RE Terms Flashcards

Generally Accepted Accounting Principles
Terms Definitions
ARS 26
states that real estate licensees can write contracts but not charge for it
Sale of property for tax purposes
"Livery of Seizin"
giving dirt to show you own the land
to remove
Abstract of Title
history of title
calling loan due and payable
land gained through soil buildup
notary confirmation of parties & will
Accrued depreciation
physical, economic, and functional depreciation
ADA rules/fines
Title 1: 15+ employees; Title 3: public places; Fines of $55k (1st) & $110k (2nd)
Adjusted basis
= purchase price + cost of sales + capital improvements- depreciation
Adjusted book value
adjusted basis
Adjusted gross income
total income from all sources- vacancy/ credit loss
Adjusted purchase price
original price + improvements
Adjusted sales price
purchase price - cost of sales
court appointed for intestate (no will)
Administrators deed
executor's deed for a will
Adverse possession
squatter rights- continued, open, hostile use for 10 years
Affidavit of disclosure
mini public report for property unincorporated, unsubdivided, less than 6 parcels
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