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
Identifying marker of a company. Attesting to something such as the validity of an instrument used in real estate. ...
The term lock-in clause is used in an agreement that prescribes a period of time within which either of the parties that signed a contract cannot terminate the contract. In case one of the ...
Passageway providing public access from a building interior to an exit. Long interior passageway providing access to rooms. ...
Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...
Individual corporation, and so on permitted by law to own property and engage in business. Here, two or more companies operate under common control. Separate economic unit subject to ...
Certificate usually granted by a jurisdictions building department certifying a specified premise has satisfactorily complied with all zoning and building ordinances. This certification is ...
Period of time during which a complainant in a real estate transaction can seek a financial recovery from a licensed real estate broker or agent. The time period is determined by state ...
Right of any government agency to enact and enforce certain regulations to provide for the health and safety and general welfare of the public. ...
A lower phase of a business cycle in which the economy is deteriorating, coupled with a declining rate of business investment and consumer spending. Real Estate prices are typically ...
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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