What is an Assesment? - Definition
Typically an Assesment, or the assessed value of a property refers to the value assigned to the property by the town or county for the purpose of determining real estate taxes on a property.
What is a Capitalization Rate? - Definition
A Capitalization Rate (also sometimes referred to as a Discount Rate) is used to help assess a current value on future earnings from a real estate property. The Capitalization Rate
What is Book Value? - Definition
The Book Value of a real estate property refers to the current value of that property as an asset. It is calculated by subtracting the depreciation and any other
What is an Amenity? - Definition
An ammenity (or ammenities) applies to the non-monetary benefits of property ownership. Some examples of different ammenities include garages, pools, spas or
What is Assessed Value? - Defintion
Most Real Estate properties have two values. The assessed value is the value given to the property by the local authorities to determine the real estate taxes
What is Average Annual Occupancy? - Definition
The Average Annual Occupancy refers to rental and investment (multi-unit) type properties. This Average gives the percentage of units that are rented out with in a years period of time. It also
What is an Acreage? - Definition
An Acreage is a unit ofmeasure for land (a two dimensional measure). An acre(age) is can be defined by the following measures of 160 square rods, 10 square chains, 4840 square yards, or 43,560 square
What is a Comp Check? - Definition
A Comp Check (or comparable check) is when an appraiser looks at recent comparable sales in the neighborhood (with out physically looking at the
property) to give a quick estimate on a
What is a Primary Residence
A Primary Residence refers to the property or domicile in which a person lives on a full time basis. A house that is a primary residence is generally considered by lenders to be "owner occupied."
What is a Secondary Residence? - Definition
A Secondary Residence (also known as a second home) is a residence used for vacationing or secondary living purposes. The secondary residence is typically distinguished by distance and use from the
What are Units? - Definition
Units – The number of separate living spaces that
Are able be occupied by an individual or family. An individual unit typically has its own separate entrance, and a complete kitchen.
What is an Appraisal - Definition
Appraisal (Typically refers to a Fee Appraisal)- An opinion of a real estate property’s market value determined by a combination of a detailed inspection and the sales of similar nearby properties. The
