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Economic

Economic and Physical Character

TermDefinition
Desirability ( demand) Weather or not there are possible buyers interested in the property that are willing,able and have financial means.
Sacarcity ( supply) Whether or not there are other properties of a comparable nature with the same general area that will compete with subject property.
Utility The type of use that the subject property is most suitable for and wether or not is satisfies the need of a certain buyer.
Severalty ( Estate in Severalty) Ownership by one individual or an entity such as a Corp..
Concurrent State Held by more than one person.
Tenants in common May own equal or unequal interest. Unity of possession. No right of survivorship.
Joint Tenancy Right to survivorship. Unity of possession. Unity of interest. Unity of time. Unity of title.
Tenants by Entireties Property is deeded to husband and wife. Each owns the entire property.
Condominium Ownership Own 1% of a multi unit.
Common elements Swimming pool,clubhouse,yards, structural portions of complex
Ownership of condominiums Unit is owned as a separate parcel and is owned fee simple.
Types of condominiums Offices,apartments,townhouses,shopping centers,warehouses.
Condominium association Consists of owners, operates according to by laws, governed by board of directors, responsible for maintenance..
Condominium fee Expenses payed to association. Is not tax deductible if used as Principal residence
Cooperatives Land and improvements owned by a corporation which leases back to shareholders
Proprietary leases Given by the corporation in the cooperative to be able to use property in part or full.
Ownership of Cooperative The real estate is owned by a corporation.
Created by: Jgjg