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Real Estate Vocab 6

ASREB Real Estate School Vocabulary for Chapter A-6

Adjusted Basis Original cost basis of a property reduced by certain deductions and increased by certain improvement costs.
Adjusted Sale Price Sales price less cost of sale.
Adjusted Purchase Price Purchase price plus any incurred costs.
Basis An Investors initial cost for a real estate purchase,
Blue Sky State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities 'by promising the sky.'
Boot Money or other property that is not like-kind, which is given to make up the difference in value or equity between exchanged properties.
C Corporation An artificial person, or legal entity consisting of one or more individuals and managed by a board of directors.
Capital Gains (Long & Short) Taxable gains from a portfolio sale. 12 or less is a short gain 12 moths or more is a long gain.
Capital Losses A loss derived from the the sale of a capital asset, securities (such as stocks), or bonds.
Depreciation In the cost approach, a loss in value due to any cause, any condition that adversely affects the value of an improvement.
Straight Line (Method) A method of depreciation, also called the age-life method, computed by dividing the adjusted basis of a property by the number of years of estimated remaining useful life.
Economic Life The estimated period over which an improvement may be profitably utilized so that it will yield a return over and above the economic rent attributable to the land itself: the period during which an improvement has vale in excess of its salvage value.
General Partnership A form of business organization in with two or more co-owners carry on a business for profit.
Goodwill An intangible, salable asset arising from reputation of a business; the expectation of continued public mortgage; including other intangible assets like trade name and on going-concern value.
Installment Sale For income tax purposes, a method of reporting gain received from the sale of real estate when the sales price is paid in installments (i.e. where at least one payment is to be received after the close of the taxable year in which the sale occurs.)
Leverage The impact of burrowed funds on investment return.
Limited Liability Company (LLC) An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.
Limited Partnership partnership agreement in which one person (called a general partner) or a group of persons organizes, operates, and is responsible for the entire partnership venture.
Mortgage Relief A service, plan, or program that is represented, expressly or by implication, to help homeowners prevent or postpone foreclosure. Like loan modifications, forbearance agreements, short sales, deeds-in-lieu of foreclosure, or Default.(formerly) a reductio
Principal Residence A structure that has been actually and physically occupied by the taxpayer.
Real estate Investment Trust (REIT) A Real Estate Investment Trust (REIT) is a company that owns, and in most cases operates, income-producing real estate.
S Corporation An S corporation, for US fed income tax purposes, is a closely held corporation (or, in some cases, a limited liability company or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.
Sole Proprietorship A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Syndicate A group of individuals or organizations combined to promote some common interest.
Syndication A descriptive term for a group of two or more people united for the purpose of making and operating an investment.
Tax Deferment Tax deferral refers to instances where a taxpayer can delay paying taxes to some future period.
Tax Shelter A phrase often used to describe some of the tax advantages of real estate of other investments, such as noncash deductions for cost recovery (Depreciation), interest, taxes, and postponement or even eliminations of certain taxes.
W-2 Standard wages paid by an employer
1099 Contractor wages
K-1 Partnership income
Created by: 1510783545650471