Gold Cards Flashcards
Is one that is surrounded by other lots with a frontage on the street. It is the most common type of lot and may be desirable or not, depending on other factors.
Interior lot
Subdivisions located in sparsely populated areas of California and made up of 50 parcels or more
Land projects
The rent a property should bring in the open market.
Market rent
The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller.
Fair market value
Negligent care of a building
Deferred maintenance
The study of how a development will affect the ecology of it’s surroundings
Environmental impact report
Looks like a flag on a pole. The pole represents the access to the site, which is usually located to the rear of another lot fronting the main street.
Flag lot
The amount of rental income do from the tenant as agreed in the lease agreement
Contract rent
An estimate or opinion of value supported by factual information as of a certain date
Appraisal
An accounting concept which refers to an allowance taken to provide for recovery of investment capitol
Book depreciation
A written report setting forth an appraiser’s estimate of value of a subject property
Appraisal report
Any permanent improvement made to real estate for the purpose of increasing the useful life of the property or increasing the property value
Capital improvements
An exception granted to existing zoning regulations for special reason
Variance
Sometimes called correlation, this is the adjustment process of weighing the results of all three appraisal methods to arrive at a final estimate of market value for the subject property
Reconciliation
A year as reckoned for taxing or accounting purposes
Fiscal year
The usefulness of the property
Utility value
The depreciation occurring as a result of physical, functional, and economic forces that cause loss in the value to a building
Actual depreciation
What is paid for something
Price
The years or age shown by the condition and utility of a structure, rather than its actual or chronological age
Effective age
A statistical table that may be used to estimate the value of the added depth of a lot
Depth table
The current cost of building a replica of the subject structure using similar quality materials; refers to exact duplication of the buildings; usually costs more than replacement costs
Reproduction costs
The deed given to a successful bidder at a tax auction
Text deed
Putting several smaller, less valuable parcels together under one ownership to increase value of total property
Assemblage
The real age of the building
Actual age
A lot found at the intersection of two street
Corner lot
A term sometimes used to refer to capitalization rate
Cap rate
An appraisal method using the principles of substitution to compare similar properties
Market comparison approach
Loss in value from any cause
Depreciation
A plot of land divided into smaller portions for the purpose of building
Subdivision
Surrounded by the backyards of other lots, it is least desirable because of the lack of privacy
Key lot
Sometimes known as net operating income. The remaining income after operating expenses have been subtracted from the gross income of a property
Net income
A common name for the eminent domain, or the right of the government to take private property from an owner for public use, paying Fair market value
Condemnation
Any buildings or structures on a lot
Improvements
A Latin prefix meaning “according to value.” Local governments levy real property tax based on the assessed value. Property taxes are known as ad valorem taxes.
Ad valorem
Value placed on property by a public tax assessor as a basis for taxation
Assessed value
The cost of replacing improvements with modern materials and techniques.
Replacement costs
, in name only, of real property to the state when a taxpayer is delinquent in paying his property taxes
Book sale
The combined factors of usefulness with desirability.
Functional utility
The difference between the cost to replace the property and the properties current appraised value
Accrued depreciation
A tax exemption for eligible residents who have been in the military during wartime.
Veterans exemption
The right of the government to take a private property from the owner for public use and paying the market value
Eminent domain
The width of a property along the street.
Front footage
Income (figured annually) received from rental units before any expenses are deducted
Gross rent
The power of goods or services to command other goods in exchange for the present worth of future benefits arising from ownership
Value
The initial cost of the property plus capital improvements and minus the total accrued depreciation
Book value
The anticipated income resulting from estimated potential gross income from a rental property less an allowance for vacancy and bad debt
Effective gross income
A term used by real estate agents and appraisers to mean comparable property
Comps
This starts on January 1 and continues through December 31 of the same year
Calendar year
Represents expenses in money, labor, material or sacrifices in acquiring or producing some
Cost
The estimated period over which an improved property may be profitable used to yield a return.
Economic life
Age of the building determined by its condition usefulness.
Economic age
Accumulated over a period of time
Accrued
A tax exemption available to all owner-occupied dwellings
Homeowners exemption
A lot on a dead-end street
Cul-de-sac
The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream
Capitalization
The desire coupled with purchasing power
Effective demand
An increase in value
Appreciation
Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development
Subdivision map act
A lot that is fronted head-on by a street. The noise and glare from the headlights may be detractors from this type of lot
T intersection lot
Lost income because a vacant unit.
Vacancy factor
