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
Inverted gable roof design where the two side slope upward from the center to the eaves with a valley in the middle. The roof resembles the wings of a butterfly, hence, the name. ...
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
Provision in a written agreement that depends on the occurrence of something else. ...
Writ issued by the court requiring a person to appear as a witness or to provide written information in the case. A contempt of court citation may occur for failure to observe the subpoena. ...
land that is adjacent to water such as a stream. ...
Land expansion resembling a star. The starts center is the city, and major thoroughfares going away from the city are depicted. ...
Right of tenant to make use of a property's wood or food producing capacity to provide for his or her own necessities. ...
The real estate market uses the absorption rate to assess at which rate are available homes sold. This evaluation method is used for specific markets for specific periods of time. To ...
Ratification is typically required when an individual makes a decision. Still, they don’t have the legal authority to make it legally enforceable. In everyday discourse, ratification ...
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