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
Also called straight bankruptcy. A provision of the 1978 bankruptcy Reform Act providing for a persons property to be divided among creditors to satisfy his/her unpaid debts. Any debtor ...
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
The term agricultural property means a type of land that has been designed or is permitted to engage in agricultural activities. Also referred to as agricultural land, agricultural ...
Transfer of real estate from one taxpayer to another that are exempt from federal income taxes. An example is an exchange of property in which ownership of transferred real estate is still ...
Time period that a round of regular recurring construction takes place. There may be boom and bust times in construction activity. ...
Market condition in which the prices of real property are declining because of a lack of demand normally associated with a general economic slowdown. ...
The definition of real estate owned (REO) is known by heart by house flippers or by real estate agents specialized in bank owned properties. These are properties that once used to be in a ...
Person serving as a property administrator for someone who is incompetent due to a mental or physical deficiency. ...
A simple box-shaped house with clapboard siding and a gable roof. ...
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