WWW.THESIS.DISLIB.INFO
FREE ELECTRONIC LIBRARY - Online materials, documents
 
<< HOME
CONTACTS



Pages:     | 1 |   ...   | 6 | 7 || 9 | 10 |   ...   | 16 |

«GLOSSARY OF TERMS The following Glossary of Terms is not intended to be legal definitions, but rather a lay expression or explanation of how the ...»

-- [ Page 8 ] --

IMPOUND ACCOUNT: A trust account established to set aside funds for future needs relating to a parcel of real property. Many mortgage lenders require an impound account to cover future payments for taxes, assessments, private mortgage insurance and insurance in order to protect their security from defaults and tax liens. Sometimes, part of the purchase price due the seller may be impounded or put aside by escrow to meet the postclosing expense of clearing title or repairing the structure.

IMPROVEMENTS ON LAND: Any structure, usually privately owned, such as buildings, fences, driveways, and retaining walls, erected to enhance the value of the property or so that a site can be used.

IMPROVEMENTS TO LAND: A publicly owned structure added to or benefiting land, such as curbs, sidewalks, streetlights and sewers.

INCANDESCENT LIGHTING: Light produced by heated wire (filament). It is inefficient and has a short, 1000-hour life.

INCOME APPROACH: The process of estimating the value of an income-producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life.

INCOME, ADJUSTED GROSS: Gross income minus deductions. For a wage earner, gross income and adjusted gross income are one and the same. A salesman may deduct all expenses attributable to earning his salary. A business may deduct all ordinary business expenses. His net business income is his adjusted gross income. An investor may deduct 50% of the excess of net long-term capital gains over net short-term capital losses to determine his adjusted gross income.

Allard Commercial Brokerage –Glossary of Terms Page 39 of 39 INCOME, GROSS: Ordinary income plus capital gains income. (In merchandising gross income = gross receipts minus cost of goods sold. In service type business, i.e., real estate brokerage, gross income = gross receipts.)

–  –  –

INCOME, NET EQUITY: Cash spendable (after income taxes) plus equity build up.

INCOME, NET OPERATING: Gross scheduled income minus vacancy allowance; or audited gross income minus operating expenses, but before any loan payments.

–  –  –

INCOME, NET TAXABLE: Gross scheduled income minus vacancy allowance minus operating costs minus available depreciation minus interest on all loans.

INCOME PROPERTY: A property that has, as its primary purpose, the capacity to produce monetary income.

–  –  –

INDEMNIFY: To secure against hurt, loss or damage; to make compensation to for hurt, loss or damage.

INDEPENDENT CONTRACTOR: One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as to how he or she performs the act. The critical feature, and what distinguishes an independent contractor from an employee or agent, is the degree of control the employer has over such a person's activities.

Because many licensing laws make brokers responsible for the activities of their salespeople, even if they are independent contractors, many brokers want to exercise a high degree of control over such activities; however, state licensing laws do not preclude the establishment of independent contractor status for tax purposes, provided the relationship is carefully structured to avoid possible classification of such a person as an employee.

INDICATED GAIN: The potential gain that would be recognized if the property were sold for cash.

Allard Commercial Brokerage –Glossary of Terms Page 40 of 40 INDUCTION SYSTEM: A mechanical system normally located on the periphery of a building at the base of the window walls. Forced air is thermostatically controlled to temper its flow by heating or cooling the interior air. This process is controlled by the current climatic conditions at the exterior and the demands of the spaces within the building (see Convection and Convector).

INDUSTRIAL DISTRICT OR PARK: A controlled park-like development designed to accommodate specific types of industry. It provides public utilities, streets, railroad sidings, water, sewage facilities, etc.

INDUSTRIAL PROPERTY: A property primarily used for the production or manufacture of goods or products.

INFLATION: The gradual reduction of the purchasing power of the dollar, usually related directly to the increases in the money supply by the federal government.

–  –  –

INJUNCTION: A legal action whereby a court issues a writ that forbids a party defendant from doing some act or compels the defendant to perform an act.

INSTALLMENT CONTRACT: A financing device for the sale of real estate wherein the purchase price is paid in installments over an extended period of time by the purchaser who is in possession. Title is retained by the seller until the final payment. Also called a contract for deed or articles of agreement for warranty deed.

INSTALLMENT NOTE: A promissory note with payments of principal and interest made at designated intervals.

INSTALLMENT SALE: An income tax method of reporting gain received from the sale of real estate when the sales price is paid in installments, i.e., where at least one payment is to be received after the close of the taxable year in which the sale occurs. No down payment is required in an installment sale. If certain conditions are met the taxpayer can save on taxes by postponing the receipt of an installment and the reporting of such income to future years when his or her other income may be lower. Thus, a taxpayer can avoid paying the entire tax on the gain in the year of sale.





INSTITUTIONAL LENDER: A bank, insurance company, or savings and loan association that deals heavily in real estate loans.

INSTRUMENT: A written legal document.

INSULATION: Used to protect interiors from heat loss. There are two types: non-combustible fiberglass, Fesco, celoterm (perlite); combustible-celotex, wood fiber.

INTEREST: A charge made by a lender for the use of money.

INTEREST ONLY: A term loan calling for payments of interest only, not to include any amount for principal.

INTEREST PAYMENTS: The total interest payments during the year on all loans, either now against the property or being projected against it.

Allard Commercial Brokerage –Glossary of Terms Page 41 of 41

INTEREST RATES:

CREDIT RATE –An interest rate based solely upon the strength of a respected credit tenant on an executed long-term triple net lease and almost ignoring the value of the real estate involved in the deal. The credit rate is usually 1/8 –3/8% below the real estate rate.

FACE RATE –The interest rate shown on the Promissory Note; the same as the gross interest rate.

GROSS INTEREST RATE –The interest rate paid by the borrower in a mortgage loan transaction; also called the face rate.

NET RATE –The net return on investment received by the lender in a mortgage loan transaction after payment of the servicing fee to the correspondent/servicing agent. The gross interest rate (face rate) less the servicing rate.

REAL ESTATE RATE –An interest rate reflecting the desirability and risk (to the lender) of the real estate to be taken as security in the loan transaction and not anticipating the execution of a long term credit lease for space within the property.

SERVICING RATE –A small participation, by the servicing agent, in the gross rate of interest charged by the lender, for the services provided by the servicing agent (see Loan Servicing). The servicing rate is usually a function of the dollars loaned in a particular transaction and rarely exceeds.25% (1/4 of 1%).

INTERIM FINANCING: A short-term loan usually made during the construction phase of a building project.

INTERIM OCCUPANCY AGREEMENT: An agreement allowing a buyer to take possession of a property as a tenant prior to close of escrow.

INTERIOR LOT: One that is surrounded by other lots, with a frontage on the street; the most common type lot, which may or may not be desirable-depending on other factors.

INTERIOR ROOF DRAINAGE: Roof drainage from the interior portion of a roof. Interior or underground piping carries water to the pavement or store system.

–  –  –

INURE: 1. to come into use; take or have effect. 2. to become beneficial or advantageous.

INVOLUNTARY LIEN: A lien placed on property without the consent of the property owner.

IRR (Internal Rate of Return): A multi-year analysis of rate of return similar to Financial Management Rate of Return (FMRR). Used by investors in medium and large properties Allard Commercial Brokerage –Glossary of Terms Page 42 of 42 (occasionally on small properties). Multi-year cash flows and net sale proceeds are analyzed using discounted cash flow techniques to solve for the IRR. IRRs and FMRRs are the best rate of return indicators, because they require an analysis of the investor's entire holding period, not just a single year. The discounting process takes into consideration the time value of money and thereby produces a more realistic rate of return. (See FMRR)

IRREVOCABLE: That which cannot be revoked or changed.

IRS TAX LIEN: A federal tax lien, or Internal Revenue Service (IRS) tax lien, results from a person's failure to pay any portion of federal taxes, such as income and withholding taxes. A federal tax lien is a general, statutory, involuntary lien on all real and personal property held by the delinquent taxpayer. Its priority, however, is based on the date of filing or recording; it does not supersede previously recorded liens.

JAMB: (See Door Frame).

JOINT NOTE: Note signed by two or more persons each having equal liability for payment.

JOINT AND SEVERAL LIABILITY: A situation when more than one party is liable for repayment of a debt or obligation. The parties may be sued either jointly or individually for the full amount of the note.

–  –  –

JOINT VENTURE: The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.

JOIST: A horizontal floor or roof deck support.

JUDGMENT: The formal decision of a court on the respective rights and claims of the parties to an action or suit. A judgment that has been entered and recorded with the county recorder usually becomes a general lien on the property of the defendant.

Allard Commercial Brokerage –Glossary of Terms Page 43 of 43 JUDGMENT CLAUSE: A provision in notes, leases and contracts by which the debtor, lessee, etc., authorizes any attorney to go into court and confess judgment against him for a default in payment. Unenforceable in many states.

JUDGMENT DECREE: A decree specifying the award made by the court in a civil case.

JUDGMENT LIEN: A charge, or lien, upon the land of a debtor, arising when a money judgment is publicly recorded in the jurisdiction where the land is located, and giving the holder of the judgment a right to levy the property to satisfy the debt.

JUDICIAL FORECLOSURE: A method of foreclosing on real property by means of a court supervised sale. In a judicial foreclosure there is an appraisal, after which the court determines an upset price below which no bids to purchase will be accepted.

JUNCTION BOX: A rectangular metal or plastic box that provides a nexus (junction) for a b ii ‟electrical wiring system and protects the wiring from the elements.

ud g ln s JUNIOR LIEN OR MORTGAGE: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate.

JUNIOR TRUST DEED: Any trust deed that is recorded after a first trust deed.

KEY LOT: So named because it resembles a key fitting into a lock; one that is surrounded by the backyards of other lots, therefore is the least desirable because of the lack of privacy.

KILOVOLT-AMPERE (K.V.A.): A unit of electro-motive force equal to 1,000 volt amperes.

KW, KVA, DEMAND: The maximum electric power required during any 15-minute period in a month.

–  –  –

LAND CONTRACT: A contract for the purchase of real estate upon an installment basis. Upon payment of the last installment, the deed is delivered to the purchaser (see Installment Contract).

LANDLORD: The lessor or the owner of a leased premises. The landlord retains a reversionary interest in the property so that when the lease ends the property will revert to the landlord.

LAND PROJECTS: Subdivisions located in sparsely populated areas of California, made up of 50 parcels or more.

LAND TRUSTS: A few states permit the creation of land trusts, in which real estate is the only asset. As in all trusts, the title to the property is conveyed to a trustee, and the beneficial interest belongs to the beneficiary. In the case of land trusts, however, the beneficiary is usually also the trustor. While the beneficial interest is personal property, the beneficiary retains management and control of the real property and has the right of possession and the right to any income or proceeds from its sale. One of the distinguishing characteristics of a land trust is that the public records usually do not name the beneficiary. A land trust may be used for secrecy when assembling separate parcels. There are other benefits as well. A beneficial interest can be transferred by assignment, making the formalities of a deed unnecessary. The beneficial interest in property can be pledged as security for a loan without having a mortgage recorded. Because the beneficiary's interest is personal, it passes at the beneficiary's death under the laws of the Allard Commercial Brokerage –Glossary of Terms Page 44 of 44 state in which the beneficiary lived. If the deceased owned property in several states, additional probate costs and inheritance taxes can be avoided.



Pages:     | 1 |   ...   | 6 | 7 || 9 | 10 |   ...   | 16 |


Similar works:

«Boston College Third World Law Journal Volume 19 Article 8 Issue 1 The Long Shadow of Korematsu 12-1-1998 A Tale of New Precedents: Japanese American Interment as Foreign Affairs Law Gil Gott Follow this and additional works at: http://lawdigitalcommons.bc.edu/twlj Part of the Civil Rights and Discrimination Commons, International Law Commons, and the Military, War and Peace Commons Recommended Citation Gil Gott, A Tale of New Precedents: Japanese American Interment as Foreign Affairs Law, 19...»

«07 United Nations General Assembly Special Session on HIV/AIDS Monitoring the Declaration of Commitment on HIV/AIDS GUIDELINES ON CONSTRUCTION OF CORE INDICATORS 2008 Reporting UNAIDS/07.12E / JC1318E (English original, April 2007) © Joint United Nations Programme on HIV/AIDS UNAIDS concerning the legal status of any country, (UNAIDS) 2007. territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. All rights reserved. Publications produced by...»

«19851 Unreported Cases INTRODUCTION UNREPORTED CASES is a continuing feature of THE DELAWARE JOURNAL OF CORPORATE LAv. All unreported cases of a corporate nature that have not been published by a reporter system will be included. The court's opinions are printed in their entirety, exactly as received. To expedite the attorney's research, all cases are headnoted according to the NationalReporter key number classificationsystem. * Indices are provided for case names, statutes construed, rules of...»

«Scheduled Monuments A Guide for Owners and Occupiers This guide explains what scheduling means for you as the owner or occupier of a scheduled monument and summarizes the main provisions of the Ancient Monuments and Archaeological Areas Act 1979 (as amended) (‘the 1979 Act’), which is the legal framework for the protection of scheduled monuments. The guide does not attempt to be fully comprehensive and you are strongly advised to consult us, or seek independent professional advice, before...»

«IDA METT La Comuna de Cronstadt Crepúsculo sangriento de los Soviets EDICIONES ESPARTACO INTERNACIONAL La Comuna de Cronstadt Título original: La Commune de Cronstadt Traductor y editor: Emilio Madrid Expósito Primera edición en español: Abril de 2006 Ediciones Espartaco Internacional I.S.B.N.: 84-611-0199-5 Depósito legal: Impresión: Publidisa La publicación de este texto en español se hace con autorización de la asociación Les Amis de Spartacus 8, impasse Crozatier 75012 PARIS El...»

«THE CONSTITUTIONAL VESTING OF JUDICIAL POWERS IN THE JUDICATURE IN NIGERIA – THE PROBLEM WITH SECTION 6(6)(D) OF THE CONSTITUTION OF 1999 By C. A. Obiozor, Ph.D. * Abstract A Constitution is the organic law of a country and it prescribes rights, powers, duties and responsibilities. It indeed, is the fons et origo from which all other laws derive their validity, that is, in an ideal constitutional democracy. Nigeria assumes the status of a constitutional democracy. In Nigeria, the current...»

«11_Rosen_ch11 Page 255 Thursday, June 17, 2004 11:06 AM Shared Source, Eventual Source, and Other Licensing Models Alternatives to Open Source There are many ways to license software. None is legally privileged. Contract law allows parties to license software under almost any terms and conditions that people can dream up. Copyright and patent law acts as a backstop, preventing anyone from copying, modifying, distributing, making, using, or selling protected software without the licensor’s...»

«Harvard Journal o f Law & Technology Volume 11, Number 3 Summer 1998 CONFUSED HERITAGE AND THE ABSURDITY OF GENETIC OWNERSHIP Lee M. Silver Susan Remis Silver INTRODUCTION At this moment in time, eight human embryos lie frozen in liquid nitrogen in a southern New Jersey laboratory awaiting their fate. Their mother wants the embryos destroyed and has petitioned a New Jersey trial court to grant her request. The father, citing ethical reasons and the possibility that he may want the embryos...»

«STANHOPE PUBLIC SCHOOLS REGULAR MEETING MINUTES November 17, 2010 7:00 p.m. FLAG SALUTE The Regular Meeting of the Stanhope Board of Education was called to order on November 17, 2010 at 7:00 p.m. in the Media Center at the Valley Road School, 24 Valley Road, Stanhope, New Jersey 07874. Board Members present included: Michael Bender, Gil Moscatello, Michael Stiner, Michael Stricchiola, and Gene Wronko. Bill Sturdevant entered at 7:08 p.m. and Gina Thomas entered at 9:12 p.m. Also attending were...»

«Attorney Grievance Commission v. Douglas F. Gansler, Misc. Docket AG No. 81, September Term 2002. [Maryland Rules of Professional Cond uct M RPC 3.1 (Meritorious Claims and Contentions_, 3.6 (Trial Publicity), 3.8 (Special Responsibilities of a Prosecutor), 8.2(a) (Judicial and Legal Officials), and 8.4(a) and (d) (Miscon duct); held: Respond ent, a States’s Attorney, did not violate Maryland R ules of Pro fessional C onduct 3.1, 3.8, and 8.4 by prosecuting two juveniles accused of...»

«SHEEHEY FURLONG & BEHM PROFESSIONAL CORPORATION ATTORNEYS AT LAW GATEWAY SQUARE JON T. ALEXANDER CHARLOTTE B. ANGEL 30 MAIN STREET R. JEFFREY BEHM POST OFFICE BOX 66 BURLINGTON, VERMONT 05402 DEBRA L. BOUFFARD IAN P. CARLETON TELEPHONE (802) 864-9891 ARLINE P. DUFFY FACSIMILE (802) 864-6815 MICHAEL G. FURLONG www.sheeheyvt.com DIANE M. McCARTHY ERIC S. MILLER JAMES W. SPINK PETER H. ZAMORE VIA HAND DELIVERY PAUL D. SHEEHEY (1919-2004) January 15, 2013 Mrs. Susan Hudson, Clerk VERMONT PUBLIC...»

«Adobe® Premiere® Pro CC Help Legal notices Legal notices For legal notices, see http://help.adobe.com/en_US/legalnotices/index.html. Last updated 6/18/2016 iii Contents Chapter 1: What's new New features summary.................................................................................................1 Chapter 2: Companion Mobile Apps Adobe Premiere Clip FAQ....................»





 
<<  HOME   |    CONTACTS
2017 www.thesis.dislib.info - Online materials, documents

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.