Definition of "Income"
- Money earned or accrued during an accounting period that results in the increase in total assets.
- Items such as rental income.
- Revenues arising from the sales of real estate.
- The excess of revenues over expenses and losses for an accounting period of a real estate business.
Popular Real Estate Terms
Prepayment to a landlord for refurbishing the unit beyond what would be anticipated from customary wear and tear. It is like a damage deposit. The security deposit may be refunded at the ...
The consolidation of items that have been considered a part of property but are not actually annexed, secured, or joined to it. ...
Flaw in an otherwise proper title. A title obtained through error or fraud without proper signature or consideration or other improper action. A defective title is null and void having no ...
The actual, physical and tangible fact in a given situation; a substantive body of positive evidence. ...
Ownership of property transfers from the seller to the buyer when the parties sign the contract. ...
Materials that are inherently noncombustible, are widely used in constructing exterior surfaces and include brick, aluminum siding, cement, and asbestos shingles. ...
Amount charged for each unit of rental property. An example of a unit might be square footage of space or an apartment. ...
Monies paid to use property, such as the use of natural resource extractions. The royalty payment is typically based upon some percentage of the income or fee for substances generated from ...
Width of a stair. ...
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