Life Tenant
The grantee who is the tenant of a life estate. When the tenant dies, the estate goes back to the grantor. For example, President Eisenhower and his wife, Mamie, were life tenants of the Gettysburg farm life estate granted by the U.S. government. Upon their deaths, the property reverted to the U.S. government as a historical site.
Popular Real Estate Terms
Capitalization rate used to convert the expected income derived from a property into its estimated asset value. The estimated asset value may be computed by dividing the annual income ...
Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...
The total destruction, razing, tearing down, breaking into pieces or pulverizing of a structure on a building site. Demolition usually occurs when clearing a building site either as ...
In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the ...
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What is the ANSI (American National Standards Institute) Standard? Before arriving at the definition of ANSI standard, you must know that ANSI stands for The American National ...
Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...
Financing of a home based on how much equity the homeowner has in it. The interest rate is typically a variable one. ...
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