Term
| Real estate investment trust |
|
Definition
| A financial device through which investors purchase shares in a trust that has been invested in real estate ventures, aka REIT. |
|
|
Term
|
Definition
| A fee levied on the value of personal or real property that is owned by a taxpayer. |
|
|
Term
|
Definition
| Real estate taxes are assessed in proportion to the value of the real estate being taxed. Latin=According to Value |
|
|
Term
|
Definition
| The worth of a property, including all land improvements, which is established by a taxing authority for purposes of property taxation. Tax Rate x SEV (Assessed Value) = Tax Amount Due |
|
|
Term
|
Definition
| Assessed value is commonly 50% of the true cash value. |
|
|
Term
|
Definition
| Process by which the assessments are increased or decreased by the percentage necessary to bring about a uniform ratio between assessed value of all properties. |
|
|
Term
|
Definition
Move decimal 3 places to the left.
E.G. 1 = 0.001, 28 = 0.028 |
|
|
Term
|
Definition
| A category of property tax levied upon a property according to specific benefits that it receives. E.G. street paving, water & sewer lines, sidewalks and lighting. |
|
|
Term
| Homeowner's Warranty Policy (HOW) |
|
Definition
| A policy designed to offer limited protection to a buyer against certain defects in the structure or mechanical items. Sometimes offered by sellers, builders, and real estate companies. |
|
|
Term
|
Definition
| Basis plus cost of any work done by the owner |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
| Acceleration of Debt Clause |
|
Definition
| Allows lender to accelerate the entire unpaid principal balance and declare it immediately due upon occurrence of some event. E.G. Sale or Transfer of property or non-payment |
|
|
Term
|
Definition
| Borrower - person who gives the note and has obligated himself to repayment |
|
|
Term
|
Definition
| Lender - The party who receives the note and to whom the obligor must make payments. |
|
|
Term
|
Definition
| An individual who poses as a potential purchaser or seller, but is actually a civil rights enforcer. |
|
|
