Free Real Estate Vocabulary Flashcards

A method for appraising a site (land) by estimating the depreciated value of the improvements and deducting that amount from the total value (improved value) of the property. See: Allocation.

To touch, border on, or be contiguous to.

The vertical members (walls or heavy columns) which bear the load or pressure of the cross member, such as an arch, pier, or similar structure.

The joining, reaching, or touching of adjoining land. Abutting parcels of land have a common boundary.

One whose land is contiguous to (abuts) a public right of way.

Directly contiguous properties, sharing at least one common boundary.

A portion of the Economic Recovery Act of 1981 which allowed shorter depreciation of both real and personal property, did not distinguish between new and used property, and disregarded salvage value.

A method of calculating for tax purposes the depreciation of income property at a faster rate than would be achieved using the straight-line method. Any depreciation taken in excess of what would be claimed using the straight-line rate is subject to recapture as ordinary income to the extent of the gain resulting from the sale.

The immediate right to possession of a remainder interest upon the failure of a life estate.

A provision in a written mortgage, note, bond, or conditional sales contract that in the event of default, the whole amount of the principal and the interest may be declared due and payable at once.

Voluntary agreement to an offer. (1) Real property acceptance must be unequivocal See: Mirror Image Rule. (2) Acceptance for goods, according to the Uniform Commercial Code, need not be unequivocal. Offer, acceptance, and consideration form a contact.

A right to ingress and egress to and from one’s property. May be express or implied.