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
A notice, usually in writing, in which notice of termination is given by one individual or business to another. It is pursuant to a cancellation provision in a contract to forestall ...
property having an easement right through another adjoining property. The property through which the easement passes is considered to have the servient tenement. ...
Appraisal approach where property values are estimated by comparing current comparable sales. See also market approach. ...
The clause in a deed beginning with the words " to have and to hold" limiting or defining the ownership nature of the estate in the property granted by the deed. Declares the type of ...
Property owned and held jointly and equally shared by each spouse. It is purchased during their marriage, regardless of the wage-earning situation of either spouse. A spouse may not make a ...
The Exclusive Agency Listing is regularly confused with the Exclusive Right to Sell Listing, but they are not the same. True: on both Listings, only 1 Broker or Agent has the right to sell ...
Levy charged to use something such as water supplied by the town. ...
Taxes owed due to nonpayment, underreporting, or omission (unknowingly or intentionally) from a prior year. The taxing authority will demand the back taxes, including possible fines, ...
Wires, such as for electricity, places beneath the floor of a structure. ...
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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