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54 Cards in this Set
- Front
- Back
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APPRECIATION
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An increase in value.
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ASSET
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Anything of value.
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BASIS
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The initial cost of an investor's property.
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CAPITAL GAIN (OR LOSS)
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The profit (or loss) from the sale of an asset, including real property.
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EQUITY
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The market value of a property less any debt against it; in a business entity, assets minus liabilities equals capital ( owner's equity); a system of legal rules administered by a court of chancery.
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GOING-CONCERN VALUE
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The worth of a business, including real estate, goodwill, and earning capacity.
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GOODWILL
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An intangible asset (value) of a business.
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LEVERAGE
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The use of borrowed funds to finance the purchase of an asset; the use of another's money to make more money.
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LIQUIDATION ANALYSIS
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An appraiser's methodology and estimate of the value of a business that is being liquidated. An assessment of such factors as the ability of the firm to pay off short-term obligations, the value of the inventory on hand, and the liquidation value of preferred stock.
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LIQUIDITY
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The ability to convert noncash assets into cash quickly; refers to a firm's cash position and its ability to met obligations.
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REAL ESTATE INVESTMENT TRUST (REIT)
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A method of pooling investment money using the trust form of ownership.
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RISK
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The chance of losing all or a part of an investment; the uncertainty of financial loss.
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TAX SHELTER
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An investment that shields items of income or gain from payment of income taxes; a term used to describe some tax advantages of owning real property (or other investments), including postponement or even elimination of certain taxes.
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ADJUSTED BASIS
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The owner's original cost plus buying expenses plus capital improvements.
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AD VALOREM
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According to the value; in proportion to worth.
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ASSESSED VALUE
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Worth established for each unit of real property for tax purposes by a county property appraiser.
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ASSESSMENT LIMITATION (SOH BENEFIT)
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The accumulated difference between the assessed value and the market value of a homesteaded property due to limit on increases in the assessed value.
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BOOT
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Money or other property that is not like-kind, which is given to make up any difference in value or equity between exchanged properties.
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DEBT SERVICE
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The amount of money needed to meet the periodic payments of principal and interest on a loan that is being amortized.
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DEPRECIATION
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A loss in value for any reason; a deduction for tax purposes.
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EXEMPT PROPERTIES
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Properties that have been decreed to be excluded from taxation or claim by others.
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GREEN BELT LAW
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Legislation that authorizes county property appraisers to asses land use for agricultural purposes according to its current value as agricultural land.
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INSTALLMENT SALE
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The seller receives the proceeds from the sale in periodic payments over time.
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IMMUNE PROPERTIES
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Real property that is owned by a unit of government and is not subject to taxation.
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JUST VALUE
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The fair market value.
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LIKE-KIND EXCHANGE
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An exchange of real property held for investment for another property held for investment that qualifies for deferment of takes from gain on the sale.
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MILL
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A unit of money used to specify a property tax rate ($1 for each $1,000 of taxable value).
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SPECIAL ASSESSMENT |
Taxes levied against properties to pay for all, or part of, improvements that will benefit the properties being assessed.
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TAX RATE
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The percentage of value that is used to determine the amount of tax to be levied against each individual unit of property; ad valorem (according to the value).
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TAXABLE INCOME
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Gross income minus tax deductions; net operating income plus reserve for replacements minus financing costs and allowable depreciation.
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TAXABLE VALUE
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The assessed value less allowable exemptions resulting in an amount to which the tax rate is applied to determine property taxes due.
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ASBESTOS
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A mineral fiber used until 1978 in a variety of building construction materials for insulation and as a fire retardant.
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BUFFER ZONE
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A strip of land separating one land use from another.
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BUILDING CODES
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Government ordinances regulating construction practices and materials.
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BUILDING INSPECTION
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A procedure conducted during construction to check that workmanship conforms to building code.
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BUILDING PERMIT
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A document issued after the local government has reviewed the architectural and engineering drawings and sign off on the energy calculations.
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CERTIFICATE OF OCCUPANCY
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An occupancy permit issued by the local government after construction is completed and the final inspection is approved.
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COMPREHENSIVE PLAN
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A statement of policies for the future physical development of an area (e.g., city, county, region). Also called a master plan.
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CONCURRENCY
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A provision in the Florida's Growth Policy Act that requires water and waste treatment facilities needed to support additional population to be in place before new development is allowed.
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DENSITY
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The number of homes or lots per acre.
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DEVELOPMENT OF REGIONAL IMPACT (DRI)
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Any development that because of its character, magnitude, or location could have a substantial effect on the health, safety, and welfare of citizens of more than one county.
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ENVIRONMENTAL IMPACT STATEMENT (EIS)
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A document that summarizes the effect proposed development will have on the surroundings.
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HEALTH ORDINANCE
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Local codes that regulate maintenance and sanitation of public spaces.
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INTENSITY
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The concentration of activity (pedestrian and vehicular traffic) used as a means of designation land for commercial zones.
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LAISSEZ-FAIRE
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Allow to act; noninterference by government in trade, industry, and individual action generally.
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MIXED LAND USE
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More than one type of zoning, such as a condominium that has residential and commercial units.
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NONCONFORMING USE
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Continuing land use that is not in compliance with zoning ordinances.
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PLANNED UNIT DEVELOPMENT (PUD)
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A residential project with mixed land uses and high residential density.
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R-VALUE
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Resistance to heat flow. The measure of the energy effectiveness of insulation.
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SPECIAL EXCEPTION
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An individual ruling in which a property owner is granted the right to use otherwise contrary to law.
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SPECIAL FLOOD HAZARD AREA (SFHA)
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Defined by FEMA as the area that will be inundated by the flood event having a 1% chance of being equaled or exceeded in any given year. The 1% annual chance flood is also called the base flood or 100-year flood.
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SPECIAL PURPOSE PROPERTY
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A combination of land and improvements with only one economically feasible use because of some special design.
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VARIANCE
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An exception to zoning regulations or ordinances granted to relieve a hardship.
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ZONING ORDINANCE
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Classification of real property for various purposes; the governmental power to control and supervise the use of privately owned real property (actually, the exercise of police powers).
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