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15 Cards in this Set
- Front
- Back
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efective Interest rate
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the interest rate paid adjusted for any tax svings
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effective Interest rate (formula)
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i(1 - t)
I = Before tax interest rate t = Marginal tax rate |
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Condominiums
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An apartment that is owned insted of rented
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Federal Housing Administration (FHA)
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An agency of the federal government that will insure mortgages granted to qualified recipients
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Veterans Administration (VA)
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an angency of the federal government that will guarantee mortgages granted to qualified veterans
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adjustble rate mortgage
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A mortgage loan in which the interest rate is periodicaly adjusted to reflect current interest rate
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Two step Mortgge loan
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A mortgage loan which the interest rate is changed ounce at a predetermind time
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renegotiable rate mortgage loan
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A mortgage loan in which the parties have the option to renegotiate the interest rate charged on the loan
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graduted payment mortgage loan
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A Mortgage loan in which the periodic payments rise over
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unimproved land
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land that has been cleared and that lacks improvements, such as curbs and gutters
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improved land
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land that has been cleared or that includes improvements, such as curbs, gutters, or buildings
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partnership
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An unincorporated business owned by two or more individuals
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real estate investment trust (REIT)
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Closed end investment company that specializes in real estate or mortgage investments
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equity trust
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A real estate investment trust that specializes in acquiring real estate for subsequent rental income
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Mortgage trust
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A real estate investment trust that specializes in loans secured by real estate
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