Real Estate Glossary

The gain recognized for federal and state income tax purposes when a taxpayer disposes of a capital asset.

In appraising a method of determining value of property by considering net income and a reasonable percentage of return on the investment.

The percentage rate or rate of interest considered a reasonable return on the investment. It is used in the capitalization method of determining value based upon net return.

Molding used at junction of baseboard and floor sometimes called a carpet strip.

Windows set in frames of wood or metal that swing outward.

A legal right; facts giving rise to an enforceable claim.

A Latin phrase meaning let the buyer beware"; the legal maxim stating that the buyer must examine the goods or property and buy at his or her own risk."

The Veterans Administration's written appraisal of the value of a property.

The Supreme Court order indicating that the court has decided to exercise its discretion and accept a case offered on appeal. The court reviews only those select cases that it deems worthy of review.