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
The time period a real estate investment is held. The return is tied to the time period of the investment. The period is used for income tax purpose to determine whether a profit earned or ...
Percentage of a geographic location's population to the number of persons employable by a basic industry in that area. A basic industry is one that draws income from outside the locality ...
A flexible price that may be adjusted. A resolved situation between two or people or parties through discussions in which common interests are modified. For example, real estate ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
In real estate terms, many consider having corner influence an extra financial advantage when it comes to transactions in most cases. Usually, enjoying a corner influence brings an ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Home inspector is the name the real estate industry calls the professional responsible for the close and thorough examination of a property. The home inspector usually is called upon ...
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