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12 Cards in this Set
- Front
- Back
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Ad Valorem |
A Latin prefix meaning according to value. Local governments love a real property tax based on the assessed value. Property taxes are known as ad valorem taxes. |
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Variance |
An exception granted to existing zoning regulations for special reasons. |
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Gross rent |
Income (figured annually) received from rental units before any expenses are deducted. |
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Net income |
Sometimes known as net operating income. The remaining income after operating expenses have been subtracted from the gross income of a property. |
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Front footage |
The width of a property along the street |
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Front footage |
The width of a property along the street |
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Demand |
The desire to buy or obtain a commodity |
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Scarcity |
Less availability of a commodity in the market place resulting in increased value when demand exceeds supply |
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Scarcity |
Less availability of a commodity in the market place resulting in increased value when demand exceeds supply |
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Market rent |
The rent a property should bring in the open market |
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Cost approach |
An appraisal method that estimates replacement cost of the improvements, deducts estimated accrued depreciation, and then adds market value to the land |
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Effective demand |
The desire coupled with purchasing power |
