Functional Deficiency

Major city in a metropolitan area. ...

Same as term reversion: Also called estate in reversion. A vested interest or estate in which a person has a fixed interest in the future. For example, if a grantor is required by the IRS ...

The right of a landowner to have lateral land support from adjacent properties. The right of lateral and subjacent support means that an adjacent land owner may not, for example, lower or ...

Money paid for a real estate project or investment that can be taken off on the tax return as an expense. Expenditures made during construction of a building that do not go directly into ...

Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and ...

Insurance coverage against specified losses that arise from the dishonest acts or defalcations of employees. This bon may be applied to persons or positions. ...

Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...

Changes made by a lessee to property during the term of the lease. In general, if the changes are permanent such as the addition of a building to lease land, the ownership of the building ...

Wondering how big is an acre?It is common to hear people say that it's almost the size of a football field without both end zones. But sometimes *almost* is not enough and you need to know ...

You came in here looking to find out what happens when a property starts to depreciate but the truth is that the question comes from a false premise because not all properties depreciate. ...

Are you wondering what is the difference between being prequalified and preapproved for a loan? Do you always get confused because they seem pretty much the same thing, right? But there is ...

A maintenance fee is a charge by condominium associations, co-ops, or other homeowners associations for the upkeep of the property. ...

When you are preapproved, you have a definite commitment from a lender ...

If you’re looking into how to get a job in real estate and arrived at this page: congratulations; you’ve just made a big step toward your first real estate job! Not only ...

Changes in the market conditions, or improvements to the property that increase the value of the property. ...

The Real Estate Settlement Procedure Act requires the lender to disclose certain information about a loan, including the estimated closing costs and APR. ...