Useful Life
Definition of "Useful life"
Usual operating service life of property for the purpose it was acquired. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any commonly recognized economic life. An example is a building that can be used for 30 years.
Popular Real Estate Terms
To leave property. An example is a tenant who moves from the apartment and takes all her possessions at the termination of the rental period. If a tenant leaves before the lease expires, ...
Valuing real property based on the expected cost to buy property of identical value. The replacement cost to build a structure should be based on current prices. The appraisal should ...
Distribution of population over a given area of land. ...
Property held by an individual, such as furniture. ...
A public foreclosure sale where public notice is given anyone is allowed to participate. Normally, a public sale occurs because of the property owner's failure to pay taxes. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
Unroofed, paved area built adjacent to an apartment building or residence. ...
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Replacement of a major component of property by another component that will result in better performance capability. Increases overall efficiency of the property. ...
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