ch.17-20 florida realestate pawlicki
Terms
undefined, object
copy deck
- appreciation
- an increase in value.
- asset
- Anything of value.
- balance sheet
- A financial report that shows the company's financial position at a stated moment in time.
- cash flow
- the resulting amount when annual debt service, tax, liability, and capital improvement costs are subtracted from net operating income.
- dynamic risk
- the risk that arises from the continual change in the business environment and therefore dynamic risk cannot be transferred to an insurer.
- equity
- The market value of a property lass 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.
- going concern value
- the worth of a business, including real estate, good will, and earning capacity.
- goodwill
- An intangible asset (value) of a business.
- income statement
- a summary of all income and expenses of a business for a stated period of time.
- investment
- The outlay of money in anticipation of income or profit; the sum risked or the property purchased.
- investment value
- the worth of a property to a particular investor based on his and her desired rate of return, risk tolerance, etc.
- leverage
- The use of borrowed funds to finance the purchase of an asset; the use of another's money to make more money.
- liquidity
- the ability to convert non cash assets into cash quickly; refers to a firm's cash position and its ability to meet obligations.
- REIT
- A method of pooling investment money using the trust form of ownership.
- replacement cost
- The expenditure of constructing a building with current materials and techniques that has the same functional utility as the structure being appraised.
- reproduction cost
- Amount required to duplicate the property exactly.
- risk
- the chance of loss of all or part of an investment; the uncertainty of financial loss.
- static risk
- Risk that can be transferred to an insurer such as the risk of vandalism, fire, and so forth.
- adjusted basis
- the owner's original cost plus buying expenses plus capital improvements.
- ad valorem
- according to the value; in proportion to worth.
- assessed value
- Worth established for each unit of real property for tax purposes by a county property appraiser.
- boot
- Money or other property that is not like-kind, which is given to make up any difference in value or equity between exchanged properties.
- capital gain
- the profit from the sale of an asset, including real property.
- depreciation
- A lose in value for any reason; a deduction for tax purposes.
- exempt
- Property that has been decreed to be excluded from taxation or claim by others.
- green belt law
- legislation that authorizes county property appraisers to assess land used for agricultural purposes according to its current value as agricultural land.
- immune
- Real property that is owned by a unit of government and is not subject to taxation.
- just value
- the fair market value.
- mill
- a unit of money used to specify a property tax rate ($1 for each $1,000 or taxable value)
- partially exempt
- Property subject to taxation, but the owner is partially relieved of the burden
- special assessment
- taxes levied against properties to pay for all, or part of, improvements that will benefit the properties being assessed.
- taxable value
- the assessed value less allowable exemptions resulting in an amount to which the tax rate is applied to determine property taxes.
- tax shelter
-
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. - buyer's market
- The supply of available properties exceeds the demand.
- demand
- the quantity of goods or services wanted by consumers.
- household
- One individual, or a group of individuals, living in one dwelling unit.
- seller's market
- the demand for available properties exceeds the supply.
- supply
- The quantity of goods or services offered for sale to consumers.
- vacancy rate
- The percentage of rental units that are not occupied.
- base industries
- Businesses that attract outside money into the area; primary.
- buffer zone
- a strip of land separating one land use from another.
- building codes
- government ordinances regulating construction practices and materials.
- certificate of occupancy
- An occupancy permit issued by the local government after construction is completed and the final inspection is approved.
- concurrency
- a provision in Florida's Growth Management Act that mandates that the infrastructure, such as roads and water treatment facilities needed to support additional population, be in place before a new development is allowed.
- economic base studies
- an analysis of employment in the primary industries of a region.
- health ordinances
- Local codes that regulate maintenance and sanitation of public spaces.
- nonconforming use
- Continuing land use that is not in compliance with zoning ordinances.
- planned unit development (PUD)
- a residential project with mixed land uses and high residential density.
- service industries
- Businesses that attract local money (e.g. grocery stores, retail shops).
- special exception
- An individual ruling in which a property owner is granted the right to a use otherwise contrary to law.
- variance
- An exception to zoning regulations or ordinances granted to relieve a hardship.
- zoning ordinances
- Classification of real property for various purposes; the government power to control and supervise the utilization of privately owned real property (actually, the exercise of police powers).