Information Reporting
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real estate salesperson to the IRS and to the individual.
Popular Real Estate Terms
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Rights, interest, and benefits inherent in the ownership of real estate, as distinguished from personal property ...
Ownership of property transfers from the seller to the buyer when the parties sign the contract. ...
Privilege granted by a franchiser to a franchisee permitting the latter to operate using the franchiser's name. The franchisee must pay a franchise fee for such right. In addition, the ...
Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions. ...
Compilation of all tax maps of a given tax district that are bound together and kept at the local tax office. The tax book is a public record that may be accessed by an individual for ...
Agreement by a lender to loan money to suitable borrowers within a given time period but without identifying those borrowers. ...
An actual location’s elevation defines the height or space below or above an established reference point. We call this point geoid, a math model of our planet’s sea level. ...
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