Chp 2 - DEFINITIONS - 2-27_2-29

Question 1

a reduction in the price of a property due to the discovery of some problem that tends to decrease the properties value

Answer 1

Abatement

Question 2

a building whose function is secondary to that of the main structure

Answer 2

Accessory Building

Question 3

Desirable features of a building or near a building that have the effect of increasing the property’s value

Answer 3

Amenities

Question 4

the payment of a loan over the life of the loan using equal payments at equal intervals. Each Payment provides for a portion to be applied to the principal and the remainder to be applied to the interest.

Answer 4

Amortization

Question 5

a major tenant in shopping mall, such as a department store, that in theory serves to attract shoppers to the mall to the benefit of other, smaller stores. See also Satellite tenant

Answer 5

Anchor Tenant

Question 6

an estimation of a property’s value made by a qualified appraiser

Answer 6

Appraisal

Question 7

a natural, underground reservoir from which wells draw water

Answer 7

Aquifer

Question 8

the value given to a piece of property by a local jurisdiction, to be used to assess taxes on the property. The assessed value is a percentage of the actual value, that is, the value that the property would command on the open market.

Answer 8

Assessed Value

Question 9

a region or small town that contains mainly housing and offers few employment opportunities

Answer 9

Bedroom community

Question 10

an area of a city that has been determined to contain buildings and infrastructure that are in a state of decay and need of improvement.

Answer 10

Blighted Area

Question 11

a standard portion (generally a paragraph or more) of a written document, such as a contract or architectural specification, that appears in all similar documents

Answer 11

Boilerplate:

Question 12

a piece of land used to separate two incompatible uses

Answer 12

Buffer Zone

Question 13

an amount of money used to make physical improvements to a property to enhance the property’s value over an extended period of time

Answer 13

Capital Expenditure

Question 14

the amount of money that is net income from a property after expenses are paid

Answer 14

Cash Flow

Question 15

abbreviation from “covenants, conditions, and restrictions,” which are all the rules that apply to a property owner in a subdivision, condominium, or cooperative housing facility.

Answer 15

CC&R

Question 16

a particular type of housing development in which the houses or apartments are placed close to each other and have access to nearby common open spaces

Answer 16

Cluster housing:

Question 17

a portion of a building or development that is available for the use of all the tenants or unit owners. Typically, common areas are owned by the property owners in the development or homeowners association and property owners subsequently pay the maintenance fee.

Answer 17

Common Area

Question 18

a permit given by a city or other zoning jurisdiction for a proposed use that would otherwise not be allowed in a particular zoning district. The conditional use permit provides the zoning jurisdiction with the means to impose special conditions on the proposed development, to ensure that the development will not adversely affect the surrounding neighborhood or the public safety and welfare.

Answer 18

Conditional Use Permit (CUP)

Question 19

A development in which residents own their own living units but share common areas, which are maintained by the condominium corporation

Answer 19

Condominium

Question 20

The act of transferring an interest in a property to another person, or the document written to formalize such a transfer.

Answer 20

Conveyance