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
When a real estate owner wants to know what their property tax liability is, they calculate the assessment ratio for their property. An assessment ration is a relationship between a real ...
Use of a parcel of land that will produce the greatest current value. ...
A contract not in writing. Oral contracts are legally enforceable except for those applicable to the sale of real estate. ...
When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance ...
Annual return rate of capital invested in a wasting asset. The capital is returned from the depreciating asset's earned income. ...
Pipes from a structure to a sewer for the purpose of sewage disposal. ...
Amount required to payoff the full balance of the mortgage today. The amount equals the principal balance plus any prepayment penalty. ...
The two terms used to describe professionals in the real estate industry are “realtor” and “real estate agent”. These two terms are used interchangeably or as ...
Guarantee by a seller to a buyer to satisfy, for a specified time period, problems in the quality or performance of items within the home. There is usually no additional charge during the ...
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