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
A heating system consisting of a heating unit forcing hot air through an interconnected network of air ducts with outlets throughout the structure. The advantages if a forced hot air system ...
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the ...
Planned development having different types of homes, retail stores, recreational property (e.g., swimming pool), and employment. The planned community is typically near a metropolitan ...
(1) Voiding an order to buy or sell real estate. (2) Prematurely terminating an insurance policy. (3) Voiding a negotiable instrument by nullifying or paying it. ...
A relatively unknown term, laches or the” doctrine of laches,” means failure to assert one’s rights or a claim in a given matter in time. Failing to take action on a ...
The term acknowledgement refers to an act, deed, declaration, or an expression of appreciation, but it also refers to accepting or recognizing something. The definition of acknowledgement, ...
Also called profit and loss statement. A financial statement depicting a business entity's operating performance and reports the components of net income, including sales of real estate, ...
Nature and ability of soil and other materials to withstand weight of a structure. ...
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in ...
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