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California Real Estate Principles > Gold Cards > Flashcards

Gold Cards Flashcards

0
Q

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.

A

Interior lot

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1
Q

Subdivisions located in sparsely populated areas of California and made up of 50 parcels or more

A

Land projects

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2
Q

The rent a property should bring in the open market.

A

Market rent

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3
Q

The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller.

A

Fair market value

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4
Q

Negligent care of a building

A

Deferred maintenance

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5
Q

The study of how a development will affect the ecology of it’s surroundings

A

Environmental impact report

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6
Q

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.

A

Flag lot

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7
Q

The amount of rental income do from the tenant as agreed in the lease agreement

A

Contract rent

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8
Q

An estimate or opinion of value supported by factual information as of a certain date

A

Appraisal

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9
Q

An accounting concept which refers to an allowance taken to provide for recovery of investment capitol

A

Book depreciation

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10
Q

A written report setting forth an appraiser’s estimate of value of a subject property

A

Appraisal report

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11
Q

Any permanent improvement made to real estate for the purpose of increasing the useful life of the property or increasing the property value

A

Capital improvements

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12
Q

An exception granted to existing zoning regulations for special reason

A

Variance

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13
Q

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

A

Reconciliation

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14
Q

A year as reckoned for taxing or accounting purposes

A

Fiscal year

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15
Q

The usefulness of the property

A

Utility value

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16
Q

The depreciation occurring as a result of physical, functional, and economic forces that cause loss in the value to a building

A

Actual depreciation

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17
Q

What is paid for something

A

Price

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18
Q

The years or age shown by the condition and utility of a structure, rather than its actual or chronological age

A

Effective age

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19
Q

A statistical table that may be used to estimate the value of the added depth of a lot

A

Depth table

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20
Q

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

A

Reproduction costs

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21
Q

The deed given to a successful bidder at a tax auction

A

Text deed

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22
Q

Putting several smaller, less valuable parcels together under one ownership to increase value of total property

A

Assemblage

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23
Q

The real age of the building

A

Actual age

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24
Q

A lot found at the intersection of two street

A

Corner lot

25
Q

A term sometimes used to refer to capitalization rate

A

Cap rate

26
Q

An appraisal method using the principles of substitution to compare similar properties

A

Market comparison approach

27
Q

Loss in value from any cause

A

Depreciation

28
Q

A plot of land divided into smaller portions for the purpose of building

A

Subdivision

29
Q

Surrounded by the backyards of other lots, it is least desirable because of the lack of privacy

A

Key lot

30
Q

Sometimes known as net operating income. The remaining income after operating expenses have been subtracted from the gross income of a property

A

Net income

31
Q

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

A

Condemnation

32
Q

Any buildings or structures on a lot

A

Improvements

33
Q

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.

A

Ad valorem

34
Q

Value placed on property by a public tax assessor as a basis for taxation

A

Assessed value

35
Q

The cost of replacing improvements with modern materials and techniques.

A

Replacement costs

36
Q

, in name only, of real property to the state when a taxpayer is delinquent in paying his property taxes

A

Book sale

37
Q

The combined factors of usefulness with desirability.

A

Functional utility

38
Q

The difference between the cost to replace the property and the properties current appraised value

A

Accrued depreciation

39
Q

A tax exemption for eligible residents who have been in the military during wartime.

A

Veterans exemption

40
Q

The right of the government to take a private property from the owner for public use and paying the market value

A

Eminent domain

41
Q

The width of a property along the street.

A

Front footage

42
Q

Income (figured annually) received from rental units before any expenses are deducted

A

Gross rent

43
Q

The power of goods or services to command other goods in exchange for the present worth of future benefits arising from ownership

A

Value

44
Q

The initial cost of the property plus capital improvements and minus the total accrued depreciation

A

Book value

45
Q

The anticipated income resulting from estimated potential gross income from a rental property less an allowance for vacancy and bad debt

A

Effective gross income

46
Q

A term used by real estate agents and appraisers to mean comparable property

A

Comps

47
Q

This starts on January 1 and continues through December 31 of the same year

A

Calendar year

48
Q

Represents expenses in money, labor, material or sacrifices in acquiring or producing some

A

Cost

49
Q

The estimated period over which an improved property may be profitable used to yield a return.

A

Economic life

50
Q

Age of the building determined by its condition usefulness.

A

Economic age

51
Q

Accumulated over a period of time

A

Accrued

52
Q

A tax exemption available to all owner-occupied dwellings

A

Homeowners exemption

53
Q

A lot on a dead-end street

A

Cul-de-sac

54
Q

The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream

A

Capitalization

55
Q

The desire coupled with purchasing power

A

Effective demand

56
Q

An increase in value

A

Appreciation

57
Q

Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development

A

Subdivision map act

58
Q

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

A

T intersection lot

59
Q

Lost income because a vacant unit.

A

Vacancy factor

California Real Estate Principles (8 decks)

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