Principle Of Substitution
Definition of "Principle of substitution"
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place.
Popular Real Estate Terms
Federal act passed in 1974 regulating mobile homes. The act defines a mobile home as a "Structure, transportable in one or more sections, which is eight body feet or more in width and is ...
Outline or diagram of a structure or group of structures used for planning purposes. ...
The appraisal approach is used to estimate the value of an asset, based on various factors to reach the closest educated guess of the asset. While an appraisal approach does consider the ...
Having two families live in a residence designed for only one family. This violates single-family residence zoning. ...
Paneled brickwork between timber quarters, a framed wall, or partition. ...
A rental agreement is a written contract that establishes a temporary arrangement between the owner of a property and an individual who wishes to have possession of the property for a ...
Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
Used primarily by real estate corporations as a means of restructuring and reorganizing existing debts. Creditors must vote on a debt-paying plan and a judge must give approval. It provides ...
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