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
Claim of a person or business to real property such as by exercising an option. ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...
An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...
group of at least two people or businesses combining to engage in a real estate project that would exceed their individual financial abilities. A syndication allows earning to be ...
Pipes from a structure to a sewer for the purpose of sewage disposal. ...
Layer of material put on the outside wall or foundation to prevent the intrusion of water or humidity into the structure. A moisture barrier is constructed out of plastic, aluminum foil, or ...
transfer of real property by legal means such as through inheritance. ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
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