NATIONAL ASSOCIATION OF REALTORS Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world. NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an...
OBSOLESCENCE A type of depreciation of property. OFFER A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested. OFFER AND ACCEPTANCE The two components of a valid contract; a «meeting of the...
PACKAGE MORTGAGE A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances. PARCEL A specific portion of a larger tract; a...
QUALIFIED FEE An estate in fee which is subject to certain limitations imposed by the owner. QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and...
RANGE A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction. RATE OF RETURN The relationship (expressed as a percentage) between the annual net income generated by a business and the...
TAKE-OUT FINANCING Long-term permanent financing. TAX LIEN A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens. TAX SHELTER A phrase often used to describe some of the tax advantages of real...
