible for collecting taxes including personal and corporate. The IRS administers tax rules and regulations, and investigates tax irregularities. ...
Sponsor of a syndicate involving people or companies buying an interest in a real estate investment or unit. The group of investors are in effect engaged in a joint venture for profit." ...
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected ...
Decline in value of real estate property because it is near something which is damaging to its worth. For example, a house located next to a pollution treatment center, drug center, or ...
Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line (North-South). It is a rectangular approach ...
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