Jurisdiction
Definition of "Jurisdiction"
Geographical area for which a given governmental agency has authority and responsibility. For example, the jurisdiction of a county court is the county in which it is located.
Popular Real Estate Terms
Classification of one's ownership rights in land. One way either buy the land and own all rights to it or lease it where one's rights are described in and limited by the lease agreement. ...
Purchase of part of property or property rights when condemnation takes place. The owner must be justly reimbursed. ...
A method of purchasing real estate whereby a maximum amount of leverage is used. Normally the seller will finance the down payment necessary to acquire a mortgage. Thus, the purchaser is ...
Single-family dwelling attached to other units by common walls. ...
Location Analysis is the appraisal of a general geographic area for a particular use. A Residential Real Estate Market professional (or consumer) rarely deals with a Location Analysis ...
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of ...
Right of tenant to make use of a property's wood or food producing capacity to provide for his or her own necessities. ...
Contains the appliances necessary for the maintenance of an establishment. ...
Half oval window. It is usually small and placed over a doorway serving a decorative purpose. In some case, the window may be mounted with a hinge at either end to a permit opening for ...
Comments for Jurisdiction
if you purchase a property for 175,000.00 and your jurisdiction rate is .52%. What is the monthly tax you would owe and how would you figure that out?
Oct 25, 2020 15:44:29Hey Rose! The property tax is usually paid twice a year, but some mortgages allow you to fold it into the monthly mortgage payments. If that is the case, you can find out how much you owe in property taxes by reaching out to your bank. Hope this information was useful and good luck!
Nov 05, 2020 12:58:49what does jurisdiction of .52% mean in real estate
Oct 25, 2020 15:40:17Hey, Rose! I think you are referring to property tax or millage rate, which is imposed annually or at the time of a real estate transaction. The tax is levied by the governing authority of the jurisdiction in which the property is located. In the US, it can be anywhere between 0% and 4% of the home value, depending on the state. The tax is administrated at the local government level and in your case we think it refers to a property tax of 0.52% applied to the local jurisdiction.
Nov 03, 2020 12:03:01what is real estate license's jurisdiction
Dec 26, 2019 16:10:49Hi Birenda!
Most real estate licenses in the United States are only valid in the state in which they are issued, as regulations vary from state to state. We hope this answers your question!
Jan 03, 2020 05:18:53Have a question or comment?
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