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
Written agreement in which the lessee pays rent to the lessor for the use of real property for a stated time period. An example is the tenant's rental of an apartment or office space. ...
Invests in rental property but does not manage that property. ...
Ownership in property by two or more persons at the same time. ...
Same as term resale proceeds: Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. ...
Type of flooring, made up of tiles of colored stone or marble that is set in concrete. ...
An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...
Map that shows the location and boundaries of individual properties. ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
A prefabricate house constructed in a factory with final assembly and erection on site. Because of economies of scale and modern factory production techniques, modular housing is ...
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