Excess of money or fair value of property received on sale or exchange over the carrying value of the property. An example is the sale of a building when the cash received exceeda its book value. Gains also occur when the cash payment to eliminate a mortgage is less than the carrying value.
Popular Real Estate Terms
Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this ...
(1) Qualifications applying to an estate occurring when the estate is feated or enlarged. (2) Restrictions in a deed. See also condition precedent; condition subsequent. ...
When a real estate company switches from one accounting method to another. ...
Land parcel bounded by two intersecting roadways. ...
The real estate industry bases the agency definition on the relationship between a real estate agent and the client they represent. Agency relationships have a fiduciary element to them ...
The term collusion may make you think about colluding from the start, and you wouldn’t be far from the truth. The definition of collusion is a secret, non-competitive, and, at times, ...
Individual who has a legal obligation to pay money to another. ...
When the return on borrowed funds exceed the after-tax interest cost. It is profitably using other people's money. ...
A decrease in spending dollars because of a decrease in the money supply. Less funds available to prospective home buyers by lenders. Attractive mortgages are difficult to get. ...
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